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HomeMy WebLinkAboutContract 29892-CA1 CITY SECRETARY CONTRACT NO. -a,I u tcnk %—Vk L ASSIGNMENT OF TAX ABATEMENT AGREEMENT This Assignment of Tax Abatement Agree is made and entered into by and between Boulevard BuilderslRidglea Place, L.P. ("Assignor") and Jean Wolf and Ryan Wolf, ("Assignee") and the City of Fort Worth,("City") RECITALS A. R.idglea Place, L.P. ("Ridglea") and the City of Fort Worth, Texas (the "City') entered into that certain Tax Abatement Agreement ("Agreement") for Property Located 6057 Po rtrus r ON ("Pr o p ert y„} which is located in the Ridglea Village and Como Neighborhood Empowerment Zone, such Agreement approved by the Ci Council of Fort Worth November 18, 2003 City Secretary Contract Number %L ("Agreement"): B. Section 5 of the Agreement permits 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 July 29, 2010, Assignor conveyed the Property to Jean Wolfe and Ryan Wolf 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. Assianment. 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 July 29, 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 Assfianor. Except as otherwise expressly set forth in this A l be discharged from any and all fiuther obligations under OFFIC!AL RECORD C SECRETARY FT. RTH, TX 1 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, wan-ants 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 supersede any addresses for notices set forth in the Agreement. CITY OF FORT WORTH: City of Fort Worth Housing and Economic Development Department Neighborhood Empowerment Zone(NEZ) 1000 Throckmorton Fort Worth,Texas 76102 ASSIGNEE: 76116 ASSIGNOR: Michael Vick, President Boulevard Builders, LLC General Partner for Boulevard Builders/Ridglea Place, L.P. 4809 Cole Avenue Suite 345 Dallas,Texas 75205 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. 2 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: Boulevard Builders/Ridglea Place, L.P. Name: Don LoveladA Mana er Boulevard Builders, LLC General Partner for Boulevard Builders/RiMea Place, L.P. ASSIGNEE: Na e: can Wolf IJ" Name. Ryan Wo OFFICIAL RECORD CITY SECRETARY 3 FT.MMORTH,TX CITY OF FORT WORTH <'o' Susan*14S Assistan ity Manager ATTEST: AV On �0�� IL •-S o �A Y� City Secretary ��o o Go 00 Ay i�Ac�� APPROVED AS TO FORM AND LEGALITY: Charlene Sanders Assistant City Attorney M&C: C OFFICIAL RECORD CITY SECRETARY FT.WORTH,TX 4 a STATE of TEXAS § COUNTYOFTARRANT § 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 appropri ate 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 F 22�S � OFFICE this day of Rb , 2011. 1� op Notary Public in and for the State of Texas My LEA� EXpIRES • FdxMp,2014 5 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Don Lovelady, Manager of Boulevard Builders, LLC, General Partner for Boulevard Builders/Ridglea Place, L.P., 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 Boulevard Builders/Ridglea Place, L.P. N ER MY HAND AND SEA OF OFFICE this 00" day of ,114 rz, ?y 10. Al IA III 'D IY p JAMES F LAWLER JR Notary P is d f NbbW Pubic STATE OF TEAMS the State T as My comm.Bqp.M0=14 STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned authority, on this day personally appeared Jean Wolf and � Ryan Wol known to me to be the persons whose names are subscribed to the foregoing instrument, and acknowledged to me that they executed the same for the purposes and consideration therein expressed, in the capacity therein stated. G E UNDER MY HAND AND SEAL OF OFFICE this `aay of 01pe? 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