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<br /> 112 <br /> RESOLUTION 1984-18 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br /> OF SAN M.ARCOS, TEXAS AUTHORIZING THE <br /> MORTGAGING OF A LEASE BETWEEN SAID CITY AND <br /> GT+3 FLIGHT OPERATIONS, INC. AS SECURITY FOR A <br /> LOAN TO SAID GT+3 FLIGHT OPERATIONS, INC. BY <br /> NOLTE NATIONAL BANK OF SEGUIN, TEXAS; <br /> AUTHORIZING THE MAYOR OF SAID CITY TO EXECUTE <br /> THE "CONSENT BY LESSOR TO MORTGAGE OF <br /> LEASEHOLD BY LESSEE" AND DECLARING AN <br /> EFFECTIVE DATE. <br /> WHEREAS, on January 10, 1984 an agreement of lease was <br /> made and entered into by and between the City of San Marcos, <br /> Texas, therein called Lessor, and GT+3 Flight Operations, <br /> Inc., therein called Lessee, whereby Lessor leased to Lessee <br /> certain property at the San Marcos Municipal Airport situated <br /> in Caldwell County, Texas¡ and, <br /> WHEREAS, in accordance with said agreement of lease, <br /> Lessee plans to construct an airplane hangar on said property <br /> and has requested a loan from Nolte National Bank of Seguin, <br /> Texas to finance the construction of said hangar¡ and, <br /> WHEREAS, title to the said airplane hangar shall vest in <br /> said City upon the termination of said agreement of lease, in <br /> accordance with the terms of same; and, <br /> WHEREAS, the City Council of said City hereby finds and <br /> determines that it is in the best interest of the citizens of <br /> said City to allow the mortgaging of said lease by GT+3 <br /> Flight Operations, Inc. as security for said loan to GT+3 <br /> Flight Operations, Inc. by Nolte National Bank of Seguin, <br /> Texas¡ now, therefore, <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN <br /> MARCOS, TEXAS: <br /> PART 1. That the mortgaging by GT+3 Flight Operations, <br /> Inc. of that agreement of lease entered into on January 10, <br /> 1984 by said GT+3 Flight Operations, Inc. and the City of San <br /> Marcos, Texas as security for a loan from Nolte National Bank <br /> of Seguin, Texas for the financing of the construction of an <br /> airplane hangar in accordance with the terms of such <br /> agreement is hereby authorized. <br /> PART 2. That the Mayor of said City be, and she is <br /> hereby, authorized to execute on behalf of said City the <br /> "Consent By Lessor To Mortgage Of Leasehold By Lessee", a <br /> copy of which is attached hereto and incorporated herein for <br /> all intents and purposes. <br /> PART 3. That this Resolution shall become effective <br /> immediately from and after its passage. <br /> ADOPTED this 12 ~ March. 1984. <br /> - ~ cp~ <br /> ( Emmie Craddock <br /> Mayor <br /> s K. Womack <br /> City Secretary <br />