Title
Approval of Sale and Release of Real Property and Improvements in Blanco County, Texas - J Beggs
Other Info
Submitted By: Julie Beggs
Department: Corporate Services
Financial Impact and Cost/Benefit Considerations:
Property has estimated value of $250,000.00
Appraisal District Valuation (2015): $213,960.00
Final Sales Price: $__________
Discussion
The Cooperative will consider the sale of real property and improvements located in Blanco County, Texas (the "Blanco Property"). PEC owns the real property (the "Land") and improvements ("Improvements") on the Blanco Property. The Property is approximately .13 acres. The Land and Improvements are 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 Land and Improvements from the Lien.
Body
WHEREAS, the Cooperative's Board of Directors hereby concludes that the Land and Improvements are no longer necessary or advantageous in the business of the Cooperative and that the sale price represents the fair market value for the Land and Improvements; and
WHEREAS, the Land and Improvements constitute less than substantially 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 Section 1.9(a) and a release from the Deed of Trust in order to sell the Land and Improvements; and
NOW, THEREFORE, BE IT RESOLVED BY...
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