Title
Resolution - Approval of Sale of Land and Release from Lien for Property in Williamson County - R Arellano
Other Info
Submitted By: Richard Arellano
Department: Facilities and Real Estate
Financial Impact and Cost/Benefit Considerations: As Discussed in Executive Session and provided in Schedule 1.
Discussion
The Cooperative will consider the sale of a portion of real property owned by PEC located in Williamson County, Texas (the "Leander Property"). PEC owns the real property (the "Land") and improvements (the "Improvements"). The Leander 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 Leander Property from the Lien.
Body
WHEREAS, the Cooperative's Board of Directors has reviewed the Term Sheet for the sale of the Land and Improvements with respect to the Leander Property in Williamson County as provided in Executive Session; and
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
WHEREAS, the Cooperative's Board of Directors hereby concludes that the sale price represents the fair market value for the Land and the Improvements; and
WHEREAS, the Land and 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 ...
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