HomeMy WebLinkAboutContract 37682-R1 (2)CITY SECRETAI*
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LANDLORD'S SUBORDINATION AGREEMENT
WHEREAS, the City of Fort Worth ("Landlord") is the owner and landlord of
certain leased premises known as 3101 West Lancaster, Fort Worth, Tarrant County,
Texas 76102, which is now leased and occupied by Casa Mariana, Inc., a Texas
corporation ("Tenant"), pursuant to a lease agreement ("Lease Agreement") between the
City of Fort Worth, as Landlord, and Casa Mariana, Inc., as Tenant.
WHEREAS, Tenant has borrowed or will borrow certain sums of money from
Community Bank ("Bank"), which loan is to be secured by a lien or security interest
upon certain personal property owned by Tenant located within the leased premises; and
WHEREAS, the Bank has requested that the Landlord subordinate certain of its
rights, if any, to the lien and security interest of the Bank.
NOW, THEREFORE, for and in consideration of one dollar ($1.00) and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Landlord and Bank hereby agree as follows.
1. That as to the Bank alone, the Landlord subordinates all right of lien or claim
which the Landlord may have as owner and landlord of the leased premises by way of
statute and contract for Tenant's non-payment of rent and other charges against the
Tenant's personal property, and all additions, replacements and substitutions thereof, and
all proceeds thereof located within the leased premises.
2. It is specially understood and agreed that the Landlord has not, and does not,
relinquish or subordinate any and all rights it may to have to any and all other property
attached or affixed to the leased premises, which is or shall become the property of the
Landlord at the expiration or termination of such Lease Agreement between Landlord and
Tenant.
3. In the event Bank becomes entitled to possession of any of the personal
property of Tenant located within the leased premises, the Bank hereby agrees to serve
ten (10) days prior written notice of such intended re -possession action to Landlord at its
address below, and further the Bank agrees to repair any damage caused by, or resulting
From, the removal of any such personal property from the leased premises. In no event
shall the Bank be entitled to occupy or conduct business from the leased premises, its
rights hereunder being limited solely to a right of possession of the personal property to
which its security interests may apply.
4. In the event Landlord regains physical possession of the leased premises prior
to the expiration of the term of the Lease Agreement, Landlord agrees to give written
notice to Bank, and use its best efforts to provide Bank with access, during ordinary
business hours, so that Bank my remove such personal property- against which Bank_
holds a security interest. � OFFICIAL RECORU
CITY SECRETARY
F-Landlord_Subordination Agreement -City of Forth Worth —Community Bank_CasaManana(260125_1).DOC
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5. This instrument shall inure to the benefit of and shall be binding upon the
successors and assigns of the Landlord and the Bank.
Executed effective as of the 14th day of October, 2009.
Address of Landlord:
City of Forth Worth
1000 Throckmorton
Fort Worth, Texas 76102
Address of Bank:
Community Bank
1300 South University Dr., Suite 100
University Centre I
Fort Worth, TX 76107
Attention: Lizz Pulliam
LANDLORD:
CITY OF FORT WORTH
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Name: T. �!. �f919iN5
Title: LASS i STAti/T CITY i�/Ri(/AGER
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ASSISTANT
Marty Hendrix,
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v
ity Secretary
�FFICiAL REC�a�►
STY SECPrTAP`d
F-Landlord_Subordination Agreement -City of Forth Worth —Community Bank_CasaManana(260125_1).DOC