Res 1986-134 - Laserfiche WebLink

Home Browse Search

23 CONSENT TO ASSIGNMENT STATE OF TEXAS § § § KNOW ALL MEN BY THESE PRESENTS: COUNTY OF HAYS THAT this Consent to Assignment is entered into by and between Southwest Texas Aviation, Inc., a Texas corporation ("SWT Aviation") and City of San Marcos ("San Marcos"). WITNESSETH: WHEREAS, the City of San Marcos is the owner of the San Marcos (Gary) Airport, by virtue of an indenture from The United States of America, dated the 14th day of February 1966, and the 14th day of July, 1966 and the 11th day of May, 1976, to which reference is hereby made and by such reference made a part hereof; and WHEREAS, San Marcos and Miller Air Sports, Inc. formerly a Texas corporation ("Miller Air") entered into that certain lease agreement dated January 27, 1981, said Lease Agreement being subsequently amended on May 29, 1986 ("Lease Agreement"); and WHEREAS, James W. Miller, d/b/a Miller Air Sports, a sole proprietorship and successor in interest to Miller Air, which dissolved in 1982 ("Miller"), assigned all rights under the Lease Agreement to Hearne Aviation Company, Inc., a Texas corporation ("Hearne"); and WHEREAS, Hearne subsequently changed its corporate name to Southwest Texas Aviation, Inc. and under such name executed a note in the amount of $96,073.68, payable to Rex P. Stallings and Doris R. Stallings dated June 2, 1986, and granted a security interest therefor in its leasehold interest under the Lease Agreement; and WHEREAS, the Lease Agreement requires the consent of San Marcos as Lessor under the Lease Agreement to the assignment of any security interest in the leasehold interest under the Lease Agreement. NOW, THEREFORE, for and in consideration of the above premises and the agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties do hereby agree as follows: 1. San Marcos does hereby expressly consent to and ratify the transfer grant and assig~~ent of a security interest in the leasehold interest created under the Lease Agreement to Rex P. Stallings and Doris R. Stallings for the purpose of securing a note in the original principal sum of $96,073.68, from SWT Aviation to Rex P. Stallings and Doris R. Stallings. 2. During the period commencing on the date hereof, and ending on January 15, 2001, San Marcos hereby agrees to give to Rex P. Stallings and Doris R. Stallings a copy of any notice of default or acceleration of rents delivered or required to be delivered to SWT Aviation pursuant to the terms of the Lease Agreement. Such notice shall be given at the time of notice to SWT Aviation and in the manner required for notice to SWT Aviation and shall be addressed as follows: Rex P. Stallings Doris R. Stallings 4104 North Hills Drive Austin, Texas 78731 with copy to: Frank B. Brown IV 2600 One American Center 600 Congress Avenue Austin Texas 78701