Lease Agr
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ASSIGNMENT OF LEASE CONTRACT
This Assignment of Lease Contract is entered into this l1.way of September, 2001, by
and between Mark L. Miller and Advantage Trust Company, Salina, Kansas, a Kansas Trust
Company, as Trustees, under the Elden V. Miller Revocable Trust dated October 11, 1996 (the
"Trust") and the City of Salina, Kansas, a municipal corporation, (the "City").
Recitals
A. The Trust holds title to the following described real estate:
The Northeast Quarter of the Northeast Quarter (NE/4 NE/4) of Section Eleven
(11), Township Fifteen (15) South, Range Three (3) West of the 6th P.M., Saline
County, Kansas (the "Real Estate")
B. Pursuant to a certain Contract dated December 6, 1999, the Trust is selling to the
City a portion of the Real Estate for the purpose of a controlled access highway (the "Sale
Tract").
C. The Sale Tract is subject to a certain lease contract dated July 5, 1990, by and
between Dr. Elden V. Miller and George Lay Signs, Inc. (the "Lease Contract").
D. The Trust wishes to assign its interest in the Lease Contract and the City wishes to
accept the assignment of the Lease Contract pursuant to the terms of this Assignment.
THE PARTIES therefore agree:
1. Assignment. Effective as of the date of the closing on the sale of the Sale Tract
by the Trust to the City, the Trust assigns and the City accepts assignment of the Trust's interest
in and all rights and responsibilities under the Lease Contract.
2. Proration of Rent. Rents payable under the Lease Contract for the period of July
5, 2001 through July 4, 2002 shall be prorated between the Trust and the City as of the date of
closing on the Sale Tract.
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3. Binding Effect. This Assignment of Lease Contract shall be binding upon the
parties and their successors and assigns.
"Trust"
THE ELDEN V. MILLER REVOCABLE TRUST
dated October 11, 1996
.
By: I1#WA;:t}/Ju/h.
Ma'ikv L"tMiiI;; T~it~~
and
ADVANTAGE TRUST COMPANY, Trustee
By: ~oeJJud
Mark L. Miller: P;;sid~;--"""
"City"
CITY OF SALINA, KANSAS
By
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