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HomeMy WebLinkAboutContract 30458-CA1 GifY SECRETARY CONSENT TO ASSIGNMENT OF ECONOMIC DEVELOPMENT PROGRAM AGREEMENT (CITY SECRETARY CONTRACT NO. 30458) AND ESTOPPEL CERTIFICATE This CONSENT TO ASSIGNMENT OF ECONOMIC DEVELOPMENT PROGRAM AGREEMENT (CITY SECRETARY CONTRACT NO. 30458) AND ESTOPPEL CERTIFICATE ("Consent") is made and entered into by and between the CITY OF FORT WORTH ("City"), a home rule municipality organized under the laws of the State of Texas; LINCOLN TRINITY BLUFFS, L.P. ("Assignor"), a Delaware limited partnership; and TRINITY BLUFFS ACQUISITION CORPORATION ("Assignee"), a Delaware corporation. The following introductory provisions are true and correct and form the basis of this Consent: A. As of September 3, 2004 the City and Trinity Bluff Development, Ltd., a Texas limited partnership, entered into that certain Economic Development Program Agreement on file in the City Secretary's Office as City Secretary Contract No. 30458 (the "Agreement"). Under the Agreement, Trinity Bluff Development, Ltd. (defined as "Developer" for purposes of the Agreement) agreed to expend at least $25 million in Construction Costs for an apartment complex containing approximately 300 units on approximately 4.647 acres of land on the north side of the City's downtown and for certain other site development improvements to provide pedestrian access points and trail connections to the Trinity River, all as more specifically set forth in the Agreement. B. Section 10 of the Agreement prohibits an assignment of the Agreement to a party other than Lincoln Property Southwest, Inc. or an affiliate thereof without the prior consent of the City Council. On August 30, 2005 Trinity Bluff Development, Ltd. assigned all of its right, title and interest in the Agreement to LPC WO Trinity, L.P., a Texas limited partnership and an affiliate of Lincoln Property Southwest, Inc., pursuant to that certain Assignment and Assumption Relating to Economic Development Program Agreement between those parties. On August 31,2005, LPC WO Trinity, L.P. assigned all of its right,title and interest in the Agreement to Assignor, which is also an affiliate of Lincoln Property Southwest, Inc., pursuant to that certain Assignment and Assumption Relating to Economic Development Program Agreement between those two parties. C. Assignor now wishes to sell the Development Property (as defined in the Agreement) and all improvements thereon to Assignee and to assign all of its right, title and interest in the Agreement to Assignee. Because Assignee is not an affiliate of Lincoln Property Southwest, Inc., City Council approval of such assignment is required by Section 10 of the Agreement. The City is willing to consent to an assignment of the Agreement to Assignee solely in ac TOFFYICIAL Consent. RECORD i iii:C�tETARY � Pagel of 4 ' fi=T. WORTH, TX Consent to Assignment of CSC No. 30458 (Economic Development Program Agreement) by Lincoln Trinity Bluffs, LP to Trinity Bluffs Acquisition Corporation and Estoppel Certificate 09-07- 11 P02 :47 OUT NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the City, Assignor and Assignee agree as follows: 1. The City hereby consents to an assignment by Assignor to Assignee of all right, title and interest granted to Developer by the Agreement, effective on the later of(i) the date on which the City, Assignor and Assignee have all executed this Consent or (ii) the effective date of an assignment and assumption agreement between Assignor and Assignee relating to the Agreement, a copy of which must be provided to the City("Effective Date"). 2. The City consents to such assignment expressly upon the promise and covenant by Assignee, and Assignee hereby promises and covenants to the City, that Assignee will comply with and assume all duties and obligations of Developer set forth in the Agreement arising on and after the Effective Date. Assignor shall comply with and be liable for performance of all duties and obligations of Developer arising prior to the Effective Date. 3. Notwithstanding anything to the contrary herein, Assignee understands and agrees that no act or omission of Assignor, whether before or after the Effective Date, will serve to mitigate any event of default set forth in Section 6 of the Agreement or elsewhere therein or any failure to meet any or all of the numerical commitments for construction spending, employment, and supply and service spending for the Required Improvements, as set forth in Sections 4.1, 4.2, 4.3, and 4.4 of the Agreement. 4. By executing this Consent, the City does not ratify or endorse any agreement or representation between Assignor and Assignee; grant Assignee any rights greater than those granted to Developer under the Agreement; or consent to any amendment to the Agreement. 5. All terms in this Consent that are capitalized but not defined shall have the meanings assigned to them in the Agreement. 6. The Agreement is in full force and effect and has not been modified, supplemented, or amended in any way unless specifically set forth herein. 7. As of the date of execution of this Consent by the City, to the knowledge of the City, there exists no factual circumstance or condition which, with notice or the lapse of time, or both, would give rise to any obligation of any party to the Agreement which, if not satisfied, will constitute an event of default on the part of either the City or Assignor. 8. The City hereby agrees that Assignee shall be entitled to relay upon the statements set forth in this Consent. 9. On and after the Effective Date, all notices which are required or desired to be sent to Developer under the Agreement shall be delivered to the following: Trinity Bluffs Acquisition Corporation 5847 San Felipe, Suite 150 Houston, TX 77057 Page 2 of 4 Consent to Assignment of CSC No. 30458 (Economic Development Program Agreement) by Lincoln Trinity Bluffs, LP to Trinity Bluffs Acquisition Corporation and Estoppel Certificate with copies to: J.P. Morgan Investment Management Inc. 270 Park Avenue New York, NY 10017 Attn: Shegun Holder J.P. Morgan Investment Management Inc. 270 Park Avenue New York, NY 10017 Attn: Jean Anderson Lincoln Property Company 6500 Greenville Ave, Suite 600 Dallas, TX 75206 Attn: Sheila Carter IN WITNESS WHEREOF, the undersigned have caused this Consent to be executed in multiples as of the last date indicated below: The City: CITY OF FORT WORTH: ATTEST: By: By: D n S s lapis Marty Hendrix Assistant City Manager City Secretary Date: APPROVED AS TO FORM AND LEGALITY: >3 o ` L a a y~ X, By: . Peter Vaky �t City Attorney OFFICIAL RCCCRC LZCpufy M&C: C-25125 08-23-11 CITY SECRETARY FT, WORTH, TX [SIGNATURES CONTINUE IMMEDIATELY ON NEXT PAGE] _ Page 3 of 4 Consent to Assignment of CSC No. 30458 (Economic Development Program Agreement) by Lincoln Trinity Bluffs, LP to Trinity Bluffs Acquisition Corporation and Estoppel Certificate Assignor: LINCOLN TRINITY BLUFFS, LP, a Delaware limited partnership: By: LPC WO Trinity, LP, a Texas limited partnership and its sole general partner: By:Lincoln No. 2094, Inc., a Texas Corporation and its sole general partner: By: Date: g-2 S- L Assignee: TRINITY BLUFFS ACQUISITION CORPORATION, a Delaware corporation: By: Name: Title: Date: OFFICIAL. RECORD CITY SECRETARY FT. WORTH, TX Page 4 of 4 Consent to Assignment of CSC No. 30458 (Economic Development Program Agreement) by Lincoln Trinity Bluffs, LP to Trinity Bluffs Acquisition Corporation and Estoppel Certificate Assignor: LINCOLN TRINITY BLUFFS,LP, a Delaware limited partnership: By: LPC WO Trinity, LP, a Texas limited partnership and its sole general partner: By:Lincoln No. 2094, Inc., a Texas Corporation and its sole general partner: By:_ NJ,-`� t Date:- .` Assignee: TRINITY BLUFFS ACQUISITION CORPORATION, a Delaware corporation: By: Name: CZ OV Title: J Date:___ Page 4 of 4 Consent to Assignment of CSC No. 30458 (Economic Development Program Agreement) by Lincoln Trinity Bluffs. LP to Trinity Bluffs Acquisition Coq)oration and Estoppel Certificate r Official site of the City of Fort Worth,Texas CITY COUNCIL AGENDA FORT WORTH COUNCIL ACTION: Approved on 8/23/2011 DATE: 8/23/2011 REFERENCE C-25125 LOG NAME: 17TRINITYBLUFFCONSENT NO.. CODE: C TYPE: NOW PUBLIC NO CONSENT HEARING: SUBJECT: Authorize Execution of a Consent to Assignment to Economic Development Program Agreement Contract No. 30458 with LPC Trinity Parks LP, to Allow Assignment of the Trinity Bluff Phase I Agreement to JP Morgan Investment Management, Inc., or an Affiliate (COUNCIL DISTRICT 9) RECOMMENDATION: It is recommended that the City Council authorize execution of a consent to assignment to Economic Development Program Agreement Contract No. 30458 with LPC Trinity Parks LP, to allow assignment of the Trinity Bluff Phase I Agreement to JP Morgan Investment Management, Inc., or an affiliate. DISCUSSION: On Septmber 3, 2004, the City entered into an Economic Development Program Agreement with Trinity Bluff Development, Ltd. (Developer) for the development of an apartment complex with 300 units for lease at market rates on property in the northeast portion of the downtown area known as Trinity Bluff, and to provide and develop enhanced perimeter interior streetscape, open space and pedestrian access to the Trinity River in the vicinity of the property (City Secretary Contract No. 30458, M&C C-20216). The Agreement required the developer to invest at least $25,000,000.00 in real property improvements and spend the greater of 20 percent or $5,000,000.00 of those costs with certified Fort Worth M/WBE companies. The Agreement also requires the Developer at all times to fill at least one job on site and if there were multiple jobs on the site, to fill at least 25 percent with Fort Worth Central City residents. Finally, the Agreement requires the Developer annually to spend the greater of $30,000.00 for supplies and services related to the operation of the development or 25 percent of all such costs with certified Fort Worth M/WBE companies. In return the City, as authorized by Chapter 380 of the Texas Local Government Code, agreed to pay Developer up to fourteen (14) annual economic development program grants in an amount not to exceed the real and personal property taxes attributable to the apartment complex site received by the City in the previous year, subject to annual caps specified in the Agreement. There is also a cap of$2,973,230.00 on the aggregate amount of program grants that can be paid under the Agreement. On May 30, 2007, Trinity Bluff Development, Ltd., assigned all of its rights and obligations under the Agreement to LPC Trinity Parks LP, which is an affiliate of Lincoln Property Company Southwest, Inc. In August 2011, LPC Trinity Parks LP, approached the City about its desire to sell the apartment complex to JP Morgan Investment Management, Inc., or one of its affiliates (the Purchaser). As part of the proposed sale, the Developer needs to assign the Agreement to the Purchaser. Under the Agreement, LPC Trinity Parks LP, is prohibited from assigning the Agreement to another party without the City Council's consent. City staff does not object to this request. The Developer met all construction-related commitments required by the Agreement, and the Purchaser will be required to meet all ongoing obligations of the 09-07-11 P02 :47 OUT Developer under the Agreement. The City will continue to receive the public benefits resulting from development of this project. Any future assignment of the Agreement by Purchaser would have to be approved by City Council. There are up to 13 grant years remaining under the Agreement. The Trinity Bluff development is located in COUNCIL DISTRICT 9. FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that this action will have no material effect on City funds. TO Fund/Account/Centers FROM Fund/Account/Centers Submitted for City Manager's Office W.. Susan Alanis (8180) Originating_Department Head: Jay Chapa (5804) Additional Information Contact: Robert Sturns (8003) ATTACHMENTS LINCOLN PROPERTY COMPANY September 22,2005 Via: Certified Mail, Return Receipt Requested # 7004 2890 0003 2267 3603 City of Fort Worth Attn: City Manager 1000 Throckmorton Fort Worth,Texas 76102 RE., Economic Development Program Agreement Between City of Fort Worth, Texas And Trinity Bluff Development,Ltd. dated as of September 3,2004, City Secretary Contract No. 30458(the "Agreement') Dear City Manager: Pursuant to Paragraph 10 of the above referenced Agreement, you are hereby notified on behalf of all parties to the assignments which are referenced herein, that as of August 31, 2005 Trinity Bluff Development,Ltd. has assigned all of its rights and obligations under the above referenced Agreement to LPC WO Trinity Bluffs LP which is an affiliate of Lincoln Property Company Southwest, Inc. Further, LPC WO Trinity Bluffs LP assigned all of its rights and obligations under the above referenced Agreement to Lincoln Trinity Bluffs LP which is also an affiliate of Lincoln Property Company Southwest, Inc. as of August 31, 2005. Copies of both assignments are enclosed. A contact person at Lincoln Property Company Southwest, Inc. is Jeff Courtwright at 214-740-3300,who is representative for all Lincoln entities involved in these assignments. Sincerely, LINCOLN TRINITY BLUFFS LP By: LPC WO Trinity Bluffs LP, its general partner By: Lincoln No. 2094, Inc., its general partner By. Dan IV..,��cs Vice P dent DMJ:gh LINCOLN PKOPEKrY CONIPANI 3300 Lim oi> N PI AZA 500 N. AkAKU SIKI-1-T PAI I Ati YX ,S2U) 3;44 _'14 ,40 3'Mo 2141 "40-344" fAk tilvIn_I J9-08- 1 1 Al '1 15 0U I cc: City Attorney City of Fort Worth 1000 Throckmorton Fort Worth,Texas 76102 (Via: Certified Mail, Return Receipt Requested) # 7004 2890 0003 2267 3580 Economic/Community Development Director City of Fort Worth 1000 Throckmorton Fort Worth,Texas 76102 (Via: Certified Mail,Return Receipt Requested) # 7004 2890 0003 2267 3597 2 F\gAdlmd lgholleM\DANOLETIERS120OsWiry of Fo Wonfi_Em is D_jop PrvR 092205 doc i ASSIGNMENT AND ASSUMPTION OF AGREEMENT RELATING TO ECONOMIC DEVELOPMENT AGREEMENT THIS ASSIGNMENT AND ASSUMPTION OF AGREEMENT RELATING TO ECONOMIC DEVELOPMENT PROGRAM AGREEMENT by and between TRINITY BLUFF DEVELOPMENT, LTD., a Texas limited partnership ("Assignor") and LPC WO R NITY, L.P., a Texas limited partnership ("Assignee") (this "Assignment") is made as of the day of August, 2005. RECITALS: A. Assignor is the owner of those certain tracts of land described in Exhibit A attached hereto and made a part hereof for all purposes (the"Assigned Property"). B. Assignor, as "Owner," is a party to that certain ECONOMIC DEVELOPMENT PROGRAM AGREEMENT between the City of Fort Worth, Texas, a home rule municipal corporation organized under the laws of the State of Texas ("City") and Owner,dated September 3, 2004, City Secretary Contract No. 30458 (the"Agreement"). C. Assignor is simultaneously herewith selling the Assigned Property to Assignee. D. Assignor and Assignee desire to reflect certain agreements concerning the Agreement as it relates to the Assigned Property, and they desire to enter into certain covenants and agreements relating thereto. NOW, THEREFORE, for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in further consideration of the provisions, covenants and agreements hereinafter set forth, it is agreed as follows: 1. Assignor hereby sells, transfers, assigns and conveys to Assignee all of Assignor's right, title and interest in and to the Agreement as and to the extent the Agreement expressly relates to the Assigned Property, including all of Assignor's rights, responsibilities and obligations under the Agreement relating to the Assigned Property (the "Assigned Interests"). 2. Assignee hereby accepts the assignment of the Assigned Interests and agrees to assume, discharge and be bound by, in accordance with the terms of the t Agreement, all of Assignor's duties and obligations under the Agreement relating in any way to the Assigned Property and the Assigned Interests from and after the date hereof and all of the terms of the Agreement, in their entirety, as the Agreement relates to the Assigned Property and the Assigned Interests, including all of the Assignor's rights, responsibilities and obligations under the Agreement relative to the Assigned Property. Additionally, Assignee hereby agrees as follows: ASSIC4NMEN'I AND ASSUMPTION OE ECONOMIC DEVELOPMENT AGREEMENT Page 1 C VDtKUmeuts and SelungsUiailet�l.uctd Sell mgs\Temporary Intelnei hi1e00LK26\Asmgmnenl-As.sunipUun(j (a) Assignee agrees to provide a duplicate original of this Assignment to County and City by written notice within thirty (30) days of the date of this Assignment. (b) Assignee acknowledges and agrees that from and after the date hereof, Assignor, the Owner, County and City may modify, amend or otherwise revise the Agreement in any manner relating to any portion of the property covered by the original Agreement other than the Assigned Property (the "Non Assigned Property") in their sole discretion without the consent or approval of Assignee. Furthermore, upon written request from Assignor or County and/or City, Assignee agrees to execute a substitute Agreement with respect to the Assigned Property effectively separating the Assigned Property from the original Agreement, such substitute Agreement to be in a form reasonably acceptable to Assignor, County and/or City and Assignee. 3. Assignee agrees to indemnify and hold harmless Assignor and each of Assignor's successors and assigns from any cost, liability, damage or expense (including, without limitation, attorneys' fees) arising out of or relating to Assignee's failure to perform any of the foregoing obligations assumed by Assignee hereunder. 4. If any litigation between Assignor and Assignee arises out of the obligations of the parties under this Assignment or concerning the meaning or interpretation of any provision contained herein, the losing party shall pay the prevailing party's costs and expense of such litigation including, without limitation, reasonable attorneys' fees. 5. This Assignment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 6. If there is a conflict between the terms of this en and the terms of that certain Contribution Agreement, dated as of 2005, between the parties hereto that survive the Closing (defined th ein), the terms of the Contribution Agreement that survive the Closing shall control. EXECUTED as of the first date written above. [SIGNATURE PAGES ATTACHED] ASSIGNMENT AND ASSUMPTION OF ECONOMIC DEVELOPMENT AGREEMENT Page 2 C\Documents and SettingAhatlelu,ocal Settingslemporary Internet Files\OLK26\Assrgnrnent-Assumption of EconomicDecAgriwl Lim SIGNATURE PAGE FOR ASSIGNMENT AND ASSUMPTION AGREEMENT RELATING TO ECONOMIC DEVELOPMENT PROGRAM AGREEMENT IN WITNESS WHEREOF, the parties have caused this Assignment to be executed effective as of the day and year first above written. ASSIGNOR: TRINITY BLUFF DEVELOPMENT, LTD., a Texas limited partnership By: Trinity Bluff Development Management, LLC, a Texas limited liability company, its gener partner Date E ecuted by As nor: ; Title: [THE REMAINDER OF THIS PAGE WAS INTENTIONALLY LEFT BLANK] ASSIGNMENT AND ASSUMPTION OF ECONOMIC DEVELOPMENT AC REEMEN'T Page 3 C.ADoconleuin and Seaings\hazletALocal Semnp,lempowry Interniet F0nA0LK2(,`,A,"19nmen( Assumption of E,onu1)11cDe,Agrm(3 dcx ASSIGNEE: LPC WO TRINITY, L.P., a Texas limited partnership By: Lincoln No. 2094, Inc., a Texas corporation, its general partner Date Execute by Assignor: By: Name: Title: V= PresKMM ASSIGNMFNT AND ASSUMPTION OF E('ONOMIC DEVELOPMENT A(iKEEMENT Page 4 C Wocuments and Setlings�hazlet�Loca[SetnngWemporary Internet hleslOLK(i Assignmenl Assvntption r 1 Ee000nucDevAgrmtI doc STATE OF TEXAS § COUNTY OF 1,4K6,W i § This instrument �wias acknowledged before me on August �J, 2005, by /")ip ` � ���� 1/i G&e' of Trinity Bluff Development Management, LLC, a Texas limited liability company, general partner of Trinity Bluff Development, Ltd., a Texas limited partnership, on behalf of said entities. [Seal] =I.W.ry ,i DINAJ.MCIONNEY " MY COMMISSION EXPIRES Notary Public, tate of Texas R1--O�: February 18,2007 STATE OF TEXAS § COUNTY OF DALLAS § This instrument was acknowledged before me on August , 2005, by Lincoln No. 2094, Inc., a Texas corporation, general partner of LPC WO Trinity, L.P,, a Texas limited partnership, on behalf of the corporation and partnership. [SEAL] 4tatKPA AAS�— Notary Public, State of Texas � w HEATHER GAR Y NOTARY PUBLIC STATE OF TEXAS v COMMISSION EXPIRES: NOVEMBER 12,2006 ASSIGNMENT AND ASSUMPFION OF EC ONOMIc DEVFLOPMENT AGREEMENT Page 5 C VDocuments end Semngs\haJeiALocal Set nngs\Temporary Internet hles�OLK2WAssignmenl Aasumptiun of EcuuunucDevAginn 1.diK EXHIBIT A ASSIGNED PROPERTY EXHIBrr A Page C AL)ncwnents and oral SetlmgsIctu urvy Internet FilesV01 K2(ivA.tisignmcnt-Assumption of FconomtcL)cvAgnnt t doc EXHIBIT A ASSIGNED PROPERTY Being Lot 4, Block 1 TRINITY BLUFF, an Addition to the City of Forth Worth, Tarrant County, Texas, according to the plat thereof recorded in Cabinet A, Slide 10218, Plat Records, Tarrant County, Texas. Exxisl,r A Page l H V'1 MS\CLILN I'S\LINCOLN\Trinity B iffs,Ft Worth(6700MssIgnmcntFconomicDevAgrmt(WO to TB)00i doc ASSIGNMENT AND ASSUMPTION RELATING TO ECONOMIC DEVELOPMENT PROGRAM AGREEMENT THIS ASSIGNMENT AND ASSUMPTION RELATING TO ECONOMIC DEVELOPMENT PROGRAM AGREEMENT by and between LINCOLN TRINITY BLUFFS, LP, a Delaware limited partnership ("Assignee") and LPC WO TRINITY, L.P., a Texas limited partnership ("Assignor") (this "Assignment") is made as of the -3� day of August, 2005. RECITALS: A. Assignor is the owner of those certain tracts of land described in Exhibit A attached hereto and made a part hereof for all purposes (the "Assigned Property"). B. Assignor, as "Owner," is a party to that certain ECONOMIC DEVELOPMENT PROGRAM AGREEMENT between the City of Fort Worth, Texas, a home rule municipal corporation organized under the laws of the State of Texas ("City") and Owner, dated September 3, 2004, City Secretary Contract No. 30458 (the "Agreement"). C. Assignor is simultaneously herewith selling the Assigned Property to Assignee. D. Assignor and Assignee desire to reflect certain agreements concerning the Agreement as it relates to the Assigned Property, and they desire to enter into certain covenants and agreements relating thereto. NOW, THEREFORE, for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in further consideration of the provisions, covenants and agreements hereinafter set forth, it is agreed as follows: 1. Assignor hereby sells, transfers, assigns and conveys to Assignee all of Assignor's right, title and interest in and to the Agreement as and to the extent the Agreement expressly relates to the Assigned Property, including all of Assignor's rights, responsibilities and obligations under the Agreement relating to the Assigned Property (the "Assigned Interests"). 2. Assignee hereby accepts the assignment of the Assigned Interests and agrees to assume, discharge and be bound by, in accordance with the terms of the t Agreement, all of Assignor's duties and obligations under the Agreement relating in any way to the Assigned Property and the Assigned Interests from and after the date hereof and all of the terms of the Agreement, in their entirety, as the Agreement relates to the Assigned Property and the Assigned Interests, including all of the Assignor's rights, responsibilities and obligations under the Agreement relative to the Assigned Property. Additionally, Assignee hereby agrees as follows.. ASSIGNMENT AND ASSUMPTION RELATING TO ECONOMIC DEVELOPMENT PROGRAM AGREEMENT Page 1 H\TMS\CLIENTS\1.TNC0LN\Trimry Bluffs,Ft.Worth(6700)\AssignmentEconomicDevAgrmt(WO to TB)001 doc (a) Assignee agrees to provide a duplicate original of this Assignment to County and City by written notice within thirty (30) days of the date of this Assignment. (b) Assignee acknowledges and agrees that from and after the date hereof, Assignor, the Owner, County and City may modify, amend or otherwise revise the Agreement in any manner relating to any portion of the property covered by the original Agreement other than the Assigned Property (the "Non Assigned Property") in their sole discretion without the consent or approval of Assignee. Furthermore, upon written request from Assignor or County and/or City, Assignee agrees to execute a substitute Agreement with respect to the Assigned Property effectively separating the Assigned Property from the original Agreement, such substitute Agreement to be in a form reasonably acceptable to Assignor, County and/or City and Assignee. 3. Assignee agrees to indemnify and hold harmless Assignor and each of Assignor's successors and assigns from any cost, liability, damage or expense (including, without limitation, attorneys' fees) arising out of or relating to Assignee's failure to perform any of the foregoing obligations assumed by Assignee hereunder. 4. If any litigation between Assignor and Assignee arises out of the obligations of the parties under this Assignment or concerning the meaning or interpretation of any provision contained herein, the losing party shall pay the prevailing party's costs and expense of such litigation including, without limitation, reasonable attorneys' fees. 5. This Assignment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 6. If there is a conflict between the terms of this Agreement and the terms of that certain Contribution Agreement, dated as of , 2005, between the parties hereto that survive the Closing (defined therein), the terms of the Contribution Agreement that survive the Closing shall control. EXECUTED as of the first date written above. [SIGNATURE PAGES ATTACHED] ASSIGNMENT AND ASSUMPTION RELATFNG TO ECONOMIC DEVELOPMENT PROGRAM AGREEMENT Page 2 H\TMS\CLIENTS\LTNCOLN\Trinity Chuffs,Ft.Worth(6700)\AssignmentEconomicDevAgrmt(WO to TB)001.doc SIGNATURE PAGE FOR ASSIGNMENT AND ASSUMPTION AGREEMENT RELATING TO ECONOMIC DEVELOPMENT PROGRAM AGREEMENT IN WITNESS WHEREOF, the parties have caused this Assignment to be executed effective as of the day and year first above written. ASSIGNEE: LINCOLN TRINITY BLUFFS, LP, a Delaware limited partnership By: LPC WO TRINITY LP, a Texas limited partnership, its general partner By; Lincoln No. 2094, Inc., Date Executed by Assignee: a Texas corporation, its general partner By: �z _ Name. T Title: t�� racy "r [THE REMAINDER OF THIS PAGE WAS INTENTIONALLY LEFT BLANK] ASSIGNMENT AND ASSUMPTION RELATRJG TO ECONOMIC DEVELOPMENT PROGRAM AGREEMENT Page 3 H\TMS\CLIENTS\LINCOLMTnnity Bluffs,Ft.Worth(6700)WssignmentEconomicDevAgrmt(WO to TB)00l.doc ASSIGNOR: LPC WO TRINITY, L.P., a Texas limited partnership By: Lincoln No. 2094, Inc., a Texas corporation, its general partner i Date Executed by Assignor: By: Nam F COURTWRIGHT OO J Title: VWO President Ass 1GNMEN'I AND ASSUMPTION RELATING To ECONOMIC DEVELOPMENT PROGRAM AGREEMENT Page 4 H-ATMS\CLIENTS\LINCOLN\Trinity Bluffs.Ft.Worth(6700)Wssignment Economic DevAgrmt(WO to TB)001 doc STATE OF TEXAS § COUNTY OF § 0NU' jMXnst ent was acknowledged before me on August , 2005, by LPC WO TRINITY, L.P., a Texas limited partnership, general pdtner of Lincoln Trinity Bluffs, LP, a Delaware limited partnership, on behalf of said entities. [Seal] E - STATE H=STATE ITY NEXAS An-TAOA ( 5: NOtar Public N0s y , State of Texas OF TEXAS § COUNTY OF DALLAS § This instrument was acknowledged before me on August 31 , 2005, by Lincoln No. 2094, Inc., a Texas corporation, general partner of LPC WO Trinity, L.P., a Texas limited partnership, on behalf of the corporation and partnership. [SEAL] Av'i-v A�A194, Notary Public, State of Texas r°4�Yw HEATHER GARITY NOTARY PUBLIC STATE OF TEXAS y t� COMMI331011 EXPIRES: NOVEMBER 12,2006 AsslGNMFNT AND ASSUMPTION RELATING Tu ECONOMIC DEVELOPMENT PROGRAM AGREEMENT Page 5 H 1I MSICLIEN I SUNCOLN\Trinity Bluffs,Ft Worth(6700)\Assignmenl Economic DevAgrml(WO to TB)001 doc EXHIBIT A ASSIGNED PROPERTY Being Lot 4, Block 1 TRINITY BLUFF, an Addition to the City of Forth Worth, Tarrant County, Texas, according to the plat thereof recorded in Cabinet A, Slide 10218, Plat Records, Tarrant County, Texas. EX}iiBIT A Page I H\TMS\CLIENTS\I_lNCOLN\Tnmty Bluffs,Ft. Worth(67D0)AAssignmentEconomicDevAgrmt(WO to TB)001 doc Chakrathouk, Manivanh From: Vaky, Peter Sent: Friday, September 09, 2011 11:51 AM To: Alvarado, Ana Cc: Gonzales, Ronald; Chakrathouk, Manivanh Subject: RE: Contract: Consent to Assignment of CSC No. 30458 The Assignment is an agreement between LPC Trinity Parks, LP and JPMorgan Chase. The City is not a party to that agreement, so, no, it is not filed with the City Secretary. Only the Consent to Assignment, to which the City is a party, is filed. From: Alvarado, Ana Sent: Friday, September 09, 2011 11:45 AM To: Vaky, Peter Cc: Gonzales, Ronald; Chakrathouk, Manivanh Subject: RE: Contract: Consent to Assignment of CSC No. 30458 You are right Peter I was. Do we need to file assignments with CSO? 1{1ra Z. f 101wah From: Vaky, Peter Sent: Friday, September 09, 2011 11:41 AM To: Alvarado, Ana Cc: Gonzales, Ronald; Chakrathouk, Manivanh Subject: RE: Contract: Consent to Assignment of CSC No. 30458 Ron/Monni: The short answer: This is the first Consent to Assignment. Ana: The long answer. You are confusing"Consent'with "Assignment." The is the second Assignment of the Agreement, but only the first consent to Assignment. The original Agreement with Trinity Bluff, Ltd. allowed Trinity Bluff to assign the Agreement to Lincoln Property Company or an affiliate without City Council consent, but in any other case, consent was required. Trinity Bluff indeed did assign the Agreement to LPC Trinity Parks LP, an affiliate of Lincoln Property Company. There was no Consent to Assignment document in that case, because the assignment was by right; it did not require any consent. In the present case, LPC Trinity Parks LP wanted to assign to the Agreement to JPMorgan Chase, a non-Lincoln Property affiliate. That assignment required City Council consent. Hence, this Consent to Assignment document, which is the first one. From: Alvarado, Ana Sent: Friday, September 09, 2011 10:15 AM To: Vaky, Peter Subject: FW: Contract: Consent to Assignment of CSC No. 30458 1 Peter, Can you send an email to Ron and Monni please? Ala 4 Alaiz*ah From: Gonzales, Ronald Sent: Friday, September 09, 2011 10:09 AM To: Chakrathouk, Manivanh Cc: Alvarado, Ana Subject: RE: Contract: Consent to Assignment of CSC No. 30458 Ana, That will be fine. A better method would to have an e-mail from Peter that we can include with our files. The problem is not with a contract going before Council for the approval; its the "paper trail" that is needed to ensure that when we are asked to provide a copy of an agreement or contract that we have a complete file since the City Secretary's Office is the office of record. When we do not receive an amendment or change to the original document when the change document is "approved" by a department head or a City attorney, it impacts our tracking system and creates an incomplete file. This is especially critical when we receive a public information request for a document or a request for a copy of the document from the originating department and discover that there have been multiple change orders or amendments (again, that did not go before Council) that we did not receive and are filed in the department. Basically, whenever there is a change to a contract, regardless if there is formal approval by the Council or not, we need to process that change (assign a contract number) and enter it into our tracking system. Ron Gonzales, TRMC/CMC Assistant City Secretary, City of Fort Worth Ronald.Gonzales @ fortworthgov.org 817.392.6164 NOTE: Ilse City of Fort Worth will have a new web address shirting Oct. 1, 2011: www.FortWorthTexas.gov 2 From: Chakrathouk, Manivanh Sent: Friday, September 09, 20119:28 AM To: Gonzales, Ronald Cc: Alvarado, Ana Subject: FW: Contract: Consent to Assignment of CSC No. 30458 Ron, Please see e-mail trails and advise? Thank you, From: Alvarado, Ana Sent: Friday, September 09, 20119:14 AM To: Chakrathouk, Manivanh Subject: RE: Contract: Consent to Assignment of CSC No. 30458 If you like I can contact the attorney Peter Vaky and have him explain. Maybe he can explain it better then me. ffaQ L, �eva�aa�o From: Chakrathouk, Manivanh Sent: Friday, September 09, 20119:13 AM To: Alvarado, Ana Subject: RE: Contract: Consent to Assignment of CSC No. 30458 Hello Ana, After speaking with Ron about this contract,we are still at a lost and would need more further clarification. It would be greatly appreciated if you could come to City Secretary's Office and explain it to us both. Thank you, From: Alvarado, Ana Sent: Thursday, September 08, 2011 11:34 AM To: Chakrathouk, Manivanh Subject: RE: Contract: Consent to Assignment of CSC No. 30458 3 I am not sure if they were filed with the City Secretary. It was way before my time. Our attorney did get a copy but in the actual contract it states that they can assign the agreement over to an affiliate without City Council approval. All they would need to do is notify our office of such assignment. ff�Q L, �f�UQ�Qa'0 From: Chakrathouk, Manivanh Sent: Thursday, September 08, 2011 11:32 AM To: Alvarado, Ana Subject: RE: Contract: Consent to Assignment of CSC No. 30458 Ana, Thank you for dropping off the documents so promptly. However, I would like to know if this document were ever recorded and process through our City Manager's and City Attorney's Office? This document do not seem to show some type of an agreement between the entity and City of Fort Worth, please advise? Regards, From: Alvarado, Ana Sent: Thursday, September 08, 2011 11:00 AM To: Chakrathouk, Manivanh Subject: RE: Contract: Consent to Assignment of CSC No. 30458 1 will take it to you in a bit. From: Chakrathouk, Manivanh Sent: Thursday, September 08, 20119:32 AM To: Alvarado, Ana Subject: RE: Contract: Consent to Assignment of CSC No. 30458 Hello Ana, Was the first consent to assignment process/filed with City Secretary's Office? If not, I will need a printed hard copy of the first consent to assignment before processing this one. Thank you, 4 From: Alvarado, Ana Sent: Thursday, September 08, 20119:01 AM To: Chakrathouk, Manivanh Subject: RE: Contract: Consent to Assignment of CSC No. 30458 That the City has voted on yes. It is actually the second consent because Trinity Bluff had already assigned it to one of its affiliates, Lincoln. Since it was an affiliate they did not have to get Council approval. Agra L, Alovjv'o From: Chakrathouk, Manivanh Sent: Thursday, September 08, 20118:55 AM To: Alvarado, Ana Subject: Contract: Consent to Assignment of CSC No. 30458 Hello, Ana, Please advise if this contract will be the first consent to assignment? Thank you, 5