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Home My WebLink AboutContract 36935-CA2 i9,i.li' i , i;''rT , m ASSIGNMENT OF TAX ABATEMENT AGREEMENT r .. This Assignment of Tax Abatement Agreement is made and entered into by and between CTMGT Waterview Estates FL-1, LLC, ("CTMGT"), ("Assignor") and Impression Homes, L.L.C., ("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 at 5805 Grenada Court; Lot 8; Block 2; 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 36935 ("Agreement"): B. Section 5 of the Agreement permits Waterview to assign all of its rights under the Agreement to CTMGT, without obtaining the prior consent of the City Council: C. Waterview assigned the Agreement to CTMGT, Assignor, such Agreement is dated September 27,2013, City Secretary Contract Number 36935-CAL D. Pursuant to that certain Special Warranty Deed dated as of July 24, 2015, recorded under Tarrant County Deed Records, Assignor conveyed the Property to Impression Homes, L.L.C. and Assignee acquired title to the real property, which is the subject of the Agreement. E. 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, 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 24, 2015, ("Effective Date"). All rights, duties and obligations under the Agreement arising, accruing or relating to the period before the Effective Date are allocated to Ass'gnor and, all rights,. 0 F CO3�f�D Assignment of Tax Abatement Contract#36935-CA1 fr ,in CTMGT Waterview Estates FL-1, LLC to Impression Home , p ";R ` f P s duties and obligations arising, accruing or relating to the period thereafter shall be allocated to Assignee. 4. Release and Surrender of Assi or. 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, m. 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 and Economic Development Department(NEZ) 1000 Throckmorton Fort Worth, Texas 76102 ASSIGNOR: ASSIGNEE: CTMGT Waterview Estates, FL-1,LLC Impression Homes,L.L.C. 3901 Airport Freeway, Suite 200 P.O. Box 92726 Bedford, TX 76021 Southlake,Texas 76092 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. Assignment of Tax Abatement Contract#36935-CAI from CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC 2 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. CITY OF FORT WORTH Fernando Costa Assistant City Manager STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day persotlally 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 01 HAND AND SEAL OF OFFICE this ., ay of n J'n Notary dfor f lic , the State of Texas� ��1 IAA mr,p9Y#aIfMM fPL nslY� AYV!M0 iMAY�A4 AAAw¢YNf �� ' q �g3s1^JA'Y°Jfl®� w rui sir ,ie.mmii 6 ��p 7 ar,K se yo° ecr ary APPROVED AS TO FORM AND LEGALITY: Melinda Ramos Sr. Assistant City Attorney M& C: C-22514 � i Assignment of Tax Abatement Contract#36935-CA1 from CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC 3 ASSIGNOR: CTMGT Waterview Estates FL-1, LLC Name: Mehrdad Moayedi Title: Managing Member STATE OF TEXAS § COUNTY OF TARRANT § -' BEFORE ME, the undersigned authority,on this day personally appeared Mehrdad Moayedi, Managing Member of CTMGT Waterview Estates FL-1, L.L.C. 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 CTMGT Waterview Estates FL-1, L.L.C. GIVEN MY HAND AND SEAL OF OFFICE this day of 2015. Notary Public in and for the State of Texas ASSIGNEE: mpre in Homes, L.L.C. Name. Bruce- Heikkinen ,v ' f r R 0 0 11"T Title: Managing Member STATE OF TEXAS COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Bruce Heikkinen, Managing Member of Impression Homes, L.L.C. 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. G FAN, UNDER MY HAND AND SEAL OF OFFICE this 191, day of 2015. I At) Notary Public in and for IT the State of Texas MY COMMISSION ExpIfs Juno 19,,2017 Assignment of Tax Abatement Contract#36935-CA1 from CTMGT Waterview Estates FL-1, LLC to Impression Homes, LLC 4 ASSIGNOR: CTMGT Waterview Estates FL-1,LLC Name: Mehrdad Moayedi Title: Managing Member STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME,the undersigned authority, on this day personally appeared Mehrdad Moayedi, Managing Member of CTMGT Waterview Estates FL-1, L.L.C. 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 CTMGT Waterview Estates FL-1,L.L.C. UNDER MY HAND AND SEAL OF OFFICE this day of . . ,IU N 2015. r x 7 l-Al!i'',A L WAYLAND Notary Pi and for ,%� the State of Texas 4Sy Comrnissir�n Expires '`,A% July 14, 2016 ASSIGNEE:Impression Homes,L.L.C. Name: Bruce Heikkinen Title: Managing Member STATE OF TEXAS COUNTY OF TARRANT BEFORE ME, the undersigned authority, on this;day personally appeared Bruce Heikkinen, is subscribed to the foregoing instrument,Managing Member of Impression Homes,L-L.C. known to me to be the person whose name g g „� , I acknowledged to me that he executed the same for the purposes and consideratiop therein expressed,in the capacity therein stated. GIVEN UNDE,I,`°''MY HAND AND SEAL OF OFFICE this _ day of 2015. Notary,41 blic in and for ' thejgatate of Texas { 7 IV, 1/)I Y f ` Assignment of Tax Abatement Contract#36935-CAl frock CTMGT Waterview Estates FL-1,LLC to Impression Homes fLC ""' 4