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HomeMy WebLinkAboutC-7309-9 - Beacon Bay, 56 - Lessor's Consent and Agreement 2002This Documer ras electronically recorded by l0knopftcl at-40 Chicago Title Commercial CWWOD TWO Recorded in Official Records,County. of Orange . City Manager's Office rlene Bloom, Interim Clerk-Recorder City of Newport Beach P.O. Box 1768 I��I�II�II��I�II�IIII���I�II��IIII��I�II� 22.00 Newport Beach, CA 92658-8915 20020875672 03:34pm 10/09/02 1 8 32 C34 Al2 6 0 00 0.00 0.00 0.00 10.00 0.00 0.00 0.00 I THIS SPACE FOR RECORDER'S USE ONLY LESSOR'S CONSENT AND AGREEMENT V Loan No: 6865139056 n Recitals �- Borrower, referred to in this Agreement as "Lessee" and as more particularly described in Exhibit A, has applied for a loan from Bank of America, N.A. ("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: 6865139056 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: Bank of America, N.A., 9000 Southside Blvd., Building 700, File Receipt Department, Jacksonville, FL 32256, 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 Leader 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. 19 essor 2 Loan No: 6865139056 STATE OF CALIFORNIA COUNTY OF CGuv� .Q� before me, h S v, -N , • personally appeared L 6 1 ,personally known to"me be t e person whose name is subscribed to the within instrument and acknowledged to me that he he\they executed the same inis\ er\their authorized capacity (i s), and that by his er/their 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 CATHY FISHER Commission # 1341 Dog Z Notary Public - Califomia Orange County MY Comm. Expires Feb 21, 2006 Signature Notary Public in and for the tate of CALIFORNIA 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 FOLLOWS: NAME OF NOTARY: CATHY FISHER DATE COMMISSION EXPIRES: FEBUARY 21, 2006 COUNTY WHERE BOND IS FILE: ORANGE COUNTY COMMISSION NO.: 1341009 MANUFACTURERNENDOR NO.: NNA1 PLACE OF EXECUTION: IRVINE, CA. DATE: OCTOBER 9, 2002 SIGNATURE: CHICAGO TITLE EXHIBIT A — LESSOR'S CONSENT AND AGREEMENT Loan No. 6865139056 Unit No, 1. Borrower's (Lessee) Name: Erik R. DiPaolo and Kathleen C. DiPaolo, Trustees of the DiPaolo Family Trust dated April 15, 1998 2. Property Address: 56 Beacon Bay 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 6. Borrower (Lessee's) Current Monthly Lease Payment: $1489.58 Payments are current (circle either Yes or No). 7. Deliver notices and payments to Lessor at: City Manager, P.O. Box 1768, Newport Beach, CA 92658-8915 8. Term of Lease: 50 Years; commenced on July 1 1994 Expires on July 1, 2044 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 terms of N/A years each. LI ATTACHMENT TO EXHIBIT A — LESSOR'S CONSENT AND AGREEMENT Property Description Lot 56 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.