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08-D RRVFA Landlord's Consent Agr
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08-D RRVFA Landlord's Consent Agr
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Last modified
9/7/2007 1:19:10 PM
Creation date
9/7/2007 1:19:10 PM
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Template:
AGENDA
Item Number
08-D
AGENDA - Type
RESOLUTION
Description
Landlord's Consent Agreement - Red River Valley Fair Association improvements to fairgrounds
AGENDA - Date
9/10/2007
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<br />NOW THEREFORE, Owner agrees as follows: <br />1) Owner consents to the execution by Lessee of a deed of trust to secure the Note, <br />giving to Mortgagee a lien upon the leasehold interest of Lessee in the property described <br />on Exhibit "B" attached hereto, and consents to the terms thereof Owner, Lessee and <br />Mortgagee acknowledge that the property described on Exhibit "B", is a part of and less <br />than the whole of the property described in the lease attached hereto, but agree that the <br />terms of the said deed of trust, the said lease, and this agreement shall extend to only that <br />property described on Exhibit "B" attached hereto. Mortgagee shall have no rights under <br />the deed of trust, this agreement or the lease as to any additional property other than the <br />areas of the entire tract which are used for access for ingress, egress and utility purposes <br />to the two tracts described on Exhibit "B" which Owner and Lessee agree Mortgagee, its <br />assignee or the purchaser at a foreclosure sale may continue to use such access for the <br />benefit of the property described on Exhibit "B". <br />2) Owner covenants to give notice of any default by Lessee under the terms of the <br />lease to Mortgagee and to give Mortgagee a reasonable time from the receipt of said notice <br />in which to remedy and to remedy the default or in which to have the Lessee remedy the <br />defa u It. <br />3) In the event the said deed of trust is foreclosed for any reason or in the event <br />the Mortgagee takes conveyance or assignment of said leasehold estate in lieu of a <br />foreclosure, Owner agrees to accept Mortgagee or the successful bidder at such foreclosure <br />as the new Lessee upon said lease as to the property described on Exhibit "B" attached <br /> <br />-2- <br />
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