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
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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.
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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:
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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
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