Title
Resolution - Approval of Transfer of Land and Release from Lien and Acquisition of Land in Substitution - E Dauterive/C Moos
Other Info
Submitted By: E Dauterive/C Moos
Department: Chief Operations Officer
Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session and provided in Schedule 1.
Discussion
The Cooperative will consider the transfer of certain of its improved real property in Blanco County, Texas (the "Johnson City Property") and acquisition of other unimproved real property in Blanco County, Texas (the "Acquisition Property") in substitution for such Johnson City Property. The Johnson City 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 Johnson City Property from the Lien.
Body
WHEREAS, the Cooperative's Board of Directors has reviewed the terms for the transfer of the Johnson City Property and acquisition of the Acquisition Property in substitution thereof as provided in Executive Session; and
WHEREAS, the Cooperative's Board of Directors hereby concludes that the Johnson City Property is no longer necessary or advantageous in the business of the Cooperative provided that the Acquisition Property is obtained in substitution thereof and that the fair value of the Johnson City Property is not greater than the value of the Acquisition Property to be received in substitution thereof provided that the Acquisition Property serves strategic purposes for the Cooperative;
WHEREAS, the Johnson City Property constitutes less than substantially all of the property i...
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