Loading...
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.