HomeMy WebLinkAbout4198 - Balboa Bay Club Lease• 1
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RZBOLUTION No. 1+198
WHERPAB, the City of Newport Beach has entered into a
Lease dated March 24, 1946 with the Newport Bay Company, covering
the premises now occupied by the Balboa bay Club; and
WHEREAS, one of the provisions of said Lease provides
that said Lease say not be assigned without the consent of the
City of Newport Beach; and
WHEREAS$ the Newport Hay Company is desirous of assign-
ing its interest in said Lease to Atlantic Life Insuranoe Company
a Yir Inca insurance company, to secure a note of the Newport Bay
Company in the sum of 9300,000.00 and certain other obligations,
said note to be secured by a trust deed on the Newport Say Com-
pany's interest in said lease; and
WHEREAS, IV appears to be for the best interests of the
oitiaens of the City of Newport Beach that the City consent to
the encumbering of said leasehold interest by said trust deed,
said trust deed being in all respects subjeet to the provisions
of said lease of March 24, 1948f,
HOW, THEREFORE, BE IT RESOLVED that the City of Newport
Beach hereby consents to the encumbering of the leasehold intere
of the Newport Bay Company by a trust deed to secure a note of
the Newport Bay Company in the sum of ;300,000.00, payable to
Atlantic Life Insurance Company, provided, however, that such co
sent shall not be doomed to be a consent to any other assignment
or encumbrance of said leasehold interest or to any further assi
sent of the above mentioned trust deed and note; and
BE IT FURTHER RESOLVED that the Mayor and City Clerk
be, and they are hereby, authorized and directed to execute a
consent to the assignment of said lease by said above mentioned
trust deed, as evidenced by the Consent to Assignment of Lease
by Trust Deed, dated January 11, 1954.
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The above and foregoing Resolution was duly and regul-
arly passed and adopted by tbo City Council of the City of X@wpo
Heaoh, at a regular meeting thereof, held on the 11th dray of
January, 1994, by the following rote, to wits
ATTEST:
AXES,
` `
81 COUNCILMEN:
,RA NT CouNCTLMEN:
City Clerk
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Mayor —
0
STATE Or" CALIFORNIA )
COUNTY OF ORANGE ) SS
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. 4198 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
11th day of January , 1954, by the following
vote, to wit:
AYES, COUNCILMEN
NOES, COUNCILMEN:
ABSENT, COUNCILMEN
Dated this
h. Isbel
Smith
None
Bennett. Miller
17th day of April 1957
IA -
City C_erR anj Ex -Offibio Clerk
of the City Council, City of
Newport Beach, State of California.
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