Loading...
HomeMy WebLinkAbout5943 - Lease-Hold Estate Assignmentsr C;mec 23/64 (12) III RESOLUTION N0. 5_9Y3 2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH APPROVING ASSIGNMENTS OF A LEASE- 3 HOLD ESTATE BY DEEDS OF TRUST AND AUTHORIZING THE .EXECUTION OF A CONSENT TO SUCH ASSIGMUN TS 4 511 WHEREAS, the City of Newport Beach has entered into a 6 dated March 24, 1948, with the Balboa Bay Club, Inc., a California 7 corporation, which lease has since been amended by instruments date 8 April 10, 1950, September 29, 1952, and March 28, 1960, covering 9 the premises in the City of Newport Beach now occupied by the 10 Balboa Bay Club; and 11 WHEREAS, one of the provisions of said lease provides 12 that said lease may not be assigned without the consent of the 13 City of Newport Beach; and 14 WHEREAS, the Balboa Bay Club, Inc., desires to assign its 15 leasehold estate under said lease by certain deeds of trust to 16 secure certain indebtedness, which deeds of trust are more particu- 17 laxly described as follows: 18 1. "A" being a Deed of Trust to be given by the Balboa Bay Club, Inc., a California corporation, as Trustor, in 19 favor of Van Nuys Savings & Loan Association, a California corporation, as beneficiary, as security for the payment 20 of an indebtedness in the sum of $1,150,000.00. 21 2. 99B" being a Deed of Trust to be given by the Balboa Bay Club, Inc., a California corporation, as Trustor, in 22 favor of Van Nuys Savings & Loan Association, a California corporation, as beneficiary, as security for the payment 23 of an indebtedness in the sum of $1,000,000.00. 24 3. "C" being a Deed of Trust to be given by the Balboa Bay Club, Inc., a California corporation, as Trustor, in 25 favor of Van Nuys Savings & Loan Association, a California corporation, as beneficiary,.as security for the payment 26 of an indebtedness in the sum of $650,000.00. 27 4. "D" being a Deed of Trust to be given by the Balboa Bay Club, Inc., a California corporation, as Trustor, in 28 favor of Van Nuys Savings & Loan Association, a Californi+ corporation, as beneficiary„ as security for the payment 29 of an indebtedness in the sum of $200,000.00. 30 WHEREAS, it appears to be in the best interests of the 31 citizens of the City of Newport Beach that the City consent to the 32 e . 1 assignment of said leasehold estate by the deeds of trust enumerat 2 above. 3 NOW, THEREFORE, BE IT RESOLVED that the City of Newport 4 Beach hereby consents to the assignments of said leasehold estate 5 by deeds of trust particularly hereinabove described; provided, 6 however, that such consent and deeds of trust and each of them are 7 subject to the following: 8 (a) That except as herein otherwise provided, said assignments and all rights now or hereafter acquired there - 9 under are, and each shall be subject to each and all of the covenants, conditions and restrictions set forth in said 10 lease, and to all rights and interests of Lessor therein, none of which are or shall be waived by said consent; 11 (b) That should there be any conflict between the 12 provisions of said lease and the provisions of any of said assignments, the former shall control; 13 (c) That if the leasehold estate of said Lessee shall 14 be foreclosed or otherwise acquired under any one or more of said assignments, the transferee or transferees thereof 15 shall thereupon and thereby assume the performance of and shall be bound by each and all of the covenants, conditions 16 and obligations provided in said lease to be performed and observed by the Lessee; 17 (d) That the City of Newport Beach agrees that it 18 will not terminate said lease because of any default or breach thereunder on the part of the Lessee if the holders 19 of said assignments, or any of them, within thirty (30) days after the service of written notice from said Lessor 20 of its intention to terminate said lease for such default or breach, shall either cure such default or breach, if 21 the same can be cured by the payment of money, or if otherwise, shall undertake in writing with and for the 22 benefit of said Lessor to keep and perform all of the covenants and conditions of said lease provided therein 23 to be kept and performed by the Lessee, until such time as said leasehold shall be sold upon foreclosure pursuant 24 to said assignments, or any of them, or shall be released or reconveyed thereunder, provided, however, that if the 25 holder of the trust deed shall fail or refuse to comply with any and all of the conditions of this subparagraph 26 (d), then and thereupon said Lessor shall be released from the covenant of forbearance herein contained; and any 27 notice provided for in this subparagraph (d) shall be served in the same manner as provided in said lease for 28 the service of notices, and shall be delivered or directed to the holder of the trust deed at its address as last 29 shown on the records of the Lessor; 30 (e) That the City of Newport Beach assumes no lia- bility or responsibility for the order of priority of said deeds of trust or the relation of one to the other, or any of them; 32 2. L] LJ 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 (f) That upon and immediately after the recording of the trust deed, said Lessee, at its own expense, shall cause to be recorded in the office of the Recorder of Orange County a written request executed and acknowledged by said Lessor for a copy of any notice of default and of any notice of sale under the trust deeds as provided by the statutes of the State of California relating thereto. Con- currently with the execution of said consent said Lessee shall furnish to said Lessor a complete copy of the trust deeds and the.notes secured thereby, together with the names and addresses of the holders thereof; and provided further that the consent hereby granted shall not be deemed to be a consent to any other or further assignment of en- cumbrance of said leasehold estate or any part thereof. BE IT FURTHER RESOLVED that the Mayor and the City Clerk The and are hereby authorized and directed to execute a consent to the assignments of the leasehold estate by the above - mentioned deeds of trust. .ADOPTED this _,27-bt day of March, 1964. &.1 / e. W � Mayor ATTEST: city C er c — 3. 0 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF NEWPORT BEACH) +9' 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. 5943 was duly and regularly adopted, passed, and approved by the City Council of the City of Newport adjourned Beach,. California, at a regular /meeting of said City Council held. at the regular meeting.place thereof, on the 27th day of March , 1964 ,. by the following vote, to wit: AYES, COUNCILMEN: Stoddard, Cook, Hart, Lorenz, Marshall, Elder NOES, COUNCILMEN: None ABSENT, COUNCILMEN: Gruber Dated this 27th day of March „ 1964 City Clerk_and' x -Of 'cio Ck�rk.of_ the City Council, City of Newpok Beach, State of California. _. 1 .