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.
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