8.11 IRB Lease Assignment CITY OF SALINA
RE(~JEST FOR COMMISSION ACTION DATE TIME
. . . 2/6/89 ~:o0 P.M.
AGENDA SECTION: Administration ORIGINATING DEPARTMENT: APPROVED FOR
NO. 8 City Attorney AGENDA:
ITEM
BY: Gre~l Benl)tson BY:
ReSolution No. 89-4059, A RESOLUTION AUTHORIZING THE MAYOR TO EXECUTE AN
ASSIGNMENT OF THE LEASE BETWEEN THE CITY OF SALINA AND CPV HEALTH CARE CENTER,
INC., DATED AS OF OCTOBER 1, 1988, TO BANK IV WICHITA, N.A., WICHITA, KANSAS,
TRUSTEE; AND A NOTICE OF SUCH LEASE AND ITS ASSIGNMENT.
Backoround
In October of 1988, the City entered into a new lease for the College Park Village
Retirement Center-Nursing and Community Center project with CPV Health Care Center,
Inc. The City's trustee for this 1985 issuance of industrial revenue bonds in the
amount of $2,400,000 is BANK IV Wichita, N.A.
In order to finalize the new lease transaction, counsel for the trustee has
submitted an Assignment of Lease for signature by the Mayor. The Assignment of
Lease assigns the new lease from the City to the trustee to enable the trustee to
carry out the rights and responsibilities of the City under the lease pursuant to
the .terms of the trust indenture dated NOvember 1, 1985, between the City and BANK
IV Wichita, N.A. The Notice of Lease serves the purpose of providin~ public notice
of the existence of the lease and the assignment of the lease by the City to the
trustee.
Recommendati on
Staff recommends you authorize the Mayor to sign both the Assignment of Lease and
the Notice, through passage of this Resolution.
Attachments
CO~IISS ION ACTION
MOTION BY SECOND BY
TO:
ASSIGNMENT OF LEASE
KNOW ALL MEN BY THESE PRESENTS, That:
WHEREAS, the City of Salina, Kansas, a municipal
corporation, has heretofore entered into a Lease by and between
said City, as Issuer, and CPV Health Care Center, Inc., a
Kansas corporation, as Tenant; and
WHEREAS, Said Lease covers the property described in
Schedule I attached hereto; and
WHEREAS, said Lease ts for a term beginning as of
October 1, 1988, and expiring November 1, 2005; and
WHEREAS, said City of Salina, Kansas, has issued its
Industrial Revenue Bonds, (College Park Village Retirement
Center Nursing and Community Center Project), Series 1985
payable solely and only from the money and revenue received
from the fees charged and rentals received from the project
described in Schedule I attached hereto, (the "Project"), and
said Project has been pledged to payment of said Series 1985
Bonds; and .
WHEREAS, BANK IV Wichita, National Association
(formerly The Fourth National Bank and Trust Company), Wichita,
Kansas, has been designated as Trustee pursuant to the terms of
a Trust Indenture dated as of November 1, 1985 by and between
the City of Saltna, Kansas and BANK IV Wichita, National
Association, as Trustee, and under which Trust Indenture the
Trustee is authorized and empowered to perform the duties of
the City of Salina, Kansas, and to make disbursements as
required thereunder and to perform, insofar as it legally can,
all acts otherwise required of the City of Salina, Kansas, in
connection with said Trust Indenture and said Lease.
NOW, THEREFORE, in consideration of the sum of One
($1.00) Dollar and other good and valuable consideration,
including the acceptance by BANK IV Wichita, National
Association, Wichita, Kansas, of all of the duties under said
Lease, the City of Salina, Kansas, by authority of its
governing body, does hereby sell, assign, transfer and set over
unto BANK IV Wichita, National Association, all of the right,
title and interest of the Lessor, the City of Salina, Kansas,
for the purpose of exercising the rights and performing and
- 1 -
carrying out the duties and obligations of the City under said
Lease to the extent that such rights and duties may be lawfully
assigned by the City and excepting only such rights and duties
which, in the context in which they appear in said Lease, are
capable of being exercised or performed only by the City. This
Assignment shall be and is for the benefit of owners of said
Industrial Revenue Bonds (College Park Village Retirement
Center Nursing and Community Center Project), Series 1985.
This Assignment shall be null and void upon full payment of
said Industrial Revenue Bonds and the expiration of the duties
of said Trustee.
This Assignment of Lease shall be effective as of
October 1, 1988, and shall inure to the benefit of and be
reassigned by BANK IV Wichita, National Association, Wichita,
Kansas, to any successor trustee as provided in said Trust
Indenture and Lease.
IN WITNESS WHEREOF, the City of Salins, Kansas, has
set its hand by its Mayor and attested by the City Clerk and
the corporate seal of the City to be affixed hereto this
day Of , 1989.
CITY OF SALINA, KANSAS
By:
Sydney Soderberg ~
ATTEST:
Robert K. Biles, City Clerk
- 2 -
ACKNOWLEDGMENTS
STATE OF KANSAS )
) SS:
COUNTY OF SALINE)
BE IT REMEMBERED that on this day of
1989, before me, a notary public in and for said County and
State, came Sydney Soderberg, Mayor of the City of Salina,
Kansas, and Robert K. Biles, City Clerk of said City, who are
personally known to me to be the same persons who executed, as
such officers, the within instrument on behalf of said City,
and such persons duly acknowledged the execution of the same to
be the act and deed of said City.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed my official seal, the day and year last above written.
Notary Public in and for
said County and State
My Appointment Expires:
ACKNOWLEDGMENT AND ACQ,~TANCE OF TRUSTEE
I, the undersigned, J. Steven Larigan, a duly
authorized, qualified and acting Trust Officer of BANK IV
Wichita, National Association, Wichita, Kansas, hereby
acknowledge and accept, as assignee, the above and foregoing
Assignment of Lease by the City of Salina, Kansas, of all of
its right, title and interest, as Lessor, in and to a certain
Lease dated as of October 1, 1988, by and between the City of
Salina, Kansas, as Issuer, and CPV Health Care Center, Inc., as
Tenant.
BANK IV Wichita, National
Association, Wichita, Kansas
By:
J. Steven Larigan, Trust
Officer
- 3 -
SCHEDULE I
SCHEDULE I TO THE INDENTURE OF TRUST OF THE CITY OF SALINA,
KANSAS, AND BANK IV WICHITA, NATIONAL ASSOCIATION, FORMERLY THE
FOURTH NATIONAL BANK AND TRUST COMPANY, WICHITA, AS TRUSTEE,
DATED AS OF NOVEMBER 1, 1985, AND TO THE LEASE DATED AS OF
OCTOBER 1, 1988, BY AND BETWEEN SAID CITY AND CPV HEALTH CARE
CENTER, INC.
PROPERTY SUBJECT TO LEASE
(a) The following described real estate located in
Lot 1, Block 1, Wheatrtdge Addition to the City of Saltna,
Saline County, Kansas, to wit:
Commencing at the Southwest corner of said Lot One
(1); thence North along the West line of said Lot One (1) a
distance of 707.26 feet to a point; thence South 86 degrees
20'17" East a distance of 437.81 feet; thence South 76 degrees
56'18" East a distance of 352.58 feet to the point of
beginning, said point of beginning being the Back of the East
Curb Line of Florida Street; thence continuing South 76 degrees
56'18" East a distance of 279.15 feet; thence South 81 degrees
05'59" East a distance 160.94 feet; thence South along the East
line of said Lot One (1) a distance 232.88 feet to a point;
thence North 89 degrees 48'59" West a distance of 218.00 feet;
thence North 65 degrees 55'59" West a distance of 336.00 feet
to a point on the Back of the East Curb Line of Florida Street;
thence NorthNortheasterly along said East Curb Line on a curve
the radius of which is 1100 feet, a distance of 232.5 feet,
said curve having a chord of 232.00 feet on a bearing of North
22 degrees 50'01" East to the point of beginning, said tract
containing 3.0 acres more or less.
said real property constituting the "Land" as referred to in
said Lease.
(b) All buildings, improvements, machinery and
equipment now or hereafter constructed, located or installed on
the Land pursuant to said Lease, constituting the
"Improvements" as referred to in said Lease and said Indenture,
and more specifically described as follows:
The facility will consist of a 60 resident nursing
center and a community center to be located on a 3 acre site.
The structure will be a 32,500 square foot single story
structure and will contain a fully furnished and equipped
nursing center. In addition to the nursing center facilities,
the community center will contain the following: therapy
facilities, activity rooms and separate dining room.
the property described in paragraphs (a) and (b) of this
Schedule I together constituting the "Project" as referred to
in said Lease and said Indenture.
NOTICE
Public notice is hereby given that the City of Salina,
Kansas, a municipal corporation, has leased to CPV Health Care
Center, Inc., the property located in Saline County, Kansas,
described in Schedule I attached hereto (the "Project").
Said Lease is dated as of October 1, 1988, expires
November 1, 2005, provides for an early termination in the
event of the happening of certain contingencies, provides an
option to purchase the Project for prices and on terms set
forth in said Lease, and contains various other covenants,
terms and conditions. A copy of said Lease is and will remain
permanently on file in the Office of the City Clerk of Saltna,
Kansas. The Lessor's interest in said Lease has been assigned
by the City of Salina, Kansas, to BANK IV Wichita, National
Association, in the City of Wichita, Kansas, Trustee, as
additional security for the purposes set out in said assignment
in connection with the issuance by the City of Salina, Kansas
of $2,400,000 Industrial Bonds, Series 1985 of said City (the
"Bonds"), such Bonds being payable solely and only from the
money and revenue received from the fees charged and rentals
received for the use of the project, and all of the above
described property and the net rentals therefrom have been
pledged to the payment of said Bonds.
Executed by authority of the governing body of the
City of Salina, Kansas, this day of ,
1989.
CITY OF SALINA, KANSAS
By:
Sydney Soderberg, Mayor
ATTEST:
Robert K. Biles, City Clerk
- 1 -
ACKNOWLEDGMENTS
STATE OF KANSAS )
) SS:
COUNTY OF SALINE)
BE IT REMEMBERED that on this day of ,
1989, before me, a notary public in and for said County and
State, came Sydney Soderberg, Mayor of the City of Salina,
Kansas, and Robert K. Biles, City Clerk of said City, who are
personally known to me to be the same persons who executed, as
such officers, the within instrument on behalf of said City,
and such persons duly acknowledged the execution of the same to
be the act and deed of said City.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed my official seal, the day and year last above written.
Notary Public in and for
said County and State
My Appointment Expires:
- 2 -
SCHEDULE I
SCHEDULE I TO THE INDENTURE OF TRUST OF THE CITY OF SALINA,
KANSAS, AND BANK IV WICHITA, NATIONAL ASSOCIATION, FORMERLY THE
FOURTH NATIONAL BANK AND TRUST COMPANY, WICHITA, AS TRUSTEE,
DATED AS OF NOVEMBER 1, 1985, AND TO THE LEASE DATED AS OF
OCTOBER 1, 1988, BY AND BETWEEN SAID CITY AND CPV HEALTH CARE
CENTER, INC.
PROPERTY SUBJECT TO LEASE
(a) The following described real estate located in
Lot 1, Block 1, Wheatridge Addition to the City of Salina,
Saline County, Kansas, to wit:
Commencing at the Southwest corner of said Lot One
(1); thence North along the West line of said Lot One (1) a
distance of 707.26 feet to a point; thence South 86 degrees
20'17" East a distance of 437.81 feet; thence South 76 degrees
56'18" East a distance of 352.58 feet to the point of
beginning, said point of beginning being the Back of the East
Curb Line of Florida Street; thence continuing South 76 degrees
56'18" East a distance of 279.15 feet; thence South 81 degrees
05'59" East a distance 160.94 feet; thence South along the East
line of said Lot One (1) a distance 232.88 feet to a point;
'thence North 89 degrees 48'59" West a distance of 218.00 feet;
thence'North 65 degrees 55'59" West a distance of 336.00 feet
to a point on the Back of the East Curb Line of Florida Street;
thence NorthNortheasterly along said East Curb Line on a curve
the radius of which is 1100 feet, a distance of 232.5 feet,
said curve having a chord of 232.00 feet on a bearing of North
22 degrees 50'01" East to the point of beginning, said tract
containing 3.0 acres more or less.
said real property constituting the "Land" as referred to in
said Lease.
(b) All buildings, improvements, machinery and
equipment now or hereafter constructed, located or installed on
the Land pursuant to said Lease, constituting the
"Improvements" as referred to in said Lease and said Indenture,
and more specifically described as follows:
The facility will consist of a 60 resident nursing
center and a community center to be located on a 3 acre site.
The structure will be a 32,500 square foot single story
structure and will contain a fully furnished and equipped
nursing center. In addition to the nursing center facilities,
the community center will contain the following: therapy
facilities, activity rooms and separate dining room.
the property described in paragraphs (a) and (b) of this
Schedule I together constituting the "Project" as referred to
in said Lease and said Indenture.