Res 44-69 RESOLUTION NO. 44-69.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF DELRAY BEACH, FLORIDA, CONSENTING TO THE
ASSIGNMENT OF THE DELRAY BEACH POLICE BENE-
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 described 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 Palm Beach 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 in-
tersection of said right-of-way line with a line
parallel to and 290 feet Southeasterly and at
right angles to the aforementioned East right-
of-way of State Road ~ 9; thence Southwesterly
along said parallel line a distance of 296 feet
more or less to where said parallel line inter-
sects the aforementioned North line of Mission
Hill Road; thence Westerly along said North line
a distance of 308 82 feet to the point of begin-
ning, all land described hereinabove being in
Section 5, Township 46 South, Range 43 East,
on which property the Lessee wishes to erect a building; and
WHEREAS, the FIRST NATIONAL BANK OF DELRAY BEACH has
~greed to lend to the DELRAY BEACH POLICE BENEVOLENT ASSOCIATION,
INC. the sum of Twenty-five Thousand ($25,000.00) Dollars if such
loan can be adequately secured by a collateral assignment of said
Lease; and
WHEREAS, the DELRAY BEACH POLICE BENEVOLENT ASSOCIATION,
INC. has requested the CITY COUNCIL of the CITY OF DELRAY BEACH
Resolution No. 44-69. Page 2
to release certain of its rights under said Lease in order to induce
the 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 AS-
SOCIATION, INC. to the FIRST NATIONAL BANK OF DELRAY BEACH, Delray
Beach, Florida, as collateral security for a loan of $25,000.00
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 in regular session on this the tenth day of
Novembe~ , 1969.
" ~ ::i :"~.~' 'i. ' ', "~J~' ~" ~' ~' ~
~ - ' / MAYOR
ATTEST: ~i' '~ :.
City