HomeMy WebLinkAbout7586 - Balboa Bay Club RefinancingRESOLUTION NO. 7 5 8 G
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH APPROVING ASSIGNMENTS OF A
LEASEHOLD ESTATE BY DEEDS OF TRUST AND /OR BY
SALE LEASE -BACK AND AUTHORIZING THE EXECUTION
• OF A CONSENT TO SUCH ASSIGNMENTS IN CONNECTION
WITH BALBOA BAY CLUB REFINANCING
WHEREAS, the City of Newport Beach has entered into
• lease dated March 24, 1948, with the Balboa Bay Club, Inc.,
• California corporation, which lease has since been amended
by instruments dated April 10, 1950, September 29, 1952, and
March 28, 1960, covering the premises in the City of Newport
Beach more particularly described in said lease, as amended,
which is referred to in the consent to assignment authorized
hereby as the "Main Lease "; and
WHEREAS, one of the provisions of said lease pro-
vides 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 deeds of
trust and /or by the sale and lease -back of its leasehold estate
and leasehold improvements thereon, which deeds of trust and /or
sale lease -back are more particularly described as follows:
1. A sale, coupled with a lease -back, to U. S.
Financial or a subsidiary or affiliate thereof or
to such other financial institution, corporation,
person or persons as may be specifically approved
by the.City of Newport Beach of all or a portion
of the leasehold estate of Balboa Bay Club, Inc.
together with the improvements thereon for a sale
price not to exceed the sum of Thirteen Million Two
• Hundred Thousand Dollars ($13,200,000.00); and /or
2. The delivery of one or more promissory notes
secured by deeds of trust on said leasehold estate
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•
0
and improvements to U. S. Financial Corporation as
trustee and also as beneficiary in aggregate amounts
not to exceed the sale price of Thirteen Million Two
Hundred Thousand Dollars ($13,200,000.00);
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 or sale lease -back de-
scribed 'above,
the City
assignmE
of the t
and herE
consent
ATTEST:
NOW, THEREFORE, BE IT RESOLVED that the City Council of
of Newport Beach hereby consents to the above - described
its by deeds of trust or sale lease -back subject to all
Ierms and conditions set forth in the consent to assignment
by authorizes the Mayor and City Clerk to execute said
to assignments on behalf of the City.
ADOPTED this 13th day of December 1971 .
CF IED AS TH O^ ;NAL
C4Y CLERK OF THE CSTY of K7= BEACH
DATE, _ X 16 1971 _.......___ -
-2-
Mayor
DON dm
12/7/71