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1989-063-RES WHEREAS,CITY COUNCIL ON 06.08.89, AUTHROIZED OUTDOOR
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1989-063-RES WHEREAS,CITY COUNCIL ON 06.08.89, AUTHROIZED OUTDOOR
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8/18/2006 4:33:54 PM
Creation date
4/14/2005 5:23:05 AM
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CITY CLERK
Doc Name
1989
Doc Type
Resolution
CITY CLERK - Date
6/12/1989
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<br />9. At the end of the term of this lease, <br />Lessor and Lessee may renegotiate for an extension of this <br />Lease, provided however, Lessor gives sixty (60) days written <br />notice to Lessee prior to the expiration of this Lease of his <br />intentions. If said written notice is not received from Lessor <br />as described herein, then this Lease shall be renewed for a <br />period equal to that of the original term upon the same term and <br />conditions. <br />10. In the event of any change of ownership of <br />the property hereby leased, Lessor shall notify Lessee <br />immediately of such change, including the name, address and <br />telephone number of the new property ownerl~), and Lessor shall <br />give the new owners formal written notice of the existence of <br />this Lease. In the event of such change of ownership the rental <br />shall be paid to the new owner(s) at the next regular scheduled <br />pay'period. <br />ll. This lease is fully assignable by Lessee. <br />In connection therewith, Lessor agrees that Lessee may pledge <br />this lease and the leasehold interest hereunder together with <br />Lessee's improvements located upon the leasehold as security for <br />any loan owing or to be owed by Lessee, and in the event the <br />secured party in said loan should take possession of the lease <br />premises and the improvements located thereon, or should secured <br />party or any third party obtain title to said leasehold estate <br />and/or the improvements located thereon through foreclosure or <br />any conveyance in lieu of foreclosure, Lessor agrees to <br />substitute such third party or secured party as Lessee <br />hereunder. <br />Further, in connection with any such <br />pledge of the leasehold and/or the improvements located thereon <br />as security for any loan, the Lessor does hereby subordinate any <br />and all landlord's liens held by it against the premises and/or <br />the personal property and/or improvements located thereon <br />belonging to Lessee, to any such liens aforementioned created by <br />Lessee. <br /> <br />12. Special Conditions: <br /> <br />CITY OF PARIS <br /> <br />BAILEY-STERLING OUTDOOR <br />ADVERTISING, Lessee <br /> <br />By' <br />Michael E. Malone, <br />City Manager <br /> <br />Lessor <br /> <br />By: <br />General Partner <br /> <br />STATE OF TEXAS 5 <br />COUNTY OF LAHAR 5 <br /> <br />THIS INSTRUMENT was acknowledged before me: on <br />the day of June , 19~, by Mi c.hael E. Malone. CitY.l1apager <br />nf ~hp ~i~y nf P~Tig <br />
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