Title
Resolution - Reaffirmation of Authorization for Transfer of Land and Release from Lien in Hays County - E Dauterive
Other Info
Submitted By: Renee Oelschleger on behalf of Eddie Dauterive
Department: Chief Operations Officer
Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session
Discussion
The Cooperative previously approved in August 2019 the transfer of certain of its unimproved real property in Hays County, Texas (the "Wimberley Property") and acquisition of land in substitution thereof (the "Acquisition Property"). The Wimberley 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"). In August 2019, the Cooperative also authorized the release of the Wimberley Property from the Lien.
The Cooperative will now confirm and reaffirm that the Cooperative will only transfer its Wimberley Property as authorized in the August 2019 resolution and at this time not acquire any Acquisition Property as land in substitution thereof.
Body
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE, that the Cooperative hereby reaffirms the terms of the transfer of its Wimberley Property as authorized in its August 2019 resolution, as discussed this day in Executive Session, with details of any such transaction to be publicly available upon public filing of instruments;
BE IT FURTHER RESOLVED, that the Cooperative reaffirms its request as authorized in its August 2019 resolution that the Trustee release the Wimberley Property from the Lien under the Master Indenture pursuant to Section 1.9(a) of the Master Indenture and r...
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