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Home My WebLink AboutC-7349-24 - Beacon Bay, 66 - Lessor's Consent and Agreement 2010EQUESTEZ; 'Y �-, STE`NART TITLE M City Manager's Office City of Newport Beach P.O. Box 1768 Newport Beach, CA 92658-8915 This Documer was electronically recorded by Stewart Title R corded in Official Records, Orange County T m Daly, Clerk -Recorder 1111111111111111111111111111111111111111111111111111111111111111136.00 2010000416929 10:54am 08/26/10 93 401 Al2 C34 9 0A 0 0.00 0.00 0.00 24.00 0.00 0.00 0.00 THIS SPACE FOR RECORDER'S USE ONLY LESSOR'S CONSENT AND AGREEMENT Loan No: 5 / 3 x � ,S (Colvin Trust) 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 (City of Newport) is the lessor. Agreement 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. Loan No: 2, S' (Colvin Trust) 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., a national banking association, 700 Louisiana St., 4t" Floor (TX4-213-04-05), Houston, TX 77002 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. Da d A. Kiff, City Manager City of Newport Beach Lessor 2 STATE OF CALIFORNIA COUNTY OF Loan No: (Colvin Trust) On i , t' V� l� before me, ,�L 41 "'W1. � ;) /UA 1,e 1� personally appeared personally known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that he\ski\thay executed the same in his\her\their authorized capacity (ies), and that by his/her/their signature(s) on the instrument the person or the entity upon behalf of which the person acted, executed the instrument. WITNESS my hand and official seal Signature Notary Public in and for the State of 3 SHAN+ AA ELISE STANLEY Commission # 1861499 Z : `+► Notary Public - California i Z ' Orange County My Comm. Expires Aug16, 2013 1 ►11 3. 9 5. EXHIBIT A — LESSOR'S CONSENT AND AGREEMENT Loan No. 2 (Colvin Trust) Unit No. Borrower's (Lessee) Name: Allan Colvin and Diane Colvin, Trustees of the Allan Colvin and Diane Colvin 1998 Trust Property Address: 66 Beacon Bay, Newport Beach, CA 92660 Property's Legal Description (if a metes & bounds attach legal): See Attached Developer/Condo Homeowners Assoc.: Beacon Bay Lease (including all amendments and dates): See attached memorandum. 6. Borrower (Lessee's) Current Monthly Lease Payment Payments are current (circle eithe Yes r No). 7. $4,541.66 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 June 27, 2008; 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. Ili ATTACHMENT TO EXHIBIT A — LESSOR'S CONSENT AND AGREEMENT Property Description Lot 5 of the eastside addition to Beacon Bay recorded on Official Maps, Book 2, Page 30 in the Office of the County Recorder, County of Orange, State of California, sometimes referred to as Beacon Bay Lot 66. 5 ATTACHMENT TO EXHIBIT A - MEMORANDUM OF LEASE RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO City Manager's Office City of Newport Beach 3300 Newport Boulevard Newport Beach, CA 92663 This Documep' as electronically recorded by L --,ted Diamond Bar Recorded in Official Records, Orange County Tom Daly, Clerk -Recorder I�IIIII IIII II IIIII��IIIII�� III��III 19111135.00 2008000314172 04:30pm 06/30/08 120 33 M11 4 0.00 0.00 0.00 20.00 9.00 0.00 0.00 0.00 MEMORANDUM OF LEASE THIS MEMORANDUM OF LEASE is made and entered into by and between THE CITY OF NEWPORT BEACH, a chartered municipal corporation, herein called "Lessor", and ALLAN COLVIN AND DIANE COLVIN, TRUSTEES OF THE ALLAN COLVIN AND DIANE COLVIN 1998 TRUST, herein called "Lessee", to witness that: Lessor hereby leases to Lessee, commencing on Jule.a7, and ending on July 1, 2044, on the terms and conditions set forth in that certain lease by and between the parties hereto dated ; Iq)e, 2( - QI , all the terms and conditions of which lease are made a part hereof as though fully set forth herein, all those certain premises in the County of Orange, State of California, described as follows: Lot 5 of the eastside addition to Beacon Bay recorded on Official Maps, Book 2, Page 30 in the Office of the County Recorder, County of Orange, State of California, sometimes referred to as Beacon Bay Lot 66. EXECUTED on 10 at Newport Beach, Orange County, California. ATTEST: �3 MW&� �i 1IAJ CITY CLERK APPROVED AS TO FORM: r r CITY ATTORNEY LESSOR THE CITY OF NEWPORT BEACH ITY MANAGE. Lessee: ALLAN COLVIN, TRUSTEE Lessee: DIANE COLVIN, TRUSTEE TSTATE OF CALIFORNIA COUNTY OF ACLU Ci,L OnC)C'X before me, a Notary Public in and for said State, i f personally appeared .r I I rt'vl t.. /� c, i V-( I'1 G CI tG'�i'? l✓ C � �U rl ..-Trca�-eec-, who proved to me on the basis of satisfactory evidence to be the person s) whose name(s) is re subscribed to the within instrument and acknowledged to me at he/sh he executed the same in his/her/ Ife r uthorized capacity(ies), and that by his/her ei ignature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand,an ficial seal Signature ESCROW NO.: 058 -008614 -CJ STATE OF CALIFORNIA �COUNTYOF— lOn beforeme, personally appeared R�,A(4 & COPE COMM. # 1112949 ffen N NOTARY PUBLIC• CALIFORNIA Y! SAM DIEGO —1. Ifr Comm. Exp. OCT. 28, 2011 his area for official notarial sea TITLE ORDER NO.: 347437 , a Notary Public in and for said State, who proved to me on the basis of satisfactory evidence to be the person(* whose name(sj is/aye subscribed to the within instrument and acknowledged to me that he/s#e/#ey-executed the same in his/he#tIcte4 authorized capacity(ies�, and that by his/he#4he4-r- signature( - on the instrument the person(sj, or the entity upon behalf of which the person(sj acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. LEILANi i. commission # 1633477 WITNESS my hand and officials al Notary Public - California Low Orange county - //fiComm. Expires Jan 25, 20101 Signature 4L, his area for official notarial sea ESCROW NO.: 058 -008614 -CJ TITLE URDEH NU.: 347437 G0'VERN.k4ElNT CODE 273613 X "i'.fy tuld.er Pulalty of. erjure Eat'l'.11a Lotary seal oii the doctw�ent 10 'which tli�s states etlt is �:l ml 'd rea.cls as follosu�`. 7� Cj Name of the, Notary: , n�issionNtunbei: Cam . Date Convnission Expires:. County -wllere Bond.is Filed: M nufacturer/Vendor.Nulnber,: vecution: Diam)nd Bar CA Date: Place of E� , Ile . Signa:ture: United General Tltie 11"OTuronQ8 1520 sridgegate Dr., X21 CA 917B5 piamond Bar,