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HomeMy WebLinkAbout83-82 - Balboa Yacht Basin Agreement AmendmentRESOLUTION NO. 83 -82 . A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AMENDMENT TO ASSIGNMENT OF LEASE BETWEEN THE CITY OF NEWPORT BEACH AND THE IRVINE COMPANY REGARDING BALBOA YACHT BASIN WHEREAS, the City of Newport Beach, by Resolution No. 10071, entered into an agreement in the form of an Assignment of Lease, pursuant to which the Irvine Company assigned to the City of Newport Beach all of its right, title and interest in and to a sublease that pertained to certain real property, commonly known as the Balboa Yacht Basin; and WHEREAS, the Irvine Company, pursuant to said assign- ment, reserved the right to receive income from seven apartments and seven garages located on the property subject to the sublease; and WHEREAS, the City is desirous of demolishing four of the seven apartments and appurtenant garages in order to facili- tate reconstruction of the Balboa Yacht Basin Marina and permit expansion of the Basin Marine Shipyard to accmmodate the increas- ing demands for shipyard services; and WHEREAS, with respect to the four apartments and garages that would be demolished under the reconstruction plans, two of the apartments are currently vacant, the other two apart- ments are occupied only part time and, thus, no permanent housing is, or will be, affected by the proposed demolition of the apart- ments and garages; and • WHEREAS, the Irvine Company has agreed to relinquish its rights, with respect to the four apartments and garages that is would be demolished, in consideration of the payment by the City to the Irvine Company, of the sum of $72,200.00, which payment is to be made in accordance with the schedule as shown on the Amendment to Assignment of Lease, a copy of which is attached hereto as Exhibit "A" and incorporated herein. 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 the "Amendment to Assignment of Lease" by and between the City of Newport Beach and the Irvine Company as referred to above. . ADOPTED the 8th day of Auk_, 1983 ayo ATTES Cty__Clerk RG /pr RSP /BeaconBay • AMENDMENT TO ASSIGNMENT OF LEASE THIS AMENDMENT TO LEASE entered into this _ day of , 1983, by and between THE CITY OF NEWPORT BEACH, a Municipal Corporation and Charter City, and THE IRVINE COMPANY, a corporation, is made with reference to the following facts: WHEREAS, the parties hereto have previously entered into an Agreement entitled "Assignment of Lease" regarding certain property commonly known as the Balboa Yacht Basin; and WHEREAS, pursuant to the Assignment, the Irvine Company reserved the right to receive income from seven apartments and garages located on the property subject to the Sublease; and WHEREAS, the City is desirous of making improvements to the Balboa Yacht Basin and must demolish four of the seven apartments to accomplish the reconstruction; and WHEREAS, the parties have agreed that the Irvine Company will relinquish its rights with respect to the four apartments in consideration of the payment of the sum of $72,200.00. NOW, THEREFORE, the parties hereto agree as follows: 1. The Assignment of Lease dated June 22, 1981, is hereby amended such that paragraph 2(a) reads as follows: 112. RESERVATIONS. TIC reserves to itself, its successors and assigns, the following: • a) A sublease of the seven (7) apartments and seven (7) appurtenant garages without the obligation to pay rent to City. TIC, however, shall pay for all necessary utilities, including water, gas and electricity for said apartments and garages. TIC agrees to release to City, on or before September 30, 1983, all of its right, title or interest in and to four (4) EXHIBIT A apartments and four (4) appurtenant garages, required to be demolished in conjunction with a City project for reconstruction • o f the marina, the release to be in consideration of the payment by City to TIC of the sum of $72,200.00 to be paid as follows: October 1, 1983 $1.6,044.00 October 1, 1984 $16,044.00 October 1, 1985 $16,044.00 October 1, 1986 $16,044.00 October 1, 1987 $ 8,024.00 2. Except as amended pursuant to the terms and conditions of this Agreement, the Assignment of Sublease shall continue in full force and effect under the same terms and conditions previously agreed upon." Executed by the parties hereto the day and year first above written. ATTEST: City Clerk APPROVED AS TO FORM City Attorney RSP /BeaconBay2 2 Mayor THE IRVINE COMPANY BY: BY: