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Home My WebLink AboutContract 34524-CA1 CITY SECRETAKY 5 a - Al CONTRACT N�. ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between Sierra Vista, L.P., Vertex Investments, General Partner ("Assignor") and HMH Lifestyles, L.P., ("Assignee") and the City of Fort Worth, ("City") RECITALS A. Assignor and the City of Fort Worth, Texas (the "City") are parties to that certain Tax Abatement Agreement ("Agreement") for Property Located 2960 Pima Lane, Lot 65, Block A, Sierra Vista which is located in the Rolling Hills Neighborhood Empowerment Zone, such Agreement dated February 21, 2006 City Secretary Contract Number 34524("Agreement"). B. Pursuant to that certain Special Warranty Deed, dated as of July 26, 2007, recorded under Tarrant County Deed Records, Assignee acquired title to the real property, which is the subject of the Agreement. C. Section 5 of the Agreement permits Assignor to assign all of its rights under the Agreement to HMH Lifestyles, L.P. without obtaining the prior consent of the City Council. D. In order to evidence the assignment referred to above, Assignor agrees to make the conveyance to Assignee as herein set forth. AGREEMENT NOW THEREFORE, in consideration of the mutual terms and conditions herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 1. Assignment. Assignor hereby ASSIGNS, TRANSFERS AND CONVEYS all rights, duties, obligations, title and interest under the Agreement to Assignee. 2. Acceptance. Assignee hereby accepts the Assignment granted herein, and assumes all of Assignor's rights, duties and obligations arising under the Agreement. 3. Effective Date. The effective date of this Assignment is July 26, 2007 ("Effective Date"). All rights, duties and obligations under the Agreement arising, accruing or relating to the period before the Effective Date are allocated to Assignor and all rights, duties and obligations arising, accruing or relating to the period thereafter shall be allocated to Assignee. OFFICIAL RECORD CITY SECRETARY FT.WORTH, TX 1 4. Release and Surrender of Assignor. Except as otherwise expressly set forth in this Assignment, Assignor will be discharged from any and all further obligations under the Agreement as of the Effective Date. Assignor must surrender the Property to the Assignee on or before 11:59 p. in. on the date prior to the Effective Date in its present condition. Assignor relinquishes any right to any improvements, fixtures or equipment on the Property. 5. Representations. Assignor represents, warrants and covenants with Assignee that as of the Effective Date, that Assignor is not in default under any of its obligations contained in the Agreement. 6. City of Fort Worth's Consent. City of Fort Worth hereby consents to this Assignment upon the terms and conditions set forth herein. Unless and until City of Fort Worth has executed this Assignment, this Assignment is of no effect. The consent granted herein should not be construed as consent to any further assignment except as provided in the Agreement. The failure or delay of City of Fort Worth in seeking to enforce any provisions of the Agreement or this Assignment should not be deemed a waiver of rights or remedies that City of Fort Worth may have, or a waiver of any subsequent breach of the terms and provisions therein or herein contained. 7. Notices. Any notice given by any party to another party hereto must be given in the manner required under the Agreement. The addresses set forth below supercede any addresses for notices set forth in the Agreement. CITY OF FORT WORTH: City of Fort Worth Housing & Economic Development Department NEZ Program 1000 Throckmorton Fort Worth, Texas 76102 ASSIGNOR: Sierra Vista, L.P. Vertex Investments, General Partner 3715 Camp Bowie Blvd. Fort Worth, TX 76107 ASSIGNEE: HMH Lifestyles, L.P. 9001 Airport Freeway, Suite 400 North Richland Hills, TX 75180 2 8. Successors. Except as herein otherwise provided, this Assignment will be binding upon and inure to the benefit of the parties, and their respective heirs, executors, administrators, successors and assigns. 9. Counterparts. This Assignment may be executed in multiple counterparts, each of which, once executed, will be an original and fully-binding on the parties so executing; and all such counterparts together constitute one and the same agreement. 10. Binding Offer. This Assignment will be not be binding until executed and delivered by all three parties. IN WITNESS WHEREOF, the parties have executed this Assignment as of the date first above written. GNOR: Sierra Vista, L.P., Vertex Investments, General Partner Name: Deanna Boaz Title: Vice President ASSIGNEE: HMH Lifestyles, L.P. Name: Title: 3 8. Successors. Except as herein otherwise provided, this Assignment will be binding upon and inure to the benefit of the parties, and their respective heirs, executors, administrators, successors and assigns. 9. Counterparts. This Assignment may be executed in multiple counterparts, each of which, once executed, will be an original and fully-binding on the parties so executing; and all such counterparts together constitute one and the same agreement. 10. Binding Offer. This Assignment will be not be binding until executed and delivered by all three parties. IN WITNESS WHEREOF, the parties have executed this Assignment as of the date first above written. ASSIGNOR: Sierra Vista, L.P.,Vertex Investments, General Partner Name: De az Title: a President ASSIGNEE: HMH Lifestyles, L.P. Name: Title: jAssistant Secreta 3 CITY OF FORT WORTH S ,an Alan-is Assistant City Manager SOF Ar aa� ATTEST: 00000000 o°� %0 V S o�#� a� City Secretary °o° moo°°° a�iltLQ'a4� APPROVED AS TO FORM AND LEGALITY: Charlene Sanders Assistant City Attorney M & C: C-21313 OFFICIAL RECORD CITY SECRETARY FT.WORTH,TX 4 STATE OF TEXAS COUNTY OF TARRANT § 0-4 BEFORE ME, the undersigned authority, on this day personally appeared Susan Alanis, Assistant City Manager of the CITY OF FORT WORTH, a municipal corporation, known to me to be the person and officer whose name is subscribed to the foregoing instrument, and acknowledged to me that the same was the act of the said CITY OF FORT WORTH, TEXAS, a municipal corporation, that she was duly authorized to perform the same by appropriate Mayor and Council Communication of the City Council of the City of Fort Worth and that she executed the same as the act of the said City for the purposes and consideration therein expressed and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this _ day of f'Y11'Ch 12011. M A twinw Notary Public in and for the State of Texas E$51 LINDA M.AIRRLINGERMY COhIMiSSION EXPIRESFebnl42,2014 5 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Deanna Boaz, Vice President of Sierra Vista, L.P., Vertex Investments, General Partner, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same for the purposes and consideration therein expressed, in the capacity therein stated and as the act and deed of the Sierra Vista, L.P., Vertex Investments, General Partner. � ^i v EIv^ UNDER MY HAND AND SEAL OF OFFICE this IS'�day of "W U'k— , 2011. s 'ov'�B� HEATHER MOYFR Notay Rib#c, Notary Public in and for -s:-s yIr i -:j State of Texas the State of Texas of 06-1 l 13 .,Comm STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day perso appeared of HMH Lifestyles L a Texas limited partnership, known to me to be the person whose name ' scribed to the foregoing instrument, and acknowledged to me that he exec the same for the purposes and consideration therein expressed, in the capacit "rein stated and as the act and deed of the HMH Lifestyles, L.P., a Texas limited rtnership. GIVEN UNDER MY ND AND SEAL OF OFFICE this day of 2011. Notary Public,' and for the State exas 6 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appear eanna Boaz, Vice President of Sierra Vista, L.P.,Vertex Investments, General ner, known to me to be the person whose name is subscribed to the foregoin rument, and acknowledged to me that he executed the same for the purposes consideration therein expressed, in the capacity therein stated and as the act deed of the Sierra Vista, L.P., Vertex Investments, General Partner. GIVEN UNDE Y HAND AND SEAL OF OFFICE this day of 2011. Notary Public in and for the State of Texas STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared J a n c-1 1.r• 0�S Se of HMH Lifestyles L.P., a Texas limited partnership, known to me to be theperson whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same for the purposes and consideration therein expressed, in the capacity therein stated and as the act and deed of the HMH Lifestyles, L.P., a Texas limited partnership. GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of {'4 52011. Notary Public i nd for the State of Texas AE MY COMMISSIONEPiRES FObnArY 14,2014 6