Res 50-74 RESOLUTION NO. 50-74.
A RESOLUTION OF THE CITY COUECIL OF THE CITY OF
DELRAY BEACH, FLORIDA, CONSENTING TO THE ASSIGN-
MENT OF THE DELRAY BEACH PUBLIC LIBRARY ASSOCIA-
TION~ INCORPORATED, LEASE AS COLLATERAL FOR A
LOAN TO SAID ASSOCIATION.
WHEREAS, the Delray Beach Public Library Association, Incor-
porated, is the lessee under a certain lease in which the City of
Delray Beach, a municipal corporation in Palm Beach County, has a
rider thereto dated June 9, 1958, and a second rider dated Novem-
ber 12, 1962, and which lease covers most of Lot 7, and all of Lots
8 and 9, Block 101, original Town of Linton, Delray Beach, Florida,
according to the plat thereof recorded in Plat Book 1 at Page 3 of
the Public Records of Palm Beach County, Florida, on which property
the lessee has erected a library building, and
WHEREAS, the Delray Beach Public Library Association, Incorpo-
rated, desires to enlarge said library building situated on the
leased premises, and
WHEREAS, the Barnett Bank of Delray Beach, N. A., and the Sun
First National Bank of Delray Beach have agreed to lend to the Del-
ray Beach Public Library Association, Incorporated, the sum of Sixty
Thousand ($60,000.00) Dollars if such loan can be adequately secured
by a collateral assignment of said lease, and
WHEREAS, the Delray Beach Public Library Association, Incorpo-
rated, 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 Barnett Bank of Delray Beach, N. A., and 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 banks to make such loan,
NOW, TtIEREFORE, BE IT RESOLVED BY THE CITY COUNCIl, OF ~74E CiTY
OF DELRAY BEACH AS FOLLOWS:
SECTION 1. That the said City of Delray Beach hereby consents
to the assignment of said lease by the Delray Beach Public Library
Association, Incorporated, to the Barnett Bank of Delray Beach, N. A.,
of Delray Beach, Florida, and/or the Sun First National Bank of
Delray Beach, Florida, as collateral security for a loan of $60,000.00.
SECTION 2. That 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 ~D ADOPTED in regular session on this the 2 6 day of
/' U6 . 1974.
ATTEST: