Title
Resolution - Approval of Sale of Improvements and Release from Lien in Blanco County - E Dauterive
Other Info
Submitted By: Cody Moos on behalf of Eddie Dauterive
Department: Chief Operations Officer
Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session.
Discussion
The Cooperative will consider authorizing the sale & removal of Improvements located in Blanco County, Texas as further described in the Term Sheet provided in Executive Session. PEC owns a mobile home taxed as improvements on real property by the appraisal district (the "Improvements"). The Improvements is subject to the Lien (as defined in the Master Indenture) of the Master Indenture of Trust (effective as of January 1, 1993, and as supplemented from time to time (the "Master Indenture")) between the Cooperative and The Bank of New York, as successor to Frost National Bank of San Antonio (the "Trustee") and of the Deed of Trust, Security Agreement, Assignment of Rents and Leases, Fixture Filing and Financing Statement (the "Deed of Trust"). The Cooperative will also consider the release of the Improvements from the Lien.
Body
WHEREAS, the Cooperative's Board of Directors has reviewed the Term Sheet for the sale/removal with respect to the Improvements in Blanco County as provided in Executive Session; and
WHEREAS, the Cooperative's Board of Directors hereby concludes that the Improvements are no longer necessary or advantageous in the business of the Cooperative; and
WHEREAS, the Cooperative's Board of Directors hereby concludes that the sale represents the fair market value for the Improvements; and
WHEREAS, the Improvements constitutes less than all of the property in the Cooperative's possession constituting part of the Trust Estate (as defined in the Master Indenture); and
WHEREAS, the Cooperative's Board of Directors desires to obtain a release of the Lien (as defined in the Master Indenture) from the Trustee under the Master Indenture pursuant to...
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