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HomeMy WebLinkAbout2000-05-08 00-187 ORDERItem No. 00-187 Date: May 9, 2000 Item/Subject: I,andlord's Waiver and Consent for Telford Aviation, Inc. Responsible Department: Airport Commentary: This Waiver and Cement permits Eastern Maine Development Corp. to extend credit and/or loan guarantees to Telford Aviation, Inc. a tenant of the Airport Department. Such credit or guarantees are secured by certain inventory in Which the Airport nor the City have any ownership interest. Rep xtriva D antt Head Manges Comments: City Manager Associated Ivfermation: ©491a, Budget Approval: Finance Director Legal Approval: hs -A64 ty Solicj Introduced for V _x_ passage _ First Reading _ Referral Pap _L Of —1-- 00-167 AAsiyped Co Councilor Palmer Nay 8. 2000 ai CITY OF BANGOR (TITLE.) Order, Authorizing the City Manager W Execute a Landlord's Waiver and nsent By she alyCwndl of bre Gly ofRargor. WHEREAS, The City wishes to Continue to support the business relationship between the Ages -Volvo Group and Telford Aviation, Inc; and WHEREAS, Telford Aviation, Inc, required to obtain flanacing to further their business with the Ages-VONo Group; and WHEREAS Part of the financing requires a Landlord's Waiver and Consent from the City of Bangor; NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT the City Manager be authorized to execute a Landlord's Waiver and Consent In favor of the Eastern Maine Development Corporation with respect to buildings and land looted at Bangor International Airport and leased to Telford Aviation, Inc, or Its subsidiary Company. IN CII[ MUNCIL Nay S. 3000 Notian for Passage Made and Seconded - CI m Trd% Autborising the City Manager to Execute a Landlotd'a Valve[ end Cooneuti Amftnedm &AU� P6Q#W Caundlor LANDLORD'S WAIVER & CONSENT fids ageemevt is made this day of March, 2000, by and betamm We CITY OF BA ts0)K a body politic said corporate duly organized said existing under the laws of the State of Maine, with a place of business n 73 flsrlmv Str 1, Bangor, Maine thereinafer"Imd1oN'�, and TELFORD AVIATION, INC., a corporation duly, orgmfzed and existing under the laws of the State ofMsine, with a piece ofbusioess in Bangor, Maiae (hereivafler'"Tmmt'), as a tenant wader a Lean Agreement dated lanuery 1, 1998 its favor of EASTERN MANE DEVELOPMENT CORPORATION, a Mame noo-profit corporation (hereinafer"Lendet'). WHEREAS, torment w a Leave Agreement dated 3souary 1, 1998 (the "Lease"), Tema[ has leased from the Lsadlord certain space located at Bangor Intmarional Airport, Bangor, Maiae (the "Leased Prmisea'), and WHBRBAS, Torsos has guamntced a loan firm Leder w Telford Air Spares, Ice. (the "Barrmv&), and such gwreatee is secured by (i) a collatml assignment of the Lease (due "Assipumens') and (id by a security Interest groaW by Borrower to Lender m mmPersonal property located at said Leased Premises; and WHEREAS, as m InAicemmt to I cadre, Tenant has agreed w seek Landlord's consent to the assimmwt of the I,ease w Lords r said to the removal by Izuder of smells personal property from the r ess ed Premises in the evert of default by Testator and/or Borrower wder&a terms and wad hon of said fmsocing; NOW, �RB, is covsidmtiw of Oae Dollar ($ 1.00) said other valuable mvsWvadoa paid, the mmipt and stiff imry of which are hereby acknowledged, the parties hereto tires as follows: I. Landlord hereby couaevts to Temm's collatewl assignment of rhe Lease w Leader pursued w Article _ of the Lease under the conditions stated In this paregaph. A landlord agrees to notify Linder m writing prior w exmisiag my of its remedies fora default of the Lease by Tanml. B. Lander shall [hm have thirty (30) days after receipt of wait aides In which b care any defsWt, unless the default is for failure to pay rent, in which case Linder shall have seven (7) days to cure. C. If Lender shall elect to cure such defaWt (other ohm failure w pay ret) and shall commestai to w more withia said thirty (30) day Period and more than thirty (30) days are r«Iuired w Complete such cme, Leader shall be sanded w that additional mount of time reawwbly necessary w so mare. D. In the event that leader exmises its right to dispossess Tmevt as provided m the Assignment, Landlord agrees to accept the attainment of Lander as tenant order the Lease with all the rights and obligations Incident thereto. E. r lord cenilms to I rl r that the Lena¢ is he full force post effect as of the date hereof, that neither party is in default of my materiel term or condition thereunder, and that ]Landlord is aware of no cooditim or event which, with Ne passage of time or giving of notice, or both, will ripen into a default. F. Lwdtt shall not have the right W former assign or sublease the Lease without that ¢xprese wrinm Consort Of Landlord. G. Upon such Rather assignment or sublease, Larder is not relsased from liability underthe Lease. 2. Landlord hereby ages W allow Linder, its maeaxre, assigns, or Its or then representatives, to remove my and 0 personnel properly that i6 the subject of a security interest m favor ofLmd¢r Gem rhe Leased Premise;. A. Lendm agree; to perform such removal in a manner that will not materially interfere with the use and mjoynamt of other temple, if my, at or near des location of the LmaM Pwmiaq or in my way damage the Leased Premix. B. Nohvithatading anything to the contrary contained in the Lease, I.mdloml hereby gives any and all claims it may have with respect to such pastrami property and agrees Nat Lender's semrity interval's superior N my claim or tion of Lmdlord regarding such persmal property, C. Leodm hereby agrees to give Lamboul reasonable notice of its intent to remove saki personal property firm the hewed Premises. D. Landlord hereby agrees to give Larder police of any default by Tenant under the temps of its Lease and also agrees W give Lender tbhty (30) days from the date of such notice m remove said personal property from the Isased Premises. IN WITNESS W] 17, the parties have mused this instrument to be signori As of the dayandyes first wrinm above. CITY OF BANGOR By: Edward A Barns Its: City Mmager SEEN AND AGREED TO: TELPORDA SPARES, INC.