Res 2584 7/15/1980RESOLUTION NO. c;t4.
RESOLUTION APPROVING ASSIGNMENT OF BUDGET RENT A
CAR LEASE AT WICHITA FALLS MUNICIPAL AIRPORT TO
JAY-WEY INVESTMENTS, INC.
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 Joe M. Mayo, Jr. , d/b/a Budget Rent a
Car of Wichita Falls assigns to Jay-Wey Investments, 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 15th day of July, 1980.
MAYOR
ATTEST:
7-l'i-i
City clerk
ASSIGNMENT Or 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.
2 . Effective as of July 1 , 1980 , Mayo entered into an
Agreement to sell said Budget Rent a Car operation to Jay-
Wey Investments, Inc. ( "Assignee" ) , an Oklahoma 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, Mayo and Assignee hereby
agree:
Assignment
1 . 0: Subject to the terms and provisions of this
Assignment of Lease, Mayo hereby assigns and transfers to
Assignee and its successors and permitted assigns all of
Mayo ' 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 fulfilled by
Mayo 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 addi-
tion, from and after the effective date hereof, Assignee
shall indemnify and hold Mayo 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 Mayo 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
Mayo 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 July , 1980 .
CITY:
ATTEST:CITY OF WICHITA FALLS
By
Wilma J. Thomas, City Clerk Gerald G. Fox, City Manager
Date: July 1980 .
APPROVED AS TO FORM:
H.P. Hodge, Jr. ,
City Attorney
MAYO:
AdiPT.
A-
100r
Late: July , 1980.
ASSIGNEE:
JAY- .Y NVESTMENTS, INC.
dr.mes C. Van Wey, Presid
Date: July w1980
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