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Home My WebLink About1993 Ordinance No. 005ORDINANCE No.fi_ SERIF.S OF 1993 BY AUTHORITY COUNCIL BILL NO. 1 INTRODUCED BY COUNCIL MEMBER HATHAWAY AN ORDINANCE EXECUTING THE ASSIGNMENT AND ASSUMPTION AGREEMENT BETWEEN PMP CORPORATION AND LINCOR REGARDING THE PHAR-MOR SIGN LICENSE AGREEMENT. WHEREAS, the Englewood City CoU11cil with the passage of Ordinance No . 6, Serie, of 1988, granted an Irrevocable License to the Englewood Urban Renewal Authority to use and occupy the property located approximately in the median of the Englewood ParkwO,Y acljacent to Highway 28~ for the purpose of conatructing and maintaining an informational aign; and WHEREAS , an Assignment and Auumption Agreement dated May 18, 1988, from the Englvwood Urban Renewal Authority to Lincor, in which Linear a11umed EURA'• obligations as licensee und•r the Sign Licenae; and WHEREAS, Lincor deeded Phar-Mor Plaza to PMP Corporation with an Assignment and ... Sumption Agreemen t dated August 14, 1992 ; and WHEREAS , as a part of the transaction eanvei~ng Phar-Mor Pla,,.a to PMP Corporation, Lincor assigned its rights under the Sign License to PMP Corporation; l'lld WHEREAS, with the execution of the Assignment and Assumption Agreement the City of Englewood acknowledges and approves of the assignment and assumption by PMP Corporation from Lincor; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, AS FOLLOWS: .5.ewm.l. The City of Englewood h ereby approves the execution of the Assignment and Assumption Agre ement between PMP Corporation and Linear and by &uch action acknowledges and approves the assignment and assumption by PMP Corporation from Linear . Introduced, read in full, and passed on fint reading on the 4th day of January, 1993 . Publi shed es a Bill for an Ordinance on the 7th day of January, 1993 . Read by tit le and passed on final reading on the 18th day of January, 1993. Published by title a s Ordinance No. 2. Series of 1993, on the 21st day of Janu.ary, 1993 . f1JEST : ~~~ Patr icia H. Crow, City Clerk 10 a I, Patricia H. Crow, City Clerk of the City of£nslewood, Colorado, hereby certify t!lat the above and foreroing it a lJ:),e copy of the Ordinance paned on final reading and pubU.hed by title II Ordinance No. 2-, Seri es of 1993. -2- /? .. · :;()~ ~-----Patricia H. Crow ASSIGNMENT AHP ASStlMPTIOlf AGREl!:MENT THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (the •Assignment") i• ude a• of Au911•t 14, 1992, by and uong LINCOR ENGLEWOOD PARTNERS, a Colorado general partn•r•bip (th• "Assignor") and PKP CORPORATION, a Colorado corporation (th• "Assignee•). l!EllAL: WHEREAS, th• City of Engl'lwood, Colondo (the •city") and the Englewood Orban Renewal Av:c.bority, a body corporate and po litic of the State of Colorado, entered into a Contrr.ct for I nf ormational structure pur•uant to an irrevocable licen•• (the "Licen••"l dated February 29, 1988*and attached to and made a part of ordinance No. 6, Sari•• 1988 of the City of Englewood, wh i ch License was assigned to Aa•ignor by an Aa•igrment and Assumption Agreement dated May 18, 1988 and recorded May 19, 1988 i n Book 5436 a t Page 747 of the real property record• of Arapahoe c ounty, Colora do. Subject to the tenaa of the Lic•n••• the Assignor de•ir•s to as•ign and to transfer to A•signee , and Assignee is ready, willing and able to •••WI• th• benefits, burdens and ob l igations arisi ng by or under th• Lic•n••· Th• City is wi lling t o approve •ai d •••igrment, a••1111ption and transfer. ~.ac;MENT NOW, THEREFORE, in con•ideration of ~h• prui••• and the mutual obligation■ of th• parti•• and other good and valuable consi deration, th• receipt and •ufficiency of whi ~h are hereby acknowledged, the parti•• h•r•by covenant and agr•~ a• follows : 1. A11iqrug1nt and A1 ■wppti4n. Subject to th• terms and condition• of the Lic•n••• Aa•ignor hereby a••ign• to the Assignee all of ita right, title and int•r••t of any kind and nature in, to and arising out of th• Lic•n••· A••ign•• hereby assumes and agree• to perfona all the duti••• obligation•, terms and covenant• of the Licen•• a ■ •pacified therein. Aa•ignor agree ■ to execute or cau•• to .:,e executed •all further agreuents and doc1111ent• required to perfect the afore•aid a••ignment and transfer. 2. Repn ■entationu ...ADd.. war;,;antia ■• Th• par tiH executing thi s Assigrmeut on behali of Aasignor and Assignee, e~=h represent and warrant that: (a) Th• A••ignor i• a duly organized and validly ex isting general partn•r•hip under the la~• of the State of Colorado and the Assignee i• a duly organiT.ed and validl1 existing corporation under th• law■ o~ the State of Colorado. Both such enti ties have the power to enter into thi• A••ignment • (a nd recorded May 1 9 , 1988 in Book 54 36 at Page 73 6) and have duly authorized the execution, delivery and performance of thi• Aaaignment by proper action in accordance with the respe cti ve governing docUJlents. (b) Th• conaummation of the tranaaction~ contemplated ~y this Aaaignaent will not violate any provisions of tha governing document• of the Aasignor or Assignee or constitute a default or reault in the breach of any term or provis i on of any contract or agreement to which the Assignor or Ass i gnee i s a party so as to adversely affect the cons\lllllllation of the transaction contemplated herein or the License. (c) The Assignor i s not in default under the License. J . Binding Effect , This Ag r eement shall be binding upon and inure to th~ ~enefit of the parties hereto and their respect i ve success orG ~nd 3Ssign s . IN WITNESS WHEREOF, the parties have executed this Assignment and Assumption Agreema nt as of the date end year first written above . AS S.i..;"NOR: LINCOR ENGLEWOO D PARTNERS, a Colorado general partnershi p By: LI NCOR PROPERTIES GROOP, -2- LIMITED PARTNERSHIP, a Colorado limited partnership, i ts General Partner / ATTJ!:S~.;. Mark· s. Job, Secretary' ASSIGIIU: PMP CORPORATION, a Colorado corporation ... /'J J ~r;lo~ d By its ,1xecution below, the City of Englewood, Colorado acknowledges and approves of the aaaignaent described in Paragraph 1 above. CITY OF ENGLEWOOD, COLORADO By: "'N-am_e_: ------------ Title: ___________ _ STATE 0,0 l'OLORAOO ss. CITY AND COUNTY OF DENVER . . . . . . . . . +~;<< t\-11 The foreJ¼ing instrument was ac~wledged beS:,•e this ~ rlay of 1 ~I&¼-, 1992, by • \TQ Me, t'.. as ~ Pt:esidto+--, and by Mark s. Job as secretary, of PMP c,orporation, a Colorado corporation. WITNESS my band and official •~al, My commission -3- STATE OF COLORADO CITY AND COUNTY OF ~-l.. , .l Th e foregoing inetrw,i,,nt was acknowledged before •e this ?'1 '-~, d a , of Septuiber, 1~~•2, by Stephan F. Clarke as Vice Presidentc r. LINCOR PROPERTIES, UIC., a Colorado corpor~tion, General :ti,,rtner of LINCOR PROPER'l'IES C.'tOOP, LIMITED PARTNERSHIP, a Colorado l .lllited partnership, G~nar:\l Partner of LINCOR ENGLEWOOD PA~TNERS, a Colorado gane~~l partnership. WIT 'IESS my hand and ofticia.\ seal. My co1111Diasion expires: ----S:.-.... f...,l~--9.._..t ________ _ ,/ ~✓ ....... / ,,1/ 14 ~ Notary liub1.c1 STATE OF COLORADO ss. CITY AND COUNTY OF DENVER The foregoing instrument was acknowledged before me th i s ___ day of-------,--,-,--• 1992, by as __________ of the CITY OF ENGLEWOOD, COLORADO. WITNESS my hand and official seal. My co1111Dission expires: _______________ _ Notary Public I - Date December 29, 1992 INITIATED BY STAFF SOURCE COUNCIL COMMUNICATION Agenda Item ll (c) Subject Phar-Mor Slgnage CommunJty Development Department Lee Merkel Director of Community Development ISSUE/ACTION PROPOSED City Council approval SS requested to acknowledge and approve the Assignment and Asswnptlon Agreement between PMP Corporation and Llncor Englewood Partners. The assignment of an Irrevocable license for the Informational structure (sign) for Phar-Mor Plaza Is made to transfer responsibility for the sign from Llncor to PMP Corporation. PREVIOUS COUNCIL ACTION The City Coul!cll has prevlously approved the transfer from the Englewood Urban Renewal Authority to Linear as licensee under the Sign License . STAFF ANALYSIS Linear Englewood Partners deeded Phar-Mor Plaza to PMP Corporation In a deed In lieu of foreclosure transactlpn. It Is appropriate, therefore, for City Council to approve the transfer to the Assignment of the Irrevocable License for the Informational Structure to PMP as the new owners . The City of Englewood"s approval Is not required, however , It will clarify for our record, as well as the record and license renewal w1th the Colorado Department oi Transpc>,iatlon, that the City has full knowledge of the transfer and has no objections tn the assignment. FINANCIAL There will be no financial Impact from the executlna of the agreement to the City of Englewood.