HomeMy WebLinkAboutContract 29208 ESTOPPEL CERTIFICATE C 'TY SECRETARv
C )NTRACT No,
To: GMAC Commercial Mortgage Bank
6955 Union Park Center, Suite 330
Midvale, Utah 84047
Attn: President
and
GMAC Commercial Mortgage Corporation
200 Witmer Road
Horsham, Pennsylvania 19044
Attn: Servicing Executive Vice-President
Re: Facilities and Maintenance Agreement between the City of Fort Worth, Texas and
Blackstone Hotel Partners, L.P. effective as of July 7, 1997
In connection with a proposed mortgage loan(the"Loan")to Blackstone Hotel Partners,L.P.,
a Louisiana limited partnership (the "Owner") on the hotel commonly known as Courtyard by
Marriot Blackstone Hotel, located in the City of Fort Worth, Texas (the "Property"), and with the
understanding that Lender (as defined hereinafter) and its counsel will rely on this Certificate in
connection with the Loan,the City of Fort Worth hereby certifies to GMAC Commercial Mortgage
Bank, a Utah corporation ("Lender") and GMAC Commercial Mortgage Corporation. a California
corporation as follows:
1. The City of Fort Worth(the "Governmental Authority") is the grantor of certain tax
benefits under that certain Facilities and Maintenance Agreement between the City
of Fort Worth and Blackstone Hotel Partners, L.P. effective as of July 7, 1997 (the
"Facilities and Maintenance Agreement"). There are no amendments,modifications,
or supplements to the Facilities and Maintenance Agreement. In addition,there are
no arrangements, side letters or understandings, oral or written, of any sort, that
conflict with the Facilities and Maintenance Agreement.
2. The Facilities and Maintenance Agreement has been duly executed and delivered by,
and is the binding obligation of,the Governmental Authority, and the Facilities and
Maintenance Agreement is in full force and effect.
3. To the best of Governmental Authority's knowledge,all obligations of Owner under
the Facilities and Maintenance Agreement have been performed, and Owner is not
in default under the Facilities and Maintenance Agreement.
4. The remaining term of the Facilities and Maintenance Agreement is approximately
four years,ending on January 31,2008. The Facilities and Maintenance Agreement
provides that the Governmental Authority will pay to Owner, on an annual basis,
beginning January 31, 2000 and ending on January 31, 2008, an amount that is the
. � , TEX.
lesser of:(i)75%of the City's Hotel Occupancy Tax generated by and collected from
the Property during the preceding calendar year; or(ii) an amount equal to 100% of
the Incremental Property Tax, as defined in Section 2.3 of the Facilities and
Maintenance Agreement,due on the Property to the Fort Worth Independent School
District for the preceding calendar year.
Dated: October 2003. The City of Fort Worth, Texas
By: 1?'
Name: / r- deeCfor
Title: A CIfy "an-9cr
ATTESTED BY APPROVED AS TO FORM AND LEGALITY:
Assistant City tto�rney
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5/11410/D/59