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RESOLUTION NO. 6,898
A RESOLUTION GRANTING THE'CONSENT OF THE CITY OF
LITTLE ROCK AS LESSOR IN LEASE AND AGREEMENT DATED
FEBRUARY 17, 1971, AS AMENDED, AND AS LESSOR WITH
THE LITTLE ROCK MUNICIPAL PARKING AUTHORITY IN
PARKING LEASE AGREEMENT DATED FEBRUARY 17, 1971,
AS AMENDED, TO THE ASSIGNMENT BY CAMELOT INN -
LITTLE ROCK, INC. AS LESSEE OF LESSEE'S INTERESTS
IN SAID LEASES TO DP.. HORST D. OSTERKAMP OR TO
A LIMITED PARTNERSHIP IN WHICH HE IS A GENERAL
PARTNER, PURCHASER OF THE CAMELOT INN FROM CAMELOT
INN - LITTLE ROCK, INC.; AND AUTHORIZING THE
EXECUTION AND DELIVERY OF THE CONSENT IN SUBSTAN-
TIALLY THE FORM OF THE CONSENT ATTACHED TO AND MADE
A PART OF THIS RESOLUTION.
BE IT RESOLVED by the Board of Directors of
the City of Little Rock, Arkansas:
Section 1. That the sale of the Camelot Inn
by Camelot Inn - Little Rock, Inc. to Dr. Horst D.
Osterkamp or to a limited partnership in which he
is a general partner is approved and accordingly
at the request of Camelot Inn - Little Rock, Inc.
the assignment by Camelot Inn - Little Rock, Inc.
of its interests as Lessee in Lease and Agreement
and in Parking Lease Agreement both dated February 17,
1971, as amended, and also its interests in the
Auditorium Concession Agreement dated February 17,
1971, as amended, be and is hereby approved and the
Mavor and City Clerk be and they are hereby authorized
and directed to execute, acknowledge and deliver a
Consent for and on behalf of the City of Little Rock.
The form and contents of the Consent which are
hereby approved and which are made a part hereof,
shall be substantially as follows:
217
CONSENT
The City of Little Rock, Arkansas does hereby
grant its consent to the assignment by Camelot Inn -
Little Rock, Inc. to Dr. Horst D. Osterkamp or to a
limited partnership in which he is a general partner
of all of the right, title and interest of Camelot
Inn - Little Rock, Inc. in and to the following
instruments being assigned in carrying out the
sale of the Camelot Inn, to -wit:
1. Lease and Agreement dated February 17,
1971, between the City of Little Rock,
as Lessor, and Camelot Inn - Little Rock,
Inc., as Lessee, as amended;
2. Parking Lease Agreement dated February 17,
1971, between the City of Little Rock and
the Little Rock Municipal Parking Authority
as Lessors and Camelot Inn - Little Rock,
Inc., as Lessee, as amended; and
3. Auditorium Concession Agreement dated
February 17, 1971 between Little Rock
Auditorium Commission (now Little Rock
Advertising and Promotion Commission)
and Camelot Inn - Little Rock, Inc., as
amended.
Consent is granted with the express understanding
that Camelot Inn - Little Rock, Inc. and Kinark
Corporation as guarantor of the obligations of
Camelot Inn - Little Rock, Inc. shall remain
obligated upon and are not released from their
obligation upon the three instruments referred to
C
hereinabove.
This /'J day of November, 1982.
CITY OF LITTLE ROCK, ARKANSAS
ATTEST: $y'.
Mayor
cip Clerk
l • •
ACKNOWLEDGMENT
STATE OF ARKANSAS)
COUNTY OF PULASKI)
On this day, before me personally appeared
Charles Bussey and Jane Czech, to me personally
well know, who acknowledged that they were the
Mayor and City Clerk of the City of Little Rock,
Arkansas,duly authorized by Resolution No. 6 ;r9,?
adopted the /j(OL& day of 6 . , 1982, and
that they, as such officers, being authorized so
to do, had executed the foregoing instrument for
and on behalf of the City of Little Rock, Arkansas.
WITNESS my hand and official seal this /76C
day of 'Aea , 1982.
My Commission Expires:
:6�- a -9a
218
Page 2 219
Section 2. Consideration has also been given
to the request by Kinark Corporation for a release
of its Guarantee Agreements with the City pertaining
to the instruments referred to hereinabove. In
order that the closing of the sale of Camelot Inn
may proceed at an early date on schedule, the approval
of the assignments to the purchaser are hereby made
but with a reservation at this time of a decision
upon the requested release from the Guarantee
Agreements, pending the submission of the financial
statements required by the Guarantee Agreements. This
Board does, however, by the adoption of the Resolu-
tion indicate its willingness to grant the requested
release upon the compliance with the terms of the
Guarantee Agreements.
Section 3. That the provisions of this Resolution
are hereby declared to be separable, and if any
section, phrase or provision shall, for any reason,
be declared to be invalid, such declaration shall
not affect the validity of the remainder of the
sections, phrases or provisions.
Section 4. That all ordinances and resolutions
and parts thereof in conflict herewith are hereby
repealed to the extent of such conflict.
Section 5. This Resolution shall be in full
force and effect from and after its adoption.
PASSED: November 16 , 1982.
RITUMTOORM
By z!� ✓ �`
Mayor
ATTEST:
C' y Clerk