HomeMy WebLinkAbout77-10CITY OF LAKEVILLE
77-10
RESOLUTION AUTHORIZING THE CONVEYANCE BY QUIT
CLAIM DEED OF HARRY S. JOHNSON COMPANIES, INC.
INDUSTRIAL DEVELOPMENT REVENUE BOND PROJECT TO
THE FIRST TRUST COMPANY OF SAINT PAUL, MORTGAGEE
WHEREAS, the City issued, as of January 1, 1974,
industrial development revenue bonds of the City to finance
a project by Harry S. Johnson Companies, Inc.;
WHEREAS, a Mortgage and Indenture of Trust was
given on January 1, 1974 by the City to First Trust Company
of Saint Paul, as Trustee;
WHEREAS, the Tenant is in default under the Lease
and Mortgage, and has vacated the premises;
WHEREAS, First Trust Company of Saint Paul, as
Trustee, pursuant to Minnesota Statutes 582.11, is going to
seek court instructions on the administration of the trust,
and to obtain full control over the premises to allow rapid
sale if a purchaser develops, and for any other purposes
consistent with the Mortgage and Indenture of Trust,
NOW THEREFORE BE IT RESOLVED by the Council of the
City of Lakeville, Minnesota as follows:
The Mayor and Clerk of the City are directed and
authorized to execute a quit claim deed of the City of Lakeville's
interest in the project premises to the First Trust Company
of Saint Paul, as Trustee, for the purpose of seeking court
instructions in the administration of the trust, pursuant to
Minnesota Statutes 582.11, and to obtain full control over the
premises to allow rapid sale if a purchaser develops, and
for any other purposes consistent with the Mortgage and Indenture
of Trust.
Passed 7 February , 1977.
( k -,-
Mayor of the Council
Attest:L-
City Clerk