Ordinance 1818-91 - Laserfiche WebLink

TRUST AGREEMENT THIS TRUST AGREEMENT is entered into as of this day of October, 1991, between Security Pacific Bank Washington, N.A. , Seattle, Washington (the "Trustee") , and (the "Underwriter") . RECITALS: WHEREAS, the City of Everett, Washington (the "City") is authorized by Chapter 35.42 RCW to lease real property on terms and conditions that require the lessee to construct thereon certain building(s) and following completion of construction to lease back the building(s) so constructed; and WHEREAS, on December 12, 1990, the City and Lumpkin, Inc. ("Lessor") executed a Construction Contract (the "Construction Contract") for the construction of a fire station on land owned by the City and leased to Lessor pursuant to a ground lease of even date therewith (the "Original Ground Lease") ; WHEREAS, the City and Lessor also entered into a lease with option to purchase (the "Original Lease") by City of such fire station (the "Improvements" and the underlying land; and WHEREAS, on August 23 , 1991, the City issued a Certificate of Substantial Completion of the Improvements pursuant to the Construction Contract; and WHEREAS, the Construction Contract contemplates that, following substantial completion of construction of the Improvements, the City shall provide for the takeout financing of Lessor's interests in the Improvements and related lease and ground lease; and WHEREAS, pursuant to a competitive bid process, the Underwriter has been selected to accomplish such takeout financing; and WHEREAS, the City and Lessor have made certain changes to the Original Ground Lease and the Original Lease in order to accomplish such takeout financing and have entered into the First Amended and Restated Ground Lease (the "Ground Lease") and the First Amended and Restated Lease (the "Lease") , both dated as of the date hereof; and