Loading...
HomeMy WebLinkAboutC-6243(N) - Beacon Bay, 62 - Consent to Assignment of Agreement to Lease 1991F� x':11 M-11MON7171 1 IRIE E141 C RECORDING REQUESTED AND WHEN RECORDED RETURN TO: Citf Manager is Office City of Newport Beach 3300 Newport Boulevard Newport Beach, CA 92663 Attn: Kenneth J. Delino 9f=348608 Space above line for Recorder's use only CONSENT TO ASSIGNMENT OF AGREEMENT TO LEASE RECORDING REQUESTED BY FIDELITY NATIONAL TITLE INS. CO. RECORDED IN OFFICIAL RECORDS OF ORANGE COUNTY. CALIFORNIA -1252 PM JUL 5'91 i THIS CONSENT is given this 1st day of July , 1991 by the CITY OF NEWPORT BEACH, a chartered municipal cor- poration (hereinafter the "City") on the following terms and conditions: q RECITALS A. The City entered into a Lease dated July 1, 1991 ("the Lease"), with C. Kent Freundt and Barbara Casey Freundt ("Lessee") covering certain real property described as Lot 62 in the City of Newport Beach, County of Orange, State of California, as per Record of Survey Map filed in Book 9, Pages 42 and 43 of Record of Surveys, in the Office of the County Recorder of said County (the "Property"). B. Lessee is currently leasing the Property from The City. The lease expires July 1, 2006. C . Lessee has applied to California Federal ("Lender") for a real estate loan to be secured by Lessee's interest in the Property. Lessee has also agreed to assign Lessee's rights under the Lease to Lender. As a condition to making such loan, Lender has required that the City consent to such assignment of the Lease according to the terms hereof. CONSENT NOW, THEREFORE, the City does hereby consent to the assignment to Lender of Lessee's rights under the Lease and further agrees in favor of Lender as follows: 1. Should Lessee default under the loancbscribed above and Lender foreclose on the leasehold interest under the Lease; the City agrees that it shall confirm in writing to Leader or any other purchaser of Lender or such other purchaser has the rights of Lessee under the Lease and is entitled to enter into a lease with the City pursuant to the terms and conditions of the Lease. The foregoing agreement of the City shall apply with equal force if the leasehold interest under the lease is assigned to Lender in lieu of foreclosure. The amounts to be paid to the City pursuant to the Lease shall be adjusted pursuant to Section 4 of the Lease upon the earlier of (a) any transfer by Lender of the leasehold interest under the lease and the rights of Lessee under the Lease, or (b) a date six months after acquisition by Lender of the leasehold interest under the Lease by foreclosure or in lieu of foreclosure. 2. Said assignment of the Lease to Lender and all rights acquired thereunder shall be subject to each and all of the covenants, conditions and restrictions set forth in the Lease and to all rights and interest of the City thereunder, except as herein otherwise provided. 3. In the event of any conflict between the provisions of the Lease and the provisions of any such assignment to Lender, the provisions of the Lease shall control. 4. Lender shall be liable to perform the obligations of Lessee under the Agreement only so long as Lender holds title to the leasehold interest under the Lease. 5. The City agrees that it will not terminate the Lease because of any default or breach thereunder on the part of Lessee if Lender, within sixty (60) days after service of written notice on Lender by the City of its intention to terminate the Lease for such default or breach, shall: (a) Cure such default or breach if the same can be cured by the payment or expenditure of money pro- vided to be paid under the terms of the Agreement; or (b) If such default or breach is not curable, cause the Trustee under the Trust Deed securing Lender's loan to Lessee to commence and thereafter to diligently pursue to completion steps and proceedings for judicial foreclosure, the exercise of the power of sale under and pursuant to said Trust Deed in the manner provided by law, or accept from the Lessee an assignment in lieu of foreclosure; and (c) Keep and perform all of the covenants and conditions of the Lease requiring the payment or ex- penditure of money by Lessee until the time as said leasehold shall be sold upon foreclosure pursuant to said Trust Deed, be released or reconveyed thereunder, sold upon judicial foreclosure or transferred by assignment in lieu of foreclosure; provided, however, if Lender shall fail or refuse to comply with any and all of the conditions of this paragraph, then and thereupon the City shall be released from the covenant of forebearance herein contained. 6. The prior written consent of the City shall not be required: (a) To a further assignment by Lender of its rights under the Lease in connection with a transfer of the leasehold interest under the Lease at foreclosure sold under Lender's Trust Deed, under judicial foreclosure, or (b) To any subsequent assignment by Lender if Lender is the purchaser at such foreclosure sale; provided that in either such event Lender forthwith gives notice to the City in writing of any such assignment setting forth the name and address of the assignee, the effective date of such assignment and the express agreement of the assignee assuming and agreeing to perform all of the ob- ligations of the Lease together with a copy of the document by which such assignment was made. Any assignee under the above shall be liable to perform the obligations of Lessee under the Lease only so long as such assignee holds title to the leasehold interest under the Lease. Any subsequent assignment of the Lease shall be made subject to the conditions relating thereto as set forth in the Lease. 2. 7. The City hereby represents and warrants to Lender 4 that there exists no default under the Lease by any party thereto. Without limiting the generality of the foregoing sentence, there is no defense or offset to the enforcement of any of the rights of Lessee under the Lease and Lessee is not in default of any of Lessee's monetary obligations thereunder. 8. All notices and other communications required or permitted under this Consent to Assignment shall be in writing, served personally on, or mailed by certified or registered United States mail to, the party to be charged with receipt thereof. Notices and other communications served by mail or communication in a United States post office in Orange County, California, as certified or registered mail with postage prepaid, and duly addressed to the party to whom such notice or communication is to be given, in the case of Lender: California Federal, 1515 Walnut Grove Avenue,_ Rosemead, CA 91770 Attention: Loan Servicing _Division In the case of the City: City of Newport Beach, 3300 Newport Boulevard, Newport Beach, California 92663, Attention: City Manager. Any such party may change.said party's address for purposes of this Section 8 by giving the party intended to be bound hereby, in the manner provided herein, a written notice of such change. 9. The provisions hereof shall be binding upon and inure to the benefit of the Lender and its transferee(s). In this context, the City acknowledges that Lender intends to assign its interest under the Lease and the loan.to Lessee, and the City consents thereto under the terms hereof. IN WITNESS WHEREOF, the City has executed this Consent as of the day and year first above written. ATTEST: APPROVED AS TO FORM AND CONTENT 3. CITY OF NEWPORT BEACH UBy �--- Robert L. Wynn City Manager STATE OF CALIFORNIA ss. COUNTY OF On this day of in the year 1991, before me the undersigned a notarylic in and for said State, personally appeared known to me to be the ` of Newport Beach and known to me to be th persons w o executed the within instrument on behalf of said governmental agency, and acknowledged to me that such governmental agency executed the same. WITNESS my hand and official seal. Notary n and for said State F Off. P End .t'•. 8.CT+f�{1TL DOR01' ' L. PATEN NOTARY PU6LIC - CALIFORNIA y ORANGE COUNTY rF w� Aly COMM. Ex„ires FAzy 25, 1993