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HomeMy WebLinkAbout4198 - Balboa Bay Club Lease• 1 2 • 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 • 28 • 29 30 31 32 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. 1 Ile t� • 1 2 • 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 • 26 27 28 29 30 31 32 ti 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 2 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. I -.I--