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ASSIGNMENT OF TAX ABATEMENT AGREEMENT
This Assignment of Tax Abatement Agree is made and entered into by and
between Ramey Avenue, L.P. ("Assignor") and KB Home Lone Star, ("Assignee") and
the City of Fort Worth, ("City")
RECITALS
A. Assignor and the City of Fort Worth, Texas (the "City") are parties to that certain
Tax Abatement Agreement ("Agreement") for Property Located 6020 LUCAS
COURT, LOT 9, BLOCK 1, which is located in the Stop Six Neighborhood
Empowerment Zone, such Agreement dated May 15, 2003 City Secretary
Contract Number 28724 ("Agreement").
B. Pursuant to that certain Special Warranty Deed, dated as of
recorded under Tarrant County Clerk's File No. ,
Assignee acquired title to the real property which is the subject of the Agreement.
C. Section 5 of the Agreement permits Assignor to assign all of its rights under the
Agreement to KB Home Lone Star, L.P. without obtaining the prior consent of the
City Council.
D. In order to evidence the assignment referred to above, Assignor agrees to make
the conveyance to Assignee as herein set forth.
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. Assignment. 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 `�= c , 2004
("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.
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4. Release and Surrender of Assignor. Except as otherwise expressly set forth in this
Assignment, Assignor will be discharged from any and all further obligations under
the Agreement as of the Effective Date. Assignor must surrender the Property to
the Assignee on or before 11:59 p. rn. 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. Reresentations. 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 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 Assigriment, 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
supercede any addresses for notices set forth in the Agreement.
CITY OF FORT WORTH:
City of Fort Worth
Housing Department (NEZ)
1000 Throckmorton
Fort Worth, Texas 76102
ASSIGNOR:
Ramey Avenue, L.P.
9507 Granbury Highway
Weatherford, TX 76087-5216
ASSIGNEE:
KB Home Lone Star, L.P.
2711 LBJ Freeway #600
Dallas, TX 7S07S
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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. Bindin,R 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: Ramey Avenue, L.P.
By: Sheffield Asset Management
Company, Inc., its General Partner
Name: GD. Sheffield
Title: Pr/esident I
ASSIGNEE: KB Home Lone Star L.P.
Name:
Title:
CITY OF ORT WO TH
ZJA�Reid Rector
istant City Manager
ATTEST:
City Secretary
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Contract Authoriz&tioR
3
Date
APPROVED AS TO FORM AND LEGALITY:
Z_
Assistant City Attorney
M & C: C-19490
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STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared
' 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 he 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 he 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 �'_day of
. 2004.
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or
N tary Public in and or
the State of Texas
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared Gary D.
Sheffield, President of Sheffield Asset Management Company, Inc., the General Partner
of Ramey Avenue, L.P., a Texas limited partnership, 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 the Ramey Avenue, L.P., a Texas limited partnership.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this
day of )AIM 200111
Notary Public in and for(i
the State of Texas
STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ME, the undersigned authority, on this day personally appeared
DCW1CLCJAAt*4'A, of KB Home Lone Star L.P., a Texas limited
partnership, 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
the Ramey Avenue, L.P., a Texas limited partnership.
GIVEN UNDER MY HAND AND SEAL OF OFFICE this
51"k —day of 200
Notary Public in and for
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the State of Texas rd: P
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