HomeMy WebLinkAbout1272RESOLUTION 110. j Y y
! WHEREAS, the City of Little Rock has executed a lease to the Athletic
Association of Little Rock, Arkansas, on property now occupied by it which is
recorded in the record book entitled "Leases and Contracts" of the City of Little
Rock on Page 14; and
WHEREAS, the lease was extended in 1908 for ninety -nine years as re-
corded in the above record book; and
VflMEAS, the Athletic Association of Little Rock under authority gran-
ted it by Resolution No. 1225, adopted by the City Council of Little Rock on
July 1st, 1929, and duly approved and attested by Pat L. Robinson, Mayor, and H.
A. Knowlton, City Clerk, on July 3rd, 1929, for the purpose of authorizing and
permitting the said Athletic Association to execute a mortgage upon its said
lease and improvements on said property and assign its said lease and property
to secure the payment of 41p4,000.00 as is evidenced by a deed of trust on said
property executed by the said Association under date of June 8th, 1929, and re-
corded in Book 236 at page 107 of the records of Pulaski County, Arkansas, and
WHEREAS, notes secured by aforesaid deed of trust were due June 8th,
1932, and the said Athletic Association is not at this time financially able to
pay the principal amount of said obligation, and therefore, being desirous of ex-
tending the time of payment of said notes, aggregating 4,000.00, for an addi-
tional period of time; NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK:
That the said Athletic Association of the City of Little Rock be,
and the same is hereby authorized and premitted to execute papers for the ex-
tension of the time of payment of said $40000.00 indebtedness for a period of one
year from June 8th, 1932; AND BE IT FURTHER RESOLVED:
That at the expiration of said extentions mentioned above that the
said Athletic Association, not being in a position to pay the principal amount
due, said Association is hereby authorized and permitted to further extend the
balance due on said obligation from time to time toward the ultimate payment by
them of same; AND BE IT FURTHER RESOLVED:
That the said Athletic Association in executing renewal or extension
of the obligation as stated hereinbefore, is authorized and permitted to pledge
its said lease and property and assign said lease to secure the payment of the
above mentioned obligation of $4,000.00 or any balances due thereon, and any ex-
tension or renewal thereof, giving to said assignees and assigns all rights and
privileges granted by said lease to said Athletic Association, provided, however,
that if at any time the owner of the mortgage attempts to collect same by a fore-
closure upon the property through legal process, or by voluntary assignment or
sale of the lease and improvements by the said Athletic Association, the City of
Little Rock shall have the right, upon the payment of the then existing indebted-
ness under said deed of trust, which shall not exceed $4,000.00 and accrued in-
terest, taxes, insurance premiums or other sums advanced under the terms of the
said deed of trust for maintaining the property, and shall be in all things sub -
rogated to the rights of the mortgagees AND BE IT FURTHER RESOLVED:
That the owner of said secured indebtedness will notify the City of
Little Rock by letter addressed to Mayor,of intention to foreclose or voluntary
assignment by said Lessee, giving the City thirty days in which to exercise its
rights above mentioned to pay said indebtedness.
AUG 2 9 1932
ATTES
NENEVOOFF