Res 12-67 RESOLUTION NO. 12-67.
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF DELRAY BEACH, FLORIDA, CONSENTING
TO THE ASSIGNMENT OF THE DELRAY BEACH PUB-
LIC LIBRARY ASSOCIATION, INCORPORATED LEASE
AS COLLATERAL FOR A LOAN TO SAID ASSOCIATION.
WHEREAS, the Delray Beach Public Library Association,
Incorporated 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 April 19, 1948 which
has a rider thereto dated June 9, 1958 and a second rider dated
November 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,
Incorporated desires to enlarge said library building situated on
the leased premises, and
WHEREAS, the First National Bank of Delray Beach and
the Delray Beach National Bank have agreed to lend to the Delray
Beach Public Library Association, Incorporated the sum of Sixty
Thousand ($60,000.00) Dollars if such loan can be adequately se-
cured by a collateral assignment of said lease, and
WHEREAS, the Delray Beach Public Library Association,
Incorporated 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 First National Bank of Delray Beach and the Delray
Beach National Bank 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, 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 Public Library
Association, Incorporated to the First National Bank of Delray
Beach, Delray Beach, Florida, and/or the Delray Beach National Bank
of Delray Beach, Florida as collateral security for a loan of
$60,000.00 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 26th day of
June, 1967.
CITY OF DELRAY BEACH
By
MAYOR
ATTE ST:
Off ' cl
Record 1602 ?ag® 131