HomeMy Public PortalAboutLandlord Release and Consent - Signed by City.pdfCITY OF TYBEE ISLAND LANDLORD RELEASE AND CONSENT
WHEREAS, the City of Tybee (City) Island is the owner of improved property
located on the North end of the Island as more fully described in the exhibit attached
hereto, and
WHEREAS, City is leasing the building and site to the Tybee Island Marine Science
Center Foundation (MSC) at 37 Meddin Drive, Tybee Island, Georgia pursuant to a Lease
Agreement dated the 16th day of March 2020; and
WHEREAS, First Chatham Bank (Lender) has or intends to make loans to MSC for
operating purposes; and
WHEREAS, the City acknowledges notice of lender's security interest and consents
to assignments of the MSC's interest in the personal property and items belonging to MSC
(Collateral). If MSC defaults under the loan or the lease, lender may reassign rights in the
personal property of the MSC and may exercise its rights with respect to the Collateral
consisting of the personal property and items of the MSC (Collateral) located in and
around the leased building.
The City and MSC grant to Lender the right to enter upon the premises for the
purpose of removing Collateral from the premises or conducting sales of the Collateral on
the premises, however, neither Lender nor MSC shall cause damage.
City consents to the Lender's security interest in the Collateral and disclaims all
interest, liens and claims which the City now has or hereinafter acquire in the Collateral.
This agreement is executed his 22nd day of January 2021, it is given under seal and
it is intended that this agreement is and shall constitute and have the effect of a sealed
instrument according to law.
SIGNATURE PAGE TO FOLLOW
Marine Science Center Foundation
(MSC/Barrower)
By:
Its:
City of Tybee Island
(City)
By:
Ay/ 4,..
Its: 4 y
First Chatham Bank
(Lender)
By:
Its:
Approved to Form:
Edward Hughes
City Attorney
Ellis, Painter, Patterree Adams
Janet LeViner, MMC
City Clerk
City of Tybee Island