HomeMy WebLinkAboutContract 29209 ESTOPPEL CERTIFICATE
CITY" SECRETAR`,�q,) �
To: GMAC Commercial Mortgage Bank
CO , r Kr 1 CA
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: Tax Abatement Agreement between the City of Fort Worth and Blackstone Hotel
Partners, L.P. dated July 2311997 and Tax Exemption Agreement between the City
of Fort Worth and Blackstone Hotel Partners, L.P., dated February 27, 1997
In connection with.aproposed mortgage loan_(the"Loan")_to Blackstone H-otelPartners,.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 Tax Abatement Agreement between the City of Fort
Worth and Blackstone Hotel Partners,L.P. (Tangible Personal Property Only)dated
July 23 1997 (the "Tax Abatement Agreement") and Tax Exemption Agreement
between the City of Fort Worth and Blackstone Hotel Partners, L.P. dated February
27, 1997 (the "Tax Exemption Agreement"). There are no amendments,
modifications, or supplements to either the Tax Abatement Agreement or the Tax
Exemption Agreement. In addition, there are no arrangements, side letters or
understandings, oral or written, of any sort, that conflict with either the Tax
Abatement Agreement or the Tax Exemption Agreement.
2. Both the Tax Abatement Agreement and the Tax Exemption Agreement have been
duly executed and delivered by, and are binding obligations of, the Governmental
Authority, and both Agreements are in full force and effect.
3. To the best of Governmental Authority's knowledge,all obligations of Owner under
the Agreements have been performed,and Owner is not in default under either of the
Agreements.
4. The remaining term of the Tax Abatement Agreement is approximately six years,
ending on December 31, 2009. The Tax Abatement Agreement grants to Owner
abatement benefits of 100% of the value of Owner's Eligible Tangible Personal
Property, as defined in Section III A of the Tax Abatement Agreement.
5. The remaining term of the Tax Exemption Agreement is approximately eight years,
ending on December 31, 2013. The Tax Exemption Agreement(i) exempts for tax
years 2000 through 2013 Governmental Authority ad valorem taxes on the assessed
value of the rehabilitated Structure,as defined in the Tax Exemption Agreement,and
(ii) limits for tax years 2000 through 2013 ad valorem taxes on the Land, as defined
in the Tax Exemption Agreement, to those based on the value of the Land existing
as of December 31, 1995, as determined by Tarrant Appraisal District
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Dated: October , 2003. The City of Fort Worth, Texas
By r om /rt-z�-
Name: d E'do
Title: f35sf. 1� l�'1A�u�er-
ATTESTED BY r APPROVED AS TO FORM AND LEGALITY:
C
Assistant City 61torney
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5/11410/D/55.
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