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HomeMy WebLinkAboutContract 40337-CA1 (2)ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agreement is made and entered into by and between Shawn Fite ("Assignor") and James Walter Bailey and Lauren Renee Bailey, ("Assignee") and the City of Fort Worth, ("City") RECITALS A. Shawn Fite and the City of Fort Worth, Texas (the "City") entered into that certain Tax Abatement Agreement ("Agreement") for Property Located 1312 Fairmount Avenue ("Property") which is located in the Magnolia Village Neighborhood Empowerment Zone, such Agreement approved by the City Council of Fort Worth May 4, 2010, City Secretary Contract Number 40337 ("Agreement"): B. Section 5 of the Agreement peilnits Assignor to assign all of its rights under the Agreement to Assignee, without obtaining the prior consent of the City Council: C. Pursuant to that certain Special Warranty Deed dated as of November 30, 2010, recorded under Tarrant County Deed Records, Assignor conveyed the Property to James Walter Bailey and Lauren Renee Bailey and Assignee acquired title to the real property, which is the subject of the Agreement. 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. Assi _ ent. 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 November 30, 2010 ("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 fiirther obligations under OFFICIAL RECORD �11P!f ��+�R�TARY 1 F"� CMORTH, TX 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. 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 Wor-th'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 assigmnent 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 NEZ Program 1000 Throckmorton Fort Worth, Texas 76102 ASSIGNEE: James Walter Bailey and Lauren Renee Bailey 1312 Fairmount Avenue Fort Worth, Texas 76104 ASSIGNOR: Shawn Fite 2828 River Forest Drive Fort Worth, Texas 76116 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: Shawn Fite ASSIGNEE: James Walter Bailey ASSIGNEE: Lauren Renee Bailey Lauren Renee Bai CITY OF FORT WORTH City Manager ATTEST: 0 Marty Hendrix, city secretary f�%r voo° APPROVED AS TO FORM AND LEGALITY: Charlene Sanders Assistant City Attorney M & C: C-24195 0 �q STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Susan Alanis, 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 she 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 she 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 ra--eyUp�yV,, ,�9�02-�11 Public in and the State of Texas LINOA M. HIRRLINGER MY COMMISSION EXPIRES February 2, 2014 STATE OF TEXAS § COUNTY OF TARRANT § h4 o` day of BEFORE ME, the undersigned authority, on this day personally appeared Shawn Fite, 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. UNDER MY HAND AND SEAL OF OFFICE this and for the State of Texas .��°Ar�'� ASHIEY GUARNIERI Notary Publlc * STATE OF TEXAS 4�oFpy My Comm. Exp.1112012014 day of 5 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared James Walter Bailey, 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. GNEN �Pmhol UNDER MY HAND AND SEAL OF OFFICE this Notary Pubfic in and for the State of Texas �,,es�Y�� ASHLEY GUARNIERI Notary Public STATE OF TEXAS 'L)C�MjF'oF y Comm OUNTY OF TARRANT STATE OF TEXAS C Exp.11 /20/2014 % day of BEFORE ME, the undersigned authority, on this day personally appeared Lauren Renee Bailey, 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. GIVEN UNDER MY HAND AND SEAL OF OFFICE this D,1 • . Notary Public�i and for �,,►a��¢, ASHLEY GUARNIERI the State of Texas * � k Notary Public STATE OF TEXAS My Comm, Exp.11/20/2014 G WE CERTIFY THAT THIS IS A TRUE AND CORRECT COPY OF THE ORIGINAL HEREOF , AS FILED FOR RECORD. �RATTIKIN TITLE COMPANY NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER. GENERAL WARRANTY DEED (With Third Party Vendor's Lien) THE STATE OF TEXAS COUNTY OF TARRANT THAT SHAWN FITE hereinafter referred to as "Grantor" (whether one or more), for and in consideration of the sum of TEN AND N0/100 DOLLARS (S10.00) and other good and valuable consideration to Grantor in hand paid by DAMES WALTER BAILEY, A)W9M§WM and his wife, Lauren Renee Bailey hereinafter referred to as "Grantee" (whether one or more), the receipt and sufficiency of which are hereby acknowledged and confessed, and for the further consideration of the execution and delivery by Grantee of one certain Promissory Note of even date herewith, in the original principal sum of One Hundred Eighty -Seven Thousand Six Hundred Nineteen And No/100 DOLLARS ($187,619.00 ), payable to the older of UNITED WHOLESALE MORTGAGE hereinafter called "Mortgagee"; said Promissory Note being secured by a Vendor's Lien and the Superior Title herein retained and reserved in favor of Grantor and assigned and conveyed, without recourse, to Mortgagee, and also being secured by a Deed of Trust of even date herewith from Grantee to BLACK, MANN AND GRAHAM, L.L.P. , Trustee, reference to said Promissory Note and Deed of Trust being hereby made for all purposes; Grantor has GRANTED, SOLD AND CONVEYED, and by these presents does GRANT, SELL AND CONVEY, unto Grantee, the following described real property, to -wit: LOTS 25 AND 26, BLOCK C, MCANULTY AND NYE'S SUBDIVISION OF BLOCK 29, FIELD -WELCH ADDITION TO THE CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, ACCORDING TO PLAT RECORDED IN VOLUME 63, PAGE 66, DEED RECORDS OF TARRANT COUNTY, TEXAS, together with all improvements thereon, if any, and all rights, privileges, tenements, hereditaments, rights of way, easements, appendages and appurtenances, in anyway appertaining thereto, and all right, title, and interest of Grantor in and to any streets, ways, alleys, strips or gores of land adjoining the above described property or any part thereof (hereinafter referred to as the "Property"). TO HAVE AND TO HOLD the Property, together with all and singular the rights and appurtenances thereto in any wise belonging, unto Grantee and Grantee's heirs or assigns FOREVER. Grantor does hereby bind Grantor and Grantor's heirs, executors, and administrators TO WARRANT AND FOREVER DEFEND all and singular the said Property unto Grantee and Grantee's heirs and assigns against every person whomsoever lawfully claiming or to claim the same, or any part thereof. But it is expressly agreed that Grantor reserves and retains for Grantor, and Grantor's heirs and assigns, a Vendor's Lien, as well as the Superior Title, against the Property until the above described Promissory Note and all interest therein have been fully paid according to the terms thereof, when this Deed shall become absolute. WHEREAS, Mortgagee, at the special instance and request of Grantee, having paid to Grantor a portion of Pagel of 3 the purchase price of the Property, as evidenced by the above described Pronussory Note, Grantor hereby assigns, transfers, conveys and delivers, without recourse, to Mortgagee said Vendor's Lien and Superior Title against said Property to secure the payment of said Pronussory Note, and subrogates Mortgagee to all rights and remedies of Grantor in the Property by virtue thereof. To the extent applicable to and enforceable against the Property, this Deed is executed delivered and accepted subject to the following: any liens described herein; ad valorem taxes for the current and all subsequent years, and subsequent assessments for prior years due to changes in land usage or ownership; zoning ordinances, utility district assessments, and standby fees, if any; all valid utility easements created by the dedication deed or plat of the platted subdivision in which the Property is located, covenants and restrictions conunon to the platted subdivision in which the Property is located, mineral reservations, and maintenance or assessment liens (if any), all as shown by the real property records of the County Clerk of the County in which said Property is located; and any title or rights asserted by anyone (including, but not limited to, persons, corporations, governments or other entities) to tidelands, or lands comprising the shores or beds of navigable or perennial rivers and streams, lakes, bays, gulfs or oceans, or to any land extending from the line of the harbor or bulkhead lines as established or changed by any government or to fille&in lands, or artificial islands, or to riparian rights or other statutory water rights, or the rights or interests of the State of Texas or the public generally in the area extending from the line of mean low tide to the line of vegetation or the right of access thereto, or right of easement along and across the same, if any. The contract between Grantor, as the seller, and Grantee, as the buyer, may contain limitations as to warranties. To the extent said contract provides for such limitations to survive this conveyance, they shall be deemed incorporated herein by reference. However, the warranty of title contained in this Deed is hereby expressly excluded from any limitations as to warranties contained in the contract referenced in this paragraph. When this Deed is executed by more than one person, or when Grantee is more than one person, the instrument shall read as though pertinent verbs, nouns and pronouns were changed correspondingly, and when executed by or to a legal entity other than a natural person, the words "heirs, executors and administrators" or "heirs and assigns" shall be construed to mean "successors and assigns". Reference to any gender shall include either gender and in the case of a legal entity other than a natural person, shall include the neuter gender, all as the case may be. The term "Mortgagee" shall include the Mortgagee's heirs, successors and assigns, as applicable. DATED the 1st day of December, 2010 shavvry ri i t After Recording Return To Grantee At GRANTEE'S MAILING ADDRESS: JAMES WALTER BAILEY 1312 FAIRMONT AVENUE FORT WORTH, TX 76104 Page 2 of 3 The State of rExAs COUnty Of TARRANT •, 1 5 This instrument was acknowledged before me on the jday of �fi. C a by SHAWN FITE otary Public M y C OMM , STATE ,. :,. Page 3 of 3 Notary Public Notary's Name (printed)