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Home My WebLink AboutContract 36974-CA1ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between Waterview Estates, L.P., Pars Investment, Inc., General Partner ("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 and the City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement Agreement ("Agreement") for Property Located at 5609 Grenada Drive ; Lot 9; Block 1; 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 36974 ("Agreement"): B. 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: C. Pursuant to that certain Special Warranty Deed dated as of August 9, 2013, 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. 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 August 9, 2013, ("Effective � Date"). All rights, duties and obligations under the Agreement arising, accruing or C) relating to the period before the Effective Date are allocated to Assignor and all rights, C< duties and obligations arising, accruing or relating to the period thereafter shall be M allocated to Assignee. FJ OFFICIAL RECORD CI'i'Y SECRETARY Assignment of Tax Abatement Contract #36974 from Wa rvkk (4A,VX to Impression Homes, LLC — —� 1 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. 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: Waterview Estates, L.P. ASSIGNEE: 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 #36974 from Waterview Estates, LP 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 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 LAND AND SEAL OF OFFICE this ��day of 2014. EVONIA 7ANIELS PLB`- Notary Public, e of Texas otary Public in and for = : _= ' My CommisExpires the State of Texas --,9TF ••�E}:,` July t 0 17 �It� rYPEP Assistant City Attorney M & C: C-22514 OFFICIAL RECORD CITY SECRETARY T. WORTH, TX Assignment of Tax Abatement Contract #36974 from W to Impression Homes, LLC 3 ASSIGNOR: Waterview Estates, L.P., Pars Investment, Inc., General Partner Name: Mehrdad Moayedi Title: President STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this y personally appeared Mehrdad Moayedi of Waterview Estates, L.P., a Texas Limite artnership, Pars Investments, Inc., General Partner, known to me to be the person wh e name is subscribed to the foregoing instrument, and acknowledged to me that he exec d the same for the purposes and consideration therein expressed, in the capacity therein ed and as the act and deed of Waterview Estates, L.P., a Texas Limited Partnership, Par nvestment, Inc., General Partner. GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of 2014. Notary Public in and for the State of Texas STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Holly Arestides, Authorized Agent 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. GIVEN UNDER MY HAND AND SEAL OF OFFICE this �f ��"� day of �P.2014. �dotary Public in and for the State of Texas M �� 13/3 ON' EXPI�S `it ZU16 Assignment of Tax Abatement Contract #36974 from to Impression Homes, LLC 4 P7'. WORTH, TX ASSIGNOR: Waterview Estates, L.P., Pars Investment, Inc., General Partner Title: President STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Mehrdad Moayedi of Waterview Estates, L.P., a Texas Limited Partnership, Pars Investments, Inc., General Partner, 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 Waterview Estates, L.P., a Texas Limited Partnership, Pars Investment, Inc., General Partner. UNDER MY HAND AND SEAL OF N the Mate of 1 exas ASSIGNEE: Impression Homes, L.L.C. Name: Holly Arestides Title: Authorized Agent STATE OF TEXAS § COUNTY OF TARRANT § �Lk OFFICE this Commission Expires July 14, 2016 a LAURA L WAYLAND BEFORE ME, the undersigned authority, phis day personally appeared Holly Arestides, Authorized Agent of Impression Home L.C. known to me to be the person whose name is subscribed to the foregoing instru nt, and acknowledged to me that he executed the same for the purposes and considera ' n therein expressed, in the capacity therein stated. GIVEN UNDF� MY HAND AND SEAL OF OFFICE this _ day of Notary Pu� in and for the State of Texas 4 Assignment of Tax Abatement Contract #36974 from Waterview Estates, LP to Impression Homes, LLC