HomeMy WebLinkAboutC-7309-6 - Beacon Bay, 56 - Consent and Agreement 1995CONSENT AND AGREEMENT
The parties to this Consent and Agreement, made as of the 7TH day of
MARCH , 1995, are ARTHUR ENGSTROM and BEVERLY ENGSTROM,
("Lessee"), the CITY OF NEWPORT BEACH, ("Lessor"), and WELLS FARGO BANK, N.A.,
a national banking association ("Bank").
RECITALS
This Consent and Agreement is entered into upon the basis of the following facts
and understanding of the parties:
A. That pursuant to that certain Lease made between the CITY OF NEWPORT
BEACH and ARTHUR ENGSTROM and BEVERLY ENGSTROM dated 1994 (the "Lease"),
situated in the County of Orange, state of California, more particularly described in
Exhibit A which is attached hereto and made a part of hereof.
B. That the lessee's interest in the Lease as to said premises has been duly
assigned to Lessee.
C. Lessee desires to obtain from Bank an extension of credit in the principal
SUM of ONE HUNDRED TWENTY 125,000. which is or will be evidenced b a
FTVE THOUSAND & 00/ld� )� Y
Promissory Note or Account Agreement executed by Lessee, to be secured by an
Assignment of Lessee's Interest in Lease in the form attached hereto as Exhibit B, and by
Deed of Trust, and may require from time to time further sums from Bank to be secured
by said Assignment of Lessee's Interest in Lease Deed of Trust.
NOW THEREFORE, in consideration of the premises and other valuable
consideration, receipt of which is hereby acknowledged, and in order to induce Bank to
extend the credit above referred to, it is hereby declared, understood and agreed as
follows:
1. Lessor consents to the making of the Assignment of Lessee's Interest in
Lease and Deed of Trust.
2. Lessor consents to the transfer of Lessee's rights under the Lease by Bank in
foreclosure of said Assignment of Lessee's Interest in Lease and/or Deed of
Trust to Bank, or to a successor lessee in accordance with the terms of the
Lease.
3. Lessor agrees with Bank that it will not terminate or cancel the Lease until
after the lapse of thirty (30) days after it has delivered written notice of any
default under the Lease to Bank, in which notice is specified (a) the nature
of all defaults then existing, other than those which Lessor is willing to
waive, and (b) the amount of damages, if any sustained by it by reason of
such default. Lessor further agrees if within said thirty (30) days period: (1)
such specified defaults are cured, if curable by payment of money and any
such damage caused thereby is paid in full, or (2) if such specified defaults
are not so curable and cannot be remedied within said thirty (30) days
period, Bank institutes the proceedings for the foreclosure of the Deed of
Trust and thereafter diligently prosecutes the same, Lessor will waive such
defaults and will not cancel or terminate said Lease by reason thereof.
Payment of the amount of damages specified by Lessor in such a notice
shall be without prejudice to the right of Bank or any assignee of Bank to
maintain legal proceedings for the purposes of determining the amount of
damages, if any, to which the undersigned are legally entitled and recovery
from the undersigned of any excess of the amount thereof to which the
undersigned are legally entitled. Notwithstanding anything to the contrary
herein, Bank is under no obligation to cure any of said defaults.
4. Lessor agrees that Bank shall be named as loss payee in such fire or hazard
insurance as shall be obtained by Lessee in accordance with the terms and
conditions of the Lease.
5. Lessor agrees that copies of all required notices from the Lessor and Lessee
to any of the other parties, including notices of default, will be given to
Bank, at the following address:
WELLS FARGO BANK, NATIONAL ASSOCIATION
2331 ZANKER ROAD
SAN JOSE, CA. 95131
ATTN: LIEN PERFECTION DEPT.
6. Lessor further agrees that there will be no amendment or mutual
termination of the Lease without the prior consent of Bank.
7. Lessor agrees that it will give to Bank, on reasonable request, an estoppel
certificate certifying to such matter as the status of rent payments,
satisfaction of Leases conditions and whether there are any defaults under
the Lease.
8. This Agreement shall be construed in accordance with the laws of the State
of California.
IN WITNESS WHEREOF, the parties hereto have caused this Consent and
Agreement to be executed as of the day and year first written above.
LESSOR: the CITY OF NEWPORT
BEACH
Acknowledged by:
LESSEE:
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Airl-HUR ENGSTR
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BEVERLY ENGSTIWM
c:\grd1ease\consent\engstro1
WELLS FARGO BANK,
NATIONAL ASSOCIATION
By:
S. MAC NAUGHTON
Title: ASST. VICE PRESIDENT