Title
Resolution – Approval of Sale of Land and Release from Lien for Property in Kimble County – A Hagen
Other Info
Submitted By: Aisha Hagen
Department: Real Estate/Legal
Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session and provided in Schedule 1.
Discussion
Pedernales Electric Cooperative, Inc. (“Cooperative”) will consider the conveyance of real property owned by PEC located in Kimble County, Texas (the “Junction North Property”). PEC owns the real property (the “Land”). The Junction North Property 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 Junction North Property from the Lien.
Body
WHEREAS, the Cooperative’s Board of Directors has reviewed Schedule 1 for the sale of the Land with respect to the Junction North Property in Kimble County as provided in Executive Session; and
WHEREAS, the Cooperative's Board of Directors hereby concludes that the sale of the Land is necessary for the conduct of the business of the Cooperative, and the Land is no longer necessary or advantageous in the business of the Cooperative; and
WHEREAS, the Cooperative's Board of Directors hereby concludes that the sale price represents the fair value for the Land; and
WHEREAS, the Land 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...
Click here for full text