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HomeMy WebLinkAboutContract 37682 (3)CITY r'C,RETAfj GONTRACT NO . 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 United Community Bank, N.A. ("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 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 AD CITY SLCRETARY q! F-Landlord s Subordination Agreement -City of Fort Worth - United Community Bank_Casa Manana(260125_1).DdC RTH, TX business hours, so that Bank may remove such personal property against which Bank holds a security interest. 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 12th day of September, 2008. ;� ,!: Address of Landlord: City of Fort Worth 1000 Throclonorton Fort Worth, Texas 76102 Address of Bank: United Community Bank 5604 Colleyville Blvd., Suite J Colleyville, Texas 76034 Attention: Paul C. Keplinger LANDLORD: CITY OF FORT WORTH By: Nan__ Title: ���. �".ry /yc�sR . APPRO D AS TO FORM AND LEGALITY: v/G�, �. CITY ATTORNEY OFFICIAL RECORD F-Landlord s subordinarion Agreement -City of Fort Worth -United Community;Bank_Casa Manana(260125_1).DOC `�%r i�w � 9 Y ?,3 � oZ - —.�.�