The URL can be used to link to this page

Home My WebLink AboutContract 36958-CA3L AA. -100 -- - -- - .T.. ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between Impression Homes, L.L.C., ("Assignor") and Michael Ludlow, ("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 5412 Saba Drive; Lot 21; Block 5; 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 36958 ("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 36958-CAI . 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 July 15, 2015, City Secretary Contract Number 36958-CA2: 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: F. Pursuant to that certain Special Warranty Deed dated as of �ep2015, recorded under Tarrant County Deed Records, Assignor conveyed the Property to Michael Ludlow and Assignee acquired title to the real property which is the subject of the Agreement. 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. Assignment of Tax Abatement Contract #36958-CA2 from Impression Homes, LLC, to Michael Ludlow. 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 20153 ("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. Ciiy 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 parry 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 Neighborhood Services Department Neighborhood Empowerment Zone Program 1000 Throckmorton Fort Worth, Texas 76102 ASSIGNOR: Impression Homes, L.L.C. P.O. Box 92726 Southlake, Texas 76092 ASSIGNEE: Michael Ludlow 5412 Saba Drive Fort Worth, Texas 76119 Assignment of Tax Abatement Contract #36958-CA2 from Impression Homes, LLC, to Michael Ludlow. 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: L.L.0 Name: truce Heikkinen 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 and as the act and deed of the Impression Homes, L.L.C. a Texas limited liability company. 19A GIVEN UNDER MY HA] It3fary P lic in and tlae Sta of Texas ASSIGNEE: Michael Ludlow Name: SEAL OF OFFICE this day of FJune 24,2016 Assignment of Tax Abatement Contract #36958-CA2 from Impression Homes, LLC, to Michael Ludlow. 3 r 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. 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: Impression Homes, L.L.0 Name: Bruce Heikkinen Title: STATE OF TEXAS § COUNTY OF TARRANT g BEFORE ME, the unde igned authority, on this day personally appeared Bruce Heikkinen, Managing ember of Impression Homes, L.L.C.known to me to be the person whose name i subscribed to the foregoing instrument, and acknowledged to me that he executed t same for the purposes and consideration therein expressed, in the capacity therein ated and as the act and deed of the Impression Homes, L.L.C. a Texas limited liability ompany. GIU N UNDER MY HAND AND SEAL OF OFFICE this day of 2015. No ry Public in and for th State of Texas ASSIGNEE: Michael Ludlow Name: Michael Ludlow Assignment of Tax Abatement Contract #36958-CA2 from Impression Homes, LLC, to Michael Ludlow. 9t CITY OF FORT WORTH .Ie 2 ( tk-- Fernando Costa Assistant City Manager ATTEST: Mary Secretary 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 Michael Ludlow, 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 IIAND AND SEAL OF OFFICE this day of `,iG1�pY PF�(�i DRRNDON J;�CKS�tI `t'�ck= MY COMMiSSIUiv EXPIRES Jurie24,2016 Assignment of Tax Abatement Contract #36958-CA2 from Impression Homes, LLC, to Michael Ludlow. 4 _ 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. G UNDER MY AND SEAL OF OFFICE this ly�. day of _ - ] 200*& Notary Public in for the State of Texas( TRIKINYA L. JOHNSON Notary Public, Stota of Texas My Commission Expires April 17, 2018 Assignment of Tax Abatement Contract #36958-CA2 from Impression Homes, LLC, to Michael Ludlow. 5