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HomeMy WebLinkAboutC-7408-15 - Beacon Bay, 3 - Lessor's Consent and Agreement 2012City Manager's Office City of Newport Beach P.O. Box 1768 Newport Beach, CA 92658-8915 Recorded in Official Records, Orange County Renee I�1��IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII�IIIII'lllltl 24IX 21IlgO711132 3:Egn12112113 117 406 C34 Al2 5 0.00 0.00 0.00 0.00 12.00 0.00 0.00 0.00 THIS SPACE FOR RECORDER'S USE ONLY LESSOR'S CONSENT AND AGREEMENT Loan No: 8903 Recitals Borrower, referred to in this Agreement as "Lessee" and as more particularly described in Exhibit A, has applied for a loan from Val -Chris Investments, Inc. ("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 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. City Manager's Office City of Newport Beach P.O. Box 1768 Newport Beach, CA 92658-8915 THIS SPACE FOR RECORDER'S USE ONLY LESSOR'S CONSENT AND AGREEMENT Loan No: 8903 Recitals Borrower, referred to in this Agreement as "Lessee" and as more particularly described in Exhibit A, has applied for a loan from Val -Chris Investments, Inc. ("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 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: 8903 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: Val -Chris Investments, Inc., 2601 Main Street, Suite 280, Irvine, CA 92614 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 Lease") with Lender as the Lessee. The New Lease shall have a term equal to the remainder to the stated term of the Lease had it not been terminated prior to the end of 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. �l DavW A. Kiff, City Manag r City of Newport Beach Lessor 0 STATE OF CALIFORNIA COUNTY OF ¢ Loan No: 8903 On 'ne_c _ ko, before me, aA ( ocp--4 , personally appeared 14-:J �4 , who proved to me on the basis of satisfactory evidence to be the persons whose name(s)'dDare subscribed to the within instrument and acknowledged to me that she\they executed the same in SAher\their authorized capacity(je , and that by fWher/their signature) 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. M. LOCEY [ Commission * 1864451 WITNESS my hand and official seal. Notary Public -California m Orange County M Comm. Ex ires Oct 7, 2013 Signature (seal) 3 EXHIBIT A — LESSOR'S CONSENT AND AGREEMENT Loan No. 8903 Unit No. 1. Borrower's (Lessee) Name: Paul A. Ramsey and Florence Patricia Ramsey, Trustees of the Ramsey Family Revocable Trust established 1/17/1995 2. Property Address: 3 Beacon Bay, Newport Beach, CA 92660 3. Property's Legal Description (if a metes & bounds attach legal): See Attached 4. Developer/Condo Homeowners Assoc.: Beacon Bay 5. Lease (including all amendments and dates): See attached memorandum. 6. Borrower (Lessee's) Current Monthly Lease Payment $ 2,630.00 Payments are current (circle eithe Yes r No). 7. 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 March 14, 1997 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. rd ATTACHMENT TO EXHIBIT A — LESSOR'S CONSENT AND AGREEMENT Property Description The Northwesterly 45 feet of Lot 3 and the Southeasterly 10 feet of Lot 2, in the City of Newport Beach, County of Orange, State of California, as shown on a Record of Survey map recorded in Book 9, Pages 42 and 43 of Record of Survey's in the office of the county recorder of said county. 5