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HomeMy WebLinkAbout83-39 - Balboa Angling Club LeaseRESOLUTION NO. 83 -39 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH AUTHORIZING THE MAYOR & CITY CLERK TO EXECUTE AN AMENDMENT TO A LEASE FOR CERTAIN,CITY -OWNED REAL PROPERTY LOCATED AT THE FOOT OF "A" ST., AND THE BAYFRONT TO THE BALBOA ANGLING CLUB WHEREAS, the City of Newport Beach and the Balboa Angling Club entered into a Lease, first dated April 1, 1947, which Leases, to The Balboa Angling Club, certain City -owned real property located at the foot of "A" Street and the Bayfront on the Balboa Peninsula; and WHEREAS, the original Lease has been amended and extended, at various times, since the inception of the Lease; and WHEREAS, the current Lease expires January 31, 1999,- and contains a provision which allows either party to terminate the Lease, prior to its expiration date, by giving the other party twelve (12) months' prior written notice; this provision for early termination becoming effective May 1, 1984; and . WHEREAS, the structure which houses The Balboa Angling Club has been damaged by severe storms and unusually high tides experienced by Newport Beach during the winter of 1982 - 1983; and WHEREAS, the damage caused by the storms and high tides require major improvements and renovations to the structures on the property that is the subject of the Lease, and The Balboa Angling Club is reluctant to commit the funds necessary to make those major repairs unless the Lease is modified, to eliminate the provision which allows either party to terminate the Lease upon twelve (12) months' written notice; and • WHEREAS, it is in the interests of both parties to amend the Lease, to eliminate the early termination provision so that The Balboa Angling Club will have the incentive to commit to make the repairs necessary; 0 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach that the Mayor and City Clerk are • hereby authorized to execute an amendment to the Lease, a copy of which amendment is attached to this Resolution as Exhibit "A ", which eliminates the provision for early termination; ADOPTED' -this 25th day of April , 1983. RSP /Anglin • i ue+ i ."71151 AMENDMENT TO LEASE WHEREAS, the City of Newport Beach and the Balboa Angling Club entered into a Lease, first dated April 1, 1947, which Leases, to The Balboa Angling Club, certain City -owned real property located at the foot of "A" Street and the Bayfront on the Balboa Peninsula; and WHEREAS, the original Lease has been amended, and extended, at various times, since the inception of the Lease; and WHEREAS, the current Lease expires January 31, 1999 and contains a provision which allows either .party to terminate the Lease, prior to its expiration date, by giving the other party twelve (12) months' prior written notice; this provision for early termination becoming effective May 1, 1984; and WHEREAS, the structure which houses The Balboa Angling Club has been damaged by severe storms and unusually high tides experienced by Newport Beach during the winter of 1982 - 1983; and WHEREAS, the damage caused by the storms and high tides require major improvements and renovations to the structures on the property that is the subject of the Lease, and -.-The Balboa Angling Club is reluctant to commit the funds necessary to make those major repairs unless the Lease is modified, to eliminate the provision which allows either'party to terminate the Lease upon twelve (12) months' written notice; and WHEREAS, it is in the interests of both parties to • amend the Lease, to eliminate the early termination provision, so that The Balboa Angling Club will have the incentive to commit to make the repairs necessary; NOW, THEREFORE, in consideration of the mutual promises contained herein and all the covenants and conditions set forth in the original Lease, and amendments thereto, it is agreed as • follows: 1. - _.That all the terms and.conditions of the Lease agreement dated April 1, 1947, as amended, are incorporated hereby by reference as though fully set forth at length and the parties hereto agree to be bound by all of those terms and conditions provided, however, that the rights previously granted each party to cancel and terminate the Lease, prior to its expiration date by giving the other party twelve (12) months' prior written.notice, is hereby deleted and, provided further, that neither party will have the right to terminate the Lease except pursuant to a material breach committed by the other party. IN WITNESS WHEREOF the parties hereto have executed this agreement on the day and year first above written. APYROVED AS TO FORM 'ty Attorney BALBOA ANGLING CLUB CITY OF NEWPORT BEACH Mayor ATTEST: City Clerk RSP /Anglin