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HomeMy WebLinkAbout7586 - Balboa Bay Club RefinancingRESOLUTION NO. 7 5 8 G A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH APPROVING ASSIGNMENTS OF A LEASEHOLD ESTATE BY DEEDS OF TRUST AND /OR BY SALE LEASE -BACK AND AUTHORIZING THE EXECUTION • OF A CONSENT TO SUCH ASSIGNMENTS IN CONNECTION WITH BALBOA BAY CLUB REFINANCING WHEREAS, the City of Newport Beach has entered into • lease dated March 24, 1948, with the Balboa Bay Club, Inc., • California corporation, which lease has since been amended by instruments dated April 10, 1950, September 29, 1952, and March 28, 1960, covering the premises in the City of Newport Beach more particularly described in said lease, as amended, which is referred to in the consent to assignment authorized hereby as the "Main Lease "; and WHEREAS, one of the provisions of said lease pro- vides that said lease may not be assigned without the consent of the City of Newport Beach; and WHEREAS, the Balboa Bay Club, Inc. desires to assign portions of its leasehold estate under said lease by deeds of trust and /or by the sale and lease -back of its leasehold estate and leasehold improvements thereon, which deeds of trust and /or sale lease -back are more particularly described as follows: 1. A sale, coupled with a lease -back, to U. S. Financial or a subsidiary or affiliate thereof or to such other financial institution, corporation, person or persons as may be specifically approved by the.City of Newport Beach of all or a portion of the leasehold estate of Balboa Bay Club, Inc. together with the improvements thereon for a sale price not to exceed the sum of Thirteen Million Two • Hundred Thousand Dollars ($13,200,000.00); and /or 2. The delivery of one or more promissory notes secured by deeds of trust on said leasehold estate -1- • 0 and improvements to U. S. Financial Corporation as trustee and also as beneficiary in aggregate amounts not to exceed the sale price of Thirteen Million Two Hundred Thousand Dollars ($13,200,000.00); WHEREAS, it appears to be in the best interests of the citizens of the City of Newport Beach that the City consent to such assignments by the deeds of trust or sale lease -back de- scribed 'above, the City assignmE of the t and herE consent ATTEST: NOW, THEREFORE, BE IT RESOLVED that the City Council of of Newport Beach hereby consents to the above - described its by deeds of trust or sale lease -back subject to all Ierms and conditions set forth in the consent to assignment by authorizes the Mayor and City Clerk to execute said to assignments on behalf of the City. ADOPTED this 13th day of December 1971 . CF IED AS TH O^ ;NAL C4Y CLERK OF THE CSTY of K7= BEACH DATE, _ X 16 1971 _.......___ - -2- Mayor DON dm 12/7/71