HomeMy WebLinkAbout5202 - Newport Bay Company LeaseWWC *mec
3/29/60
RESOLUTION NO. 5202
• A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH APPROVING AN AMENDMENT OF THE LEASE
. WITH THE NEWPORT BAY COMPANY
WHEREAS, the City and The Newport Bay Company, a Califor-
nia corporation, entered into an unimproved property lease on March
24, 1948, which lease has since been amended on April 10, 1950, and
on September,29, 1952; and
WHEREAS, The Newport Bay Company and Wrather Investment,
Inc., the proposed assignee of the lessee's interest under the lease,
have requested the City to approve an assignment by The Newport Bay
Company to Wrather Investment, Inc.; and
WHEREAS, the City Council has indicated a willingness to
approve the assignment on condition that the minimum rental be
increased to $45,000 per year and continue to be payable quarterly
in advance; and
WHEREAS, an amendment to the lease has been prepared
which, if approved, would increase the minimum rental to $45,000
per year beginning April 1, 1960, and continuing for each calendar
year thereafter during the term; and
WHEREAS, the amendment has been reviewed and found to
be fair and equitable and it is in the interest of the City to
execute the same;
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City
Clerk are hereby authorized and directed to execute said amend-
ment to the lease on behalf of the City of Newport Beach.
ADOPTED this 28th
ATTEST*
City Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
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. 5202
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 28th day of March 19 60 by the following
vote, to wit:
AYES, COUNCILMEN: Kingsley, Atkinson, Higbie, Stoddard,
Hart. Lorenz. Somers
NOES, COUNCILMEN: None
ABSENT, COUNCILMEN: None
Dated this 12th day of April 1960
City Clerk 4nd Ek-Otticio Clerk of tFe—
City Council, City of Newport Beach,
- '`� State of California.