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HomeMy WebLinkAboutC-8513-22 - Beacon Bay, 22 - Lessor's Consent and Agreement 2006RECORDING REQUESTED BY FIRST AMERICAN TITLE COMP; RESIDENTIAL DIVISION City Manager's Office City of Newport Beach P.O. Box 1768 Newport Beach, CA 92658-8915 is Document was electronically recorded by First A. :rican Mission Viejo Drded in Official Records, Orange County Daly, Clerk -Recorder IIIIII11111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII1111IIIIIIIIIII 108.00 2006000842235 12:58pm 12/15/06 59 Al2 35 0.00 0.00 0.00 102.00 0.00 0.00 0.00 THIS SPACE FOR RECORDER'S USE ONLY LESSOR'S CONSENT AND AGREEMENT Recitals Loan No: 0070901426 Borrower, referred to in this Agreement as "Lessee" and as more particularly described in Exhibit A, has applied for a loan from Wells Fargo Bank, NA ("Lender) to be secured by leased property, as such property is more particularly described in Exhibit A ("Property"). Lessee currently holds or will acquire upon consummation of the pending transaction, a leasehold interest under the lease described in Exhibit A ("Lease") in which the undersigned ("Lessor') is the lessor. Agreement 1. The information on Exhibit A is incorporated herein by reference. 2. The property is subject to the Lease described in Exhibit A. The lease documents described in Exhibit A constitute the entire agreement of Lessee and Lessor regarding the Property. The lease is in full force and effect and unmodified. All rents and other charges due have been paid, there are no other defaults and the Lease is in good standing. Lessor has no knowledge of any facts which now or after the passage of time or the giving notice, or both, would constitute a default under the Lease. The payments required under the Lease are set forth in Exhibit A. Payments and notices to Lessor are deliverable as set forth in Exhibit A. Lessor has no claims outstanding against Lessee in connection with the Property. 1 Loan No: 0070901426 3. Lessor consents to the granting of a security interest in Lessee's interest in the lease to Lender. Lessor agrees to send concurrently to Lender copies of any notices sent to Lessee pertaining to Lessee's default or Lessor's intent to terminate the Lease or any part thereof by certified U.S. mail. No modification or termination of the Lease agreed upon by Lessee shall be effective without the express written consent of Lender. Notice will be provided to Lender by certified mail at the following address: Wells Fargo Bank, NA, 1000 Blue Gentian Rd., Eagan, MN, 55121, referencing the Loan Number set forth on Exhibit A or at such other address given to the undersigned by Lender, at the same time as the notices are sent to Lessee. 4. Should the Lease be terminated for any reason prior to expiration of its stated term, Lessor shall, upon written request by Lender to Lessor made within sixty (60) days after such termination, enter into a new lease ("New Lessee") with Lender as the Lessee. The New Lease shall have a term equal to the remainder to the stated term of the Lease has it not been terminated prior to the end its stated term. The New Lease shall have the same covenants, conditions and agreements (except for any requirements which have been satisfied by Lessee prior to termination) as are contained in the lease. Lessor shall be required to enter into the New Lease only if Lender has remedied and cured all monetary defaults under the lease and has cured or has commenced and is diligently pursing completion of the cure of all non -monetary defaults of Lessee susceptible to sure any party other than by the original Lessee. 5. This consent and agreement shall not operate to change or supercede the terms & conditions of the lease in the event of a conflict, the terms of the lease shall prevail. ....� ,� Lessor Homer Bludau, City Manager City of Newport Beach 2 Loan No: 0070901426 STATE OF CALIFORNIA COUNTY OF V M)GF On 'PFC.E.MBER I� )Oe)(o , before me, 1144-ANMSAiNGTDA-) ,INn-rvypo&xI personally appeared Nopc-2 BLUVAU , personally known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that he\sA\tVy executed the same in his\�&\1�6ir authorized capacity), and that by his/per/fir signature on the instrument the person or the entity upon behalf of which the person acted, executed the instrument. WITNESS my hand and official seal. Signatu Nota *inandr the Stabe of PAL IF©2N 11\ L. WAWNGTON CommWon N 1656952 Notay Pub#c - CO MonMa Los ArgetN County My Comm. Enp1rw Mot 6.200 3 GOVERNMENT CODE 27361.7 I CERTIFY UNDER PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS FOLLOW: NAME OF NOTARY: L. WASHINGTON COUNTY WHERE BOND IS FILED: LOS ANGELES DATE COMMISSION EXPIRES: MARCH 6, 2009 COMMISION NO: 1556952 MANUFACTURERSNENDOR NO: NNAl PLACE OF EXECUTION: MISSION VIEJO, CALIFORNIA DATE: December 14, 2006 BY: 6!Z EDDIE ZAVALA FIRST AMERICAN TITLE INSURANCE COMPANY EXHIBIT A — LESSOR'S CONSENT AND AGREEMENT Loan No. 0070901426 Unit No 1. Borrower's (Lessee) Name: Chad and Cristina Steelberg 2. Property Address: 22 Beacon Bay, Newport Beach, CA 92660 3. Property's Legal Description (if a metes & bounds attach legal): See Attached 4. Developer/Condo Homeowners Assoc. (Lessor) Name: Beacon Bay 5. Lease (including all amendments and dates): See Attached on 7 Borrower (Lessee's) Current Monthly Lease Payment Payments are current (circle either(Yes r No). $3,875.00 Deliver notices and payments to Lessor at: City Manager's Office, City of Newport Beach, P.O. Box 1768, Newport Beach, CA 92658-8915 8. Term of Lease: 50 Years; commenced on Expires on July 1, 2044 May 19, 2000; If applicable: Pursuant to the Lease, Lessee has the right, at its option, to renew the term of the Lease for N/A consecutive renewal terns of N/A years each. E ATTACHMENT TO EXHIBIT A — LESSOR'S CONSENT AND AGREEMENT Property Description Lot 22 and that portion of Lot H fronting Lot 22 and extending Northward 32 feet, and that portion of Lot 1 fronting Lot 22 and extending Southward 28 feet to the U.S. bulkhead line, as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. 5 Title Order Number: File Number: 0 -MV -2591995 Exhibit "A" Real property in the City of Newport Beach, County of Orange, State of California, described as follows: A LEASEHOLD ESTATE CREATED BY THAT CERTAIN MEMORANDUM OF LEASE EXECUTED BY THE CITY OF NEWPORT BEACH, A CHARTERED MUNICIPAL CORPORATION, LESSOR, AND CHAD E. STEELBERG AND CRISTINA M. STEELBERG, HUSBAND AND WIFE, AS COMMUNITY PROPERTY, LESSEE, AND SUBJECT TO ALL OF THE PROVISIONS THEREIN CONTAINED, AS DISCLOSED BY MEMORANDUM OF LEASE, DATED MAY 19, 2000 AND RECORDED MAY 19, 2000 AS INSTRUMENT NO. 20000265769 OF OFFICIAL RECORDS OF ORANGE COUNTY, CALIFORNIA. LOT 22 AND THAT PORTION OF LOT H FRONTING LOT 22 AND EXTENDING NORTHWARD 32 FEET, AND THAT PORTION OF LOT 1 FRONTING LOT 22 AND EXTENDING SOUTHWARD 28 FEET TO THE U.S. BULKHEAD LINE, AS SHOWN ON THE MAP FILED IN BOOK 9, PAGES 42 AND 43 OF RECORD OF SURVEYS IN THE OFFICE OF THE COUNTY RECORDER, COUNTY OF ORANGE, STATE OF CALIFORNIA. APN: 988-88-031