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RESOLUTION NO. 4926 BY: Messrs. Usher, Wendling, <br /> Werner, Brockman, Graber, <br /> Magnotto, McBride <br /> AN EMERGENCY RESOLUTION auth6rizing the Mayor on behalf of the City of <br />Lakewood to consent to the collateral assignment of the Indenture of Lease entered <br />into by and between the City of Lake~ood and Marwood, Inc. <br /> <br /> IdHEREAS, this Council authorized the City of Lakewood to enter into an <br />Indenture of Lease with Marwood, Inc., under which Indenture the City leases to <br />Marwood, Inc. a parcel of land on St. Charles Avenue for private off-street parking <br />purposes, and <br /> <br /> WHEREAS, Marwood, Inc. has represented to the City that it has entered <br />into certain refinancing arrangements with the Cabot, Cabot and Forbes Land Trust, <br />Bosto% Massachusetts, and <br /> <br /> WHEREAS, in connection with such refinancing the Cabot, Cabot and Forbes <br />Land Trust has requested a collateral assignment to it of the Indenture of Lease <br />hereinabove referred t~ and <br /> <br /> WHEREAS, said Indenture of Lease provides that same may be assigned <br />upon the written consent of the City as Lessor, which consent shall not be unreason- <br />ably withheld, and <br /> <br /> WHEREAS, the benefits to the City provided by the terms and provisions of <br />the aformentioned Indenture of Lease will not be altered by such collateral assignment <br />and ~uch request for consent to a collateral assignment is reasonable, and <br /> <br /> WHEREAS, this resolution constitutes an emergency measure providing for <br />the. i~mediate preservation of the public health, safety and welfare and for the <br />usual daily operation of a municipal department, now, therefore, <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: <br /> <br /> Section 1. That the Mayor, for and cm behalf of the City of Lakewood, be <br />and he is hereby authorized and directed to consent in'writing to the collateral <br />assignment of the Indenture of Lease entered into by and between the City of Lakewood <br />and Marwood, Inc. covering a certain parcel of land situated on St. Charles Avenue <br />owned by the City of Lakewood and used for private off-street parking purposes. <br /> <br /> Section 2. That this resolution is hereby declared to be an emergency <br />measure for the reasons stated in the preamble hereof and provided it receives the <br />affirmative vote of two-thirds of all members elected to Council, it shall take <br />effect and be in force immediately upon its adoption and approval by the Mayor. <br /> <br />Approved <br /> <br /> <br />