468.94
RESOLUTION APPROVING SUBORDINATION AGREEMENT
RESOLUTION NO.: 468, 94
INTRODUCED BY: Mr. Fred Champagne
WHO MOVED FOR IT'S ADOPTION
SECONDED BY: Mrs. Carol Pulver
WHEREAS, the Town Board of the Town of Queensbury, by previous
resolution, approved a Loan Agreement, Promissory Note and Security
Agreement to be entered into between the Town of Queensbury and AMG
Industries for purposes of providing a loan of certain funds
received by the Town from the United States Department of Housing
and Urban Development, and
WHEREAS, AMG has requested the loan of certain proceeds which,
pursuant to the terms of the Loan Agreement and Security Agreement,
is to be secured by a security interest in certain equipment, and
WHEREAS, Chase Manhattan Bank, NA has been granted a security
interest in some or all of the equipment identified in the Loan
Agreement which is to serve as the security for the Town of
Queensbury's loan, and
WHEREAS, the Chase Manhattan Bank, NA has indicated a
willingness to subordinate its security interest to that of the
Town's in accordance with a Subordination Agreement that has been
presented at this meeting,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury, after
due consideration, hereby approves the Subordination Agreement
presented at this meeting and hereby authorizes the Town Supervisor
to execute the same on behalf of the Town and to take such other
and further steps as may be necessary to implement the terms and
provisions of said agreement.
Duly adopted this 19th day of September, 1994, by the
following vote:
AYES: Mrs. Pulver, Mrs. Monahan, Dr. Wiswall, Mr. Caimano,
Mr. Champagne
NOES: None
ABSENT: None