2011-2421\codad\departments\legal\our documents\ordinances\11\airport-nebrig collateral transfer.docx
ORDINANCE NO. 2011-242
AN ORDINANCE OF THE CITY OF DENTON, TEXAS, AUTHORIZING THE CITY
MANAGER TO APPROVE A COLLATER.AL TRANSFER OF LEASE AGREEMENT
BETWEEN THE CITY OF DENTON AND NEBRIG PROPERTIES, LP TO POINTBANK;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on September 24, 1996 the City of Denton, Texas (hereinafter the "City")
entered into an Airport Lease Agreement (hereinafter the "AgreemenY') between the City of
Denton and Nebrig & Associates, Incorporated as authorized by Ordinance 96-216, and which
Agreement was first amended on February 18, 1997 by Ordinance 97-050 and then was amended
on October 5, 1999 by Ordinance 99-372, and which Agreement was approved for assignment to
Nebrig Properties, L.P. on September 5, 2000 by Ordinance 2000-290; and
WHEREAS, the City Council and Nebrig Properties, L.P. desire to further amend the
Agreement by entering into a Collateral Transfer Of Lease Agreement with PointBank, a copy of
which Collateral Transfer Of Lease Agreement is attached hereto and made a part hereof in its
entirety; and
WHEREAS, the City Council deems it in the public interest to enter into a Collateral
Transfer Of Lease Agreement with PointBank for the purpose of authorizing a lien to secure a
promissory note between Nebrig Properties, L.P. and PointBank; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The City Manager is hereby authorized to execute a Collateral Transfer Of
Lease Agreement between the City of Denton, Texas and Nebrig Properties, L.P. to secure a lien
on property referenced by the Agreement as described herein, which Collateral Transfer Of
Lease Agreement is attached to and made a part of this Ordinance for all purposes.
SECTION 2. This Ordinance sha11 become effective immediately upon its passage and
approval.
A D APPROVED this the �� da of a� 2011.
PASSED N 1� ,y� ����1���L, _
\�codad\departments\legal\our documents\ordinances\11\airport-nebrig collateral transfer.docx
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: �,�G��G'���2� � ��
APPROVED AS TO LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
r-
,
BY:
COLLATERAL TTtANSFER OF LEASE AGREEMENT
THL� STATE OF TEXAS
COUNTY OF DENTON'
'i'HAT, the undersigned, whose address is sta.ted belo�uv, heirei�aaftez calleci "Debtor" (whether
one or more), foz a va�ue and suf�f'icient consideration pa�id, the receipt of which is hereby
ackaow�edged, hereby TRANS�ERS, ASSIGNS AND CONVEYS tuuto P�JNTBANI� whose
address is P.O. Box 278, Pilot Poini, Texas 76258, hereinafter called "Secured 1'ariy" (whethex one
or more), aIl of Debtor's riglats, titles, equi�ies and interests in #hat certain Aispor� Lease Agreeme�t
dated September 18, X 996 by at�d betvveen The Ciry oiDenton �s Lessox, and Nebri.g & Associates,
Inc., a Texas aor�aration; subsequently assigned in Assignmsnt and Assuxnption Agxeemen� dated
September S, 2000 from Nebrig & Associates (Assigx�or) to Nel�rig Pro�ex�i.es, L.1'., a Texas limit
ed paXtnershi� {Assignee), ta secure a lxe:n on the follawing described proper�y, to-wit:
SEE ATTACI-�ED EXHIBIT "A" MADE A�'ART HEREO�' �OR ALL PURPOSES.
�Secured by a Deed of Trusi dated 4ctobez 31, 2U1 l, executed by Nebrig Properties,
L.P., a Texas limited parhlezship, securing a Note in the a�mount oi $832,236.00,
payable to PoinfiBank. Said Deed of Trust r.ecorded Novembar 1, 201 i, under
Clerk's Document Number� 2011-104403 ,���] ��aperty g,ecords, Den.ton .
Cou�ty, Texas.
Together r�vith the �ol�owi,ng Iix�pxovements: Five (5) corporate aircraft laangarsloiiices, sixteen (1 � �
twin engine hangars, and tvvezity (20) single engine hangars located on the real p�roperty descx�ibed
in Exhibit A-1 attaohed fio tb�is s�atement, also refexxed to as being located at The Denton Airpor� . �
This collateral transfer is made ko.seauxe t�ie payment ofthat one certain promissory note
dateci 4Gtober 31, 201I, iu the original. principal amount of $832,236.00, executed by Nehrig
Propexties, L,P., a Texas limited pa.rfa�ershi�, payable to the ordex of PointBank, Sec�ured Party,
hexeinafter ca�led the "NOTE", and upon fuy.l payment of whic�. ]�IOTE this transfer shall be nu11 and
void and the CO�LATERA.L, together with t�e DEED OF TRY7ST LIEN securing the same, shal�,
atthe experise ofDet�tox, bere-transferred, wiYhoutwaxxanty oxrecourse, to Debtorb� Seaured �'arty.
In; t�e event of default in the payment of any installmenti, principal or interest, oithe NoTE
hereby secured, in accoxdance with tlxe terms thereof, Securec� .Paz�.y rnay eleot, Debtor �.ereby
expresslywai.ving.not�ce, demand and preseniment, fo declare the entixe indebtedness hereby secured �
i�nmediately due and �ayable and Secured i'arty shall have tkie ri.g�it ta sell the C�LLATERAL at
Public Sale to the highest bidder fax oash at the Courthouse door of the County of Secured Party's
address hereinabove stated, afte� having given notice ofthe time, place and terms ofsuck� �ubl� c Sale
byposting a w�titten or pr�nted notice of said sale at the Courthouse door df said Caunty at ]east ten
days be�ore the day of sale and aftez sendiz�g reasonable riotice ta Deb�tor and to such othez� p�rson
or persans �egally entitled #hereta under t�e Uniform Gommerciial Code of Texas, of the time ax�d
place of the Public Sale, and �ecured �'ariy slaall tran'sfer� to the Purchaser at such sale said
COLLATERAL, and the DEED �F TRC�ST LTEN and all liens, rights, titles, equitzes �and interests
in aud to the above descrihed property securing the paym�nt thereof, and �e recitals iz► such transfer
sha1l be prima facie evidence o£ the truth aithe znatters therein stated and all prereq�aisztes to such
safe required hereunder and under the laws ofthis State shall:be pxesumed ta have been performed.
'Fhe�roc�eds of the sale shall be a�plied, first to the reasonable e�penses of the sale and then tvward
tl�e payznent of the principal, interest and attozxxey's fees due and. unpa�id upon the NOTE hereby
secured, r�dering the balance, if any, and snrplus, if any, to the person or persotts �egally enCitled
th.ereto under the TJnifoz�x� Comnnerci�l Coda of Texas, but'i� the�re be any deficiency, Debtor shall
xemain liable therefor. Secvred Patiy s1�aI1 have �.e right to purchase at such Public Sale, being the
highest bidder therefox.
Qn transfer of the DBED O� TRUST LIEN.AI�iA COLLATERALto Purchaser as above pro-
vided, which transfer shal} be absolute, Purc3�aser sha11 assurne and be entitled to a11 rights; tiile,
izxterest, �dutias aud.obligations ai the Beneficiary under the terms af t�Ze DEED O�' TRUST ANP
C4LLATERAL, and in the event of de£au�t tk�exeon, Purchaser as Beneficiary, maypxoceed with any
xerlae&y as �provided in said DEED OF TRUST AND COLLATER.AL.
Secwred Party, in addition to the �igtkts az�d remedies provided for in tlae pxeeeding
paragraphs, shall have all the rights and. rexnedies via Secured Party under the Uzu£orm Commeraial
Code oiTexas and Secured Party shall be ent�tled to all such other rights and remedies as z�say x�ow �
or hexeafter exzst at Xaw or in equity fox tk�e caliection of said inc�ebtedness and the foxeclosure ofthe
Seauziiry Iuterest created her�by and #he xesort to a.�uy rernedypravided hereunder or pxovicted by ihe
Ux�i�or� Commerciai �ode of Texas, or fiy any other law of Texas, shall not prevent tlze concunrent
c�nplayinent of any other appropxiate re�naedy or remedies.
`Fhe requirez�.ez�t o�reasonable r�o�ice to Debtor of the time and place af an� �'ublic Sale of
t11e COLLATERAE., or of the time after whzch an� Private �ale or ax�y other intezaded dis�osition
thereof is to be tr�ade, shall be rnet i£subh not��e is mailed, postage prepaid, Yo be�btor at the address
o� Debtor, at. Xeast five days b�fore the date o� any Public Sale or at least five days before �he tiine
after which any Private Sale or otherr dis�osition is ta be made.
Secured �'arty may xemedy any default, without waiving same, or rnay waive a�y r3efault
without waiving any pniar ar subsec�uent default.
T'he Security Interest herein ereated sb.a11 no� 3�e affeeted byor affeci any other security taken
far tl�.a indebtedness hcreby seoured, or any part fhereof, and any extensions may be made of
the indebtetiness without a££ecting �e pxiority of this Seourity Inferest ar the vaiidity fihereo�with
reference to any third party, azi.d the�iaolder of said ind��tedness shall not be Ii.mited by any election
of rerxkedies ifit chooses #o foreclose this Secur�ty Interest by suit, Tb.e righfi to sell under the temas
hereof shall also exist cu�ra.ula�ive with said sui.t and one �nethod sha11 not bar t1�.e aihe�r, butboth znay
be exercised at the same ar di�f'erenfi fimes, nor shali one be a ciefe�ise to �e other.
Debtor aut�xorizes Secured Party; a# Secured Party's option, to� aollect and receipt for any and
aIl sums beooming due upo:� Yhe C�LLATER.AL, such sums #o be held b� Secnred k'axky wi�lzout
liability for interest Cherepn and applied to�vard tlYe paymant af the NOTE hereby seouxed as and
when the same becoznes payabXe, and Sec�ured Party shall l�ave the full control o�#he COLLAT�RAL
an.d ths DEED OF TRUST �.�N securing tl�e same untii the note hereby seo�red is fuIly paid and
shall have the further right to release the DEED 4F TRUST �,IEN secuzxng the COLLATER.ALupon
the full and final payme�t �Izere of to Secured Pari.y, but Secured Partyis under no obligation ta make
or enfozce the ap�lec�io�z of tlze COS�LATERA.L and ihe failure of Secured �'arty from any cause to
�a�ce az enforce the collectiozz thereoi shali �nof in an.y way prejudice tlie right af Secured Paz�hy to
therea#�er make or euforce collection thezeof or in� any vva� a£�fect the indebted�ess to S�e�red Party
hereby sscuxed. � the event Secured Paxty exercises its aption to collect and receipt %r sums
becoming due on the COLLATER��.L, a�ad the COLLATER.AL�then is in defauit, Secured Pariy as
B enefiaiary of the DEED OF TRUST LIEN, pursuani to th3.s Insinux►ent, may proceed �vvith anyright
�r remedy as provided in sa�id DEBD OF TRUST including the Request of Trustee nanned t3ierein
or Tz�stee's Successor or 5ubstitute to sell the pxoperty described therein {and described abo�ve} as
provided by said DEE� OF TRUST azxd 5ection 51.002 of the Texas Prop�rty Code, as than
amend�d anc� atherwise comply�ing with applicable law. Pxoceeds from such sale, a.ftez deducting
zeasonable ex�enses of sa�e sha11 first be applied tawaxd paymenfi of the NOTE and any otk�ex
oblxgation ar debi thea due Secured Party h� De�tor and the remaindex thereon, if any, shall bepaid
to Debtor. Debtox shall rcezn.ain liabls for any defieiencies due on said NOTE. The xecitals in. arx�
Trustee`s Deed conveying said property shall be presumed to be lrele including the authority a�d
rights of Secured Party as Beneficiarytherein. In the event Securedparty do�s not exexcise its o�tion
as statec€ in tJais paragraph and Debtor continues to collect and xecex�t for an� anal alI surns becaming
due upon the COLLATERAL, Debtor may relen.se the DEED OF TRUST L�EN upon t�e full and
final payment thereon or, reqaest Trustea or Txustee's Successor of the DEED OF TRUST to sell the
property as provided therezn. . �
. The pronouns used in this agxeernent are in the masculine gender but sha11 be coast�ed as
feminine or n.euter as �ccasioz� xnay require. "Secured Party" a�nd "DebtoX•" as used in tb�is a�raement
include, shall bind and shalt inure ta the bez�efit of the respective heirs, executors or adxniwistratvrs,
succe'ssors, represen.taiives, receivers, trustee and asszgns oi such parties. Tf there be more than one
Debtor, their obligatiox�s shall be joint anii several.
The iaw �ovezning this secured transactian shal] be tk�e U'nifazx�nn Commercia� Cade as
adopted in Texas and other applicab�e laws af the State af Texas. All tern�s used herein Which axe�
defined in the Uniform Comrriercial Code oi'�exas shall have the same meaning as in said Code.
EXECUTED il�is 31st day of Qctober, 2b� 1.
DEBTOR:
NEBRIG PR�PERTIES, L.P., A Texas liznited partuership
By: Drewcy Xn,c., Its Ganeral P er �
.
By:
Mike Nebrig, President . .
DEBTOR`S ADDRESS.: : , . �
4801 7ohn Carreil Road ' � � � '
Denton, Texas '76207 . � ,
APPR4VED:
C�`f'Y OF D TO EXAS
By: � .
�S: T � '� t
APPROVED AS TO LEGAL FORM:
City Attorn.ey: �
�/
By:
s: �-/��1' __��-��'1/L�_�
THE STATE OF TEXAS §
COUNTY OF ' §
Thi� instrument was acknawledged befoxe n�e on this,,3� day of October, 2011, by Mi�ce
Nebrig, President of Drevercy I�ac., General I'artner of Nebrig Fropez�ies, L.P., a Texas limited ^...,
partnexs�iip; onbehalf of said liniited parinership a�d corporatzon. �
z��Y �, KRi5i1 HEN�RICKS `^
My Commission Expires Np ublic, State of Texas
�� August 12, 2013
THE STATE OP TEXAS §
CO�JIVTY O� �'�%-ON § �
� �e���
This inshume�} t was ac�ow�e�ged before me on this ��'__' _` day of.Llc�e�er; 201 �, by
����C�� � L'�3/�I�,�E��%_ �%19"� of The City of Dento�a, Texas, the
Landlord, on b.ebali of said mumcrpality. � •
� ei�R'"�S�•,,, JANE E. RICHARDSON
::, •.°= Notary Public, State of Texas
=�: •�� My Commission Expires
���'%%;f'�';:' June 27, 2013
'�HE �'�ATE o�' TExAS §
COUNTY OF § �
This insixument was ncknawle
Attorn�� e C of Denton, Texas,
�� .. , a.
��;''�-�`¢ CHRlsTINE A.
Notar P ��K
'�"��a Y U�IiC $tefe OI TBxas
�r�.�� MY CORIMISSIOM EXpIRES
• or ct Muah 2. t019
��, -
,_ �
:��
After Recording Ret�n to:
PaintBank
r.o. Ba� z�s �
Pilot Point, Texas 76258
� � �
Not Publi.c, St�te af Texas
befare me on ehis � day of October, 2011, by
� o� t�e o�fice af the Gity
: alf af aid Co �.se1.
�� '��.�� �
IVotary Pubiic, State of Texas
l'r�pared iu� the Offioe o%
Minor & Jester
F. o. Bo� �so
Denta�, Texas 76202 �
Exhibit A
On September 24, 1996 the City of Denton, Texas (hereinafter the "City") entered into an
Airport Lease Agreement (hereinafter the "Agreement") between the City of Denton and Nebrig
& Associates, Incorporated as authorized by Ordinance 96-216, and which Agreement was first
amended on February 18, 1997 by �rdinance 97-050 and then was amended on October 5, 1999
by Ordinance 99-372, and, which Agreement was approved for assignment to Nebrig
Properties, L.P. on September 5, 2000 by Ordinance 2000-290.
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Exhibit A-1 Page 2 of 3
a ae AGR�s
RAf2C�L 2
9701n !he City oi Danlonr Dsnton Cour�tyi�Taxeeland being paMot Lal iuSlook 1 of 3ou heast�r
��r ol reeo'rded�ln Cabll�nel O p ge 296 onlhe plapRecords of pe ton Coun�lyr Texae'theptat
gub)eot lraci being mora partloularlydesqrlbed ee follows
COMM�NCINQ at Ihe Northweel Cotnar af sald Additlon al a found conoreta monument
THENCE 8oulh 08 Deyreea 38 Mlnulea 21 seoonds Wssl with !he Weal Ifn� of eflld Addltlon a
• dlutance oi 948 70 ieel ta a pafnt fa corner
dlst�nau o5442 y8 eet�lo ha PO1M' OF �EGINNINC3 iortllh� No�lhwest ca'rineenf Iheareotbe�nB
deaoribsd hereln at a h Inch Irai ratl fnund In 1he 8ouih IInB of e Aocese OrafnaBe and Ullllfy
� Eaeement
I TH�NG� Sauth 86 begreea 3B Mlnutes 10 Seconds �eul wilh Iha 9oulh Ilne oi said kasement a
i dlalsnce of gy0 88 teet to a% inoh oapped kon rad eat for corner same belnp Irt lhe VVasl Ifne ot
e 80 fapl Aaaees, Dratnepe and Ullllly �esamenl
Th1ENR� South 09 DeAreaa 23 Mlnu�ea bU &ecands Wesf with Ihe Waol 11ne ot aald Eaaemenl e
� dfslance a1355 00 teel to a% Inoh aepped (ran rod ae!
�
i TIiENCE North 88 De9rea8 38 Mlnut�s 10 Secands Wesl leaving Ihe West Ane of sald �asement
a dfsiaaoe ot i20 UQ tee[ ta a h fnoh capped iron rod aet
THENCE North 09 Re�reae 23 Mlnuies 5Q Secand$ Easl a dtslmnae o! 120 �0 feel lo a'/: inch
capped fran rod ee!
7H�NCE Norkh 8a Deprees 38 Mlnulae 10 8eeanda Wesl e dletance of 68U 86 teel to a%: Inch
oapped fron rod sa! iu► the 5outhwest oorner Of the hereln descrlbed traot from whlah a'/: lnch
Iron rai found beere Saulh U1 Depreee 23 Mlnules 68 Seconds West a dlstanoa of 3A B71eo!
TM�NCE NorEh 01 Depraes 23 Mlnules 60 Seconds �ast a dislanae of 235 10 fenl to the PLAC�
0� BEa1NNINq and enclos(r+g 3 p6 acres ol lend mare or leas
���✓1 �..�.,.,e f�.- ���f �rr —qg —
J E TH�MPSON R P N4857 Da�e
Exhibit A-1 Page 3 of 3
1 32 ACR�9
PARCEL 3A
Alf Ihal oertsin lol Irecl or peroel o� land ellualad in Ihe WN.LIAM N�II. Survey, Abelrecl Number
Alrpo 1'Addlliton an ddllion IoIU a C� y pf Uenlon DenlonnCoun1ty rTOxaa alocording o�ll+o� plal
eubJeot Irenlrbe np mmel R�G ��Y dee � bed ae (oll�ows �s of Csenten Counly Texae the
COMM�NCIN(3 at ll�e Norllrxusl Corher of eeid ndddlan el a found oonc�ele mvnuroent,
THENCE Soulh U0 Depreea 3A Mtnulee 21 Seconda Wesl wflh (he Wast Ilne of sald Add411on a
dlslance of 61G 70 fee4 to a poln! for corner
TH��EC� Saulh 86 Depreea 36 Minuies 40 Seco�ds Heal leeving the Weal Une af eald Addlllan e
dlslance o( 228 80 fesl lo � pnint for comer in lhe Soulh tlne of e Aooe96 Rrafnege and Ullflty
Eseemenl
'[HENC� 3oulh Q8 Degreea 98 Minuiee 21 Seconds West leaving the Soulh llne oi sald
Eeaernent a dlslanav af 337 781ee1 !o ihe F�OINT OF BEGINNW(3 far Ihe Norihweai caner vl lhe
I�sreln desorib6d kaol
TFIENC� South 89 Deprees 39 MlnuleB 10 seconds �asl a dtslence nf 25A 4A fesi !o e polnt for � �
oorner
r�
7'li@NC� 9outh 09 DeQreas 23 Mlnutea 50 Seconde Wesl e dislence ot 21A Q6 fea( lo � point for
oarner tn Ihe Nar{h Une of e 50 fool Taxtway Dtelnage, and UOffly Eesemenl
TH�NGE Nwqi 8B pepress 30 Mlnuk�s 10 SeCOnds Wegl vrttit tha Nalh II�O ol eafd Easement a
dislanoa ot 20S 88 feel lo a pofnt for awner In tl►a Eael llne of e Vari9bfe wkffh Taxlway
brelnage, and Ultllfy EasameM
THENC� North 08 Deprees 56 Mlnutes 29 Seconds Easl a dlatance ot 215 7B feel l0 2he PLACE
OF B�tliNN(NO end enolaeing 1 32 screa of lend more or lesa
4 18 ACR�B
pARC�L 3�
9y hn�lherC{ly o( Derflonr qentonCounlyllTexes�and being paMof Lot 1UBfook i6ot Sou h�astat
Alrport Addillon an addiQon lo (he Clly of Dentnn Denlon Counly, 7exas eccording 10 �he plal
lhereo! recorded 1n Csbinel C3 Page 2B5 a( Ihe Plal Records of benlon Counly Texas Ihe
subJeal iraal befng more parl�CUlerly described ee follows
COMMENGINQ at !he Northweet Corner ot eald Addlpon at a found conarete monumenl
THENC� 9oulh 08 bagreas 3B Mfnulea 21 SsconBs Weal wllh Ihe Nleat line o! seld Addlffon a
dlslance of 996 70 teet to a polnl fnr oomer
d1e enceEot 22ie 90 aeet�ta aapo�nMfor cwner nglhe Soull► Ilne af a Acce s88Drelnepa end Ullifty n a
Eeeement
7N�NC� 6oulh 08 4eprees 38 Mlnutes 21 3eounde Wesl leavinp the 8oulfo {ine of sald
Eaeement a dlslance oi 337 78 feet lo s polnt for cornar
O� B�GINNINOBe me being iha taw�ihw egcor�ne► o�he har0fn daecrlb d4traot��� ��the hOINT
7H8NC� SouEh 8B Oagrees 88 Mlnules SO 8econde �asl s dlatenae o� 58A 44leet lo a polnl (nr
cprnmr
TW�NOE Soulh t]1 Oeflreea 23 M{nules 60 Seconds Wsal a dtelsnoe of 19 89 feel lo a!� Inoh
cepped Iron rod sel
o pped Irnn�rold setbn�tlie Weet ilneUal e 0� ot AcceO �gD e n�age C ndf Ulll/y Ea ema t f`�h
TMENC� Notth 01 pegreea 23 Mlnules 60 Secends �asl w11h Ihe West Iine of seld �asemenl a
dislanae ot 248 SS lo lhe Norih pne of a 60 faot Taxiuvmy Oratnage and Utillty �asemenl,
THENG� Nw1h H8 Degrees 3B Minules 10 8eaanJs Weet wllh khe Norlh Ilne ol seld 50 fani
Eaaement e dlelenca af 4U4 �4 lo e polnl for oorner
'EH�NC� North 81 begress 23 Ml�uloe GO 8eoonds East �amving Ih0 Nar1h Itne of satd 60 fool
Eaeement a dlalenoe of 288 651ee1(o liie PLACE Or ��G1t�NINO and ehciosing A 18 aotea of
ie�nd more or iesa
��� , ,� Oq�-� fv -9 `,�..
J� T dMP&ON R P L f�4DG7 ����