2088 RES RED RIVER VALLEY EXPOSITION GRANTED SUBORDINATION AGREEMENT AUTHORIZED BY RES NO 1703RESOLUTION N0. 2088
WHEREAS, the Red River Valley Exposition, Inc, has
heretofore requested and was granted in subordination agree-
ment authorized by Resolution No. 1703 subordination of the
City of Paris' landlord's lien upon a livestock exhibition
building; and,
WHEREAS, the Red River Valley Exposition, Inc, requests
the extension of the previous subordination and an additional
subordination of the City of Paris' landlord's lien upon
additions to said building, in accordance with the agreement
attached hereto as Exhibit A; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS,
That the Mayor of the City of Paris, Michael E. Malone, be,
and he is hereby authorized and directed to execute on be-
half of the City of Paris, the landlord's subordination
agreement in favor of First City National Bank of Paris,
Paris, Texas, upon the terms and conditions and in the form
attached hereto as Exhibit A.
Passed and adopted this 9th day of March, 1981.
~
Michae E. Ma one, Mayor
ATTEST:
H. C. ;Gr? ne, City Clerk
APPROVED AS 0 FORM:
T. K. Haynes, City Attorney
AGREEMENT
STATE OF TEXAS I
COUNTY OF LAMAR X
WHEREAS, on the 9th day of February, 1981, a Lease
Agreement was made and entered into by and between the CITY
OF PARIS, a municipal corporation, of Paris, Texas, as
awner and Lessor, and RED RIVER VALLEY EXPOSITION, INC,, a
corporation, as Lessee, covering the property and premises
in Lamar County, Texas commonly known as the Fair Grounds
and being described in Exhibit A attached hereto and in-
corporated herein for all purposes; and,
WHEREAS, Red River Valley Exposition, Inc., is arrang-
ing for the construction and erection of an addition to the
livestock exhibition building now located on this property,
the construction and erection of which will have to be financed
and the debt secured by a security agreerient and deed of trust
on and against the existing livestock exhibition building and
the improvements to be made, and in order to obtain such
financing it is required by the lender that the City of Paris
subordinate its landlord's lien created by the execution of
the afarementioned security agreement and deed of trust; and,
WHEREAS, the construction of these initial improve-
ments to the livestock exhibition building will be of
substantial value and benefit to the City of Paris and its
residents; NOW, THEREFORE,
KNOW ALL MEN BY THESE PRESENTS: That the City of Paris,
pursuant to a duly adopted resolution of the City of Paris,
acting by and through its duly authorized Mayor, Michael
E. Malone, and attested by the City Clerk, H. C. Greene,
has and does hereby subordinate in favor of First City
National Bank of Paris, a banking corporation of Paris,
Texas, in consideration of its lending Red River Valley
Exposition, Inc., as much as but not more than THIRTY
THOUSAND DOLLARS ($30,000.00), to finance said construction
of certain improvements and additions to rhe livestock
exhibition building, the Landlord's lien it has and will
hold against the buildings and improvements on the property
by virtue of its Lease Agreement aforementioned, so that
.y_.. ~
the security agreement and deed of trust to be secured by
Red River Valley Exposition, Inc., to this lender to finance
the construction of the improvements and additions to the
livestock exhibition building will be a first and prior
lien thereon securing the payment not only of the original
indebtedness but also all renewals and extensions thereof,
nartial or otherwise; further agreeing that the existing
livestock exhibition building and the improvements and
additions to be made and all furniture, furnishings, fixtures
and equipment at any time placed thereon or affixed thereto
snall not be integrated into the real estate but will remain
personal property so long as any portion of the loan for the
construction of these improvements remain unpaid,
Should Red River Valley Exposition, Inc,R default in
payment of the indebtedness contemplated to be created by
EXHIBIT A
TO
RESOLUTION N0. 2088
it in favor of the First City National Bank of Paris for
the purpose aforementioned, and if this lender should
institute foreclosure or repossession proceedings, the
lender may dismantle the existing improvements and the
improvements contemplated by this loan and/or remove it
and its contents from the abovP described tract of land
without thereby incurring any kind of obligation to the
City of Paris (unless it should, having received ten (10)
days prior notice of the intended removal dismantling, elect
to and within a reasonable time thereafter pay to the First
City National Bank of Paris the full amount then owing to
it by Red River Valley Exposition, Inc., principal, interest,
court costs, and attorneys fees, if any), Notice of accept-
ance hereof by the First City National Bank of Paris is
expressly waived.
Witness the execution hereof in triplicate, this
day of March, 1981.
CITY OF PARIS
By
Mic ae E. Ma one, Mayor
ATTEST:
H. C. Greene, City C er
STATE OF TEXAS X
COUNTY OF LAr7AR X
BEFORE ME, the undersigned authority, on this day
personally appeared MICHAEL E. MALONE, Mayor of the City
of Paris, known to me to be the person whose name is sub-
scribed to the foregoing instrument, and acknowledged to
me that he executed the same for the purposes and consider-
ation therein expressed, as the act and deed of said City
and in the capacity therein stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE, this day
of March, 1981.
otary u ic, tate o Texas
EXHIBIT "A"
BEGINNING at the intersection of the N. B. Line of
Hickory Avenue with the W. S. 1 ine of Fitzhugh Avenue,
also designated as 9th St. , N. E. , the same being the
S. E. corner of a 12 acre tract of land sold to the
Lamar County Fair Association by H. E. Clement Estate
in 1936, described in deed recorded in Vol. 245, Page
575, Lamar County Deed Records;
THENCE North 1501. 5 feet to the N. E. corner of
said 12 acre tract, same being the S. B. Line of
Clement Road, said Clement Road being 60 feet in width;
THENCE West at 380 Feet to the N. W. corner of said
12 acre tract, same being the N. E. corner of a tract of
land purchased by the Lamar County Fair Association in
1916, described in deed recorded in Vol. 160, Page 322,
Lamar County Deed Records, continuing West in all
1710 feet to the N. W. Corner of Block No. 31, Fairview
Addition to the City of Paris, same being the E. B.
line of 3rd 5t. , N. F., same being the most Northerly
N. W. corner of a tract of land purchased from f1. E.
Clement in 1921 out oE the Fairview Addition and de-
scribed in deed recorded in Vol. 199, Page 311, I..amar
County Deed Records; ,
THENCE South 1356 Feet with the E. B. Line of 3rd
St. , N. E,, to the N. B. line of Hickory Avenue;
THENCE East with the N. B. line oE Hickory Avenue
approximately 804. 0 feet to the S. W. Corner of the
Emmett Reece Ball Field property;
THENCE North 600 feet;
THENCE East 600 Feet;
THENCE South 600 feet;
THENCE East 300 Feet to the place of beginning.
SAVE, AND EXCEf'T the followino dcscrib`,d tract of land:
' Sitiiated Nvithin the corporate limi[s of Che C;ity oE
Paris, Lamar County, Texas, ancl hein~ a p~~r.t of E31oc1;
256, zs showri on the Tax Map of the Cicy of ['ai-is, ~jncl
wore full}' describcd as fotlows: '
BLCWNING a[ a point in tlie center. line of a, .
drainage di[ch, siid di[ch bein~ located bet~veen 'Hickory Stccet arld ClenienC F'~oad, and the beginning
poinc beino- West 260 feec from the Southwest Coz ner
oF the int_-rs: ccion oi Fiti.htigh Avcnuc ancl Clernent
Road (the Norzhe,ast Cornor o[ I3lock ?..SG) anci also
bein~ S 2° 00 F alon- tlie centerlirie oE a drainave
dicch;
T(-fE:NCE NorOh 88° 30' Wes[ 287 feet [o a point;
Tt-IENCF_' South 1° 30` titi!est 811 fcet to a poirit;
"I-E-1 E[\'CE Nor [}i 88° 30.' West 477 feec to a point,
same bein~ in [he Fas[ Mai-,in of 6Ch Screct, N. E. ;
TFIFNCE in a Southerly dircction with the F.;Ist
Margin of bth Sr. , E. 16 feet [o apoint;
T.FIENC;E-: Sotich SS° 30' East 477 feeC to a point;
THENCE South 1° 30: Eas[ 200 feet i to apoint;
TE-[ENCE SoLIttl 88° 30' Fast. 297 fcct to a Point in
the cencer line aE a drair~a, , ' e ditch; •
THENCt? No~-ch 2° 00' West wicti the cc-icer line oE
the drainage ditch 300 fect niore or less to the place
of be~ir~nisiJ, con[aini►~o; 2. 19 acres of land more or
less. •