HomeMy WebLinkAboutResolution No. 2101386G JHHW:TEC 9/06/85
RESOLUTION NO. 210
RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA APPROVING ASSIGNMENT OF SITE LEASE,
LEASE -PURCHASE AGREEMENT AND TRUST AGREEMENT AND
AUTHORIZING THE EXECUTION THEREOF
BE IT RESOLVED by the Redevelopment Agency of the City of Azusa (the
"Agency"), as follows:
WHEREAS, the City of Azusa (the "City") and E M Leasing Corporation (the
"Leasing Company") have entered into a Site Lease dated as of August 1, 1985
(the "Site Lease"), whereby City has agreed to lease to the Leasing Company
the real property described in Exhibit A attached thereto (the "Site"),
including any buildings, structures or improvements thereon;
WHEREAS, the City and the Leasing Company have entered into a
Lease -Purchase Agreement dated as August 1, 1985 (the "Lease -Purchase
Agreement"), whereby Leasing Company has agreed to construct on the respective
parcels of land constituting the Site certain senior citizen facilities and
improvements to the City Hall of the City (the "Municipal Facilities Project"
or the "Project"), and to lease the Project and to sublease the Site to the
City, and the City has agreed to lease the Project and to sublease the Site
from the Leasing Company, in the manner and on the terms set forth in the
Lease -Purchase Agreement;
WHEREAS, the City, the Leasing Company and First Interstate Bank of
California, as trustee (the "Trustee") have entered into a Trust Agreement
dated as of August 1, 1985 (the "Trust Agreement"), whereby the Trustee has
agreed to execute and deliver certificates of participation (the
"Certificates"), each evidencing a proportionate interest of the holder
thereof in the lease payments to be made by the City under the Lease -Purchase
Agreement, to provide the moneys required to be deposited by the Leasing
Company pursuant to the Trust Agreement;
WHEREAS, Section 9.1 of the Lease -Purchase Agreement provides that if
the City shall so direct the Leasing Company in writing to assign the
Lease -Purchase Agreement, the Site Lease and the Trust Agreement, and all its
rights, duties and obligations under the Lease -Purchase Agreement, under the
Site Lease and under the Trust Agreement, to the Agency, the Leasing Company
shall promptly execute all documents necessary or convenient to accomplish
such assignment, any such assignment to be subject to the rights of the
Trustee pursuant to the Trust Agreement and the Assignment Agreement dated as
of the date hereof (the "Assignment Agreement"), by and between the Leasing
Company and the Trustee;
0
WHEREAS, the City has directed the Leasing
the Lease -Purchase Agreement, the Site Lease and
as the Lease -Purchase Agreement, Site Lease and
0
Company in writing to assign
the Trust Agreement, insofar
Trust Agreement pertain to the
the City Hall of the City and the improvements to be made thereto and the
portion of the Site underlying the City Hall, and all its rights, duties and
obligations with respect to the City Hall of the City and the improvements to
be made thereto and the portion of the Site underlying the City Hall under the
Lease -Purchase Agreement, the Site Lease and the Trust Agreement, to the
Agency, and it is necessary and desirable at this time that the Leasing
Company assign the Lease -Purchase
Agreement, and its rights duties
extent set forth therein, pursuant
Lease -Purchase Agreement and Trust
dated as of August 1, 1985, a cop3
the Agency; and
Agreement, the Site Lease and the Trust
and obligations thereunder, to the limited
to that certain Assignment of Site Lease,
Agreement (the "Assignment of Site Lease"),
of which is on file with the Secretary of
WHEREAS, the form of such Assignment of Site Lease has been presented to
and reviewed by this Agency with the aid of its staff;
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City
of Azusa as follows:
Section 1. That the Assignment of Site Lease is hereby approved for
execution by the Redevelopment Agency of the City of Azusa and the Executive
Director of the Agency shall execute such Assignment of Site Lease on behalf
of the Agency and the Secretary of the Agency shall attest his signature
thereto and shall affix thereto the corporate seal of the Agency.
Section 2. This Resolution shall be effective immediately upon passage
and adoption.
PASSED AND ADOPTED on September 16,1985, by the following vote:
AYES: COOK, CAMARENA, LATTA, MOSES
NOES: NONE
ABSENT: CRUZ
Chairman
[SEAL]
Attest:
Deputy Secretary