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Home My WebLink AboutContract 31773 CCITY ON RACT�NO. J1 RELEASE AGREEMENT This Release Agreement is executed this Z`day of April, 2005, by and between Tarrant County, Texas ("Tarrant County") and The City of Fort Worth, Texas, a home-rule municipality (the "City"). WHEREAS, on or about October 28, 1997, Tarrant County conveyed to the City certain real property located in Tarrant County, Texas, as more particularly described in that Special Warranty Deed with Vendor's Lien (the "Deed") recorded in Volume 12957, Page 115, Deed Records of Tarrant County, Texas (the "Property"); and WHEREAS, the City executed a Promissory Note in the amount of $10,000,000 contemporaneously therewith (the "Note"), which Note was secured by a deed of trust lien against the Property (the "Deed of Trust") recorded in Volume 12957, Page 116, Deed of Trust Records of Tarrant County, Texas; and WHEREAS, the Deed contained a restriction (the "Restrictive Covenant") which provided that the Property could be used "for no purpose other than as a convention center/public events facility and uses reasonably related thereto (such as parking lots or structures and lodging facilities designed for [though not restricted to] convention participants)..."; and WHEREAS, the City has requested Tarrant County to release the lien created by the Deed of Trust and the Restrictive Covenant from a certain portion of the Property described as Sections 7 and 8, Tarrant County Convention Center to the City of Fort Worth, Tarrant County, Texas, according to plat recorded in Volume 388-59, Page 14, Plat Records of Tarrant County, Texas (the "Release Tract"); NOW, THEREFORE, for and in consideration of the sum of $15,000 (the "Release Price") to be paid by the City to Tarrant County on or before April 26, 2005, the parties agree as follows: 1. Attached hereto as Exhibit "A" is a Partial Release of Lien which Tarrant County agrees to execute upon payment of the Release Price to Tarrant County. Upon execution and notarization of the Partial Release of Lien, Tarrant County shall deliver the Partial Release of Lien to the City so that same may be recorded at City's expense in the Real Property Records of Tarrant County, Texas. 2. Attached hereto as Exhibit "B" is a Release of Deed Restriction which the City and Tarrant County agree to execute upon payment of the Release Price to Tarrant County. Upon execution and notarization of the Release of Deed Restriction, Tarrant County shall deliver the Release of Deed Restriction to the City so that same may be recorded at City's expense in the Real Property Records of Tarrant County, Texas. 3. City agrees to deliver to Tarrant County the Release Price on or before April 26, 2005. Notwithstanding anything to the contrary contained in the Note or Deed of Trust, the Release Price shall be applied against the final installment paid by City to Tarrant County under the Note (i.e., if the final installment due to payoff the Note is $100,000, City shall be credited Release Agreement(3) the amount of the Release Price so that the final installment made by City to Tarrant County shall be only $85,000). TARRANT COUNTY: Approved as to form: TARRANT COUNTY, TEXAS cctt'l By: District Attorney Name: Title: o J CITY: Approved as to legality and form: THE CITY OF FORT WORTH, TEXAS By: ?CC ity Attorney C—2 0 6 7 9 `f-216 OE Name: Hlkv P e✓!� Title: ntgr+A - Attest: 1 1� City Secreta Release Agreement(3) 2 Y City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 4/26/2005 DATE: Tuesday, April 26, 2005 LOG NAME: 25FWCC-DEED REFERENCE NO.: C-20679 SUBJECT: Authorize Execution of Release Agreement and Release of Deed Restriction between the City of Fort Worth and Tarrant County to Partially Release Deed Restrictions on the Fort Worth Convention Center RECOMMENDATION: It is recommended that the City Council: 1. Authorize the City Manager to execute a Release Agreement between the City of Fort Worth and Tarrant County to partially release deed restrictions and lien on the Fort Worth Convention Center; and 2. Authorize the City Manager to execute the Release of Deed Restriction between the City of Fort Worth and Tarrant County. DISCUSSION: On October 28, 1997 (M&C C-16410), the City Council authorized the purchase of the Tarrant County Convention Center and associated properties from Tarrant County and authorized the execution and delivery of related legal instruments including a Special Warrant Deed with Vendor's Lien. The Special Warranty Deed with Vendor's Lien was executed on October 28, 1997 and restricted the use of the property for use as a convention center/public events facility and uses reasonably related thereto (such as parking lots or structures and lodging facilities). The use restriction will terminate upon the later of October 28, 2007 or on the date the Deed of Trust is released through payment of the purchase price, scheduled for the year 2017. On March 24, 2005 (M&C C-20618), the City Council authorized the execution of a Ground Lease of a portion of Blocks 7 and 8, Tarrant County Convention Center Addition, to Omni Fort Worth Partnership for the development and construction of the Omni Fort Worth Hotel. In order to execute the Ground Lease, the City has requested Tarrant County to release the lien and the deed restriction from Blocks 7 and 8, the portion of the land currently occupied by the surface parking lots and the proposed site of the hotel property. The payment of$15,000 will be applied against the final installment paid by the City to Tarrant County. This property is located in COUNCIL DISTRICT 9. FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that funds are available in the current budget, as appropriated, in the General Fund. Logname: 25FWCC-DEED Page 1 of 2 TO Fund/Account/Centers FROM Fund/Account/Centers GG01 539120 0905500 $15,000.00 Submitted for City Manager's Office by. Joe Paniagua (6140) Originating Department Head: Kirk Slaughter (2501) Additional Information Contact: Kirk Slaughter (2501) Logname: 25FWCC-DEED Page 2 of 2 l=N It u, I I J i RELEASE OF DEED RESTRICTION WHEREAS, on October 28, 1997, Tarrant County, Texas (the "Grantor") executed that certain Special Warranty Deed with Vendor's Lien, recorded in Volume 12957, Page 115, Deed Records of Tarrant County, Texas (the "Deed"), in favor of The City of Fort Worth, Texas, a home-rule municipality (the "Grantee"), covering certain real property located in the City of Fort Worth, Tarrant County, Texas, as more particularly described therein (the"Property"); and WHEREAS, Paragraph 2 of the Reservations to Conveyance in the Deed placed a restriction on the Property (the "Restriction") to prevent its use "for any purpose other than as a convention center/public events facility and uses reasonably related thereto (such as parking lots or structures and lodging facilities designed for [though not restricted to] convention participants)..."; and WHEREAS, Grantor desires to release the Restriction as to a portion of the Property as provided hereinbelow; NOW, THEREFORE, for the sum of$10.00 and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Grantor hereby releases the Restriction as to Sections 7 and 8, Tarrant County Convention Center to the City of Fort Worth, Tarrant County, Texas, according to plat recorded in Volume 388-59, Page 14, Plat Records of Tarrant County, Texas. Nothing herein shall cause any portion of the Property other than that portion of the Property described in the preceding sentence to be released from the Restriction. GRANTOR: Approved as to form: TARRANT COUNTY, TEXAS By: 14ss =� District Attorney Nam o Title: GRANTEE: Approved as to legality and form: THE OF FORT W By: CITY RTH, TEXAS �pyCity Attorney IC-2067f V-24-o_5- Name: .le P t &VA !/ Title: Misr. L47"1 MA44/t b"— Attest: " i City Secretary Release of Deed Restriction(3) STATE OF TEXAS COUNTY OF TARRANT Bef re me, the undersigned authority, on this day ersonally appeared a rr\ a.ode-r the o J of Tarrant County, Tex Given under my hand and official sea] this aL day of k2ri l 2005. (SEAL) GRACE C. RHODEN � Notary Public Notary Public in and for the State of Te,ws STATE OF TEXAS My commission expires: �.- 29-off My Comm.Exp.02/28/2009 STATE OF TEXAS COUNTY OF TARRANT Before me, the undersigned authority, on tt�}}is day personally appeared li 4 iA `► , the /�"rf7�. c /Ae" of The City of Fort Wort g,Texas, a home-rule municipality. Given under my hand and official seal this 26 day of (SEAL) N&6 Public in and for the St e of Texas My commission expires: I ANDREW ROGERS Notary Public STATE OF TEXAS My Comm.Exp.10/11/2006 Release of Deed Restriction(3) 2 2260 Prepared by the State Bar of Texas for use by lawyers only. Revised 1045 01983►y ar SW*&r of Tar PARTIAL RELEASE OF LIEN Date: /T •, b 12005 Note Date: October 28, 1997 Original Amount: $10,000,000.00 Maker. The City of Fort Worth,Texas Payee: Tarrant County,Texas Holder of Note and Lien: Tarrant County,Texas Holder's Mailing Address(including county): 100 E.Weatherford Street Fort Worth,Tarrant County,Texas 76102 Note and Lien Are Described in the Following Documents,Recorded in: Deed of Trust dated October 28, 1997, from Tarrant County,Texas,recorded in Volume 12957, Page 116, Deed Records of Tarrant County,Texas. Property(including any improvements)To Be Released from Lien: Sections 7 and 8, TARRANT COUNTY CONVENTION CENTER to the City of Fort Worth, Tarrant County, Texas, according to plat recorded in Volume 388-59, Page 14, Plat Records of Tarrant County, Texas. Holder of the note acknowledges its partial payment and releases from the lien only the property described above. When the context requires,singular nouns and pronouns include the plural. Approved as to form: TARRANT COUNTY,TEXAS �4ss't Distract Attorney Name: t, a Title: I-,Agar Panty Release of t.ien(2) I STATE OF TEXAS COUNTY OF TARRANT is instrument was acknowledged before me on the ab day of April, 2005, by ''e..+ 4 nCSfwr�+1= . ,�T��L.�.•* of Tarrant County,Texas. e RACE C.RHODEN Notary Public,State of Texas NWoy Pubale , oa s Nom's name r}0 /'rte e K e." Notary's commission expires: 2-.V-or AFTER RECORDMO RETURN TO: PREPARED IN THE LAW OFFICE OF: J.Andrew Rogers J.Kelly,Hart&Hallman,P.C. Kelly Hart&Hallman ,P.C. 201 Main Street,Suite 2500 201 Main Street,Suite 2500 Fort Worth,Texas 76102 Fort Worth,Texas 76102 Partial Italaw of Liao(2) 2 RELEASE OF DEED RESTRICTION p;7) WHEREAS, on October 28, 1997, Tarrant County, Texas (the "Grantor") execut6d'tl�t%2 certain Special Warranty Deed with Vendor's Lien, recorded in Volume 12957, Page 115, Deed Records of Tarrant County, Texas (the "Deed"), in favor of The City of Fort-Worth, Texas home-rule municipality (the "Grantee"), covering certain real property located in the City of Port Worth, Tarrant County, Texas, as more particularly described therein (the "Property') and WHEREAS, Paragraph 2 of the Reservations to Conveyance in the Deed placed a restriction on the Property (the "Restriction") to prevent its use "for any purpose other than as a convention center/public events facility and uses reasonably related thereto (such as parking lots or structures and lodging facilities designed for [though not restricted to] convention participants)..."; and WHEREAS, Grantor desires to release the Restriction as to a portion of the Property as provided hereinbelow; NOW, THEREFORE, for the sum of$10.00 and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Grantor hereby releases the Restriction as to Sections 7 and 8, Tarrant County Convention Center to the City of Fort Worth, Tarrant County, Texas, according to plat recorded in Volume 388-59, Page 14, Plat Records of Tarrant County, Texas. Nothing herein shall cause any portion of the Property other than that portion of the Property described in the preceding sentence to be released from the Restriction. GRANTOR: Approved as to form: TARRANT COUNTY, TEXAS LM4 L� ._ By. ss + District Attorney Name: o n. er e7APc 4,1 Title: o u IT,. c GRANTEE: Approved as to legality and form: THE CITY OF FORT WORTH, TEXAS By: 4�1_1 j City Attorney 6//C-2067f -26-D s Name: Title: A's'st• C-tt'''I MIL+.+AVt-*— Attest: City Secretary Release of Deed Restriction(3) C STATE OF TEXAS COUNTY OF TARRANT Before me, the undersigned authority, on this day personally appeared o Y,-. a r_j e_r ar,�'F- the (2 b u''4 of Tarrant County, Texas. Given under my hand and official seal this a 6 day of X9,-,-1 , 2005. (SEA°0L)°�'pp° GRAVE G. RHODEN * ;;vary Public TEXAS Notary Public in and for the State ofT�xas Of 12/28/2009 My commission expires:2 -ag - aoo 6g'*";" GRACa_- 7Exp. HODEN Notaublic STATE OF TEXAS STATE TEXAS My Comm, 02!28/200 9 COUNTY OF TARRAN I -1- Bef7'A me, the undersigned authority, on t is day personally appeared �J,-R i a , the c<f. C/& of The City of Fort rth, Texas, a home-rule municipality. Given under my hand and official seal this �6 day of /�Q�� , 2005. (SEAL) Nckr6 Public in and for the St of Texas My commission expires: J.ANDREW ROGERS * Notary Public NA STATE OF TEXAS 9 OF My Comm.Exp.10/11/2006 After recording, return to: J. Andrew Rogers Kelly, Hart & Hallman, P.C. 201 Main Street, Suite 2500 Fort Worth, Texas 76102 Release of Deed Restriction(3) 2 KELLY HART & HALLMAN 201 MAIN ST#2500 J ANDREW ROGERS •*+• "'+ *«*• FT WORTH TX 76102 Submitter: RATTIKIN TITLE CO SUZANNE HENDERSON TARRANT COUNTY CLERK TARRANT COUNTY COURTHOUSE 100 WEST WEATHERFORD FORT WORTH, TX 76196-0401 DO NOT DESTROY WARNING - THIS IS PART OF THE OFFICIAL RECORD. Filed For Registration: 04/27/2005 03:53 PM Instrument#: D205118691 R 3 PGS $16.00 I IIIIIII IIII IIII)VIII VIII IIII)VIII VIII VIII VIII IIII IIII D205118691 ANY PROVISION WHICH RESTRICTS THE SALE, RENTAL OR USE OF THE DESCRIBED REAL PROPERTY BECAUSE OF COLOR OR RACE IS INVALID AND UNENFORCEABLE UNDER FEDERAL LAW.