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Home My WebLink AboutContract 36975-CA3 CITY SECRETARY Rq:;Tlq0. 5-Crt3 o� ? Q ASSIGNMENT OF TAX ABATEMENT AGREEMENT 0sF�gTea This Assignment of Tax Abatement Agreement is made and entered into by and between Alonzo Cheers III, ("Assignor")and Jonathan Lowe and Jennefer Lowe, ("Assignee")and the City of Fort Worth, ("City") RECITALS A. Waterview Estates, L.P., Pars Investment, Inc., General Partner ("Waterview") and the City of Fort Worth,Texas(the "City")entered into that certain Tax Abatement Agreement("Agreement') for Property Located 5601 Thunder Bay Drive; Lot 5; Block 3; Waterfront at Enchanted Bay; an Addition to the City of Fort Worth,Tarrant County,Texas,according to the plat recorded and filed in Cabinet A; Slide No. 11723, Plat Records, Tarrant County, Texas ("Property")which is located in the Lake Arlington Neighborhood Empowerment Zone, such Agreement approved by the City Council of Fort Worth November 6,2007,City Secretary Contract Number 36975 ("Agreement'): B. Section 5 of the Agreement permits Waterview to assign all of its rights under the Agreement to CTMGT Waterview Estates FL-1, LLC ("CTMGT"), without obtaining the prior consent of the City Council, such Agreement is dated September 27, 2013, City Secretary Contract Number 36975-CAL C. Section 5 of the Agreement permits CMGT to assign all of its rights under the Agreement to Impression Homes,L.L.C. ("Impression"),without obtaining the prior consent of the City Council: D. CMGT assigned the Agreement to Impression(Assignor), such Agreement is dated September 25, 2015, City Secretary Contract Number 36975-CA2: E. Woodhaven assigned the Agreement to Alonzo Cheers III Assignor; such Agreement is dated 02/19/2016 City Secretary Contract Number 36975-CA3. F. Pursuant to that certain Special Warranty Deed dated as of 11/15/2018, recorded under Tarrant County Deed Records,Assignor conveyed the Property to Jonathan Lowe and Jennefer Lowe and Assignee acquired title to the real property which is the subject of the Agreement. G. Section 5 of the Agreement permits Assignor to assign all of its rights under the Agreement to Assignee, without obtaining the prior consent of the City Council: 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, duti , obligations, title and interest under the Agreement to Assignee. -��I OFFICIAL RECURD CITY SECRETARY 1 FT.WORTH,U 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 11/15/2018 ("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. 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 Neighborhood Empowerment Zone Program 200 Texas Street Fort Worth, Texas 76102 ASSIGNOR: Alonzo Cheers III 5601 Thunder Bay Drive Fort Worth, Texas 76119 ASSIGNEE: Jonathan Lowe and Jennefer Lowe 5601 Thunder Bay Drive 2 Fort Worth, Texas 76119 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: Alonzo Cheers III Signature: Q��OIC17V ASSIGNEE: Jonathan Lowe and Jennefer Lowe Signature: -�W� Signature: -�e�- CITY OF FORT WORTH Fernando Costa Assistant City Manager ATTEST: LFm 1?w., �_ rn 11� 3 4 �'G�1�GJ, r OR T 1,44�� C' cretary APPROVED AS TO FORM AND LEGALITY: Melinda Ramos Sr. Assistant City Attorney M & C: C-22514 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Fernando Costa 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 he 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 he 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 MAI 24W. ;,*PY.e%e� ; MARIAS.SANCHEZ Not ry Public in and for My Notary ID#2256490 "; +` Expires December 19,2021 the State of Texas F of OFFKEDAL RECORD ,Tff SECRETARY 4 7FT WO6 7H,X STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Alonzo Cheers III, 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. GIVEN UNDER MY HAND AND SEAL OF OFFICE this 2� day of 2018. tar TRACY INGALLS `��P\\Y he ate of Tex __�. ��Notary Public,State of Texas Comm.Expires 10-03-2020 Notary ID 130846441 �nnaa STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Jonathan Lowe and Jennefer Lowe, 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. IVEN UNDER MY HAND AND SEAL OF OFFICE this day of I(YI, , 2018. �.\""'n TRACY INGALLS ar ublic ' nd or .�`. `YA�''� E%Notary Public,State of Texas the ate of T as,/ #E Comm.Expires 10-03-2020 Notary ID 130846441 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Jonathan Lowe and Jennefer Lowe, 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. GIVEN UNDER MY HAND AND SEAL OF OFFICE this �J day of ) 2018. PYP�� TRACY INGALLS .lVy-A i otary ublic ' an for _ro: ;Notary Public,State of axes ate of' ex S = : 'Q Comm.Expires 10-03 2020 - �'';;�o�.. :° Notary ID 130846441 i 5 �