Res 144-82 9/7/1982RESOLUTION NO. / z/_ O o"
RESOLUTION APPROVING ASSIGNMENT OF BUDGET RENT A
CAR LEASE AT WICHITA FALLS MUNICIPAL AIRPORT TO
METRO RENT LS IN
BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF
WICHITA FALLS, TEXAS, THAT:
That certain assignment, a copy of which is attached
hereto, whereby Jay-Wey Investments, Inc. , d/b/a Budget Rent a
Car of Wichita Falls assigns to Metro Rentals, Inc. , that
certain Budget Rent a Car lease agreement at Wichita Falls
Municipal Airport, is hereby approved, and the City Manager is'
authorized to execute such assignment for the City of Wichita
Falls.
PASSED AND APPROVED this the 7 -' day of
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ATTEST:
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City Clerk
ASSIGNMENT OF LEASE
THE STATE OF TEXAS
COUNTY OF WICHITA )
Recitals
1. Effective as of July 1, 1978 , the City of Wichita
Falls, Texas ("City" ) , as Lessor, and Joe M. Mayo, Jr. , d/b/a
Budget Rent a Car of Wichita Falls ("Mayo") , as Lessee, en-
tered into that one certain Rental Car Lease Agreement
Lease Agreement" ) relating to Mayo' s Budget Rent a Car op-
eration located at the Wichita Falls Municipal Airport; ref-
erence is here made to the Lease Agreement for all purposes.
On July 7, 1980, Mayo assigned this Lease Agreement to Jay-Wey
Investments, Inc.
2. Effective as of August 16, 1982, Jay-Wey Investments,
Inc. , entered into an Agreement to sell said Budget Rent a Car
operation to Metro Rental, Inc. ("Assignee") , a Texas corporation.
NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS:
That, for Ten Dollars and other good and valuable
consideration, the receipt and sufficiency of which are
hereby acknowledged, the City, Jay-Wey and Assignee hereby
agree:
Assignment
1. 0 : Subject to the terms and provisions of this
Assignment of Lease, Jay-Wey hereby assigns and transfers to
Assignee and its successors and permitted assigns all of
Jay-Wey' s right, title and interest in and to the Lease Agree-
ment.
Assumption of Obligations
2. 0: Assignee hereby accepts the assignment of the
Lease Agreement set forth in paragraph 1. 0 above and
Assignee hereby expressly assumes and agrees to keep, per-
form and fulfill all of the terms, covenants, conditions and
obligations required to be kept, performed and fullfilled by
Jay-Wey as the Lessee under the Lease Agreement, including with-
out limitation, the making of all payments due to the City
under the Lease Agreement when due and payable. In addition,
from and after the effective date hereof, Assignee shall
indemnify and hold Jay-Wey harmless from and against all
damages, costs, expenses or liabilities of any nature aris-
ing out of or in connection with Assignee' s continuing
operations under the Lease Agreement.
Consent and Release
3. 0: The City hereby consents to the assignment of the
Lease Agreement to Assignee as herein set forth and hereby
expressly releases Jay-Wey from any further liability or obli-
gation under the terms of the Lease Agreement. The City
further acknowledges to Assignee that there are no past due
rental or other types of payments payable to the City by
Jay-Wey under the Lease Agreement, that the City is not aware
of any event of default currently existing under the terms
of the Lease Agreement and that the Lease Agreement remains
in full force and effect in accordance with the terms thereof.
THUS EXECUTED on the respective dates set forth
below and effective for all purposes as of August 16 , 1982.
CITY:
ATTEST: CITY OF WICHITA FALLS
By
Wilma J. Thomas, City Clerk Stuart A. Bach, City Manager
Date: August , 1982
APPROVED AS TO FORM:
H. P. Hodge, Jr. ,
City Attorney
JAY-WEY INVESTMENTS, INC. :
James C. Van Wey, President
Date: August , 1982.
ASSIGNEE:
METRO RENTAL' S, INC.
By
Jim J. Hatler, Vice President
Date: August , 1982.
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