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0241 ORDINANCE N O . J AN ORDINANCE MJTI-IORIZING AN AMENDMENT TO THE LEASE AND AGREEMENT BETWEEN THE CITY AND CONTROLS COMPANY 01' AMERICA, DATED SEPTEMBER 1, 1966; AND DECLARING AN EMERGENCY. WHEREAS, The Singer Company, a New Jersey corporation, having proposed to guarantee the obligations of the Lessee under the Lease and Agree- ! m ent between the City and Controls Company of America dated September 1, 1966 (the "Lease ") , it is appropriate and in the interest of the City that the Lease be amended to effect this result. NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Jacksonville, Arkansas: Section 1. The amendment of the Lease is hereby authorized and the Mayor and City Clerk are hereby authorized and directed to execute on behalf of the City the amendment to the Lease in substantially the following form: I , ! I ORD. BOCK iPAGE.....J.9.b.�i AMENDMENT NO. 1 TO LEASE AND AGREEMENT DATED SEPTEMBER 1, 1966 PURSUANT TO SECTIONS 2102 AND 2207 This Amendment made as of the fa) AK of •lei!e,s�-!‘✓ 1971, by and between: I - CITY OF JACKSONVILLE, ARKANSAS, a City of the first class duly existing under the laws of the State of Arkansas ( "Lessor "), and CONTROLS COMPANY OF AMERICA, a Delaware corporation ( "Lessee "). W I T N E S S E T H • • That in consideration of amendment hereinafter set forth in Paragraph 1, the parties hereto do hereby agree as follows: 1. Section 2208 of the aforementioned September 1, 1966 Lease and Agreement is deleted and the following sub- stituted: "Lessee shall furnish to Lessor and to the Trustee as soon as practicable, but in any event within 120 days after the end of the preceding fiscal year, a balance sheet of Guarantor as at the end of such fiscal year and the related statement of income and surplus for such fiscal year, all in reasonable detail and accompanied by a report or certificate of independent certified public accountants of recognized standing, who may be the accountants regularly employed by the Guarantor." 2. At the foot of the aforementioned September 1, 1966 Lease and Agreement at page 58 thereof, the folloudng is added: PAGE f— -. ORD. BOOK a-"' -"®. "Guarantee "THE SINGER COMPANY, a New Jersey corporation ( "Guarantor "), hereby unconditionally guarantees the performance of Lessee's obligations hereunder upon demand of Lessor and without requirement that Lessor first exhaust its remedies against Lessee." 3. Except as modified and amended herein, the aforesaid September 1, 1966 Lease and Agreement shall remain in full force and effect and shall be performed fully and faith- fully by the parties hereto. . IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be executed as of the date set forth above, Attest: CITY OF J. 0 LE, ARKANS - LES s! COY Clerk Attest: •ONTROLS COMPANY OF AMERICA LESSEE Al h Assistal],S.S C tart' Vice president - i'•, zce -- Attest — THE SINGER COMPANY r GU AOR , "g .0 40 'Vice Pr i ttentf Lsurer Secretary; CONSENTED TO: Attest: WORTHE4 BANK & TRUST COMPANY id / 40, ' TRUSTEE j1 - - .. ASSISTA Aye- -• • s - 0 ricer q p12O. KICK _ PAGE / ,: 2 1 0 1 Section 2. All ordinances and resolutions of the Gity and portions thereof in conflict herewith are hereby repealed to the extent of such conflict. Section 3. It has been found and it is hereby declared that the amend- ment of the Lease as provided by this Ordinance is immediately necessary for the continued economic growth and industrial development of the City. There- fore, an emergency is declared to exist and this Ordinance being necessary for the preservation of the public peace, health and safety shall be in full force and effect from and after its passage and approval. PASSED, 214 -nrj /i , 1971. APPR'4 V ATTEST: / Ma, or of jacks'on'i. e, Arkansas i f City Ole (SEAL) ORO. uouIt ,? _ .2 ___ _.I'ALL ;!: