Res 23-68 A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF DELRAY BEACH, FLORIDA, CONSENTING
TO THE ASSIGNMENT OF THE DELRAY BEACH
CHAMBER OF COMMERCE LEASE AS COLLATERAL
FOR A LOAN TO SAID CHAMBER.
WHEREAS, the Delray Beach Chamber of Commerce 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 June 20, 1967, and was amended on
January 23, 1968, and which lease conveys the South 52 feet
of Lot 17, Block 101, Delray Beach (formerly Town of Linton)
according to the plat thereof in Plat Book 1, page 3, public
records of Palm Beach County, Florida; and
WHEREAS, the Chamber of Commerce desires to construct
a new chamber building on the leased premises; and
WHEREAS, the First National Bank of Delray Beach, the
Delray Beach National Bank and First Federal Savings & Loan
Association of Delray Beach have agreed to lend to the Delray
Beach Chamber of Commerce the sum of Thirty Thousand ($30,000)
Dollars if such loan can be adequately secured by a collateral
assignment of said lease; and
WHEREAS, the Delray Beach Chamber of Commerce has
requested the City Council of the City of Delray Beach to re-
lease certain of its rights under said lease in order to induce
the First National Bank of Delray Beach, the Delray Beach National
Bank and First Federal Savings & Loan Association 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 lenders 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 Chamber of
Commerce to the First National Bank of Delray Beach and/or
Delray Beach National Bank and/or First Federal Savings & Loan
Association of Delray Beach, all of Delray Beach, Florida, as
collateral security for a loan of $30,000.00 and the City of
Delray Beach agrees that it will not exercise any of its pri-
vileges to terminate said lease as long as any portion of said
loan remains unpaid.
Passed in regular session on this the 10th day of
June , 1968.
CITY OF DELRAY BEACH
Recorded In Orris;a! ~e¢or~ Book
~1~ 1~ Beach Cou:i~, Florida
Ci~t Court