HomeMy WebLinkAboutC-7410-10 - Beacon Bay, 1 - Lessor's Consent and Agreement 2002FIDELITY NATIONAL TITLE COMPANY
WHEN RECORDED MAIL TO:
CITY MANAGER'S OFFICE
CITY OF NEWPORT BEACH
P.O. BOX 1768
NEWPORT BEACH, CA 92658-8915
This Document is electronically recorded by
Fidelity la._ =onal Major Accounts
Recorded in Official Records,County of Orange
Darlene Bloom, Interim Clerk Recorder
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20020255623 03:55pm 03/27/02
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LESSOR'S CONSENT AND AGREEMENT
Loan No.: 03-0664-006909844-0
Recitals
Borrower, referred to in this Agreement as 'Lessee"and as more particularly described in Exhibit A, has
applied for a loan from WASHINGTON MUTUAL BANK (`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 ("Lessor") 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
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 of 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.
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:
Washington Mutual Bank, Collection Support MS: N010201, 9451 Corbin Ave, Northridge, CA 91324,
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.
32802 X04-00 Page 1 of 3
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 of 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 pursuing completion of the
cure of all nonmonetary defaults of Lessee susceptible to cure by any party other than by the original
Lessee.
5. This consent & agreement shall not operate to change or supercede the terms & conditions of
the lease and in the event of a conflict, the terms of the lease shall prevail.
STATE OF Ca) i �D�0)(A
COUNTY OF NAV1
On V A(CA /�5) 4 D before me,
personally appeared
Lessor
SS
lei la ►� i I . �� ►� , Nora r� pU ba i �
personally known to me ) to be the person
whose name M is/afe- subscribed to the within instrument and acknowledged to me that he/&#eft
executed the same in his/herA#eif authorized capacity kiesj; and that by his/heNthiet signatures (a� on the
instrument the person k*, or the entity upon behalf of which the person (s)- acted, executed the
instrument.
WITNESS my hand and official seal.rA 61 ZA
LEILANI I. BROWN
Commission $ 1336673 Z
Z ,.` Notary Public - California
f, Orange County
Signature �"� My Comm. Expires Jan 25,2006
Notary Public in and for the State of
32802(04-00 Page 2 of 3
EXHIBIT A TO LESSOR'S CONSENT AND AGREEMENT
Loan No:03-0664-006909844-0
Unit No:
1. Borrowers (Lessee) Name: LOUIS SABATASSO
2. Property Address: 1 BEACON BAY, NEWPORT BEACH, CA 92660
3.Property's Legal Description (if a metes & bound attach legal): SEE ATTACHED
4. Developer/Condo Homeowners Assoc. (Lessor) Name: BEACON BAY
5. Lease (including recording information and all amendments and dates): SEE ATTACHED
6. Borrowerssee's) Current Monthly Lease Payment: $1875.00. Payments are current (circle
one) ES or N0.
7. Deliver notices and payments to Lessor at: CITY MANAGER
8. Term of Lease: 50years, commenced on 1/27/Ogex0 piBOX 1768 NEWPORT BEACH, CA 92658-8915
res on 7/17
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.
Page 3 of 3
32802 (04-00)
IIXHIBIT "A"
A leasehold as created by that certain lease dated January 24, 2000, executed by The City
of Newport Beach, a chartered municipal corporation, as lessor, and Louis Sabatasso,
Trustee of The Louis Sabatasso Living Trust dated February 23, 1998, as lessee, as
referenced in the document entitled "Memorandum of Lease", which recorded January 27,
2000, Instrument No. 20000048087, of Official Records, for the term, upon and subject
to all the provisions contained in said document, and in said lease.
Legal Description: Order No. 9700791
EXHIBIT "/�
LOT 1 OF BEACON BAY, IN THE CITY OF NEWPORT BEACH, COUNTY OF ORANGE,
STATE OF CALIFORNIA, AS SHOWN ON A MAP RECORDED IN BOOK 9, PAGES 42 AND
43 OF RECORD OF SURVEYS, IN THE OFFICE OF THE COUNTY RECORDER OF ORANGE
COUNTY, CALIFORNIA, TOGETHER WITH CERTAIN PORTIONS OF ADJOINING LOTS "I"
AND "H" AS SHOWN UPON SAID MAP, AND AS DESCRIBED MORE FULLY IN SAID
LEASE.
EXCEPTING THEREFROM THE EASTERLY 10 FEET THEREOF.
Assessor's Parcel No: 988-88-368