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Authorizing the Assignment Economic Development Brett S. Morse Project
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Authorizing the Assignment Economic Development Brett S. Morse Project
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Last modified
2/20/2013 2:32:37 PM
Creation date
2/20/2013 2:32:36 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/10/1986
Ord-Res Number
7649-86
Bill Number
62-86
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ASSIGNMENT <br /> AGREEMENT <br /> PARTIES: <br /> T. Brooks Brademas ("Brademas") <br /> National Bank as Trustee under the Indenture of Trust <br /> Agreement dated March 2, 1978 between the City <br /> of South Bend, Indiana, the South Bend Economic <br /> Development Commission, Brett S. Morse , and the National <br /> Bank & Trust Company, of South Bend, Indiana <br /> ("Trustee") <br /> National Bank as Bondholder of the City <br /> of South Bend Economic Revenue Bond, Brett S. Morse <br /> Project, in the original principal amount of $340,000 <br /> ("Bondholder") <br /> City of South Bend, Indiana ("City") <br /> PURPOSE: <br /> The purpose of this agreement is to permit the sale <br /> of the Real Estate ("Real Estate") described in the <br /> Agreement for Sale and Transfer of Real Property <br /> Interest dated March 21 , 1986 , between the Natioanl Bank <br /> & Trust Company of South Bend and Brademas , by assigning <br /> to Brademas all of the rights , duties , liabilities, <br /> title and interest of Brett S. Morse and/or Morse <br /> Electric Company, Inc. (both of which shall hereinafter <br /> be referred to as "Morse") under the City of South Bend <br /> Economic Development Revenue Bond, Brett S. Morse <br /> Project ("Bond") and under the terms and conditions of <br /> the Lease Agreement (the "Lease") , the Indenture of Trust <br /> Agreement (the "Trust Indenture") and the Mortgage Agreement <br /> (the "Mortgage"Z all dated March 2, 1978 , and providing for <br /> the consent of the Trustee, the Bondholder and the City <br /> for such assignments. <br /> DATE: , 1986 <br /> AGREEMENT <br /> In consideration of the mutual promises contained <br /> herein, and as part of the Agreement for Sale and Transfer of <br /> Real Property Interest dated March 21 , 1986 between Brademas <br /> and the National Bank & Trust Company of South Bend, the <br /> parties agree as follows: <br /> 1. Assignment. National Bank hereby assigns all of <br /> its right, title , and interest in and to the Real Estate <br /> described in Exhibit A to the Agreement for Sale and Transfer <br /> of Real Property Interest, which right, title and interest <br /> includes , but is not limited to, all of the right, title and . <br />
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