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HomeMy WebLinkAbout5205 - Newport Bay Company Assignment of Leasehold EstateWWC•mec 3/28/60 • • RESOLUTION NO. Saot A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH APPROVING THE ASSIGNMENT OF A LEASEHOLD.ESTATE BY A.DEED OF TRUST AND AUTHOR- IZING THE EXECUTION OF A CONSENT TO SUCH ASSIGNMENT WHEREAS, the City of Newport Beach has entered into a lease dated March 24, 1948, with The Newport Bay Company, a Cali- fornia corporation, which lease has since been amended by instru- ments dated April 10, 1950, September 29, 1952, and March 28, 1960, covering the premises in the City of Newport Beach now occupied by the Balboa Bay Club; and WHEREAS, the City Council has on this date, March 28, 1960, approved the assignment of said lease to Wrather Investment, Inc., a California corporation, by The Newport Bay Company; and WHEREAS, one of the provisions of said lease provides that said lease may not be assigned without the consent of the City of Newport Beach; and WHEREAS, Wrather Investment, Inc., desires to assign its leasehold estate under said lease by a deed of trust including a mortgage of chattels to be given by said Wrather Investment, Inc., to Title Insurance and Trust Company, a California corporation, as trustee, in favor of The Newport Bay Company, as security for the payment of certain promissory notes having an aggregate principal amount in the sum of $1,618,750.00; and WHEREAS, it appears to be in the best interests of the citizens of the City of Newport Beach that the City consent to the assignment of said leasehold estate by the deed of trust de- scribed above; NOW, THEREFORE, BE IT RESOLVED that the City of Newport Beach hereby consents to the assignment of said leasehold estate by the deed of trust particularly hereinabove described; provided, however, that such consent and the deed of trust are subject to the following: (a) That except as herein otherwise provided, the trust deed, and all rights now or hereafter acquired thereunder, are and shall be subject to each and all of the covenants, conditions-and restrictions set forth in • said lease, and to all rights and interests of Lessor therein, none of which is or shall be waived by said consent; • (b) That should there be any conflict between the provisions of said lease and the provisions of the trust deed, the former shall control; (c) That, except as hereinafter otherwise provided, if the leasehold estate of said Lessee shall be fore- closed or` otherwise acquired under the trust deed, the transferee thereof shall thereupon and thereby assume the performance of and shall be bound by each and all of the covenants, conditions and obligations provided in said lease to be performed and observed by the Lessee during the period such transferee shall hold title to said lease- hold; (d) That the Lessor agrees that it will not terminate said lease because of any default or breach thereunder on the part of the Lessee if the holder of the trust deed, within thirty (30) days after service of written notice from said Lessor of its intention to terminate said lease for such default or breach, shall (1) cure such default or breach if the same can be cured by the payment or ex- penditure of money provided to be paid under the terms of said lease, or if such default or breach is not so curable, if the holder of the trust.deed shall within said thirty - day period commence and thereafter diligently pursue to completion proceedings for foreclosure and sale under and pursuant to the trust deed, and (2) shall keep and perform all of the covenants and conditions of said lease provided therein to be kept and performed by the Lessee until such time as said leasehold shall be sold upon foreclosure pur- suant to the trust deed or shall be released or reconveyed thereunder; provided, however, that if the holder of the trust deed shall fail or refuse to comply with any and all of the conditions of this subparagraph (d), then and there- upon said Lessor shall be released from the covenant of forbearance herein contained; and any notice provided for in this subparagraph (d) shall be served in the same manner as provided in said lease for the service of notices, and shall be delivered or directed to the holder of the trust deed at its address as last shown on the records of Lessor; (e) That upon and immediately after the recording of the trust deed, said Lessee, at its expense, shall cause to be. recorded in the office of the Recorder of Orange County a written request executed and acknowledged-by said Lessor for a copy of any notice of default and of any notice of sale under the trust deed as provided by the statutes of the State of California relating thereto. Con- currently with the execution of said consent said Lessee shall furnish to said Lessor a complete copy of the trust • deed and the note secured thereby; together with the name and address of the holder thereof; and provided further that the consent hereby granted shall not be deemed to be a consent to any other or further assignment or en- cumbrance of said leasehold estate or any part thereof. 2. 0 0 BE IT FURTHER RESOLVED that the Mayor and City Clerk be and are hereby authorized and directed to execute a consent to the assignment of the leasehold estate by the above- mentioned deed of trust. 3. ;0 • STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF NEWPORT BEACH) I, MARGERY SCHROUDER, City Clerk of the City of Newport Beach, California, do hereby certify that according to the records of the City of Newport Beach filed and maintained in my office, the foregoing Resolution No. 5205 was duly and regularly adopted, passed, and approved by the City Council of the City of Newport Beach, California, at a regular meeting of said City Council held at the regular meeting place thereof, on the 28th day of March 19 60, by the following vote, to wit: AYES, COUNCILMEN: NOES, COUNCILMEN: Kingsley, Atkinson, Higbie, Stoddard, Hart, Lorenz, Somefs None ABSENT, COUNCILMEN: None Dated this 30th day of March , 19 60 City Clerk a Vd W-Otticio Clerk ot t e City Council, City of Newport Beach, State of California.