HomeMy WebLinkAbout6259 - Assignments of Leasehold Estatet'
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65 (12)
RESOLUTION NO. F, ,)Sq
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH APPROVING ASSIGNMENTS OF A LEASEHOLD
ESTATE BY DEEDS OF TRUST AND AUTHORIZING THE
EXECUTION OF A CONSENT TO SUCH ASSIGNMENTS
WHEREAS, the City of Newport Beach has entered into a
lease dated March 24, 1948, with the Balboa Bay Club, Inc., 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 more particularl
described in said lease, as amended, which is referred to in the
consent to assignment authorized hereby as the "Main Lease1°; 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, the Balboa Bay Club, Inc, desires to assign
portions of its leasehold estate under said lease by two deeds of
trust to secure certain indebtedness, which deeds of trust are
more particularly described as follows;
1. A deed of trust to be given by the Balboa Bay Club,
Inc., a California corporation, as Trustor, in favor
of Union Bank, a California corporation, as Trustee
and also as Beneficiary, as security for the payment
of an indebtedness not to exceed the sum of Four
Million Dollars ($4,000,000.00), which deed of trust
is referred to in the above mentioned consent as the
01Subsequent Deed of Trust." An unexecuted copy of the
Subsequent Deed of Trust is attached to the consent,
marked Exhibit "A9° and incorporated therein by reference
2. A deed of trust to be given by the Balboa Bay Club,
Inc., as Trustor, in favor of Van Nuys Savings and Loan
Association, a California corporation, as Beneficiary,
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as security for the payment of an indebtedness not to
exceed the sum of Six Hundred Fifty Thousand Dollars
($650,000.00), which deed of trust is deemed to be a
"Prior Deed of Trust" as that term is used in paragraph
(c) of said consent. An unexecuted copy of said deed
of trust is attached to the consent and marked Exhibit
"D" and incorporated therein by reference;
and
WHEREAS, it appears to be in the best interests of the
citizens of the City of Newport Beach that the City consent to
such assignments by the deeds of trust described above;
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Newport Beach hereby consents to the above described
assignments by deeds of trust subject to all of the terms and
conditions set forth in the consent to assignment and hereby
authorizes the Mayor and City Clerk to execute said consent to
assignments on behalf of the City.
BE IT FURTHER RESOLVED that Resolution No. 6221 adopted
by the City Council on the 13th day of September, 1965 be and
hereby is rescinded.
ATTEST:
ADOPTED this 13th day of December 196s .
Mayor
City Clerk
v ".
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. 6259 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 13th day of December ,
19 65 , by the following vote, to wit:
AYES, COUNCILMEN: Parsons, Marshall, Elder, Gruber, Cook,
Forgit
NOES, COUNCILMEN: None
ABSTAIN, COUNCIUKAN: Shelton
ABSENT, COUNCILMEN: None
Dated this 15th day of December , 1965
City Clerk aid E - Officio Clerk of the
City Council, City of Newport Beach,
State of California.
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