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MUNICIPAL ORDER NO. 409
�J. A MUNICIPAL ORDER APPROVING THE ASSIGNMENT OF CERTAIN LEASES
BY GREEN CONSTRUCTION OF INDIANA, INC. TO SMITH DEVELOPMENT, INC.
WHEREAS, a certain lease agreement was made and entered into
by and between the City of Paducah and Lessor and MRJ&B Corporation as
Lessee which is recorded in Book 632, page 338 in the Office of
McCracken County Clerk; and
WHEREAS, a certain lease agreement was made and entered into
by and between the City of Paducah, Kentucky, as Lessor, and
Paducah -McCracken County Convention Center Corporation, as Lessee,
which lease is recorded in Book 632, page 355 in the Office of
McCracken County Clerk; and
WHEREAS, said lease was duly assigned by Paducah -McCracken
County Convention Center Corporation to MRJ&B Corporation, and recorded
in Book 632, page 37 in the Office of the McCracken County Clerk; and
WHEREAS, the above leases were duly assigned by MRJ&B
Corporation to Green Construction of Indiana, Inc. on December 30,
1982, and were duly recorded in Deed Book 686, page 29 and page 86 in
the Office of the Clerk of McCracken County, Kentucky, on April 16,
1986; and
WHEREAS, Green Construction of Indiana, Inc. is selling and
assigning all of its interest in and to the landlease agreements,
building, furniture and fixtures located thereon, being the Convention
Center and Executive Inn-Riverfront, to Smith Development, Inc., all of
which is to be effective at 12:01 A.M., EST, October 1, 1987; and
WHEREAS, the Board of Commissioners of the City of Paducah
finds that said assignment will not impair the leases as the Assignee
is a reliable corporation which will continue the full operation of the
Convention Complex and the Executive Inn-Riverfront Hotel, all of which''
will be to the benefit of the City of Paducah; and
WHEREAS, the City of Paducah, Kentucky, pursuant to paragraph
12 of the Lease between the City of Paducah and MRJ&B Corporation,
dated August 1, 1980, has been notified of the proposed transfer to
D
Smith Development, Inc. and hereby finds that it would not be in the
best interest of the City to exercise its option to purchase the Hotel
Complex, and determines that it shall not accept the offer to purchase.
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the Board of Commissioners approves the
assignment of .the two leases hereinabove referred to by Green
Construction of Indiana, Inc. to Smith Development, Inc., said Smith
Development, Inc. to assume all responsibilities thereunder and
releasing Green Construction of Indiana, Inc. from such leases.
-SECTION 2. That.the Board of Commissioners rejects its
option to purchase the Hotel Complex and does hereby waive the sixty
(60) day time period extended by paragraph 12 of the Lease, to act upon
said option.
SECTION 3. The Mayor and City Clerk are hereby authorized to
perform all acts necessary and sign all documents to carry out the
intent of this Order which is to approve the assignment of leases
referred to in Section i above.
SECTION 4. This Order shall become effective upon its
adoption according to law.
JOE'VITERISI
Mayor
Adopted by the Board of Commissioners September 30, 1987
Recorded by Lenita Smith, City Clerk, September 30, 1987
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