6.8 IRB Javelin Corporation
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C1 TY OF SALI NA
REQUEST FOR COMMISSION ACTION
DATE TIME
11/24/1980 4:00 P.M.
,~GENDA SECTION:
NO. 6
Consent
ORIGINATING DEPARTMENT:
City Attorney
APPROVED FOR
AGENDA:
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BY:
ITEM
NO.
8
BY:
Consideration of the consent to an assignment by Banner Industries, Inc. to
Q. A. Applequist of its interest in the Javelin Corporation Lease.
This relates to Industrial Revenue Bonds dated October 1, 1972
COMMISSION ACTION
MOTION BY
SECOND BY
TO:
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CONSENT
Pursuant to Section 8.1 of the Lease dated October 1,
1972 (the "Lease") by and between the City of Salina, Kansas
(the "Landlord") and Javelin Corporation, a Minnesota corpo-
ration (the "Tenant"), which Lease was assigned on April 22,
1976, to Banner Industries, Inc., a Delaware corporlil:t.1bn
("Banner") , with the written consent of the Landlord, the
City of Salina, Kansas, as Landlord, hereby consents to and
approves of the further assignment of all of the Tenant 's
rights, title and interest in, under or created by the Lease
by Banner to Q. A. Applequist, of Salina, Kansas
("Applequist"), in accordance with that certain Agreement
and Assignment dated November 20, 1980 (the "Assignment"),
by and between Banner and Applequist, which Assignment is
incorporated herein by reference. Without limiting the
generali ty of the foregoing, the Landlord further acknow-
ledges that:
(a) It has reviewed and approves of the
terms of the Assignment;
(b) Neither the Tenant nor Banner is in
default under the Lease, which is and remains
valid, binding and in full force and effect;
(c) The personal property described and
referred to in the Lease and the Assignment has
been removed and disposed of by Banner;
(d) Upon the consummation of the trans-
actions pursuant to the Assignment, Applequist
shall become the tenant under, and will be in full
compliance wi th, the terms of the Lease; and
(e) The current unpaid principal balance of
the City of Salina, Kansas, Industrial Revenue
Bonds, Series October 1, 1972, is $160,000.00.
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This Consent is given on the express condition that
neither the Tenant nor Banner is relieved of its obligations
under the Lease.
IN WITNESS WHEREOF, this instrument was been executed
on behalf of the City of Salina, Kansas, this _ day of
November, 1980.
Attest:
CITY OF SALINA, KANSAS
BY:
Dan S. Geis, Mayor
D. L. Harrison, City Clerk
State of Kansas
ss
Saline County
The foregoing instrument was acknowledged before me
this _ day of November, 1980, by Dan S. Geis, Mayor of the
Ci ty of Salina, Kansas, a municipal corporation of Saline
County, Kansas, on behalf of the municipal corporation.
My Appointment Expires:
Notary Public
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