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
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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
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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
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Mayor
THE IRVINE COMPANY
BY:
BY: