HomeMy WebLinkAbout2001-12-26 02-59 RESOLVEItem No 02-59
Date: December 26. 2001
Item/Subject: RESOLVE, Ratifying Execution and Delivery of Landlord's Agreement between
the City of Barpipr and the Small Business Administration -- BAFS, Inc.
Responsible Department Legal
Commentary:
Esk S, Inc., a tenant at the Airport, Is obtaining a SBA loan following the events of September Its. The
SBA requires a Landlord's Agreement because the personal property of BAFS will serve as collateral and
the Agreement acknowledges that In the event of a default the SBA may enter the property to recover the
collateral. The City would also be required m give the SBA thirty days notice of any default of the lease
by the tenant.
This is a standard form that lenders require in situations such as this.
Because the SBA closing was scheduled for Friday, December 21, 2DU1 and we only received the form a
few days prior, the City Manager executed the document and this Resolve will ratify his action.
9'
Department H¢ad
Managers Comments:
City Manager
Associated Information: Agreement
Finance Director
Introduced for Consent Agenda
X Passage
_First Reading Page 1 of 4
Referral
02-59
Assigned to Councilor Palmer Oece er 26, 2001
CITY OF BANGOR
(TITLE.) Resolve, Ratifying Execution and Delivery of Landlord's Agreement between the
City of Bangor and the Small Business Administration -- BAFS, Inc.
By the City Couxilofthe CltyofBanyor
RESOLVED,
THAT the action of Edward A. Barrett, City Manager, in executing and
delivering a Landlord's Agreement, dated December 19, 2001, between the City of Bangor and
the Small Business Administration regarding BAFS, Inc., a tenant at Bangor International
Airport, is hereby ratified and confirmed. A copy of said instrument is attached to this Resolve
and is Incorporated by reference.
IB CITY COUNCIL
December 26, 2001
Passed
TY d
BEBOLVe
(TITLE,) Notifying Execution and Delivery of
landlords Agreement Between the City of Naogou
and the Bmll Business ddministfatiuu - MAPS. Inc.
Aesignww Councilor J X
Ow"
02-59
Name: RAES Inc.. 9TME-00008 / EML 51002740-06
LANDLORD'S AGREEMENT
The Small BusinessAdministration, an Agency ofthe United States Govemmmt (SBA), whose Servicing
Office address is 2120 Riverboat hive Little Rock Arkansas 72202 proposes to make a bar to BAFS
Ac.(TeoaoQevidmcedbyapmmissorynoteornotesendsecutedbyasxmtyagreemntcoveru�gthe
following personal property, (Collateral) machinery and enuinment fexcluding profive)
C' of Bangor ATM sdwa�d BaLFett
The Collateral is mNor ]accord at 61 Florida Avmu B em Mame 04001 (Prmisv), which
Premises are owned by -- ^..r:�c: Auc>(Laodlord). SBAuvNi g
to make the loan to Tenant on condition that Landlord execute this Landlord's Agreement N
consideration thereof, Landlord represents and agrees on follows:
1) Landlord hes fall power and authority to ester into this Agreement.
2) Teaaat is in lawful possession of the Premises order a duly executed lease (Lease) and is not
in default under any tams thereof accept as follow:
3) The Collateral shall be considered personal property, of the Tenant and shell not be considered
affixed as pan of the processes.
4) Landlord's right and interest, if any, in and to the Collateral listed above And be subordinate
to SBA's right and mtemat in the same Collateral
5) In the event Net Tenant de6alis under the Lease, Landlord will give SBA at least thirty, (30)
days wrmut notice prim to taminifing the Leaseor taking my action to enforce any claim under
Use Lease
t) In the event that Tenant defaults an the SBA loan or the Latin, or both, SBA has the right to
enter the Premises, v,uhot [other concent of Landlord, end:
a) Without assuming responsibility, fm rent or other obligations of the Leena, promptly
remove the Collateral; provided however, that SBA shall use reasonable care in the
removal oftlo Collateral and shallpay Landlord fm my damage to the Premises caused
directly by such mmoval; or
b) Retain possession of the Premises for a masonable period of tlm; not to exceed 90 days,
in order to avnove or othmvise dispose of the Collateral; provided bowever, that (i)
during such possession SBA shall pay Landlord rent as provided as the Lease but shell
not be liable for my other Laws obligations, and (ii) SBA shalt use reasonable care in
Am ranovol of the Collateral and shall pay Landlord for my damages to the Premiums
caused directly by such removal.
]) Tbis Agreement shall M binding an Landlord, its innateness, bells and assigns m long as SBA
has a security intercn in property located an the laced Premises. N the event Landlord asaigrs
the Leme, Landlord shell give SBA notice thereof and provide a copy of this Apartment to such
ssigaee(s).
Sea Reverse for Signature & Notary Aclmowiedgement(s)
YEaed:
December
19,
2001
City of Bangor ATM: Edward A. Barrett
Bre of Mame ) _. BmH-AxpestA�iApp
Cowry of Penobscot
P )
City Manager
Tw foregoing imwmmt wu ackno kdpd befog me fi a
19th day of December ,TON1 by
Edward A. BaKr2tt City Manan r
on behaf of y at angor, a body,
am,pmliee: co pore e
ofay Nair NORMAN S. HPJIMANN, IN
WARY PUBLIC, MAIM
MY COIIMNSIIXI ESPINESJNNUARViYAM