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• 1 <br />2 <br />• 3 <br />4 <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 />RZBOLUTION No. 1+198 <br />WHERPAB, the City of Newport Beach has entered into a <br />Lease dated March 24, 1946 with the Newport Bay Company, covering <br />the premises now occupied by the Balboa bay Club; and <br />WHEREAS, one of the provisions of said Lease provides <br />that said Lease say not be assigned without the consent of the <br />City of Newport Beach; and <br />WHEREAS$ the Newport Hay Company is desirous of assign- <br />ing its interest in said Lease to Atlantic Life Insuranoe Company <br />a Yir Inca insurance company, to secure a note of the Newport Bay <br />Company in the sum of 9300,000.00 and certain other obligations, <br />said note to be secured by a trust deed on the Newport Say Com- <br />pany's interest in said lease; and <br />WHEREAS, IV appears to be for the best interests of the <br />oitiaens of the City of Newport Beach that the City consent to <br />the encumbering of said leasehold interest by said trust deed, <br />said trust deed being in all respects subjeet to the provisions <br />of said lease of March 24, 1948f, <br />HOW, THEREFORE, BE IT RESOLVED that the City of Newport <br />Beach hereby consents to the encumbering of the leasehold intere <br />of the Newport Bay Company by a trust deed to secure a note of <br />the Newport Bay Company in the sum of ;300,000.00, payable to <br />Atlantic Life Insurance Company, provided, however, that such co <br />sent shall not be doomed to be a consent to any other assignment <br />or encumbrance of said leasehold interest or to any further assi <br />sent of the above mentioned trust deed and note; and <br />BE IT FURTHER RESOLVED that the Mayor and City Clerk <br />be, and they are hereby, authorized and directed to execute a <br />consent to the assignment of said lease by said above mentioned <br />trust deed, as evidenced by the Consent to Assignment of Lease <br />by Trust Deed, dated January 11, 1954. <br />1 <br />Ile <br />