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HomeMy WebLinkAbout2007-7-730390873 RM ORDINANCE NO. 2007-7-7303 AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF PADUCAH, KENTUCKY AUTHORIZING A LESSOR'S AND OWNERS' CONSENT AND WAIVER AMONG THE CITY OF PADUCAH, KENTUCKY, THE COUNTY OF MCCRACKEN, KENTUCKY, THE PADUCAH MCCRACKEN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY, AND U.S. BANK NATIONAL ASSOCIATION. WITH RESPECT TO PERSONAL PROPERTY LOCATED IN THE SUBLEASED PREMISES OF INFINITI PLASTIC TECHNOLOGIES, INC. WHEREAS, the City of Paducah, Kentucky and McCracken County, Kentucky (collectively, "Owners") have leased certain real property located within the Industrial Park West of the City of Paducah, County of McCracken, Kentucky, to the Paducah McCracken County Industrial Development Authority ("Lessor"); and WHEREAS, Lessor has subleased the aforesaid property to Infiniti Plastic Technologies, Inc. ("Tenant") pursuant to a Capital Sublease Agreement dated June 1, 2004; and WHEREAS, Tenant has requested a loan from U.S. Bank National Association ("U.S. Bank") to purchase equipment for Tenant's facilities; and WHEREAS, in order to further the aforementioned intentions of Tenant, it is necessary and desirable that the City now authorize the Lessor's and Owners' Consent and Waiver among the Owners, Lessor and Tenant with U.S. Bank. r l NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF PADUCAH, KENTUCKY AS FOLLOWS: SECTION 1. Authorization. The Mayor of the City of Paducah, Kentucky, is hereby authorized and directed to execute the Lessor's and Owners' Consent and Waiver in substantially the form attached hereto as Exhibit A and made part hereof, which fully releases any and all claims the Owners or Lessor may have to all personal property of Tenant located on the property subleased by Tenant and acknowledges U.S. Bank's right to all personal property of Tenant contained within the subleased premises in the event Tenant defaults on its loan with U.S. Bank, specifically excepting from this release any fixtures owned by Owners and/or Lessor; and any and all other instruments deemed either necessary or desirable to carry out the recommendations of the Board to waive and release the claims specifically described in the Lessor's and Owners' Consent and Waiver. SECTION 2. Severability. If any section, paragraph or provision of this Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this Ordinance. SECTION 3. Compliance With Open Meetings Laws. The City Commission hereby finds and determines that all formal actions relative to the adoption of this Ordinance were taken in an open meeting of this City Commission, and that all deliberations of this City Commission and of its committees, if any, which resulted in formal action, were in meetings open to the public, in full compliance with applicable legal requirements. SECTION 4. Conflicts. All ordinances, resolutions, orders or parts thereof in conflict with the provisions of this Ordinance are, to the extent of such conflict, hereby repealed and the provisions of this Ordinance shall prevail and be given effect. 1 328 SECTION 5. Effective Date. This Ordinance shall be read on two separate days and will become effective upon summary publication pursuant to KRS Chapter 424. A TEST: 31 a(/t� l� d zvk Tammara S. Brock, City Clerk Introduced by the Board of Commissioners, June 26, 2007 Adopted by the Board of Commissioners, July 10, 2007 Recorded by City Clerk, July 10, 2007 Published by The Paducah Sun, July 16, 2007 \ord\Infiniti-WAIVER & CONSENT 2 EXHIBIT A SEE ATTACHMENT 329 330 INFINITI PLASTIC TECHNOLOGIES, INC (Debtor) U.S. BANK, N.A. (Secured Party) WAIVER AND DISCLAIMER City of Paducah, Kentucky and McCracken County, Kentucky ("Owners") and Paducah -McCracken County Industrial Development Authority ("Lessor") hereby waive and disclaim any and all interest in and to the equipment, improvements and personal property of Infiniti Plastic Technologies, Inc. ("Debtor") located within the Industrial Park West of the City of Paducah, Kentucky, as more particularly described in the Lease Agreement between Owners and Debtor dated March 24, 2004 (Premises), including but not limited to: All machinery, equipment, parts, apparatus, appliances, tools, fittings, fixtures and articles of tangible personal property of every description now or hereafter owned by Debtor or Debtor may have or may hereafter acquire any interest, located on, upon or about, or attached to the Premises. The collateral includes but is not limited to the equipment listed on the attached Exhibit A to the Fixture Filing between Debtor and Secured Party. The parties hereto acknowledge that the afore -described collateral is the property of Debtor, and the parties hereto have no right to pledge, mortgage or otherwise assign any right in or to the afore -described property. DATED this the STATE OF KENTUCKY COUNTY OF McCRACKEN day of , 2004. . ss. PADUCAH-McCRACKEN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY By: _ Title: I, , a Notary public in and for the county and state aforesaid, hereby certify that the foregoing Waiver and Disclaimer was produced before me in the county and state aforesaid, and was signed and acknowledged before me by the PADUCAH-McCRACKEN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY, by and through its duly authorized representative, , as and for its free act and deed, for all the purposes therein contained and according to law. Given under my hand and seal of office on this the day of , 2004. My commission expires: STATE OF KENTUCKY ss. COUNTY OF McCRACKEN ) NOTARY PUBLIC KENTUCKY STATE AT LARGE CITY OF PADUCAH, KENTUCKY By: _ Title: I, a Notary public in and for the county and state aforesaid, hereby certify that the foregoing Waiver and Disclaimer was produced before me in the county and state aforesaid, and was signed and acknowledged before me by the CITY OF PADUCAH, KENTUCKY, by and through its duly authorized representative, , as and for its free act and deed, for all the purposes therein contained and according to law. 0 Given under my hand and seal of office on this the day of , 2004. My commission expires: NOTARY PUBLIC KENTUCKY STATE AT LARGE STATE OF KENTUCKY : ss. COUNTY OF McCRACKEN ) McCRACKEN COUNTY KENTUCKY By: _ Title: I, , a Notary public in and for the county and state aforesaid, hereby certify that the foregoing Waiver and Disclaimer was produced before me in the county and state aforesaid, and was signed and acknowledged before me by the McCRACKEN COUNTY, KENTUCKY, by and through its duly authorized representative, , as and for its free act and deed, for all the purposes therein contained and according to law. Given under my hand and seal of office on this the day of My commission expires: NOTARY PUBLIC KENTUCKY STATE AT LARGE 2004. 331