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HomeMy WebLinkAbout2003-21Ordinance 2003-21 Execution of Pulaski Furniture Corporation Waivers ADOPTED: November 11, 2003 EFFECTIVE: November 11, 2003 .e.- l g~ 1 TOWN OF PULASKI, VIRGINIA ORDINANCE 2003-21 EXECUTION OF PULASKI FURNITURE CORPORATION WAIVERS WHEREAS, the Town Council of Pulaski Virginia sitting in regular session on the 11~' day of November, 2003 has determined that it is in the best interest and consistent with the general good and public welfare that the Town of Pulaski accept the attached Mortgagee Waiver and Waiver of Loan Acceleration Provision & Ratification of Indebtedness; and NOW, THEREFORE BE IT ORDAINED by the Council of the Town of Pulaski, Virginia that the aforesaid documents entitled Mortgagee Waiver and Waiver of Loan Acceleration Provision & Ratification of Indebtedness attached hereto and expressly made a part hereof are acceptable and the proper Tawn officials are hereby authorized to execute same; and This~ordinance is effective upon adoption and is hereby adopted this 11~' day of November, 2003 and is adopted by the duly recorded vote of the Town Council of the Town of Pulaski as follows: Bettye H. Steger John T. Bolen Pauline G. Mitchell Jeffery S. Worrell - Aye Kenneth M. Fleenor -Aye - Aye James 1Vt. Neblett, Jr. -Aye - Aye E. G. Black, Jr. -Aye - Aye Town of Pulaski, Virginia .~- Charles W. Stewart, Jr., Mayor ATTESTED: (1~ ~~r u ~s Patricia Cruise, Clerk of Council 1q3 .. Aged and Lendet~ have rcquirad, ~ a eondition to exteatding arty tltta~tcial accaatmadatioatt to 13orrov~tx, the execution and delivery of this Agreement by Mortgagee, Np~'V, 'T~twRF..F4~ItE, far ?eat Doilata (~ 10,Q4) in hand paid by .Agent to Mortgagee and tttc rttutual cavertaats and ~~ts hereinafter set fcxth. and in order to induce Agextt and Lendcr~ to extend financial accammodatione to or for the benefit afBarrnwerr in accardsnce with the te~rrns afthe Loan Agre~nent, Mortgagee covenants and ages with Agent as follows: 1. Cerrtteent agd. Sttbordiirratia8, Mortgagac corssearts too Agent's security intermit in the Colitrt~s~t. Iaivrtge hereby agrees that. Agcrn's Bert and security interest in the t::oltateral and alt proceeda tbw~+of, whether now in existence or herea{~er arising, s~tatt bye prior and superior to any ~ art liens whi~b Mortgagee .now has ar in the future may have with respect to any of tfte toltata~tl or proccaLa tltm~saf, however and whencvs~ arising; and Mat1tgagee hereby attli~ci~ntiuts ih t"~rOir of Age qty sae;6 H~ which M~ trey have a~ in the forme stay httve. ~. „~t-,pt ~ ~sl 1F~rro>, Mt~rtgagee ogees drat all of the Ctt ~Iy loc~tod oa t$c P~aiises ~ which Wray hereafter be located thereon shall be a~ rem~alnt parsotta! pnrperty and shalt not be decrrted f`uctures ar part of the portion of the t'rerttises cart~:ituting realty ot` an apfrta7tcitaaee thereto. 3r .!list's 1~~eht ~ Ac~,~ 1t ~#iemoval. Agent shall. have the riglii Go eafCr upon the Preeranisea at asty #irno ttr times to inspaet the Collateral. Agent is authorized act arty pme t+o e upon the Fre#nises artd to c+errwve the Collateral therefi~sat, whether ar rtvt such rerrtoval recttttces a physical detachment. of the Collateral frc~rrt the ]'t~emises or causes injury thereto; err rvitlett, l~rwc~rcrt that by its acceptance hereof. Agtrtt ogees to cepaar, or pay the reasoetatale cysts to r~air, nay such injury to true Pteatises. Agent aray use- the Prerctises co s+sU any of the Crpllirtidrrtt tftohm ~`to shore say of tlx Cailaterat thereon d. ~g~>~~~ l;tethelt~ Mortgagce shall notify Agextt in writing of mty default by l~arr+ower butler' the ~ of tlt6 tareedR attcl Agent shah have the right ltsut is not ctbllgt~ to cure such default ort b~atlf of 13otmwer vaithin thirty (34) days fi°om the date it re~ceivea notice.. Arty such aot~e sltaA be scat by cesr+tified mail, postage pre~ald, us A~rtt at,dtrr fdll~trvvi~t~ ~: -~- Ft~t Capital Ci~rpat~atioti, as ~-geat ~a P9tkway, .fiuitC t3Qt1 Atlsnt~a, ~atgia: 311339 Atttntiott: Loam A.dministratioa ar to such other address as Agent. may hereafter sp®eify in writing.. 3. Porrcrr to Ezecarte Agreemen#. Mortgagee hey certifies: rrepresents, snd watr to. Agent that M+~rtga~gee has 1tttl power and authority to execute this Agreement, that the parsvt~ executing aria Agreeuteitt have b+~t duly aathorizad to do sa try Mortgagee, artd that it is the sole owner and holder of the Dead, 3~na;~a-~ ~~ .... .. 1.~~. b~ M~~rieaur: '€'his Agr~m~t shall o~ri~ in affect for sa Icing as Ag~t f~ an isest in the ~QZral oc ~+amower is in,c~lited to Agent and Lenders, shall he binding upan then tegai represstati~as, succeesoxs; aad assists of Mortgagee, and shall inane bn the baxtes~t of Ag~t I~et~rs and tl3eir respactrve successors and assigns. Mdrtg~ee hereby waives ttotice of Aga~kFs aec~tana: of snd reG~tce ctn this Ate. Taus Agreement tali be gaverrted by thy. ill 1$ws of $tc Statc of t, ~ocirgia, expt~sea the enttire undet~ng of the partite with refit tti tl~e subjaat math hereof and. may net be amend+ad except try writt~ agrc~cmeret of l~la~ve ats~ Agiaot. 7. Co a Teie~r~d slsntatnrei. This Agreement may be executed in two (~~ ar more ecnutterp, each of which. shall be dee~n~ tc- be an original fiat all of which. taken tvg s~t#. eonstltute one a+~d the samo went. .Any si~a~re daliv~+ad by a ptu't~+ by faecsi~ nissls~a shall be dammed m be ors, origtal~ si~atune hereto, '~Fi~4~ ~~f?l~'; Fait h~ escd tl.~ Agt~e~ncnt tct ~ exeeubad; a detssd ttn t artd. ~+esrc ~rrltten above. 7"AE T+Q~I OF lid#I, ~R~A By: ..~,~... Title 1~ ,~~ •--a .~- sit -3- .. `~ ~a . _ ... _ C:UMM4NW'EAI.T~i OF VIR~Il@IA Cf3CTNT~' pF PULA~KI l~Jttvember h 2Uf}3 ~,,,~. "fhe fv~egoirrg irastrw~teftt was acknawl+~dped befivr~ me by~ ~,~ ~ ; as ~ ~ tya1~~ of the Tawt1 nfFala~ci, aCl bcl~alf of the'!"Ctw11 of Put~ki. ~fatary Public ~ ,~,.; =~ +~~ +~;- My t;~atrunission ~?xpir~: : ~, .k~,i ~~ ~~.,, .a_ ~~~ ~~ 1 ~7 3a~ ~q.~. SCHE©ULE A FR~PERTY t?ESCRiPTif3N Rl1l.~S1~41 ~'URt'V1TllRE C~1RPaRATi~C}IV SEED C)P TRUST S~EPT~M~~R 24, 199 Ail that r~erta~in tract or parcel of real property- lying and being in the Tt~wn of Pulaski, Rula~ski Coun~r,1/lrginia, being described as follows, to-wlt: ~~1~ all t#~a# cert~n 1 E3.12i8 a lt]~#+~d St the it~tt~ra~ Bc~b ~1Vhite ~ivd. artd Route g9 pis more f~l~ described c~ the survey map anti#led, "'Physil Sunray on the Property of ~partcte Sportswear town of Pulaski: Pulaski County, Virginia for Pulaski Furniture Corp." dated September 2l7, 1986, and prepared by ltbe & Heneg~tr~ Protesslor~l Land Sunreyars, [?ubi~, Virc,~'ni~, a campy al` which is to be recorded contemporaneously herewith, and which is incorporated by te~erence. ~41~Q ~~ll~ ttte same trot or panel of real properly which was oortveyed tai Grantor frrcurr Sparkle Sportswear, lnc., by deed dated the r dsy of . ~ 1 ~8fi, which d~;ecJ is #o be recorded ccnterr;p neously herew~+ith. TQG~~R 1ttil1TN all easements and appurtenances pertaining to the atbove~described real property u trustees, their su~~:ssars and assigns. ~c::t:4~:~~ I~t TtiE vI.ERK`S ~"~I:~~ ~7~ P~Ji~taE:I i Ctti~'E'Y r~ ac~"7E'i1~~"~ 2#r t ~~ AT ~1:IoF?~ ~.~LEI~t7I3 L4ak.r~~ILL, ~~cr~ s~~i~~~~~ ~-~%r ~ib~ ~~~ a_~ !_~ ~Jt~l~Lfr1. ©® [~aiv~ Qf Lol~n Acceleratitm Frovisi~tn & Ratification of Indeh4tedn+e~c THIS AGitFNT is merle and entetcxl into this ,~~~ day of ~Iov+atT]ber, 200, by Pulaski Furniture Gurporaticm (hsreiaafter "PFC"), and Town of E'tdi (her+einafler "Tor~n'~. Wl:'iNESSETH The Town hereby weaves and raiea the prevision iYY tlac I~e~ ul' Trust retttted G) ttt6 propettyr ea~i~uag !4:12.18 at 12f11 East Maia ~tt+set, Ptxlaslci, Ytirg 2~3t11 (the "P'r+a'!~'~+''~, wfiich +s f~krd'm the tarcuit Caw't F!f Pitlsski Ca+, Pulaslt, Virginia, is l ~iook X54, page Sfitl, wlii~ tai " la~mA s~ui+ed +h'Y shall ~ duc on state, !cause ar canvcyartrx of flu: scibj~ect drop ar atrlt intet+est therrain at portion titer~f, wF~etha"r voirmtr~y or by opera~itta of law. At~y sale. assigasnent, pledge, hypothion, tt~snsfer ur conv~y~nae of a majrncity inberatsc in or ownership intei+est in the taosiocss of Barrawet shall tie deemed a transfier of on merest ut ~ Property, withc-tit the prior writiett con9rtti 4f Tnvu+» ftt°st ObtSitued. which sransent Tawr~ shall be tand+gr rea abligatian to grew, and. which trnay be withhCid by Town in itx sale sbsalute discretion, witi>mout cc~ard to any scsndard of `reasunabl~sess' that rnfg}~t atl~erwisc agp~,,F.. P~ ratifies tta~a debt to fife Tawxt repneseq~ted by the pramissary nflte dated ,5ep~tember ~~„ t9 Frith an original ptincipat amottrtt of $54Q,+~t10 secured by tlia otteci ~! of 'i'nk. aad i#Srther aclatawiedg~ that the waiver ~d rele~asa of ~e~ prnvisiot~ salting for loan aaceiott relates sakty to the placement of a subordinate deed of trust ~ the Pro- by t Capital Carparatian. PUL.ASKI Ft1It;~tI:T[J1~B Ct~RFORATI(~N Bp: Titre: il~ ~ !G/ T~,1'~1'i~T fJF FIfGK~ By: Town Manag Titre: ~~ -~~ ~~~ ~`a+aP3810~'utaaic; Furnrw~c31'OMnt ~1"Fulesid1Waiver tN4titirnbac 2003},dae .,... •,~,, !~ u~cey.s~tt E~ dt~e on safe,l8~se or ~an:~~a 4~ti ,.,.~'P~~ Qr y ite~t train or ~rtr4n dt~ wt~G~ ~ro1ua op~crat~t ~ ,~lny sale,, $asi ~, ~~ ~ ~ t~ ~ tXt.~cr[C I~ or ownersls~ptn~ in the ~ e~f u .., . °B~rrcrc~r ~~ ~} $ #~,~ of au int~re~t ire tk~e 'gar vl~th~~ ttie .; , ~t cif TDi~+n ~ first obta%t~d, which consent Tatiut~ skfq~l be - ~ncfi~r no aCxli,~a t~ g~rntt~, a~ wl~fch ~ Ibe Zvi Y td;~r 1'~ inr its ~1e ate; ,.. ~ toy, w~~_a~ ~ ty and s't$nt t~f"ra~;. ,~ , ,. . . • .~" .. I, Patricia Cruise, Clerk of Council, certify that the foregoing Ordinance 2003-21, Execution of Pulaski Furniture Corporation Waivers, is a true and correct copy as adopted by the Pulaski Town Council at their regular meeting on November 11, 2003. l~ Patricia Cruise, Clerk of Council Tc(c/ordinancefcertification 2003-21