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<br />11 " <br />~ <br />\... If <br /> <br />FXS: d(t-t C') 5 /9/3 (004/35) <br /> <br />RES 0 L UTI 0 N NO. p- 1401 <br /> <br />RESOLUTION CONSENTING TO ASSIGNMENT OF LEASE <br />AND SUBORDINATION OF LIEN RIGHTS AND AUTHORIZ ING <br />EXECUTION THEREOF <br /> <br />(SEAPORT PETROLEUM CORPORATION) <br /> <br />WHEREAS, this Board has previously entered into a lease <br /> <br />agreement <br /> <br />(form <br /> <br />dated <br /> <br />12/3/92R) <br /> <br />with <br /> <br />Seaport <br /> <br />Petroleum <br /> <br />Corporation; and <br /> <br />WHEREAS, under the terms of said lease agreement Seaport <br />Petroleum C-orporation has the right to assign or encumber its <br />I <br /> <br />interests in the lease, with a consent of this Board, as evidenced <br /> <br />by resolution; and <br /> <br />WHEREAS, pursuant to the aforementioned terms, Seaport <br /> <br />Petroleum Corporation has requested that this Board consent to the <br /> <br />assignment of Seaport Petroleum Corporation'E leasehold to First <br /> <br />Interstate B-ank of Arizona, N.A., as security for a loan from <br /> <br />First Interstate Bank of Arizona, N.A., and the subordination of <br /> <br />the Port's liens, rights and security interests, if any, against <br /> <br />certain items of personal property; and <br /> <br />WHEREAS, there has been presented to this Board a document <br /> <br />ent.it1ed, "Assignment of Lease and Subordination of Lien Rights"; <br /> <br />and <br /> <br />WHEREAS, it is the intention of this Board to consent to such <br />