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HomeMy WebLinkAbout2019-04-08 19-136 Resolve 04/08/201919-136 04/08/2019 19-136 Community & Economic Development Resolve R09-007-D Title, Resolve Ratifying the Execution of two (2) Landlord's Waiver Agreements for Benefit of Stonegate Asset Company II, LLC and Advantage Capital Agribusiness Partners, L.P. This Resolve will ratify the City Manager's execution of two (2) Landlord's Waiver Agreements for the benefit of Stonegate Asset Company II, LLC and Advantage Capital Agribusiness Partners, L.P. Stonegate Asset Company II, LLC and Advantage Capital Agribusiness Partners, L.P. have agreed to provide loans to JSI Store Fixtures, Inc. The City leases property to JSI Store Fixtures, Inc. These Agreements will acknowledge Stonegate Asset Company II, LLC and Advantage Capital Agribusiness Partners, L.P. security interests in personal property of JSI Store Fixtures, Inc., and gives the lenders access to the leased space in the event there is a default of the loan. Given the need to close on the loans and the Lendors' requirements for the waivers, it was necessary that the City Manager execute these Agreements. Such Landlord waivers are common in these situations. The form of the Agreements were reviewed and approved by the City Solicitor. Staff recommends approval. Consent 04/08/201919-136 CITY OF BANGOR RESOLVE 04/08/2019 19-136 Nealley Ratifying the Execution of two (2) Landlord's Waiver Agreements for Benefit of Stonegate Asset Company II, LLC and Advantage Capital Agribusiness Partners, L.P. WHEREAS, JSI Store Fixtures, Inc. leases property from the City of Bangor at 110 Hildreth St.; and WHEREAS, Stonegate Asset Company II, LLC and Advantage Capital Agribusiness Partners, L.P. have agreed to provide loans to JSI Store Fixtures, Inc.; and WHEREAS, Stonegate Asset Company II, LLC and Advantage Capital Agribusiness Partners, L.P. required, as is common in such a situation, Landlord's Waivers to acknowledge their security interest in personal property of the borrower and to permit access to the leased premises in the event of a default; and WHEREAS, time was of the essence for closing on the loans and the Landlord's Waivers were required for the closing: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BANGOR, THAT The action of Catherine M. Conlow, City Manager, to execute two (2) Landlord's Waivers for the benefit of Stonegate Asset Company II, LLC and Advantage Capital Agribusiness Partners, L.P. for loans from Stonegate Asset Company II, LLC and Advantage Capital Agribusiness Partners, L.P. to JSI Store Fixtures, Inc. are hereby ratified. 1-1 . c cn K,', C/3 H til O C" H n, G I H ) Lk) 00 rQ O r 14