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HomeMy WebLinkAbout82-143 - International Bay Clubs Leasehold AssignmentRESOLUTION NO. 82 -143 A RESOLUTION OF THE CITY COUNCIL OF THE CITY • OF NEWPORT BEACH CONSENTING TO THE ASSIGNMENT, BY INTERNATIONAL BAY CLUBS, INC., 'OF ITS INTEREST IN THE BALBOA BAY CLUB LEASEHOLD FOR PURPOSES OF FINANCING WHEREAS, the City of Newport Beach, on March 24, 1948, entered into a Lease Agreement with the predecessor -in- interest to International Bay Clubs, Inc., pursuant to which a leasehold interest, covering property commonly known as the Balboa Bay Club was created; and WHEREAS, International Bay Clubs, Inc., is desirous of assigning its interest in the Balboa Bay Club leasehold for pur- poses of securing an indebtedness; and WHEREAS, International Bay Clubs Inc.; by terms of the Lease Agreement, may not assign its interests in the Lease with- out the prior written consent of the City Council; and WHEREAS, the City Council has previously consented to assignments in conjunction with loans, made to the Balboa Bay Club, totaling approximately $14.5 million dollars; and WHEREAS, the Balboa Bay Club has retired some of this indebtedness and wishes to refinance the remainder by obtaining a loan or loans totaling less than $14.5 million dollars; WHEREAS, in consenting to the assignment, the interests of the City of Newport Beach will not, in any way, be impaired; NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Newport Beach hereby consents to the assignment, by International Bay Clubs, Inc., for purposes of financing, its leasehold interest in and to the Balboa Bay Club lease; BB IT FURTHER RESOLVED that the consent of the City to the proposed assignment be memorialized in a writing, approved as • to form and content by the City Attorney of the City of Newport Beach, which contains sufficient commitments on the part of International Bay Clubs, Inc., and the proposed assignee, to guarantee that the assignment in no way impairs or alters the rights of the City of Newport Beach; BE IT FURTHER RESOLVED that the Consent to Assignment shall be effective only to the extent that loans, secured by the leasehold interest do not exceed $14.5 million dollars; BE IT FURTHER RESOLVED* that this Consent to Assignment shall not be considered by the Lessee, or proposed assignee, as a commitment, by the City of Newport Beach, to consent to further assignments; and BE IT FURTHER RESOLVED that the City Attorney of the City of Newport Beach is authorized to execute the written docu- ment which memorializes this Consent to Assignment, provided that said document is consistent with the terms and conditions of this Resolution. Adopted this 25th day of October, 1982. U : City Clerk • RHB/ pr RSP- Balboa 10 -25 -82 2