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
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