1 of 1917 - A resolution authorizing the Young Men’s Christian Association to sell any and all of the $60,000.00 REMARKS:
Resolution o.
ld
$y Commursioner..__._achp_._.__.._. . ......_,._..._
Authorizing. the Young Men►s
Christian Association to sell
'Way and all of the $&0,000,00
heretofore agreed to be sold on y
a; to Salt Lake City to liquidate
prior mortgage in this amount-
also authorizing reduction in
insurance on Public Safety Bldg
from $60,000 to $30,000.
BEM AND ADOPTED
JAN 8-1917
CITY RECORD6p.
{
ROLL CALL o a
VOTING AYE NAY Salt Lake City, Utah, February_6,___191__7
Green
1 mose that the resolution he adopted.
Scheid
Shearman
i`
Wells_ I (- i,l ,
Mr.Chairman_. Y
Result RESOLUTION
WHEREAS, In a certain trust deed made by the Young Men's
Christian Association of Salt Lake City to the Bankers' Trust
Company, securing a bond issue of $125,000.00, and in the written
lease and option to purchase the property of said Association,
given by said Association to Salt Lake City, dated in February,
1914, it is provided that said bonds numbering one to sixty, should
be sold only to Salt Lake City and the proceeds used in liquidating
a prior mortgage upon the property covered by said trust deed, of
$60,000.00 to the Equitable Life Assurance Society; and
WHEREAS, Said Young Men's Christian Association now has an
opportunity to sell sufficient of said bonds to liquidate all of
its outstanding indebtedness, including the sixty thousand dollar
mortgage above mentioned, except said trust deed, thus making the
deed
said trust a first and only lien upon the property of the said
Young Men's Christian Association therein described:
NON THEREFORE, RESOLVED, That the said Young Men's Christian
Association is hereby permitted to sell any and all of said bonds
to such purchaser, as it sees fit; provided, however, that sufficient
of the proceeds of said sale shall be used for the purpose of
liquidating all indebtedness of said Association, and especially
the balance of the indebtedness on the mortgage held by said
Equitable Life Assurance Society above mentioned.
Nothing in this resolution shall be construed as a waiver of
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II
the right of Salt Lake City to purchase at any time any or all of
the now outstanding bonds secured by said trust deed, amounting to'
087,500.00 par value, as provided by the deed of trust securing
the same, and the contract, agreement, lease and option between
Salt Lake City and the Young Men's Christian Association above
mentioned.
This waiver and release and modification of the contract
between the Young Men's Christian Association and Salt Lake City,
is given upon the express condition that the said Association
consent to a reduction in the amount of insurance to be carried
on the property herein referred to, from $60,000.00 to 430,000.00.
rt
III
Passed by the Board of Commissioners of Salt Lake City, Utah
I; February 8th, 1917. J
Mayor
ec der.
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