The URL can be used to link to this page

Home My WebLink AboutC-7348-4 - Beacon Bay, 59 - Consent to Assignment of Agreement to Lease 1991RECORDING REQUESTED AND WHEN RECORDED RETURN TO: Citj Manager is Office City of Newport Beach 3300 Newport Boulevard Newport Beach, CA 92663 Attn: Kenneth J. Delino RECORDED IN OFFICIAL RECORDS Of ORANGE COUNTY CALIFORNIA 3:30 APR 26 1991 P.M. l RECORDER a9 '17 EXEMPT RECORDING REQUEST PER GOVERNMENT CODE 6103 CD Space above line for Recorder's use only CONSENT TO ASSIGNMENT OF AGREEMENT TO LEASE THIS CONSENT is given this 13th day of Manch , 1991, by the CITY OF NEWPORT BEACH, a chartered municipal cor- poration (hereinafter the "City") on the following terms and conditions: RECITALS A. The City entered into a Lease dated Januanu 1, 1988 ( "the Lease") , with _Edw,.n J. Waehte,1L. Trustee and Betty J Wachter, Tn.uhtee ("Lessee") covering certain real property described as Lot 59 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 tiie County Reuorder 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 Gene R. Andez.5on, TLu,5tee _5434 Nucor Barg, Long Beach, CA 90803 ( "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 C4 +-N7 agrees that it sh.rtll confirm in arlting to Lender or .f "' � liuUi V�_ any other purchaser of Lender or such other purchaser has the rights of Lessee under the Lease and is entitled to enter into 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 7. The City hereby represents and warrants to Lender 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 personaily 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: Gene R. AndvLson, T)cuatee 5434 Herron Bag, Lona Beach CA 90803 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: City Clerk lot APPROVED AS TO FORM AND CO ity Attorney CITY OF NEWPORT BEACH By CiV Robert L. Wynn City Manager S P k ou�d cy�! fioRN�p. LESSEES" 3. 8et�y J ` lUaeh�e�c, Tnuh�ee 1 State of California County of Orange On this 29th day of ss. March Dorothy L. Palen. Notar in the year 1991 , before me: personally appeared Robert L. Wynn , personally known to me (or Proved to me on the basis of satisfactory evidence) to be the person who executed this instrument as: City Manager ofTHECITY OFNEWPORTBEACH (Title) and acknowledged to me that the CITY OF NEWPORT BEACH executed it. WITNESS my hand and official seaL uw�a Era °F Ty OFF ICIAL SEAL Rnw 'y L. PALEN NOT R, Fri9L c . CALIFORNIA Notary Public in an r said State. 0 ANGt COUNTY °gQF0'A W031 -n- i.fvm"": Ma,4 25,1993Dorothy L. Palen STATE OF CALIFORNIA }ss. Co a COUNTY OF TOs Angeles } On March 25, 1991 ,before me, the undersigned, a Notary Public in and for °' i said State, personally appeared Edwin J. Wachter and Betty J. Wachter i. co U E Q personally known to meLL (oI�FX4?'44�4� ccl fM%VAXvMkhY4to be the person(s) whose name(s) is/are sub- ai OFFICIAto the within instrument and acknowledged to me that T4® NOTARYPUDLIC CALIF0RNV1 -° '" • �" LOS ANGELES COUNTY Xl � they executed the same. +<,FoaN hty Comm. Exoues :Aug. 6, 1993 N °D WITNESS y hand and official o Notary to Consent to Assignment M Signatur of Agreement to Lease — (This area for official notarial seal)