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HomeMy WebLinkAboutOrdinances Book 14, Page 633, No Ordinance Number633 AN ORDINANCE RELEASING AND RELINQUISHING A RESTRICTION AND REVERSIONARY CLAUSE CONTAINED IN A DEED FROM THE CITY OF PADUCAH, KENTUCKY TO KIWANIS CLUB OF PADUCAH, KENTUCKY, DATED JUNE 17, 1947, AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE, ON BEHALF OF SAID CITY, ANY INSTRUMENT NECESSARY TO EFFECT SUCH RELEASE WHEREAS on June 17, 1947, pursuant to an ordinance adopted by the Board of Commissioners of the City of Paducah, Kentucky on said date, said City conveyed to Kiwanis Club of Paducah, Kentucky, a Kentucky corporation, certain land in said city described as follows: Being Lots Nos. 5 and 22 in Block No. 1 of the Fountain Park Addition to the City of Paducah, Kentucky, 6 feet off of the east side of Lot No. 21 and Lot No. 4, and 4 feet off of the West side of Lot No. 6 and Lot No. 23 in Block No. 1, in Fountain Park Addition, as shown by a plat of said addition of record in Deed Book 38, page 147, in the office of the County Court Clerk ©f McCracken County, Kentucky. AND WHEREAS said conveyance was made in consideration of the benefits which the citizens of the city would receive by the erection and maintenance of a "Teen-Tow,m" upon said land providing wholesome recreational facilities for the youth residing within said city, and WHEREAS said deed contained a restriction and reversionary clause as follows: "It is understood and agreed and is a part of the consider- ation for the execution of this deed that said property shall only be used by the party of the second part, or by its successors or assigns, as a site for providing recreational facilities for the benefit of teenage children residing in the City of Paducah or for such other civic purposes as may be approved by the Board of Commissioners, which restrictions as to the use of the above described property shall be covenants running with the land. It is further understoid and agreed that any violation of the limitations and conditions as above provided shall at once and without notice operate as a reversion of the title to the party of the first part." i AND WHEREAS it now appears that daid Liwanis Club of Paducah, Kentucky, needs to pledge or mortgage said property as collateral I for a loan to be used in the establishment of a Drag Sprit for the it use of young people of Paducah and McCracken County, and WHEREAS it appears that no bank or loan company will accept i said property as collateral for a loan because of the aforesaid I i restriction and reversionary clause, and 634 WHEREAS it is the desire of this Board to release and relinquish said restriction and reversionary clause in any manner as will enable the Kiwanis Club of Paducah, Kentucky to pledge said property to secure a loan thereon. NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That. the City of Paducah, Kentucky, does hereby release and relinquish the restriction and reversionary clause contained in a deed from said City to Kiwanis Club of Paducah, Kentucky, dated June 17, 1947, for the use and benefit of any lending institution, its successors or assigns, that should accept a mortgage on the land described in said deed for security of any loan to said Kiwanis Club of Paducah, Kentucky; and also for the use and benefit of such lending institution, or its assigns if it should become the purchaser, either through voluntary sale or foreclosure, and for the use and benefit of all subsequent owners who may acquire such property as a result of the voluntary conveyance of said property by the Kiwanis Club of Paducah, or the result of any foreclosure of any mortgage secyring any loan and their heirs, successors and assigns. SECTION 2. That the Mayor and City Clerk are hereby authorized and empowered to execute, on behalf of the City of Paducah, Kentucky, any instrument necessary to effect suoh release and to join in any mortgage executed by Kiwanis Club of Paducah, Kentucky, for the purpose of effecting such release. SECTION 3. All ordinances or parts of ordinances in conflict herewith are hereby repealed to the extent of such conflict. SECTION 4. This ordinance shall be in full force and effect from and after its adoption. mayor Passed by the Board of Commissioners November 28, 1961 Recorded by Sarah Thurman, City Clerk, November 2$, 1961.