HomeMy WebLinkAboutReso 1982-11045 RESOLUTION NO. 11045
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA WAIVING ALL RIGHT, TITLE AND INTEREST IN ANY
FIXTURIZATION OF THOSE PREMISES OWNED BY THE CITY
OF CHULA VISTA KNOWN AS JIMMY'S ON THE GREEN
The City Council of the City of Chula Vista does hereby
resolve as follows:
WHEREAS, Jimmy's Fine Family of Restaurants has hereto-
fore agreed with the City of Chula Vista to provide all equipment,
furniture and fixtures for the development of the building known
as Jimmy's on the Green, and
WHEREAS, the Bank of SUn Diego has heretofore approved
a loan for the subject firm to finance the purchase of all said
equipment, furniture and fixtures for their restaurant Jimmy's
on the Green, and
WHEREAS, it is required as a condition of said loan
that the City as lessor of the property waive all right, title and
interest to said equipment, furniture and fixtues, and
WHEREAS, it is desired that the City stipulate that such
equipment and fixtures and the proceeds of insurance thereon shall
be and remain the property of Jimmy's Fine Family of Restaurants
in the event of a foreclosure to guarantee the security interest
thereof and in consideration of the financial accommodations by
the Bank of San Diego to borrower, Jimmy's Fine Family of Restaurants,
and
WHEREAS, it is desired in the event of any foreclosure
that should such equipment be required to be removed, that the
premises be restored in a condition so as to accept new fixtures
without further cost or undertaking by the City.
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Chula Vista does hereby agree that the Bank of San
Diego shall have the right to remove or require borrower, Jimmy's
Fine Family of Restaurants, to remove all or any part of equipment
in the event of default by borrower under a security agreement with
the Bank of San Diego.
BE IT FURTHER RESOLVED that ~e City Council as lessor Of
the premises agrees to the terms and conditions as set forth herein
only upon the Understanding and full agreement that in the event
that the equipment, furniture and fixtures should necessarily be
Temoved in the event of foreclosure, that the premises would be
left in such state as to allow the re-equipment, furnishing and
refixturization thereof with no further cost to either the City or
any subsequent lessee of the property.
BE IT FURTHER RESOLVED THAT City, in exchange for the
hereinabove stated concessions, reserves the first right of refusal
on the purchase of all said equipment, furniture and fixtures in
the event of foreclosure provided however that the City has no
obligation to acquire said equipment and furnishings.
Presented and Approved as to form by
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, CALIFORNIA, this 21st day of October
19 82 ., by the following vote, to-wit:
AYES: Councilmen Scott, Cox, Moore, McCandliss
NAYES: Councilmen None
ABSTAIN: Councilmen Malcolm
ABSENT: Councilmen None
Mayor it of Chulo Vista
STAI E OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss,
CITY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chulo Vista, California,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION N0. 11045 ,and that the some has not been amended or repealed.
DATED
(seal) City Clerk
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