1703 RES RED RIVER VALLEY EXPOSITION REQUESTED CITY COUNCIL OF COP TO SUBORDINATE LANDLORD'S LIENRESOLUTION NO. 1703 ,
WHEREAS, the Red River Valley Exposition, Inc. has requested
the City Council of the City of Paris to subordinate its landlord's lien
upon a livestock exhibition building to be constructed upon the Fair
Ground property heretofore leased to Red River Valley Exposition, Inc. ;
and,
WHEREAS, the City Council of the City of Paris, in keeping with
its policy of encouraging the Fair conducted by the Red River Valley
Exposition, Inc. , is agreeable to subordinating its landlord lien upon
the terms and conditions described in Subordination 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, James M. Brunette, be,
and he is hereby authorized and directed to execute on behalf of the
City of Paris, the landlord's subordination agreement in favor of The
First National Bank of Paris, Paris, Texas, upon the terms and condi -
tions and in the form attached hereto as Exhibit A.
Passed and adopted this 14th day of July, 1975.
2V2, A,,-w9d
J"m s M. Brunette, ayor
ATTEST:
,
H. C. Gre e, City Clerk
APP OVED O FORM:
~
T. K. Haynes, CKy'Attorney
THE STATE OF TEXAS)
)
COUNTY OF LA61AR )
WHEREAS, on the 9th day of June , 1975 a Iease
agreement was made and entered into by and between the CITY OF
PARIS, a municipal corporation, of Paris, Texas, as ownex and
lessor, and RED RIVER VALLEY EXPOSITION, INC., a corporation,
as leassee, covering the f ollowing property and premises in
Lamar Coun.ty, Texas, commonly l:notan as the Fair Grounds:
~
$EGINNING at the intersection of the N_ B. Line of ;
Hickory Avenue with the W. B. Line of Fitzhugh Avenue,
also deszgnated 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, describ°d 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;
TFIENCE West at 380 feet to the N. W. corner of said
12 acre tract, same being the N. E. corner of a tract ~
of Iand purchased by the Lamar County Fair Association :
in 1916, described in deed recorded in VoI. 160, Page
322, Lamar County Deed Records, continuing VJest i.n all
1710 feet to the N. W. Carner of Block No. 31, Fairview Addition to the City of Paris, same being the E. B. -
line of 3rd St. , N. E. , same being the most Northerly '
M W. corner of a tract of land purchased from H_ E.
Clement in 1921 out of the Fairview Addition and de- •
scribed in deed recorded in Vol. 199, Page 311, Lamar - :
County Dzed 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 N1. B. line of Hickory Avenue '
325. 6 feet ro the E. B. line of 4th St. , N. E_ ;
THENCE South 149 feet to the S. W. corner of Block
12, said Fairview Addition;
THENCE East 478_ 4 feet;
THENCE North 600 feet; TI-iENCE East 600 feet;
THENCE South 600 feet;
THENCE East 300 feet to the place of bebinning.
SAVE AND EXCEPT the folJowing described tract of land:
Sirttated within the corporate limirs of ttie C:iry of
Paris, Lamar Counry, Texas, and being a part of F31ock
256, as shown on the Tax Map of the Cityo uf P.Zi-is, and
more fulIy described as follows:
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EXf-IIBIT A
1.
BE-GINNIIvG at a point in tlie center line of a •
drainage ditch, said ditch beind locatcd between
Hickory Streer and Clement Road, and the beginning point being VYest 260 feet from the Southwest Corner
ot the intersection of Fitzhugh Avenue and Clement
Road (the Northeast Corner of Block 256) and also
being S 2° 00 E along the centerline of a drainage
ditch; ,
TI-iENCE North $8 ° 30` West 287 feet to a point;
THENCE South 1° 30t West 84 feet to a point; •
THENCE North 88° 30' West 477 feet to a poa.nt,
same bezng in the East Margin of 6th Street, N. E. ;
THENCE in a Southerly direction with the East
Margin of 6th St_ , N. E. 16 feet to a point;
THENCE South 88° 30' East 477 feet to a point;
THENCE South 1° 30' East 200 feet to a point;
THENCE 5outh 88 ° 30' East 297 feet to a point in
the center line of a drainage ditch;
THENCE North 2° 00' West with the. center line of
the drainage ditch 300 feet more or less to the place
of beginninb, containing 2. 19 acres of 7.and more or
less.; and
WHEREAS, RED RIVER VALLEY EXPOSITION, INC. is arrangzng
for the construction and exection of a livestock exhibition building
on s aid leased premises, the constructionan3 erection of which
will have to be financed and the debt secured by a Security
Agreement on and against the building, and in order to obtain
such financing it is rec{uired by the lender that the CITY OF
PARIS subordinate its landlord's lien to the lien created by
the execution of the aforementioned Security Agreement; and
WHEREAS, the construction of said livestock exhibition
building will be o£ substantial value and benefit to the CITY
OF PARIS and its residents:
NOW, THEREFORE, KhTOjti ALL NIEN BY THESE PRESENTS :
That saicl the CITY OF PARIS, pursuant to a duly adopted
resolution of the City Council of the CITY OF PARIS, acting
herein by and through its duly authorized T4ayox, JAMES M.
BRUNETTE, attested by the City Clerk, HAROI,D C. GREENE, has
and does hereby Subordinate in favor of TfiE FIRST NATIONAL
BANK OF PaRIS
, a corporation, aF Paris,
Texas, in consideration of its lending said RF:D kIVrR VAI,LEY
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EXPOSTTION, INC. as much as but not more than Twenty-five
thousand ($25,000.00) Dollars to finance the construction
of the above mentioned livestock exhibition building, the land-
lord's lien it has and will hold against said building by virtue
of the lease agreement aforementioned, so that the Security
Agreement to be executed by RED RIVER VALLEY EXPOSITION, YNG.
to said lender to finance the constructian of the livestock
exhibition building will be a first and prior lien thereon
securing the payment not only of said original indebtedness
but also all renewals and extensions thereof, partial or other-
wise; further agreeing that the livestock exhibition building to
be so constructed and all furniture, furnishings, fixtures and
equipment at any time placed therein or affixed thereto shall
not be integrated into the real estate but will remain personal
property so long as any portion of the loan for the construction
of said building remains unpaid.
Should RED RIVER VALLEY EXPOSITION, INC. default in the
payment of the indebtedness contempalted to be created by it in
f avor of THE FIRST NATIONAL BANK OF PARIS
for the purpose aforementioned, and if said lender should
institute foreclosure or repossession proceedings, said lender
may dismantle said building and/or remove it and its said con-
tents from the above described tract of land caithout thereby
incurxing any kind of obligation to the CITY OF PARIS (unless
it should, having received ten days prior notice of said
intended removal or dismangling, elect to and within a reasonable
time thereafter pay THE FIRST NATIONAL BANK OF PARIS
the full amount then owing to it by RED RIVER VALLEY EXPOSITION,
INC., principal, interest, court costs, and attorney's fee§, if
any). Notice of acceptance hereof by
OF PARIS
THE FIFST NATIONAL BANK
is expressly
Ic
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waived.
IVITNESS the execution hereof in triplicate on this ~
day of July, 1975.
CITX OF PARIS
BY:
ayox
ATTEST:
Clty Cler
THE STATE OF TEXAS)
)
COUNTY OF LEIMAR )
BEFORE ME, the undersigned authority, a notary public in
and for sai.d county and state, on this day personally appeared
James M. Brunette, knalvn to me to be the person whose name is
subscribed to the foregoing instrument and Niayor of the City of
Paris, a municipal corporation, acknowledaed to me that he exe-
cuted the same for the purposes and consideration therein
expressed and in the capacity therein stateci, as the act and
deed of the City of Paris.
GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the
day af July, 1975.
Notary u ic, amar ounty, exas
I-IM: b b - 4 `