Res 52-75 RESOLUTION NO. 52-75.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH, FLORIDA, CONSENTING TO THE ASSIGN-
MENT OF THE DELRAY BEACH POLICE BENEVOLENT ASSOCIATION
INCORPORATED, LEASE AS COLLATERAL FOR A LOAN TO
SAID ASSOCIATION.
WHEREAS, the DELRAY BEACH POLICE BENEVOLENT ASSOCIATION, INC. is
the Lessee under a certain Lease in which the CITY OF DELRAY BEACH,
a municipal corporation in Palm Beach County, Florida, is the Lessor,
which Lease is dated May 27, 1969 and recorded on August 27, 1969 in
Official Record Book 1746 at pages 410 and 411 of the public records
of Palm Beach County, Florida, which lease covers the following des-
cribed tract of land in Palm Beach County, Florida:
Beginning at a point of intersection of the North
right-of-way line of Mission Hill Road as recorded
in the subdivision of Chapel Hill in Plat Book 24
at Page 111, and the East right-of-way line of the
proposed State Road ~9; thence Northeasterly along
said right-of-way line a distance of 902 feet more
or less to the intersection of said right-of-way
line with the West right-of-way line of Lake Worth
Drainage District Canal E-4; thence Southeasterly
along said West right-of-way line a distance of
580 feet more or less to the intersection of said
right-of-way line with a line parallel to and 290
feet Southeasterly and at right angles to the afore-
mentioned East right-of-way of State Road 99; thence
Southwesterly along said parallel line a distance of
296 feet more or less to where said parallel line
intersects the aforementioned North line of Mission
Hill Road; thence Westerly along said North line a
distance of 308.82 feet to the point of beginning,
all land described hereinabove being in Section 5,
Township 46 South, Range 43 East,
on which property the Lessee wishes to make improvements to the building
and grounds; and,
WHEREAS, the SUN FIRST NATIONAL BANK OF DELRAY BEACH has agreed
to lend to the DELRAY BEACH POLICE BENEVOLENT ASSOCIATION, INC. the sum
of TWENTY THOUSAND ($20,000.00) Dollars if such loan can be adequately
secured by a collateral assignment of said Lease; and,
WHEREAS, the DELP~AY BEACH POLICE BENEVOLENT ASSOCIATION, INC. has
requested the CITY COUNCIL of the CITY OF DELRAY BEACH to release certain
of its rights under said Lease in order to induce the SUN FIRST NATIONAL
BANK OF DELRAY BEACH to make such loan; and,
WHEREAS, the CITY COUNCIL of the CITY OF DELRAY BEACH is of the
opinion that it is for the best interest of the CITY OF DELRAY BEACH
that it release certain of its rights under said Lease in order to induce
said bank to make such loan,
NOW, THEREFORE, be it resolved by the CITY COUNCIL of the CITY OF
DELRAY BEACH, a municipal corporation in Palm Beach County, Florida,
that the said CITY OF DELRAY BEACH hereby consents to the assignment of
said Lease by the DELRAY BEACH POLICE BENEVOLENT ASSOCIATION, INC. to the
SUN FIRST NATIONAL BANK OF DELRAY BEACH, Delray Beach, Florida, as
collateral security for a loan of $20,000.00 and the CITY OF DELRAY BEACH
agrees that it will not exercise any of its privileges to terminate said
Lease as long as any portion of said loan remains unpaid.
PASSED AND ADOPTED in regular session on this the 27th day of
October, 1975.
ATTEST:
Clerk
Resolution No. 52-75 was amended by City Council at the October 27, 1975
meeting, as follows:
In case of a default of the Mortgage from the Police Benevolent
Association of Deiray Beach that the City of Delray Beach would b~ held
harmless and that there would be no physical changes of the improvements
on the property unless authorized by the City of Delray Beach.
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Res. No. 52-75.