04-934r
108
HRA RESOLUTION NO. 934
RELEASE OF SECURED AMOUNT PROVIDED FOR IN
ASSIGNMENT OF DEPOSIT ACCOUNT AND RIGHTS TO PAYMENT
WHEREAS, Gramercy Corporation executed an Assignment of Deposit Account
and Rights to Payment on December 22, 2002, granting to the Housing and
Redevelopment Authority in and for the City of Richfield ("Secured Party") a security
interest in the Deposit Account therein identified ("the Assignment"); and
WHEREAS, The Assignment pledged the sum of $155,000.00 deposited in the
subject account to the Secured Party, which sum remained in the account together with
accrued interest until reduced on May 17, 2004 to $107,500; and
WHEREAS, the security interest granted the Secured Party was perfected by the
filing of a UCC Financing Statement in the office of the Minnesota Secretary of State on
December 30, 2002 as Filing No. 20026092799; and
WHEREAS, due to the fact that the obligations of Gramercy Corporation secured
by the Assignment have either been paid or the time in which to make claims has
expired, or in the case of one claim, the claim expires on November 30,2004.
Gramercy Corporation and the Secured Party have agreed that the balance of funds in
the account may be released as hereinafter provided.
NOW, THEREFORE BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield, as follows:
. That Gramercy Corporation is hereby released from the obligations of the
Assignment of Account and Rights to Payments; except that $2,500 will be retained
until December 1, 2004 and released thereafter if no claim is filed by November 30,
2004.
. The amount of the release as of the date of this resolution is $105,000.
. An additional amount of $2,500 is to be released on or after December 1, 2004 if no
claim is filed by November 30, 2004. The $2,500 may be released without further
action of the H RA.
. This action does not relieve Gramercy Corporation obligations to make payments for
relocation claims should they arise.
. The Chair and Executive Director are authorized to take all steps necessary to
effectuate the release of funds
Approved by the Housing and RedevelopmentAu ity in and for the City of
Richfield, Minnesota this 15th day of November, 20r'Y'; ..... / . /
, I~~~"
Thomas E. Harms, Chair
ATTEST:
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Kristal Stokes, Secretary