HomeMy Public PortalAbout024-1979 - AUTHORIZING THE EXECUTION AND DELIVERY OF THE DEED OF CONVEYANCE OF ECONOMIC DEVELOPMENT FACILITY ON THE EXERCISE OF AN OPTION TO PURCHASE BY LESSEEORDINANCE 1A10. 24 - 1979
AN ORDINANCE OF THE CITY OF RICEMOND, TNDTANA, AUTRORT7_ING THE. EXECUTION
AND DELIVERY OF THE DEED OF CONVEYANCE OF ECONOMIC ➢EVELOPMENT FACILITY
ON TEE EXERCISE OF AN OPTION TO PURCHASE BY LESSEE:
TMLIREAS, on the first day of November, 1976, the Common Council of
the City of Richmond, Indiana, executed Ordinance No. 3148-1976, "An
Ordinance of the City of Richmond authorizing the acquisition and financing
of economic development facilities, the issuance and sale of revenue
bonds to pay the cost thereof, and the leasing of such facilities to
EIIPCO Realty, and other matters relating thereto".
WHEREAS, the City of Richmond, Tndi-ana, acquired title to the real
estate, upon which said economic development facility was constructed,
by Warranty Deed from EIIPCO Realty, a partnership dated November 12,
1976, and recorded on November 12, 1976, in Deed Record 387, page 478,
in the office of the Recorder of Wayne County, Indiana.
WHEREAS, the City of Richmond, Indiana, leased such acquired real
estate to EIIPCO Realty by a certain Lease dated November 12, 1976, and
recorded on November 12, 1976, in Miscellaneous Record 124, page 20 of
Lhe records of the Recorder of Wayne County, Indiana (Lease); that said
Lease granted EIIPCO Realty an option to purchase the Project (Leased
Land and Building thereon) on payment of all outstanding bonds issued.
WHERT?4S, the City of Richmond, Indiana, executed and delivered to
The First :National Bank of Richmond, Trustee, a certain Mortgage and
Indenture of Txust.daLed November 12, 1976, and recorded November 12,
1976, in Mortgage Book 462, page 160, of the records of the Recorder of
Wayne County, Indiana (Mortgage and Indenture of Trust) to secure the
payment of principal, inLeresL and other sums payable in accordance with
the City of Richmond Economic Development First Mortgage Revenue Bonds,
Series 1976, (EIIPCO Realty) of even date., in the amount of. $230,000.00
(Bond) issued by the City of Richmond pursuant to Ordinance No. 3148-1976.
WHEREAS, pursuant to such Lease and in acrozdance with said Mortgage
and Indenture of Trust, EIIPCO Realty has oxercised its option to purchase
the Project and has agreed to deposit with the Trustee a sufficient sum
to pay the owners and Holders of the Bonds, the Principal, interest and
all sums due upon final payment and redemption of the Bonds, together
with any amount of monies due and mging to the Trustee, together with
the sum of $1.00 to the City of Richmond, Indiana, for the leased land
and building. That on the deposit of such funds, Trustee pursuant to
such Mortgage and Indenture of Trust, shall. discharge the lien of such
Mortgage.
NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF
RICEMOND, INDIANA, that on the execution and delivery by The First
National Bank of Richmond, Trustee, to the City of Richmond, its Release
of said ?Mortgage and Indenture of Trust, canceling and discharging the
lien of the. Mortgage, the Mayor and Clerk, on behalf of the City of
Richmond, are authorized and directed to execute and deliver a Warranty
Teed from the City of Richhmond to EIIPCO Realty, a Partnership, conveying
the same real estate heretofore conveyed to the City of Richmond by
EIIPCO Realty, being the same real estate, the subject of the Lease and
the Mortgage and Indenture of Trust, and any other documents which may
be necessary or desirable to complete the conveyance of said real estate
to EIIPCO Ren1Ly and to extinguish the City's right, title or iuterest
in and to such real. estate.
ADOPTED by the Common Council of the City of Richmond, Indiana,
this aaday of 1979.
ATTEST : 1-
CIO Clerk
0
PRESENTED to the Mayor of the City of Richmond, Indiana, this Fvk—
day of , 1979.
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City016rg
APPROVED by me, Clifford J. Dickman, Mayor of the City of Richmond,
Indiana, this Z ay of
�� 1979.
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Attest:— "��.c
Ci Clerk
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