RESOLUTION NO. BISTERFELDT, CLEGG, EBERLE, JORDAN, TIBBS AND SHEALY

Transcription

1 RESOLUTION NO. BY THE COUNCIL: BISTERFELDT, CLEGG, EBERLE, JORDAN, TIBBS AND SHEALY A RESOLUTION APPROVING A LANDLORD S CONSENT AND ESTOPPEL CERTIFICATE BETWEEN BOISE CITY (DEPARTMENT OF AVIATION AND PUBLIC TRANSPORTATION), COMMODORE MOTOR HOTEL, INC., AND F & C CORPORATION TO CONSENT TO F & C S INTEREST IN THE PERSONAL PROPERTY COLLATERAL OF BORROWER COMMODORE MOTOR HOTEL, INC, dba VISTA INN FOR THE PURCHASE OF THE VISTA INN PROPERTY; CONSENTING TO THE ASSIGNMENT OF A GROUND LEASE THROUGH AN ASSIGNMENT OF GROUND LEASE AND ASSIGNMENT, CONVEYANCE AND TRANSFER OF BUILDINGS AND IMPROVEMENTS BETWEEN F & C CORPORATION AND COMMODORE MOTOR HOTEL, INC.; AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AND ATTEST THE LANDLORD S CONSENT AND ESTOPPEL CERTIFICATE AND ASSIGNMENT OF GROUND LEASE AND ASSIGNMENT, CONVEYANCE AND TRANSFER OF BUILDINGS AND IMPROVEMENTS ON BEHALF OF BOISE CITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, F & C Corporation leases, pursuant to a Ground Lease, and amendments thereto, that certain parcel of land (Parcel I (1)) upon which it operates a Motel, known as and operated as the Vista Inn in Boise, Idaho; and WHEREAS, F & C seeks to sell the business and assign its interest its leasehold interest in the Ground Lease, to Commodore Motor Hotel, Inc.; and WHEREAS, Commodore Motor Hotel, Inc. has sought financing for the purchase from and through F & C Corporation; and WHEREAS, F & C Corporation and Commodore Motor Hotel, Inc. have sought, through the Landlord s Consent and Estoppel Certificate and Assignment of Ground Lease and Assignment, Conveyance and Transfer of Buildings and Improvements, Boise City s consent to the assignment of the Ground Lease, along with certain rights to priority in acquisition of personal property if Commodore defaults under the Loan or the Ground Lease, including a provision that F & C may reassign the Ground Lease, upon written consent of Boise City, whose consent may be withheld in its sole discretion; and I:\Legal Division\Legal Enterprise Division Enterprise\Resos 2006\Resolutionapprovaloflandlordconsentvistainnparcell R

2 WHEREAS, in the event of default, and while F & C is in possession of the Premises, F & C will cause all payments due under the Ground Lease and attributable to that period of time to be made to Boise City. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE CITY OF BOISE CITY, IDAHO: Section 1. That the Landlord s Consent and Estoppel Certificate by and between Boise City, Commodore Motor Hotel, Inc., and F& C Corporation, a copy of said document being attached hereto and incorporated herein by reference, be, and the same is hereby, approved as to both form and content. Section 2. That Boise City consents to the assignment of a ground lease through an Assignment of Ground Lease and Assignment, Conveyance and Transfer of Buildings and Improvements by and between Commodore Motor Hotel, Inc., and F& C Corporation, a copy of said document being attached hereto and incorporated herein by reference. Section 3. That the Mayor and City Clerk be, and hereby are, authorized to execute and attest said Landlord s Consent and Estoppel Certificate and Assignment of Ground Lease and Assignment, Conveyance and Transfer of Buildings and Improvements for and on behalf of Boise City. Section 4. That this Resolution shall be in full force and effect immediately upon its adoption and approval. ADOPTED by the Council of the City of Boise, Idaho, this day of March, I:\Legal Division\Legal Enterprise Division Enterprise\Resos 2006\Resolutionapprovaloflandlordconsentvistainnparcell R

3 APPROVED by the Mayor of the City of Boise, Idaho this March, day of ATTEST: APPROVED: CITY CLERK MAYOR I:\Legal Division\Legal Enterprise Division Enterprise\Resos 2006\Resolutionapprovaloflandlordconsentvistainnparcell R

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