HomeMy WebLinkAbout6825 - Assignment of a Portion of a Leasehold Estatew
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1 RESOLUTION NO. 6825
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH APPROVING THE.ASSIGNMENT.OF
3 A.PORTION OF A LEASEHOLD ESTATE TO.UNION BANK
Ey HYDIFICATION OF A DrrD OF TRUST
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5 WHEREAS, the City of Newport Beach has entered into
6 a lease dated March 24, 1948, with the Balboa Bay Club, Inc.,
7 a California corporation, which lease has since been amended
8 by instruments dated April 10, 1950, September 29, 19522 and
9 March 28, 1960, covering the premises in the City of Newport
10 Beach more particularly described in said lease, as amended,
11 which is referred to in the consent to assignment authorized
12 as the "Main Lease "; and
13 WHEREAS, one of the provisions of said lease provides
14 that said lease may not be assigned without the consent of the
15 City of Newport Beach; and
16 WHEREAS, lessee, Balboa Bay Club, Inc., desires to
17 hypothecate, in favor of Union Bank, a portion of the lease -
18 hold estate created under said lease as amended by entering
19 into two agreements, Supplement to Deed of Trust and Modifi-
20 cation of Deed of Trust. The real property to be added to the
21 Union Bank Deed of Trust under said Supplement to Deed of Trust
22 is that property referred to as Parcel 4 in the Supplement to
23 Deed of Trust; and
24 WHEREAS, it appears to be in the best interests of
25 the citizens of the City of Newport Beach that the City consent
26 to such modification;
27 NOW, THEREFORE, BE IT RESOLVED that the City Council
28 of the City of Newport Beach hereby consents to the above
29 described modification of the Union Bank Deed of Trust subject
30 to all the terms and conditions set forth in the Consent and
31 Assignment and hereby authorizes that the Mayor and City Clerk
32 execute said Consent and Assignment on behalf of the City.
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1 ADOPTED this 8th
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5 ATTEST:
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STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF NEWPORT BEACH )
I, LAURA LA.GIOS, 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. 6825 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 8 day of July 1968,
by the following vote, to wit:
AYES, COUNCILMEN:
NOES, COUNCILMEN
ABSENT, COUNCILMEN:
Dated this 9 day of
Marshall, Parsons, Shelton, McInnis,
Hirth, Rogers, Gruber
None
July
, 1968.
City Cl rk and Ex-Officio e of the
City Council, City of Newport Beach,
State of California