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it <br />1i <br />Fa <br />3 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />• 29 <br />30 <br />31 <br />32 <br />USOLUTION N0. 37,5_3­1-0 <br />WHEREAS, there has this day been presented to the City <br />Council of the City of Newport Beach a Certain lease, dated <br />daauary Qth , loop, wherein the City of Newport Beach is the <br />Lessor and J. A. Beek is the Lessee; and <br />WHEREAS, said lease refers to lease from the City to <br />said Lessee dated November 9th, 1927, and also written amendments <br />to said lease dated March 3rd, 1930, July 18th, 1938, February <br />6th, 1939, and November 3rd, 1945, which said leases are now in <br />full force and effect; and <br />WHERF..AS, the leased .premises have heretofore been improved <br />by said Lessee, and the City desires to encourage the further con- <br />struction of permanent improvements upon the demised property and <br />to further increase its revenue, in addition to increased percent- <br />age rentals, which in the judgment of the City Council will be <br />best accomplished by the granting of a new lease; and <br />WHEREAS, the entire property consists in part of tide- <br />lands and in part of uplands abutting thereon, and in the judg- <br />ment of the City Council of the City of Newport Beach the use of <br />the Westerly portion of said tidelands and said uplands aforesaid <br />for industrial uses is and will be inimical to the best interests <br />of said City , and that it is to the best interests of the City <br />that said Westerly portion be leased for residential purposes for <br />a term of thirty -eight years, beginning January 1st, 1950, and <br />ending December 31st, 1987, upon the following terms, Covenants, <br />conditions and rentals, to -wit: For a rental due on or before <br />January 15th of each year during said term, to and inol, ding <br />PER ACRE <br />December 31st, 1962, of 050,00 /per year; 9.nd in addition thereto <br />Lessee to agree to pay said City five per Cent of all gross sums <br />he shall receive during said period from the use of said Westerly <br />portion of said leased premises, all as in said lease provided; <br />and <br />1 <br />