gene revels loan agreementCOUNTY USE
- 19 Tax Ye ra e
Locator Information
County Code:
Tax Unit:
Land Use Code:
1989 TAX YEAR, SALINE COUNTY, KANSAS
TANGIBLE PERSONAL PROPERTY
AD VALOREM TAX RETURN
(Taxpayer_ CITY OF SALINA
Name)
REVELS, INC.
Address)_ 300 WEST ASH
SALINA, KS 67401
1 WRfnGaOlnl `---.—._..
Owner
Location of Property
Address
Sec. Twp./Range
%C'
Corp. Ind.
Telephone Number
City/Twp. Code: -- - -
. _
NOTICE: ... ._
i
Parcel ID No. ."'-'------'-'---"---'--'" -
K.S.A. 70303: Every person who owns or holds tangible personal property shall list said property for assessment.
Property held, and taxable to others. shall be listed with the appraiser in the name of the owner thereof
on Schedule 7.
K.S.A. 79-306: Filing Deadline: ndividoals on or before March l; Corporations on or before April t.
......
K.S.A. 741622: Penalty for late Filing: Within 15 days, 104e; within 16 to 30 days, 20%; 31 to 45 Gays. 30%; 05 days to
:60 days. 40%; more than 60 days. 50%.
K.S.A. 791457: Extension of time for filing: The county appraiser may extend the filing deadline 11 taxpayer requests
extension of time in venting stating adequate reasons for the request and if request is received by the
-
---'^ a----' D�TE
APPR ISED B
/y
county appraiaeron or before the filing deaohna.
AFFIRMATION: Please check one and sign below. - "- -- - -- -- - - `
-❑ I DO HEREBY AFFIRM that this summary and "- I DO HEREBY AFFIRM that I did not own or
---the attached schedules contain a full and true --❑ control any property subject to personal pro-
--list of all personal property owned or held by --' •--- perty taxation'on the first day of January. -
------- me subject to personal property taxation under -_.F _— -- -
___.-._. -_the laws of the State of Kansas.____.
Owner — - - -- --- Date _'_ i . .- By: Other_ _ _ _ .. . _ Title
SUMMARY-,..-._---_-_- .. ..... .... ...__.-.....-.. ._. _
SCHEDULE DESCRIPTION--
"-APPRAISED
ASSESSED
- -- - -
PENALTY . __
- TOTAL
TAXABLEVALUE
.VALUE
_VALUE _
SCHEDULE 1 (Class 2A)
MOBILE HOMES USED FOR
RESIDENTIAL HOUSING -12°/q
`
SCHEDULE 2 (Class 2B)
MINERAL LEASEHOLD INTEREST.
1 r. Royalty.___ I._.__._.�---.--
2 -Working Int.
3=ltemEquip_._-'-"-"
4•Sub-Total
SCHEDULE 4 (Class 2D)
MOTOR VEHICLES 30%
_- z..----- . ...._... _
SCHEDULE 5 (Class 2E) i
.___.. . __..• ___
_._ _ _
_
COMMERCIAL-& INDUSTRIAL
MACHINERYSt EQUIPMENT 20%
SCHEDULE 6(Class2F)- I,
ALL OTHER PERSONAL PROPERTY
'
---- __....
j --- --° - . ___�30%
GRAND TOTALS THIS RETURN
Our Local Office Is Located At:
1529 EAST IRON AVE
SALINA SCS 67401
Policy No. 870 331 392 A
Due Date March 16, 1989
New Premium Payable $1742.50 -
CITY OF SALINA
300 WEST ASH ST
SALINA ICS 67401
Name of Insured D EUGENE REVELS
Dear Policyowner
am
MeItu
AND AFFILIATED COM'PA t
MET LIFE
Br/Dist A41 Agency 767
Telephone No. 913-827-8757
February 15, 1989
Your policy provides for yearly renewals before the final date that is shown on page 3 of your policy.
The premium for the renewal terms will be set by Metropolitan each year. In no case will the
adjusted premium exceed the maximum renewal premium as determined from the table on page 4
of your policy.
Your new premium and its due date are shown above.
While your policy is in force with all due premiums paid, it may be converted, without evidence of
insurability, at any time before the policy anniversary at age 60 or the end of the fifth policy year, If
later. The new policy may be on any fife plan (not a term plan) for an amount up to the full face
amount of the term policy.
This letter is not a notice of premium due. It is merely to remind you of the conditions of your policy.
If you have any questions about your policy or require the services of your Metropolitan
representative, please contact our local office at the address shown above. They will be happy to
serve you.
Sincerely
_ C
Manager
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For questions or service, call your local sales office or call 1-800-MET-UFE (1-800838-5433).
2810BB.F11M 40100 03381 410-851
Wsbem Bell
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.e State 200
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Southwestem Bell Tele. Ca.
501 E Pawnee Suite 200
Wichita, Kansas 67211
SW80798
TRANSFER OF SERVICE AGREEMENT (9-86)
I hereby release the use of telephone number_
�seinone s signature
5/ ate
eitherbbilled orassume aunbill d, fncludinges icharges foron the ewhitenpage direer fl. adver;z n
ar white page (fine num Directory advertising includes advertising associated
with the telephone number in the white pages of the current issue of the directory
as - well as for subsequent issues as described in an application for white page
advertis�irig signed the present customer.
New oust r s signature
Please return form to: Southwestern Bell
501 E. Pawnee, Suite 200
Wichita, Kansas 67211
TO: Dennis M. Kissinger, City Manager
Roy Dodark, City Planner
Robert K. Biles, Finance Director
FROM: Frank R. Weinhold, Director of General Services
SUBJECT: Revels/Carrousel/Big John's Building
Date: January 23, 1989
The Revels building uses a wet fire sprinkling system which means the
building must have some heat to keep the pipes from freezing. Since
the City took responsibility of the building on January 13, 1989 three
of the nine furances were not operating. The Building Division has
either repaired or had the furnace repaired for a cost of $88.45. This
was charged to the contingency fund 18 - 404.
There were also a couple of water pipes leaking. However, the water was
shut off to these pipes to stop the leaks. One garbage disposal leaks,
however, this should not cause the City any problems.
The wind during the morning hours of January 21 caused the alarm system
to go off four times. An electrician was called to repair this discrepancy.
It is believed the Profession Alarm Systems will pay this bill.
At the present, the Building Division makes a walk through inspection of
the building once a week. During working hours, Profession Alarm Systems
knows to call the General Service office and the Police at night for any
disturbances.
129 South 8th
P.O. Box 380
Salina, KS 67402-0380
CITY ATTORNEY
GREG A. BENGTSON
(913) 823-6325
January 24, 1988
Jacqueline Shiever
City Clerk
P.O. Box 736
Salina, Kansas 67402-0736
Re: Revels, Inc.
Dear Jackie:
Enclosed for safe keeping with your office are the
w originals of the following documents which have now
been recorded with the Saline County Register of Deeds:
U-
U-
C> (1). Quitclaim Deed from Revels, Inc. to the City
u3 of Salina for the Carousel building and surrounding
real estate dated January 12, 1989.
Uj
i. (2). Estoppel Affidavit by Eugene Revels as
>-.President of Revels, Inc. dated January 12, 1989.
F—.
`-3 Thank you.
Sincerely,
CITY OF SALINA, KANSAS
r
g A. Bengtson
C t Attorney
GAB/dg
Enclosures
cc: Dennis Kissinger, City Manager
Roy Dudark, Director of Planning
and Community Development
MEMBER ... LEAGUE OFKANSAS MUNICIPALITIES • NATIONAL LEAGUE OF CITIES
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CITY ATTORNEY
GREG A. BENGTSON
(913) 823-6325
January 24, 1988
Jacqueline Shiever
City Clerk
P.O. Box 736
Salina, Kansas 67402-0736
Re: Revels, Inc.
Dear Jackie:
Enclosed for safe keeping with your office are the
w originals of the following documents which have now
been recorded with the Saline County Register of Deeds:
U-
U-
C> (1). Quitclaim Deed from Revels, Inc. to the City
u3 of Salina for the Carousel building and surrounding
real estate dated January 12, 1989.
Uj
i. (2). Estoppel Affidavit by Eugene Revels as
>-.President of Revels, Inc. dated January 12, 1989.
F—.
`-3 Thank you.
Sincerely,
CITY OF SALINA, KANSAS
r
g A. Bengtson
C t Attorney
GAB/dg
Enclosures
cc: Dennis Kissinger, City Manager
Roy Dudark, Director of Planning
and Community Development
MEMBER ... LEAGUE OFKANSAS MUNICIPALITIES • NATIONAL LEAGUE OF CITIES
D�06 Duck -y Page ®o
ITCLAIM DEED
REVELS, INC., a Kansas corporation, quitclaims to the
CITY OF SALINA, KANSAS, a municipal corporation, all the
following described real estate in the County of Saline and
the State of Kansas, to wit:
All of Lots One (1), Two (2), Three (3),
and Twelve (12) in Block One (1) in the West-
port Exchange Addition to the City of Salina,
Saline County, Kansas,
for the sum of One Dollar ($1.00) and other valuable
considerations.
This deed of conveyance shall not merge with that
mortgage by Revels, Inc. to the City of Salina, Kansas,
dated January 6, 1987, and duly recorded in the office of
the Register of Deeds in Book 390 of Mortgages, pages
511-514, given to secure a certain promissory note dated
January 6, 1987, in the principal sum of $400,000.
This deed of conveyance shall also not restrict the
right of the Grantee to institute foreclosure or other
appropriate proceedings if the Grantee desires, but the
conveyance by said deed shall be and is hereby intended and
understood to be an absolute conveyance and an unconditional
sale, with full extinguishment of Grantor's equity of
redemption, and with full release of all Grantor's rights,
title, and interest of every character in and to said
property • ,.^� ,SSE CO,} ••<.
STATE OF KANSAS SS,Dated
COUNTY OF SALINE 11
FILED FOR RECORD IN MY OFFIC&)
ON JAN 1 9 1989 AT
�a O'CLOCKAM. AN ULY RECORDED
VO T PAGED
EG. OF DEEDS
this 12th day of January , 1989,M
s °° a TI
tllo}ereo In 'L^Ta�oejf,4t� �eQ�i{,t� Iq! cT4)Ctti9a, lLfa._ge��pp-•
REVELS, INC, my of a,C.FS }� 6...6 D. luff
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By
STATE OF KANSAS, SALINE COUNTY,
o
On this 12th day ofJanuary , 1989, before me, the
undersigned, a notary public in and for the county and state
aforesaid, personally appeared Eugene Revels, President of
Revels, Inc., known tome to be the person who executed the
within instrument on behalf of said corporation and
acknowledged to me that he executed the same for the
purposes therein stated.
NhMDt ExR �B. .1991
.(.i,.. /
OW -m. &n,�
Notary Public
Misc. Book PaSe n e
ESTOPPEL AFFIDAVIT
STATE OF KANSAS )
) ss:
SALINE COUNTY )
THIS AFFIDAVIT made this 12th day of January . 1989
on behalf of Revels, Inc. (hereinafter referred to as
"Grantor"), by its president, Eugene Revels, who, after
being duly sworn, states:
That Grantor agreed to assume the obligations of a
certain promissory note dated January 6, 1987, in the
principal sum of $400,000 and secured by a mortgage dated
January 6, 1987, and duly recorded in the office of the
Register of Deeds of Saline County, Kansas, in Book 390 of
Mortgages, pages 511-514, covering the real estate located
at 621 Westport Boulevard, Salina, Kansas, and more
particularly described as follows:
All of Lots One (1), Two (2), Three
(3) and Twelve (12) in Block One (1) in the
Westport Exchange Addition to the City of
Salina, Saline County, Kansas.
The Grantor has defaulted,in the payments due on said
note upon which the principal amount of $400,000, plus
interest from October 1, 1988, is at present due and payable
and is unable to meet the obligations of said note and
mortgage according to the terms thereof.
The Grantor made, executed, and delivered that certain
deed to the City of Salina, Kansas, a municipal corporation,
hereinafter referred to as "Grantee," dated the 12th day of
January, 1989, conveying the above described property. The
Grantor hereby acknowledges, agrees, and certifies that the
aforesaid deed was an absolute conveyance of all the
Grantor's rights, title, and interest in and to said real
estate, together with all buildings thereon and
appurtenances thereunto belonging,and appertaining,
releasing all dower and homestead rights in and to said real
estate, and also conveyed, transferred and assigned the
Grantor's right of possession, rentals, equity of redemption
and right of redemption in and to said premises.
Said deed was given voluntarily by the Grantor to the
Grantee, in good faith on the part of the Grantor and
Grantee, without any fraud, misrepresentation, duress or
undue influence whatsoever, or any misunderstanding on the
part of the Grantor or Grantee and was not given as a
Misc. Book / � Page.=(.
preference against any creditors of said Grantor. Said
Grantee has not assumed any liability or responsibility for
any indebtedness against said property. Said deed of
conveyance shall not merge with said mortgage and shall not
restrict the right of the Grantee to institute foreclosure
or other appropriate proceedings if the Grantee desires, but
the conveyance by said deed shall be and is hereby intended
and understood to be an absolute conveyance and an
unconditional sale, with full extinguishment of Grantor's
equity of redemption, and with full release of all Grantor's
rights, title, and interest of every character in and to
said property.
This affidavit has been made for the protection and
benefit of the aforesaid Grantee in said deed, its
successors and assigns, and all other parties hereafter
dealing with or who may acquire an interest in the property
described therein, and shall bind Revels, Inc., its
successors and assigns.
Revels, Inc.
By
Eugen Revels, esident
STATE OF KANSAS, SALINE COUNTY, ss:
On this 12th day of January , 1989, before me, the
undersigned, a notary public in and for the county and state
aforesaid, personally appeared Eugene Revels, President of
Revels, Inc., known to me to be the person who executed the
within Estoppel Affidavit on behalf of said corporation and
acknowledged to me that he executed the same for the
purposes therein stated.
SHEILA M. CARPENTER
Stade of Kansas
MYANt UR Aug.14,1991
STATE OF KANSAS 55.
COUNTY OF SALINE
FILED FOR RECORD IN MY OFF CE
ON JAN 1 9 1989 AT
/0,aaOTLOCKAMAN DULYpRECORDED
0/ n / VO - EG. OF DEEDS 4-0/
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COMMERCIAL PROPERTY RETURN
CouNTYCHP+ \ ..SALINE toif, 7
Talcs. No. ` 9 3 1 9,Z!57 Z ?/
f (Doing Business As)
Location of properly if different: ,
(Street Addrose) '- --"'_. jgjy)
Location: Sec. Twp. ring.
INSTRUCTIONS.
Complete each section as It pertains to you.
Filing Deadline (K.S.A. 79=306)
INDIVIDUALS BEFORE MARCH 1
CORPORATIONS APRIL 1
MERCHANTS APRIL 15
Penalty for late filing or failure to file up to 15
days - 10%; 95 to 30 days 20%; 30 to 45
days - 30%;.45 to 60 days - 40%; 61 days to
1 year - 50%; over 1 year - 100%
CHECK CLASSIFICATION OF PROPERTY ASSESSED
ON THIS
STATEMENT
1 ❑ Fanning or Ranching
Alum/Steel
2 ❑ Non -Business
'ersn
3 ❑ Merchandising
Service
9 ❑ Service Station
4 O Manufacturing
10 ❑ Elevator
5. ❑ Professional
11 ❑ Bank, S & L or Insurance Co.
6 ❑ Contractor :.
1200ther Business
1 ❑ Organization,
13 ❑ Cable T.V.
8 ❑ Bonded Warehouse.
Accessories
•
Document No.
IV0►^naAtT, Tax Unit
Namdv
(P.C. Adress);
_.
(CIIY) (State) � (Zip)
DO NOT PLACE ANY INFORMATION IN THE RED OLOCKED SECTION -
APPRAISER USE ONLY.
Is property located within rho corporate limits of a city? 1. Yes ❑ 2. Nr
APPRAISER'S SUMMARY
PropertyType
' M.W. a.J.
, Trailers
Alum/Steel
, Mobile flames, ate.
'ersn
51h Wheel?.
: Accessories
Leased LandockVehicles
Truck Bolles Make
Year
T
FUmensions;
mensions
Alum/Steel
S-00 Machinery S Equipment
.Axles Re u.
S-09 Rested or Leased Equipment
Accessories
S•10 Construction Equipment
Trucks - HD Make
8.11 Merchants Inventory
Model
S-12 Manufacturers Inventory
CC or Trae.
S-13 Other
c f
8.14 Bonded Warehouse
Wheel Powers
Tool
Trucks -'LO . ' Make.
Pehal - . .J,9 ab
`
.
a 0
Total:
Rated Tons
Wheel Base
S-05 Grain
Total Bushels Tax_
SPACE
3
FOR VEHICLES LISTED ON THE SCHEDULES BELOW: Insert dne"l a Information rationed In the columns, one one Per VISION.
SCHEDULE 1 — TRUCKS. TRAILERS
Trailers Make:
Year
i
No. Slaps
Alum/Steel
Rated Tans
Axles
51h Wheel?.
: Accessories
DO NOT
Truck Bolles Make
Year
T
FUmensions;
mensions
Alum/Steel
Hated Tons
.Axles Re u.
Hoists, etc.
Accessories
WRITE IN
Trucks - HD Make
Year
Model
E or Cony
CC or Trae.
Brake T
Slee r Size
"Gas a Dsl
Wheel Powers
THIS
Trucks -'LO . ' Make.
Year
Model
ab style
Bed Size
Rated Tons
Wheel Base
Gas or Dal
Wheel Power
SPACE
3
it addilMnM Inn are headed Mach Supplement
2 .
3 CO.Cab Over HCO-Me" Cab Over NCO. Non Cab over, TEL. Telescopic. TC.Tmk Camper, TDO.Teleseo k: Cab Over. CM.Ch9.
Mtd.
3
IY
4
6
7
e
9
11 Additional lines are needed ;Ulach Supplement.
SCHEDULE 2 — BUSES NOBILE HOMES NON•HIChVAY VEHICLES'
-
Buses - Make
Year
Model
Chs. Make
Typet
A/C?
Gas or Off
LID?
Rated Seats
DO NOT
Mobile Homes A Make
Year'.
Model
Length
Width
Add. LN. Arms
F/P S C/P
Bow/Bav Win
Patio S Porch
' WRITE IN
No -Hwy. Vhcls.a buy Make
Year
Model
Cos. Make
Model No.
Dears
Gas, Oil Elea.
HP or CC
Dimensions
THIS SPACE
3
5
6
II additional Ilan are needed altach Supplement.
1 School, Transit. Intercity. etc.
2 Autos, Cycles.
Motor Homes, etc.
SCHEDULE a — CAMPERS
Caroling Trailers Make
Year Model
Lentil Wldlh
No. Slaps
F-Oul Site
weight
Cost New
DO NOT
Trawl Trailers Make
Year Model
Length Wlmh
No. Sleeps
Sall-Cont'd?
I
51h Wheel?
Weight
WRITE IN
Track Campers Make
Year Model
Length Werth
No. SaRmSSell-Cont'd?
C. Desi no
.Cost New
.'
THIS SPACE
1
2
•
3
it addilMnM Inn are headed Mach Supplement
3 CO.Cab Over HCO-Me" Cab Over NCO. Non Cab over, TEL. Telescopic. TC.Tmk Camper, TDO.Teleseo k: Cab Over. CM.Ch9.
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PV -LA -4 Special (P) Lockwood Co., Inc.. Atchison, Kansas
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KANSAS DEPAiMW''Fb*T9EVENUE
DIVISION OF TAXATION
e�
mm�� z� RIFF
THE*?�"f� O� S, TO THE SHERIFF OF SALINE
Spy GREETINGS:
REG. NO. 14-2110 0014
AMOUNT DUE.: $11,545.73
COUNTY
WHEREAS, pursuant to the provisions of the Kansas Statutes Annotated, the Director has
determined that
Euene Revel
621 Westport
Salina, KS 67401
currently owes delinquent
SALES
d/b/a, Revel's Inc.
1700 East Iron
Salina, KS 67401
taxes, interest, and/or
penalties of $ 11j545.73 , due for the periods August 1987. P&I; September 1987
and P&I thru January 1988 and PERI
which is now due and unpaid, even though demand therefore has been made.
NOW, THEREFORE, under the authority vested by law in the Director of Taxation YOU
ARE HEREBY COMMANDED to levy upon and sell the goods and chattels of the above tax-
payer; and if these are not available, to levy upon and sell the real estate and any interest therein
of said taxpayer, sufficient to make payment of the amount stated above and any additional
penalty, interest, fees or costs provided by law;
YOU ARE FURTHER COMMANDED to file this warrant within five. (5) days after you
receive it with the Clerk of the District Court of your County, and within ninety (90) days to
make return hereof to the Director with your certificate showing the:.manner of execution.
IN WITNESS WHEREOF, I have set my hand and affixed the official seal of the Director
of Taxation hereto, this 21st Sdgy of
Ks^gess fou M+th11t M
State �t +th the
cby a veto AS"SA '�n
he~
a 46 COO 0 eM1t tatreal"
aars
er
(SEAL)
Apri l , 1988
UlEwt—or—of Taxation
John R: Luttjohann
NOTE TO SHERIFF: No law exempting any goods, chattels, land or tenements from forced
sales under execution shall apply to a levy and sale under this warrant.
Date received by the Sheriff:
Date filed in the Office of the
Clerk of the District Court:
(Ref. Income/K.S.A. 79-3235,
Withholding/K.S.A. 79-32,107.)
JRL:AKA:bll
FS/c38
(Rev. 6/84)
Sales and Use/K.S.A. 79-3617, :and
n^�FILE MEMO
From: Greg A. Bengtson 1^{!K
Re: Carousel Building Alarm System
Date: January 23, 1989
Morrie Soderberg called me this morning to report that he
had received a call from Barry Queen with Southwestern Bell
regarding the Carousel building alarm system. Apparently,
Southwestern Bell had contacted Beverly Revels about whether
the alarm system should be continued. Mrs. Revels informed
Southwestern Bell that they should terminate the system
unless directed differently by Charles Walker.
I then called Roy Dudark who agreed with me that we should
continue the alarm system which ties into the Salina Police
Department. I then spoke with Barry Queen of Southwestern
Bell (574-1261) and reported our desire to continue the
service in the name of the City.
Mr. Queen explained that there are currently $155 in charges
outstanding on the account and that the monthly charge for
the system is $36.30. He explained our two options as
follows:
1. The City could assume the Revels account, including the
existing $155 balance, and continue the service with a
$21.00 fee at the same monthly rate of $36.30.
2. The City could allow the Revels account to be
terminated and reinitiate service with a $200.00
service charge, followed by the same monthly expense of
$36.30.
I then spoke briefly with Roy and Dennis. It was decided to
take option 1 and take over the existing Revels account.
I then left a message with a Southwestern Bell
representative for Mr. Queen advising him that the existing
Revels account should be transferred to the City and that
any billings should be directed to Robert K. Biles, Director
of Finance.
I then reported back to Morrie Soderberg that we had made
arrangements to continue the alarm service.
Mr. Queen called me later in the afternoon to confirm that
he had received my message. He also said he would be
calling Mrs. Revels and forwarding the necessary forms to
her for signature.
cc: Morrie Soderberg
Dennis Kissinger, City Manager
Roy Dudark, Director of Planning and
Community Development
Bob Biles, Director of Finance
LOAN AGREEMENT
THIS AGREEMENT is entered into as of the 23rd day of December,
1986 by and between Revels, Inc., a corporation authorized to transact
business within the State of Kansas, hereinafter referred to as the "Corpo-
ration", and the City of Salina, Kansas, a municipal corporation located in
Saline County, Kansas, hereinafter referred to as the "City". This Agree-
ment will not become effective until all conditions placed upon the City's
funding approval are satisfied and funds are released by the Kansas Depart-
ment of Economic Development (KDED).
WHEREAS, the City has received a grant in the amount of $400,000
under the Housing and Community Development Act of 1974, as amended,
principally to benefit low and moderate -income persons by malting a loan to
private for-profit entities;
WHEREAS, the purpose of the loan is to enable the Corporation to
create approximately 24 new jobs in the private sector with 90% of those new
employees to be of low and moderate -income levels; and
NOW THEREFORE, in consideration of these premises and the
mutual covenants and promises set forth below, the parties to this agreement
hereby agree as follows:
M. Loan. Upon receipt of the grant funds from KDED, the City
shall lend to the Corporation the sum of $400,000 under the terms set forth
in the Note attached to this agreement as Exhibit "A" and incorporated
herein by this reference.
(2). Use of Proceeds. From the $400,000 in loan proceeds,
Corporation shall use $395,000or the purchase of the Carousel Restaurant
and Club building located at 621 Westport Blvd, in Salina, Kansas and the
remaining $5,000 for organization and administrative costs incurred in con-
nection with the project.
(3). Security. The loan shall be secured in the following
manner:
(a) The Corporation shall grant to the City a first mortgage
in substantially the same form as that attached and incorporated herein as
Exhibit "B". The Corporation agrees to pay the cost of recording and
registering the mortgage. The Corporation agrees to execute such documen-
tation as is necessary to perfect the security interest.
(b) The Corporation shall provide mortgagee's title insurance
insuring mortgagee's interest in the real estate in an amount of no less than
$400,000.
(c) The Corporation shall maintain an insurance. policy on
the life of Gene Revels which shall provide the City with a death benefit
which shall be equal to the amount by which the City has subordinated its
mortgage lien to the mortgage lien of Charles W. Walker and Carolyn L.
Walker on the Carousel building.
(4). The Corporation shall:
(a). Carry out the project as described in the application
submitted to and approved for funding by KDED within the schedule set
forth in the application, a copy of which is attached to this Agreement as
Exhibit "C" and incorporated herein by this reference.
(b). Provide expanded employment opportunities at the
Salina plant, by either retaining or creating 24 staff positions, with 90% of
those employees to be of low to moderate -income levels.
(5). Compliance with Law. Corporation shall operate the Salina
plant in full compliance with applicable federal, state, and local laws includ-
ing, without limitation, federal laws relating to equal employment opportunity
and occupational health and safety, the Kansas Building Code, and the
City's land use ordinances.
(6). Availability of Records. Corporation shall make available to
the City, KDED or their duly authorized representatives all books, accounts,
records, reports, files and other papers pertaining to funds provided under
this Agreement for the purpose of making audits, examinations, and monitor-
ing and shall retain such records for a period of three years following
closeout and resolution of all pending matters.
(7). Costs and Expenses. The Corporation acknowledges that all
costs associated with obtaining and securing the loan shall be paid by the
Corporation including:
(a). Administrative costs incurred by the City in arranging
and processing the loan.
(b). Legal expenses incurred by the City in documenting
and securing the loan.
(c). Any expenses incidental to securing the loan, including
but not limited to:
(i). Appraisal costs
(H). Recording fees
(iii). Mortgage registration fees
(iv). Mortgagee's title insurance
All such expenses shall be specifically itemized and shall be paid
by the Corporation from the loan proceeds at the time such proceeds are
made available to the Corporation.
(8). Prepayment. The Corporation reserves full right of prepay-
ment at any time during the term of the loan, without penalty. In the event
of such prepayment in full, the City shall promptly release all remaining
property given as security for the loan.
(1). Community Development Grant Agreement. Notwithstanding
anything herein to the contrary, the parties hereto acknowledge the due
execution of the Community Development Grant Agreement between the City
and KDED and agree that any conflict between the provisions, requirements,
duties or obligations of this Agreement and the Community Development
Grant Agreement shall be resolved in favor of the Community Development
Grant Agreement.
(10). Applicable Law. This loan agreement constitutes a legally
enforceable contract and shall be governed and construed in accordance with
the laws of the State of Kansas.
(11) Bindin Effect. The provisions of this loan agreement shall
both bind and benefit thethe parties hereto and their, successors and assigns.
CIT)
ATTEST:
1._ j* a.,"
D. L. Harrison, I City I Clerk 1
ATTEST:
overly 6,Plevels, Mecretary
3
REV)
By:
PROMISSORY NOTE
FOR VALUE RECEIVED, Revels, Inc., hereinafter referred to as
the "Corporation", promises to pay to the order of the City of Salina,
Kansas, a municipal corporation, hereinafter referred to as the "City", at
the offices of the City, the principal sum of Four Hundred Thousand Dollars
($400,000) with interest thereon at the rate of Three Percent (3$) per annum
commencing 1988, all in accordance with the following terms
and conditions:
(1) Pa en! of Princi al and Interest. The Corporation shall pay
the principal o this note in two undrerorty (240) equal, consecutive,
monthly installments of $2,218.39 each, commencing on the 1st day of
1988, and a like sum on or before the 1st day of each and
every month thereafter until , on which date the entire
indebtedness then outstanding, including principal and interest, shall be
paid in full. Payments shall be applied first to the interest on the unpaid
balance of the indebtedness, and then to the reduction of the principal.
(2) Waivers. The Corporation hereby waives presentment,
demand of payment, protest, and notice of nonpayment and of protest, and
any and all other notices and demands whatsoever. No waiver of any pay-
ment or other right under this note shall operate as a waiver of any other
payment or right.
(3) Security. This note is secured by a first mortgage executed
by the Corporation constituting a mortgage lien on the following described
real estate, including all existing and future improvements and fixtures,
including but not limited to the computer message reader sign presently in
place on the real estate, in Saline County, Kansas:
All of
Lots One (1), Two
(2), Three
(3) and Twelve
(12), in Block One (1) in
the Westport
Exchange Addi-
tion to
the City of Salina, Saline County,
Kansas.
The mortgage terms shall be those set forth in the mortgage instrument
attached hereto as Exhibit "B" and incorporated herein by this reference.
(4) Prepayment. This note may be prepaid, at any time, in
whole or in part, without penalty, and in the event of a prepayment the
amount remaining after the prepayment shall be amortized over the remaining
months of the payment period in equal monthly installments.
(5) Loan Agreement. The Corporation and the City acknowledge
that this note is made pursuant to and subject to the terms and conditions of
the Loan Agreement dated as of the 23rd day of December, 1986, entered
into between the parties.
EXHIBIT"A"
(6) Default. This note shall be considered in default:
(a) Upon any default or failure to strictly perform under the
Loan Agreement dated as of the 23rd day of December, 1986, or the mort-
gage securing this note.
(b) Upon any occurrence under such Loan Agreement or
Mortgage by which this note may or shall become due and payable.
(c) Upon failure to pay any installment required hereunder
on the date it is due.
(d) Upon failure in the performance of any other obligation
of the Corporation.
(e) At any time that the City determines in good faith that
the prospect of any payment required by this note is impaired.
In the event of default, the City may, at its option, declare all
unpaid indebtedness evidenced by this note and any modifications hereof,
immediately due and payable, without notice, and regardless of date of
maturity. The City's failure at any time to exercise this option shall not
constitute a waiver of its right to exercise the same at any other time.
Should it become necessary to collect this note through an attorney, the
Corporation agrees to pay all costs of collecting this note, including reason-
able attorneys' fees, whether collected by suit, foreclosure, or otherwise.
(7) BindingCorpoEffect. The provisions of this note shall both bind
and benefit the ration's successors; assigns, guarantors, endorsers,
and any other person or entity now or hereafter liable hereon.
Dated this day of , 1986.
ATTEST:
Beverly G. Revels, Secretary
2
Revels, Inc.
By:
Eugene Revels, President
REAL ESTATE MORTGAGE
THIS INDENTURE, made this day of , 1986,
between REVELS, INC., a corporation authors ed to transact 'business within
the State of Kansas, hereinafter referred to as "Mortgagor", and the CITY
OF SALINA, KANSAS, a municipal corporation, located in Saline County,
Kansas, hereinafter referred to as "Mortgagee".
(1) Mortgage. Mortgagor, in consideration of the sum of One
Dollar ($1.00) and other valuable consideration, hereby grants, mortgages,
and warrants to Mortgagee, its successors and assigns, all of the following
described real estate located in Saline County, Kansas:
All of
Lots One (1), Two (2), Three
(3) and Twelve
(12), in Block One (1) in
the Westport
Exchange Addi-
tion to
the City of Salina,
Saline County,
Kansas.
including all existing and future improvements, and fixtures, including, but
not limited to the computer message reader sign presently in place on the
real estate, and together with all the appurtenances and all of the estate,
title, and interest of the Mortgagor therein, hereinafter collectively referred
to as the "Property", to have and to hold the Property unto the Mortgagee,
forever.
(2) Security and Amount of Lien. This mortgage is given to
secure (a) performance o all obligations owed by Mortgagor to Mortgagee
and (b) the payment of any sums of money which may be advanced to Mort-
gagor herein at the date of this mortgage or from time to time hereafter;
however, that the lien of such mortgage shall not exceed $400,000 principal
at any one time, plus the unpaid interest accumulated thereon, all as evi-
denced by that certain Promissory Note dated , 1986, herein-
after referred to as the "Note". This mortgage shall secure the payment of
any and all extensions or renewals and successive extensions or renewals of
the Note and of any indebtedness at anytime secured by this mortgage, and
all interest on the same, all of which extensions or renewals shall be optional
with Mortgagee, and for all of which this mortgage shall stand as continuing
security until paid and shall remain in full force and effect until all advances
heretofore, now or hereafter made by virtue of this mortgage are paid in
full, with interest. This mortgage also secures the performance of all other
obligations of the Mortgagor in connection with this loan transaction as set
forth in the Loan Agreement between the parties dated ,
the Note and this Mortgage.
EAHB1T "pr
(3) Additional Security. As additional collateral security for the
performance of all obligations and the payment of such sum or sums of
money, with interest, and the taxes and insurance premiums on the Prop-
erty, Mortgagor hereby transfers, assigns, sets over, and conveys to Mort-
gagee all rents, and other income that may from time to time become due and
payable under any lease(s) of any kind now existing or hereafter to come
into existence covering the Property, or any portion thereof, with authority
to collect the same. Mortgagor hereby agrees to execute, acknowledge, and
deliver to Mortgagee such leases to other instruments as Mortgagee may now
or hereafter require in order to facilitate the payment to and of such rents
and other income, which rights are to be exercised by Mortgagee only in the
event of delinquency or default in compliance with the terms of this Mortgage
and the debt hereby secured. Such assignment shall terminate and become
void upon the payment and release of this Mortgage. Should operation
under any lease seriously depreciate the value of the Property, then all
notes secured by this Mortgage shall thereupon become due and payable, at
the option of Mortgagee.
(4) Good Title. Mortgage hereby covenants and agrees that at
the delivery hereo�he lawful owner of the Property, and is seized of a
good and indefeasible estate of inheritance therein, free and clear of all
encumbrances, and that it will warrant and defend the same against any and
all claims whatsoever.
(5) Abstract or Title Insurance. Mortgagor has or will deliver to
Mortgagee, upon Mortgagee's request, either abstracts or title showing
merchantable title in Mortgagor to the Property, or Mortgagee's title insur-
ance policies insuring Mortgagee's interest in the Property in the amount of
no less than $400,000. Mortgagee agrees to pay for the cost of any exten-
sion of such abstracts during the term of this Mortgage or the cost of the
title insurance policies, and should Mortgagor neglect to pay the same,
Mortgagee may do so and recover from Mortgagor the amount paid therefore,
and this Mortgage shall stand as security therefore. Futhermore, Mortgagee
agrees to pay for examination of the abstracts of title for Mortgagee's title
opinion, if required.
(6) Good Condition and Repair. Mortgagor agrees to keep and
maintain the buildings and other improvements now on the Property, or
which may be hereafter erected thereon, in good condition at all times, and
not suffer waste or permit a nuisance thereon.
(7) Taxes and Insurance. Mortgagor hereby agrees to pay all
taxes assessed on the Property be ore any penalties or costs accrue thereon.
Mortgagor also agrees to keep the Property insured at an amount not less
2
than Eighty percent (80%) of the full insurable (replacement) value under
the co-insurance provisions of the insurance policy, and to cause Mortgagee
to be shown as a Mortgagee under the loss payable clause, with an insurance
company satisfactory to Mortgagee. In the event of default, Mortgagee may
pay the taxes and accruing penalties, interest and costs, and may insure the
same at the expense of Mortgagor. THe expense of such taxes and accruing
penalties, interest and costs, and insurance, shall from the date of payment
thereof become an additional lien under this Mortgage upon the Property,
and shall bear interest at the rate of ten percent (10%) per annum until paid
to Mortgagee.
(8) Waiver of Right of Redemption. Mortgagor hereby waives the
right of redemption.
(9) Release of Mortgage. If Mortgagor shall cause to be paid to
Mortgagee the entire amount due hereunder and under the terms and pro-
visions of the Note hereby secured, including future advances, and any
extensions or renewals thereof, in accordance with the terms and provisions
thereof, and comply with all the provisions in the Note and this Mortgage
contained, upon execution of release, then this Mortgage shall be void;
otherwise to remain in full force and effect. Time is expressly made the
essence hereof.
(10) Default. If default is made in the performance of any
obligation of Mortgagor, or in the payment of the Note, or any part thereof,
or interest thereon, or in the timely payment of any prior encumbrance,
principal or interest, if any, or in the payment of the taxes assessed on the
Property, or if the insurance is not maintained thereon, or if all or any part
of the Property or any interest therein is sold or transferred by the Mortga-
gor without the Mortgagee's prior written consent, or if any other terms of
the Note, this Mortgage, or any of the other Loan Documents are breached
by Mortgagor, then the whole of the principal sum hereby secured, with
interest, and all taxes and accruing penalties and interest and costs
remaining unpaid or which may have been paid by Mortgagee, and all sums
paid by Mortgagee for insurance, shall become immediately due and payable,
at the option of Mortgagee. It shall be lawful for Mortgagee at any there-
after to take possession of the Property and foreclose and sell the same, or
any part thereof, in the manner prescribed by law, appraisement waived or
not, at the option of Mortgagee. Out of all money arising from such foreclo-
sure sale, Mortgagee may retain the amount due or to become due to it
according to the conditions of this instrument, together with the costs and
charges of making such sale, including reasonable attorneys' fees, and the
balance, if any, shall be paid by the party making such sale, on demand, to
Mortgagor.
IN TESTIMONY WHEREOF, Mortgagor has caused this Mortgage to
be signed in their names on the day and year first above written.
ATTEST:
Beverly G. Revels, Secretary
ATTEST:
D. L. Harrison, City Clerk
4
REVELS, INC.
By:
Eugene Revels, President
CITY OF SALINA, KANSAS
M