HomeMy WebLinkAboutAgreement_General_3/12/1974_ MODIFICATION AGREEMENT
THIS MODIFICATION AGREEMENT, made and entered into this
I1 /2 day of "WGI/ , 1974, by the VILLAGE OF
d TEQUESTA, hereinafter called "The Village" , PALM BEACH CABLE
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TELEVISION COMPANY, a Florida Corporation, hereinafter called
i "Palm Beach Cable" ;
W I T N E S S E T H:
s WHEREAS, by Ordinance adopted on October 21, 1969, the
Village granted to. Palm Beach Cable a franchise, hereinafter
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i called The Franchise" to construct, maintain and operate a
community antenna television system within The Village for a
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' period of thirty (30) years, unless sooner terminated as pro-
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vided therein; and
• 1{ WHEREAS, Section 24 of The Franchise provided that in
i order to secure the performance of in compliance with the terms,
ii covenants and conditions thereof, Palm Beach Cable would furnish. !
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hThe Village with a performance bond in the stun of $25,000.00
for the term of The Franchise; and
4i WHEREAS, The Village and Palm Beach Cable entered into an
i; agreement on the 5th day of June, 1970, along with the BANK OF
li PALM BEACH AND TRUST`COMPANY, to replace the performance bond
with a cash escrow in 'the amount of $25,000.00; and
WHEREAS, The Village and Palm Beach Cable have agreed to
rescind the escrow agreement and replace it with a performance
bond as contemplated by Section 24 of The Franchise;
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{ NOW, THEREFORE, in order to provide The Village with the -
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security contemplated by, and in compliance with the provisions
• = of, the aforesaid Section 24 of The Franchise, the parties
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hereto agree as follows:
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1. That Palm Beach Cable will replace the escrow account
4j :with the performance bond issued in the name of Palm Beach Cable
and payable to The Village, said performance bond to be in the
amount of $25,000.00.
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2. Upon the acceptance by The Village of the3performance
bond, The Village will notify the bank that Palm Beach Cable
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Ii has complied with all the terms, covenants and conditions of
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The Franchise, and will direct the escrow agent to deliver to
Palm Beach Cable the escrow funds, less any funds due the
1 escrow agent for its services in connection with the escrow
account. •
3. That upon the acceptance of the performance. bond and
notification of the escrow agent by The Village, the parties
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will no longer be obligated under said agreement of June 5,
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1970, and said agreement will be rescinded and of no effect.
IN WITNESS WHEREOF, The. Village has caused these presents
to be executed by the Mayor and the Village Clerk duly autho-
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I rized by Resolution of the Council at a meeting held in the
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• Village Hall on February 25; 1974, and Palm Beach. Cable has
caused these presents to be executed by its Vice
President and_ its corporate seal affixed.
j . Signed, sealed and delivered VILLAGE OF TEQUESTA, FLORIDA
� in the presence. of:
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41":"4"--- ,
. BY:k77 ..-/-7-,-_,--,:e<s‹...._. . ,
�� ✓ iayor'. f'
ATTEST: ,f ,0\
Vile Clerk
• PALM BEACH CABLE TELEVISION
. .. . - 4,(, ANai, s COMPANY
I : 42,-4Y-t-ej7J./-6-L/-A-- .Vice Pres'idei 't. `
{ (CORPORATE..SEAT,)' '
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