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Home My WebLink AboutContract 36968-CA2 (2)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 Govinduhai K. Patel, ('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 5516 Grenada Drive ; Lot 32; Block 3; 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 36968 ("Agreement"). B. Pursuant to that certain Special Warranty Deed dated as of January 10, 2013 recorded under Tarrant County Deed Records, Waterview conveyed the Property to Assignor and Assignor acquired title to the Property which is the subject of the Agreement. C. Section 5 of the Agreement permits Waterview 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. Waterview assigned the Agreement to Impression Assignor, such Agreement is dated January 10, 2013 City Secretary Contract Number 36968-CA1: E. Pursuant to that certain Special Warranty Deed dated as of March 28, 2013, recorded under Tai�ant County Deed Records, Assignor conveyed the Property to Govinduhai K. Patel and Assignee acquired title to the real property which is the subject of the Agreement. F. 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: AGREEMEI�TT 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: OFFICIAL RECORD CITY SECRETARY FT. WOF$TH, TX ��C�IVEI� AP[� l0 201� 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 %J this Assignment is March 28, 2013 ("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. Rye resentations. 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 &Economic Development Department Neighborhood Empowerment Zone Program 1000 Throckmorton Fort Worth, Texas 76102 2 ASSIGNOR: Impression Homes, L.L.C. P.O. Box 1838 Keller, Texas 76244 ASSIGNEE: Govinduhai K. Patel 5516 Grenada Drive Fort Worth, Texas 76119 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: Homes, L.L.0 Name: � Bruce Heikkinen Title: Managing Member ASSIGNEE: I i K. Patel 3 CITY OF FORT WORTH Fernando Costa Assistant City Manager ATTEST: Mary Kayser, APPROVED AS TO FORM AND LEGALITY: Melinda Ramos Assistant City Attorney M & C: C-22514 0 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 HAND AND SEAL OF OFFICE this day of AA Ae 2013. An /I Public in and the State of Texas �va�l� �r-,41ELS MY C01 f 10, 2413 pIREB 5 STATE OF TEXAS Is 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. UNDER MY HAND AND SEAL OF OFFICE this , in and for as the State of Tex STATE OF TEXAS COUNTY OF TARRANT § KERI KEIS Notary Public, State of Texas My Commission Expires June 19, 2013 day of BEFORE ME, the undersigned authority, on this day personally appeared Govinduhai K. Patel, known to me to be Lite 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_ day of 2013. Notary Public in and for the State of Texas NIKKI JACKSON Notary Public, State of Texas My Commission Expires February 16, 2016 _