HomeMy WebLinkAbout5502 RESOLUTION NO 5,502
A RESOLUTION AUTHORIZING AN AGREEMENT WITH
PULASKI FEDERAL SAVINGS & LOAN ASSOCIATION
RELATING TO AN INTEREST BEARING LOAN BEING
MADE TO THE GOOD SPIRIT SINGING UNION ECO-
NOMIC DEVELOPMENT CORPORATION; AND FOR OTHER
PURPOSES
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK, ARKANSAS .
SECTION 1. The Mayor and City Clerk, acting for and on
behalf of the City of Little Rock are hereby authorized to
execute an agreement with Pulaski Federal Savings & Loan Associ-
ation granting to the said Association in connection with a loan
being made by said Association to the Good Spirit Singing Union
Economic Development Corporation certain rights to be exercised
in the event the said Economic Development Corporation defaults
in payment of an interest bearing loan made to it by said Associ-
ation in the amount of $62 , 000 . 00 , and wherein the said Economic
Development Corporation has mortgaged its right, title and interest
under a lease with the City of Little Rock to Lots 1 , 2 , 3 & 4 ,
Block "B" , East End Addition to the City of Little Rock. Said
Agreement is in form and substance as reflected by Exhibit "A"
attached hereto and made a part hereof.
SECTION 2 . This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: March 2, 1976
ATTEST: APPROVED:
City Cler Mayo
AGREEMENT
1. Pulaski Federal Savings and Loan Association, a
corporation, hereinafter called Pulaski Federal, this day
has made to Good Spirit Singing Union Economic Development
Corporation, an Arkansas corporation, hereinafter called
Good Spirit, an interest bearing loan of $62, 000 for a term
of 25 years, evidenced by a promissory note, the payment of
which is secured by a mortgage executed by Good Spirit on
all its right, title and interest in and to Lots 1, 2 , 3 and
4, Block "B" , East End Addition to the City of Little Rock,
Pulaski County, Arkansas, including but not limited to Good
Spirit' s interest as lessee in a lease with the City of
Little Rock, Arkansas, a municipal corporation, hereinafter
called City, covering the said lands and recorded in Pulaski
County Mortgage Book 1651 at Page 123.
2. Pursuant to request made by Good Spirit, to induce
Pulaski Federal to make the said loan and for value received,
City as fee owner of the said land and as lessor makes the
covenants herein.
3. City shall not declare a forfeiture of Good Spirit' s
interest under the lease for any cause whatsoever without
granting to Pulaski Federal, upon 60 days written notice to
Pulaski Federal sent certified mail, return receipt requested,
the right to cure any breaches that Good Spirit might commit
as to the lease. Such notice shall specify the particular
breach alleged to have been commited by Good Spirit.
Prepared By
WRIGHT, LINDSEY & JENNINGS
ATTORNEYS AT LAW
Little Rock, Arkansas
4. City shall accept Pulaski Federal as substituted
lessee under the lease in the event of default by Good
Spirit or upon foreclosure of the said mortgage by Pulaski
Federal.
EXECUTED , 1976 .
CITY OF LITTLE ROCK, ARKANSAS
BY
Mayor
ATTEST:
City Clerk
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF PULASKI
On , 1976 , before me, a notary
public, personally appeared George E. Wimberly and Jane
Czech, who acknowledged themselves to be Mayor and City
Clerk of the City of Little Rock, Arkansas, a municipal
corporation, and that they, as such Mayor and City Clerk,
being authorized so to do, executed the within instrument
for the purposes therein contained, by signing the name of
the municipal corporation thereto and affixing its seal.
IN WITNESS WHEREOF, I hereunto set my hand and official
seal.
Notary Public
My Commission Expires :
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