HomeMy WebLinkAboutContract 36221 ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agreement is made and entered into
by and between Sierra Vista, L.P., Vertex Investments, General Partner ("Assignor") and
Ill Lifestyles, L.P., ("Assignee") and the City of Fort Worth, ("City")
RECITALS
A. Assignor and the City of Fort Worth, Texas (the "City") are parties to that certain
Tax Abatement Agreement ("Agreement") for Property Located Lot 49, Block A,
Sierra Vista (1301 Sierra Estate Tr)which is located in the Rolling Hills
Neighborhood Empowerment Zon_e,_such Agreement dated City
Secretary,Con _
tract Number ("Agreement").
B. Pursuant to that certain Special Warranty Deed, dated as of
April o2j 2007 recorded under Tarrant County Deed Records,Assignee
acquired title to the real property, which is the subject of the Agreement.
C. Section 5 of the Agreement permits Assignor to assign all of its rights under the
Agreement to IMl Lifestyles, L.P. without obtaining the prior consent of the
City Council_
D. In order to evidence the assignment referred to above, Assignor agrees to make
the conveyance to Assignee as herein set forth.
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 April #7 2007
("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.
' ��UG°RAI `U
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 Department (NEZ)
1000 Throckmorton
Fort Worth, Texas 76102
ASSIGNOR:
Sierra Vista, L.P.
Vertex Investments, General Partner
3715 Camp Bowie Blvd.
Fort Worth,TX 76107
ASSIGNEE:
HMH Lifestyles,L.P.
9001 Airport Freeway, Suite 400
North Richland Hills, TX 75180
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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: Sierra Vista, L.P., Vertex Investments, General Partner
_ 0
Name: Deanna Boaz ) 0
Title: Dice President
ASSIGNEE:HMH Lifestyles, L.P, BNMJR, Inc. , General Partner
Name: Michelle Reiff le
Title: Treasurer
CITY OF FORT WORTH
Dale Fisseler
Assistant City Manager
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ATTEST:
f N—,\
City Secretary
APPROVED AS TO FORM AND LEGALITY:
,-� Leann Guzman
tr Assistant City Attorney
M & C: C-21313
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STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Dale
Fisseler, 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. //�� /
GIVE UND R MY HAND AND SEAL OF OFFICE this 1%1kday of
00 7.
12444J /-7(. �- bAWf40
ANA L.BfifSENO
Notary Public in an for .( ). Notary Public,state of Texas
the State of Texas �`=% Mues
M ch 07 2011
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STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Deanna Boaz,
Vice President of Sierra Vista, L.P., Vertex Investments, 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 the Sierra Vista, L.P.,
Vertex Investments, General Partner.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this 3 day of
April , 200-7
Notary Public in and for `ao.PaYP�s;, MINDI MORROW
e. Notary Public,state of Texas
the State of Texas s. I My Commission Expires
March 08,2009
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared
Michelle Reigle, Treasurer of HMH Lifestyles L.P., a Texas limited
partnership, 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 HMH Lifestyles, L.P., a Texas limited partnership.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this CP2 day of
April , 200 7
o Public in and f
the State of Texas \��a1"141111111 llhi,,
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