Fort Walton Beach Resolution — 65-19-Authorize Garment Plant Lease — reading text

RESOLUTION NO. 65. 19 A RESOLUTION AUTHORIZING THE CITY MANAGER ON BEHALF OF THE CITY OF FORT WALTON BEACH TO ASSIGN THAT CERTAIN LEASE BETWEEN THE CITY OF FORT WALTON BEACH AND FORT WALTON BEACH MANUFACTURING COMPANY TO THE FIRST NATIONAL BANK AS AND FOR SECURITY, PROVIDING THE EFFECTIVE DATE HEREOF. BE ITRESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH" FLORIDA: SECTION 1. That the City Manager on behalf of the City of Fort Walton Beach is hereby authorized to assign that certain Fort Walton Beach and the Fort Walton lease between the City of Beach Manufacturing Company to the First National Bank as security to the terms of said assignment which is attached hereto according and made a part hereof. SECTION 2. That this Resolution being of an administrative nature shall take full force and effect immediately upon its passage and approval by the Mayor. ADOPTED: 0,.5' 1 /, MAYOR :/{ j J(?Jj;;~' tfJ1)- v!~. J AT~ / J J . cr~ CITY CLERK  ASSIGNMENT ' OF LEASE r" r. _ J:! I' f Comes now the CITY OF F@RT WALTON BEACH. hereinafter I referred to as the lessor, and FORT WALTON BEACH MANUFACTURING COr4PANY) INC. hereinafter referred to as the lessee and the FIRST NATIONAL BANK OF FORT\ vALTON BEACH. hereinafter referred to as the Bank and in oonalderat1on of the covenants to be performed by each party hereby on day of June this _________ A it D..J 1965, mutually stipulate: WHEREAS, the lessor on. May 1, 1965, entered into a lease with the lessee for certain property located in the Fort Wa.lton Beaoh Industrial Tre.ot J theaald lease being for a period of twenty.- rive each and month 25) years 8.t a monthly rental of $ 500 ~00 for every payable in advancet and WHEREAS, the lessee ha.s borrowed c0rtain sum.$ of money from the Bank and the Bank is desirous of being secured tor repayment of assignment of the aforesaid lease in the obligation by requesting an the event the lessee defaults in payment to the bank& wrrNESSETH: 1. That the lessor hereby consents to the lessee assigning its right8 in the above lease to the Bank 8.6 seourity for repayment the lessee to the Bank on the conditions of the obligation owing by set forth hereinafter. 2. That 1n the event there 1s a default by the lessee to to the bank. then such lease will the Bank on the obligation owing sub- lease to the Bank or its tenant be recognized by the lessor ae a provided that the Bank at that time Inwr1t1ng declares to the lessor of the lease~ The Bank its 1ntention to continue with the assignment may lease the property to a.ny individual firm or oompany upon approval by the City Council of said tena.nt but only with such approval of the City Council.. the Bank continues with the Assignment of In the event said lease and sub- leases the property) then the Bank shall be re- to to the lessor the sum of $ 500. 00 per month and the spons1ble pay said Bank may keep a.ny excess rental received trom its tenant until the obligat1on oWing from the lessee to the Bank 1$ satisfied in full at which time the rights of the Bank in the lease shall 1m- mediately revert back to the lessor. City of Fort Walton BeaCh and the Bank shall .have no further interest in the said lea. se.. 5. That this assignment shall in no wa.y jeopardize or be oooBtrued as a waiver of any statutory or equitable claim that the lessor may have against the property of the lessee by virtue of their la.ndlord- tenant relat1onshlp.. 6. That this instrument shall in no way affect the right of the lessor or the Bank to pUrS\ H3 the lessee with any legal remedies that may be available a8 a result ot the default of the lessee to the lessor or as a result of the default of the lessee to the Bank. WITNESS our bands and seals the day and year above written. 411 tnesses : CITY OF FORT WALTON BEACH By: I'~~ SEAL) Ci ty ManageI': w.........._""'.......___~~.-. FORT .~-:ALTON BEACH MANUFACTURING COM INC" B y. · - SEAL) itsPres1dent FIRST NATIONAL BANK OF FORT WALTON By: SEAL) its  RESOLUTION 65 ..l~__ NO.. ~___ A RESOLUTION AUTHORIZING THE CITY MANAGER ON BEHALF OF THE CITY OF FORT WALTON BEACH TO ASSIGN THAT CERTAIN LEASE BETWEEN THE CITY OF FORT WALTON BlEACH AND PORT WALTON BEACH MANUFACTURING COMPANY TO THE FIRST Ni:TIONAL BA.NK AS AND FOR SECURITY) PROVIDING THE EFFECTIVE DATE HEREOF. BE IT RESOLVED BY THE CITY COUNCIL OF THE CrTY OF FORT WALTON BEACH, FLORIDA: SECTION 1. That the City Manager on behalf of the City of Fort Walton Beach is hereby a.uthorized to assign that oertain lease betwe&!1 the C1 ty of Fort \ t/al ton Beach and the Fort Walton Beach Manuractur-ing Company to the First National 8ank as security a.ccox-dlng to the terms of said assignment t~h1cb is attaohed hereto and made a part hereof~ ECTI2N 2~ That this Resolution being of an administrative nature shall take full force and effect immediately upon 1t$ passage and approval by the Mayor. M : L ADOPTED:- 4J9&.5_ MAYOR:. - t) UJ ~ A~ CITY CLERK td.,~~  Playground Daily News Published Daily ( Except Saturdays and Sundays) Fort Walton Beach, Florida State Of Florida, t County of Okaloosa) Before the undersigned authority personally appeared n 3ell