HomeMy WebLinkAboutC-3057(B) - Bayside Drive, 1601 -Ground Lessor's Estoppel Certificate 1998 (BCYC)To:
Gentlemen:
GROUND LESSOR'S ESTOPPEL CERTIFICATE
Union Bank of California, N.A.
18300 Von Karmen Avenue
Irvine, California 92612-1057
Attention: Mr. Joe Cianfaglione
Re: Lease to Bahia Corinthian Yacht Club
The City of Newport Beach, a municipal corporation and
Charter City ("Lessor"), hereby certifies to you ("Lender") as
follows:
The Lessor has entered into that certain Lease,
dated %/ 7
1998, wmended by that certain First
Amendment t Lease dated 7 , 1998, a short form of
which has been or will be record in the Official Records of
Orange County, California (collectively the "Lease"), with the
Bahia Corinthian Yacht Club, a California non-profit corporation
("Lessee").
2. The Lease has been duly authorized, executed and
delivered by the Lessor and is in full force and effect.
3. The
its interest under
received no notice
encumbering of the
Lessor has not assigned or agreed to assign
the Lease in whole or in part. The Lessor has
of any prior transfer, assignment or
Lessee's interest under the Lease.
4. The Lessor is not in any respect in breach or
default under the Lease. There is no fact or condition currently
existing which, with notice or time or both, would constitute
such a breach or default by the Lessor under the Lease.
5. To the best of the Lessor's knowledge, the Lessee
is not in any respect in breach or default under the Lease. To
the best of the Lessor's knowledge, there is no fact or condition
currently existing which, with notice or time or both, would
constitute such a breach or default by the Lessee under the
Lease.
6. The copy of the Lease attached hereto as
Exhibit "A" is a true and complete copy of the Lease. The Lease
has not been modified, altered or amended in any respect.
7. The Lease contains the entire agreement between
the Lessor and Lessee with respect to the leasing of the
"Premises" described therein.
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8. The Lessor has been advised that the Lender has
made or will be making a loan to the Lessee (the "Loan") to be
secured by a "Leasehold Mortgage" (as defined in the Lease).
9. The Lender shall be entitled to all rights and
remedies granted to a "Leasehold Mortgagee" pursuant to the Lease
and all such rights and remedies are incorporated herein by this
reference for the benefit of Lender as though fully set forth.
10. The Lessor confirms that it has received
appropriate notice and a true copy of the Lender's Leasehold
Mortgage, that the Lender is a Leasehold Mortgagee entitled to
the rights and protections afforded to Leasehold Mortgagees under
the Lease, and that the Lender's name and address are as set
forth above.
The undersigned makes the above statements for the
benefit and protection of the Lender with full knowledge that the
Lender will rely on them in making the Loan to the Lessee.
Dated: , 1998
LESSOR
Attest:
S1,
be` 071 City Clerk
Appro
to form:
Assistant City Attorney
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