HomeMy WebLinkAboutR-2013-061 Beverly Lumber Extension of the Sale and Leaseback Agreement RESOLUTION NO. R- 2013 -061
A RESOLUTION APPROVING THE EXTENSION OF MISSOURI REAL ESTATE
SALE CONTRACT AND LEASEBACK AGREEMENT
WHEREAS, on November 22, 2010 Beverly Lumber Company entered into a
Missouri Real Estate Sale Contract and Leaseback Agreement (the "Sale and
Leaseback Agreement ") with Briarcliff Development Company (the "Buyer") for the sale
of real property located at 2519 Northwest Platte Road, Riverside, Missouri (the
"Property"), whereby title to the Property transferred to the Buyer on the date of closing;
however, the Seller was entitled to lease the Property until November 30, 2013; and
WHEREAS, on November 24, 2010 the Buyer assigned its rights under the Sale
and Leaseback Agreement to the City; and
WHEREAS, on December 26, 2012, the Seller submitted a letter to the City
requesting that the lease under the Sale and Leaseback Agreement terminate on June
30, 2013 instead of November 30, 2013; and
WHEREAS, the Seller wishes to extend the June 30, 2013 termination date in
order liquidate its assets and requests that the termination date be extended to August
31, 2013; and
WHEREAS, the Board of Aldermen find it is in the best interest of the City to
enter into an Extension of the Sale and Leaseback Agreement according to the terms
and conditions set forth in Exhibit "A" attached hereto.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF
THE CITY OF RIVERSIDE, MISSOURI, AS FOLLOWS:
THAT the Riverside Board of Aldermen ("Board") hereby approves the Extension
of Missouri Real Estate Sale Contract and Leaseback Agreement by and between
the City of Riverside, Missouri and Beverly Lumber Company (the "Agreement "), in
substantially the same form as attached hereto as Exhibit "A ";
FURTHER THAT the Mayor is hereby authorized to execute and deliver the
Agreement and the City Clerk is authorized to attest thereto;
FURTHER THAT the Mayor, the City Administrator, the City Attorney and other
appropriate City officials are hereby authorized to take any and all actions as may be
deemed necessary or convenient to carry out and comply with the intent of this
Resolution and to execute and deliver for and on behalf of the City all certificates,
instruments, agreements and other documents, as may be necessary or convenient
to perform all matters herein authorized.
PASSED AND ADOPTED by the Board of Aldermen and APPROVED by the
Mayor of the City of Riverside, Missouri, the "N.A_ day of q 71 t
2013. U0
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Kathleen L. Rose, Mayor
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Robiniittrell, ity Clerk
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EXTENSION OF MISSOURI REAL ESTATE SALE
CONTRACT AND LEASEBACK AGREEMENT
THIS EXTENSION OF MISSOURI REAL ESTATE SALE CONTRACT AND LEASEBACK
AGREEMENT (herein referred to as the "Agreement "), made effective into this 1st day of July,
2013, by and between BEVERLY LUMBER COMPANY, a Missouri Corporation (the "Seller") and
the CITY OF RIVERSIDE, MISSOURI, a Missouri Municipal Corporation (the "City ").
WHEREAS, on November 22, 2010 the Seller entered into a Missouri Real Estate Sale
Contract and Leaseback Agreement (the "Sale and Leaseback Agreement ") with Briarcliff
Development Company (the "Buyer") for the sale of real property located at 2519 Northwest
Platte Road, Riverside, Missouri (the "Property "), whereby title to the Property transferred to
the Buyer on the date of closing; however, the Seller was entitled to lease the Property until
November 30, 2013; and
WHEREAS, on November 24, 2010 the Buyer assigned its rights under the Sale and
Leaseback Agreement to the City ( "Assignment "); and
WHEREAS, on November 30, 2010 the City acquired the Property subject to Sale and
Leaseback Agreement; and
WHEREAS, on December 26, 2012, the Seller submitted a letter to the City requesting
that the lease under the Sale and Leaseback Agreement terminate on June 30, 2013 instead of
November 30, 2013; and
WHEREAS, the Seller wishes to extend the June 30, 2013 termination date in order
liquidate its assets and requests that the termination date be extended to August 31, 2013 (the
"Termination Date "); and
WHEREAS, the Board of Aldermen find it is in the best interest of the City to enter into
an Extension of the Sale and Leaseback Agreement according to the terms and conditions set
forth in this Agreement.
NOW THEREFORE, in consideration of the foregoing the parties hereby agree as follows:
1. The parties agree that the Seller can continue to retain possession of the Property
until the Termination Date in order to liquidate its inventory and subject to the
provisions in the Sale and Leaseback Agreement, provided that upon execution of
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this Agreement Seller shall pay the City the rent due for the months of July and
August 2013, a total of Two Thousand Four Hundred Dollars ($2,400.00). This
payment amount is non - refundable.
2. All other provisions of the Sale and Leaseback Agreement shall remain in full force
and effect.
IN WITNESS WHEREOF, the parties have executed this Agreement.
BEVERLY LUMBER COMPANY CITY OF RIVERSIDE, MISSOURI
( "Seller ") ( "City ")
By: difill-EA/0 / ✓
Name: Patrick J. Dowd Name: Kathleen L. Rose
Title: President Title: Mayor Q �
Dater 10 a l7 / Date: or V .t off/ 3
Attest: .
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Robin Littrell, City Clerk
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