1987-114-RES WHEREAS, the City Council of the City of Paris did heretofore on the 8th day of July, 1985, in Resolution
RESOLUTION NO. 87-114
WHEREAS, the City Council of the City of Paris did
heretofore on the 8th day of July, 1985, in Resolution No.
85-059 authorize a lease with Northern Telecom Finance
Corporation for equipment for telephone service; and,
WHEREAS, Northern Telecom Finance Corporation has
elected to assign its rights and interest under said lease
to Security Pacific National Bank and has asked the City of
Paris to consent to such assignment using the form attached
hereto as Exhibit A; and,
WHEREAS, it is deemed to be in the best interest of the
City of Paris to consent to said assignment; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PARIS, That the assignment of rights and interest under
lease between the City of Paris and Northern Telecom Finance
Corporation, dated June 13, 1985, to Security Pacific
National Bank is hereby approved.
BE IT FURTHER RESOLVED, That the Mayor of the City of
Paris, Billy Joe Burnett, be, and he is hereby authorized
and directed to execute on behalf of the City of Paris the
Consent to Assignment attached hereto as Exhibit "A".
Passed and adopted this 19th day of October, 1987.
~
ATTEST:
~n~',,~~\~~~
Mattie Cunning am, Cit C er
FORM:
~
City Attorney
CONSENT TO ASSIGNMENT
Northern Telecom Finance Corporation
Northern Telecom Plaza
220 Athens Hay
Nashville, Tennessee 37228-1399
Security Pacific National Bank
Security Pacific Plaza
40 East 52nd Street
New York, New York 10022
City of Paris (the "Lessee") hereby acknowledges the
receipt of notice from Northern Telecom Finance Corporation
("NTFC") that NTFC has assigned its rights and interest under
Lease Number 35795 (the "Lease") to Security Pacific National
Bank (the "Bank"). Lessee hereby consents to such assignment.
In accordance with Section 14 of Schedule A to the Lease,
Lessee (al reaffirms its agreements, representations, and
warranties set forth in the Lease, (b) acknowledges that Exhibit
E hereto is a true and correct payment schedule under the Lease;
(c) represents and warrants that the Equipment covered by the
Lease is still of essential use to Lessee, and (d) agrees to make
Rent payments and all other payments due under the Lease directly
to the Bank.
IN WITNESS WHEREOF, Lessee has caused this Consent to be
19th
day of
by its duly
October
authorized officer this
executed and delivered
, 1987.
LESSEE:
CITY OF PARIS
ATTEST:
By:
Billy Joe Burnett,
Ti tle: Mayor
Mattie Cunningham, City Clerk
oaoTc::.l
A<jI.......IlI€.r't N(I. ~:f~.,7CJ 5
EXHI8(T E
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LESS).:}: ~ CrTY OJ' l'flUS
ATTEST:
By: , ....'......,.. ....... .....' ..... ....., ..... ....,.....'............ ....
Titl'1: .ll.i.~~.Y': ,J.o.e...B..'::r:n.e.t.t.!...~1.a.y(?L ,.,...,...
Mattie Cunningham, C1ty Clerk
Datf':: October 19 1987
~ .~.~ _~'..___....._ _I. _...... __N ..... _ ....... '~H'__" _.. ___