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HomeMy WebLinkAbout1991-12-23 92-72 ORDERF2-72 Aniseed to Coune0ot sawyer. December 23. Iv9'.. CITY OF BANGOR QITLU (Vrbers,..._t.M Ccty.. Monagor to Execute a Lean,,,,,,,,, ,._..... _ „ Aee„i9nmFnk DReyl9aek with,,, M ngoK Targe4 Area Development Corp. By Ow Ctty Council of the City it Bansar: ORDERED, THAT WHEREAS', by Indenture of Lease, dated June 10, 1981, as emended by -First Amendment-, dated March 23, 1988, by 'Second Amendment”, dated March 21, 1988, by 'Rental Agreement' dated April 29, 1988, and by •Revised Rental Agreement^ dated April 29, 1908, and by 'Revised Rental Agreement" dated August 1, 1988 (herein collectively referred to as -,the Lease') the city of .Bangor, Assignor, has leased to General Electric Company, a corporation, certain premises described therein located at Bangor International Airport, Bangor, Mine; and WHEREAS, the Lease Me been amended by 'Third Amendment to Lease' of even date hereof, to extend the term and to reflect the understanding of the parties regarding the removal and replacement of certain underground fuel tanks located on the leased promises; and WHEREAS, Assignee has borrowed funds to finance certain improvements to the promisee, and will give to Fleet Bank of Maine two promissory notes, to wit, Note A to refinance a existing loan and Note R to finance the removal and replacement of fuel storage tanks; and WHEREAS, The Fleet Bank of Raine has requeated an signmene of Assignor's interests and under said Lease with General Electric Company as _security for said loan, WHEREAS, the amount of said aseigtment shall he equal to the monthly costa of principal and interest and other amounts due under the loan from Fleet Bank of Seine to Bangor Target Area Development Corporation. NOW, THEREFORE, BE IT ORDERED THAT the City Nana get is hereby authorized and directed on behalf of the City of Bangor to execute an lease assignment document to the Bangor Target Area Development Corporation,a-eopy-ef-xhiNr-is-ort-fii<--- xkbh-the-Ci{p-Ckerin in a formacceptable to the Acting City Solicits: IN CIT' i COUNCIL necencer 23, 1991 A True Copy, Attest: Q d as r cx CITY CLERK Ir. City Council December 29,1991 '•66pension of the Holes Passed 92-72 9. Orden Passed as amended AUALartaing the City Manager to execute a LcW1 Amended by Deleting la the Assignmehi Document with Bangor Target Area Mel _.. lasx sentep� o� f which poratdon A40M.,A dhU4C+4���^aty Cler�CO1 -Add -1n A-fOsM-apeaptable-to y the acting City Solicitor �r u y 4k ie 92 72 7 ASSIGNMENT DRAFT BWIS ASSIGNMENT made this day of Januarys 1993r by and between: CITY OF AANWR, a body politic am corporate. duly Organized Am exiatitg under and by virtue of the laws of the State of Maine and being loCarAd in the County of PHbbSCOtr State of Maine Inerainafter referred t0 as the "Assigner") am BANGOR Tkpa;' AEM oEVLIAFMFa1T CORFOPATION, a body ' corporate, duly organized and existing Order and by virtue of thelaws Of the State of Maine and being located in the County Of PegbsCot State of Maine (rere,nafter referred to As "Assignee"). WITNESSETH: WHEREAS, 1y Indenture of [ease, dated June 10, 1997, as amended by "First knemment", dated March 23, 1928, 1y "Second Asamment", dated Match 21, 1988r by "Rental, Agreement" dsted April_29, 1989, and by "revised Rantal Agremrent" dated August 11 1988 (herein Collectively referred to as "Ne laase'9 the City of Bangor, Assignors has leers] to General Electric Company, a cotporation, certain Premlaes deseribed therein located at manure International Airport, BvgoC, Motu: and WHEREAS, the tense has tern amended by "Tnlyd irrem AOt to fAAaae° of even date hereof, to extend the term and to reflect the understanding of the parties regarding the removal and rePlacarent of certain. underground -fuel tanks located on the leash promises; and XWERFAS, Assignee has borrowed funds to finance certain ia{ ovarents to the premises, and will give to Fleet Bank of Maine twopromissoty notes, to wit: Note A to refinance an existing loan and Note B to finance the rshaval and replacetent of fuel storage tanks; WHEREAS, The Fleet Bank of Maine has requestxl an assignment of Assignor's interests and under said Lease with General Electric Company as security for said loan, NOW, THEREFORE, the parties agree as fcllo- : 1. Assignment. Assignor assigns to the Assignee Assignor's interests under the Lease. Assignor also assigns to Assignee all rentals due from General electric C7cm any to the Assignor under said Lease in an amount egoal to the monthly mats of principal and interest and any other amounts due under the aforementioned loan from Fleet Bank of Maine to Bangor Target Area Development Corporation. 2.. Rfght eE Further Assignment. Assignee shall have the full right to further assign said leasehold rights and all rentals due under the teese as they relate to Said premises to Fleet Bank of Mahe as security, for said loan. In the event general Electric Company defaults In performance of any Of me terms and rnwitions of the Lease to. he performed by it so that the tease would otherwise be terminated, it is hereby agreed by Assignor, that for so long as the loan obligation from Bangor Target Area Development Corppration to Fleet Hank of Maine to pay the loan evidenced by 2 Promissory Notes of substantially even date herewith in the face amounts of S and , Stt ed by a Conditional Assig are of Cease and Rentals, remains unpaid, Fleet Bank of Maine shall have the right to lease to any party the preniSes under the lease, on Such terms and conditions as it deems necessary in its sole discretion In order to my said promissory rotes from the ret proceeds of said rentals after the 2 payment of the Bank's expenses incurred In the rental process, In the event the Bank elects to do en. 3. Term, This Aa9igmant and all rights granted hereunder to Assignee, its successors and assigns, shall take effect on the date hereof and shall automatically terminate and revert to rho Assignor upon the payment in full of said loans to Fleet bank of Mains. 4. SL¢essots and Msitsay This Assjgnuent will bind and inure to the benefit of theparties hereto, and their successors and assigns. IN WITNESS WAERMF, the parties hereto have set their hands and seals the day and year first written above. CITY OF mboaft (Assignor) Ward A. Sarrett Title City Manager BANGOR TARGET AREA DWMOPMENT MMMTIM (Assignee) Title CBArR ELECTRIC CCi1PANY. hereby comments to the above Assignment, without releasing the Assignor of the Assignor's obligations under the tensa. OEMERAL Ef,=RIC COMPANY