HomeMy WebLinkAbout7927 - Balboa Bay Club Leasehold Property` / 4
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RESOLUTION NO. 7927
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF NEWPORT BEACH APPROVING OF
FIDELITY MORTGAGE INVESTORS AS A SECURED
LENDER ON BALBOA BAY CLUB LEASEHOLD
PROPERTY
WHEREAS, on December 15, 1971, the City Council by
Resolution No. 7586 and Consent of Assignment, approved the
conveyance of the Balboa Bay Club's leasehold estate to U. S.
Financial Corporation in an amount not to exceed $13,200,000
for the purpose of refinancing the Balboa Bay Club; and
WHEREAS, pursuant to said Consent Document, the
Balboa Bay Club has assigned a certain portion of the lease-
hold estate to U. S. Financial Corporation to secure a loan
in the amount of $6,650,000; and
WHEREAS, the Balboa Bay Club wishes to convey the
remainder of the leasehold estate to Fidelity Mortgage Inves-
tors to secure an additional loan in the amount of $4,594,000;
and
WHEREAS, Fidelity Mortgage Investors is not an
affiliate or subsidiary of U. S. Financial Corporation and
accordingly under the terms of the original Consent Document
the prior approval of the City is required; and
WHEREAS, it appears to be in the best interests of
the City of Newport Beach to approve Fidelity Mortgage Inves-
tors as a secured lender on the remaining Balboa Bay Club
leasehold property.
NOW, THEREFORE, BE IT RESOLVED that the City Council
of the City of Newport Beach hereby approves of Fidelity Mort-
gage Investors as a secured lender in the amount of $4,594,000
on the Balboa Bay Club leasehold property.
BE IT FURTHER RESOLVED that this approval is subject
to the same terms and conditions contained in Resolution No.
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7586 and Consent to Assignment dated December 15, 1971.
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ADOPTED this 12th day of February, 1973.
ATTEST;
CE IED AS THE/O•�? NAl,
GIN CLOK OF THE CITY OF NEW "T BGACH
DAM FE B 15 1973
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DON dm
2/7/73