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HomeMy WebLinkAbout86-5-2835558 ORDINANCE NO. 86-5-2835 AN ORDINANCE APPROVING A MORTGAGE AND COLLATERAL ASSIGNMENT OF LEASE BY GREEN CON- STRUCTION COMPANY OF INDIANA, INC., TO AMERICAN FLETCHER NATIONAL BANK OF INDIANAPOLIS, INDIANA WHEREAS, on August 1, 1980, the City of Paducah entered into a lease with MRJ&B Corporation, which lease affects the property upon which the Executive Inn Hotel is located; and �i WHEREAS, the City of Paducah entered into a lease dated August 1, 1980, with the Paducah -McCracken County Convention Center Corporation, which lease affects the property upon which the Julian M. Carroll Convention Center is located; and WHEREAS, the Paducah -McCracken Convention Center Corporation, with the written consent of the City of Paducah, assigned its leasehold interest to MRJ&B Corporation on August 1, 1980; and WHEREAS, MRJ&B Corporation, with written consent of the City of Paducah, has assigned both of the aforesaid leases to Green Construction Company of Indiana, Inc.; and WHEREAS, Green Construction Company of Indiana, Inc. has entered into a mortgage and collateral assignment of lease with American Fletcher National Bank of Indianapolis, Indiana, which is attached hereto and made a part hereof as if set out in full; and WHEREAS, it is the intention of the City of Paducah to approve the mortgage and collateral assignment of lease. BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS: SECTION 1. That the City of Paducah approves the mortgage and collateral assignment of lease entered into on April 11, 1986, by and between Green Construction Company of Indiana, Inc. and American Fletcher National Bank of Indianapolis, Indiana. SECTION 2. The City of Paducah approves the granting of a mortgage for the securing of indebtedness by Green Construction Company to American Fletcher National Bank and the granting of a mortgage lien on the leasehold interest of Green Construction Company of Indiana, Inc. SECTION 3. This ordinance shall be read on two separate days and will become effective upon publication of title and a certified summary thereof. JOE VITERISI Mayor Introduced by the Board of Commissioners April 22, 1986 Adopted by the Board of Commissioners May 13, 1986 Recorded by Lenita Smith, City Clerk, May 13, 1986. Published by The Paducah Sun May 19, 1986.