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Home My WebLink AboutC-7436-7 - Beacon Bay, 40 - Assignment of Lease 1991ASSIGNMENT OF LEASE Mary Ann Price ("Lessee") does hereby assign and transfer to Mary Ann Price -Bower, as Trustee of the Mary Ann Price -Bower 1991 Revocable Trust, under Declaration of Trust dated May 23, 1991, the interest of Lessee under that certain Lease (the "Lease") dated June 1988, and the Memorandum of Lease dated June, 1988, by and between the City of Newport Beach, a charter municipal corporation, as Lessor, and Mary Ann Price, an unmarried woman, as Lessee, concerning the real property described on Exhibit 2 to the Lease which is attached hereto as Exhibit A. The term of said Lease is for a period commencing on January 1, 1988 and ending on July 1, 2006. Dated: August, 19,91—� MaryAn Price Lessee CONSENT The City of Newport Beach hereby consents to the Assignment of the Lease dated June 1988. City of Newport Beach By Lessor L E A S E THIS LEASE, made and entered into on the day of JUNE, 1988, by and between the CITY OF NEWPORT BEACH, a chart- ered municipal corporation, hereinafter "Lessor", and t'ARY ANN PRICE, an unmarried woman herein- after "Lessee." RECITALS A. Lessor holds title to and is the owner of certain harbor frontage and tidelands, together with certain uplands # abutting thereon known as Beacon Bay and more particularly } described in Exhibit "1" attached hereto.. and made a part hereof by this reference. B. Carroll B. Beek, Barton Beek, Joseph Allan Beek, Jr., and Seymour Beek jointly hold a Master Lease to said proper- ty, dated January 9, 1950, which Master Lease expires on December 31, 1987. C. The "Westerly Portion" of the Beacon Bay property has been divided into individual lots and subleased for residen- tial purposes. D. All of said subleases expire on the same date as the Master Lease, to wit: December 31, 1987. E. Lessor believes it to be in the best interest and lessees under the terms, conditions and for the consideration as hereinafter set forth. F. It is the judgment of Lessor that the leasing of the property hereinafter described is consistent with the trust purposes imposed upon such portions of the leased lands which may constitute tidelands as authorized by Chapter 74, Statutes of 1978. G. It is further the judgment of City, that in entering into this Lease in the future, City is acting pursuant to its proprietary powers. NOW, THEREFORE, IN CONSIDERATION OF THE FOREGOING RECITALS AND THE MUTUAL COVENANTS set forth below, Lessor and Lessee hereby agree as follows: 1. DESCRIPTION OF LEASED PREMISES. Lessor hereby leases, and Lessee hereby accepts this lease of the real property described in Exhibit "2" attached hereto and made a part hereof by this reference under the terms and conditions as set forth below (hereinafter the "Leased Land"). 2. TERM. Unless terminated sooner as provided herein, the term of this Lease is for a period commencing on the 1st day of.January, 1988, and ending on the 1st day of July 2006. 3. BASE RENTAL. As base r.ental,: Lessee agrees to.pay to Lessor the sum of NINE HUNDRED TWGN'Iy-SEVEN/DO LLARSths($ 927.08 ) per month, payable on the 1st day o8 each month so long as this Lease remains in effect subject to a base rental adjustment, as provided in paragraph 4 below. Said rental payment is deemed to be the fair market rental value of the Leased Land as an improved subdivision lot. 4 4. SALE, ASSIGNMENT SUBLEASE Lessee may sell, assign, exchange, convey or sublease his leasehold interest or encumber such interest without a prior written consent of Lessor; provided, however, that the Lessee, proposed transferee, assignee (a) Furnish Tes;or with an executed copy of such assignment, Trust Deed, or other document used to effect such transfer; (b) Furnish to Lessor the express agreement of the proposed transferee or encumbrance assuming, and agreeing to per- form, all of the obligations under this Lease; (c) Pay to Lessor a transfer fee of $50.00; and (d) Pay to Lessor the adjusted base rental which shall be the greater of the following: (i) The base rental as set forth in paragraph 3 above, or (ii) An amount, equal to two and one half percent (2 1/2%) of the aatual sales value of the..leasehold estate, including the improvements thereon, divided by twelve (12) and payable monthly. The actual sales value shall be the total value of the transfer, as established by the Assessor of Orange County or verified by Lessor. The parties to said transaction shall furnish Lessor with any information regarding the transaction as Lessor may deem necessary to verify the total value of the transaction. If said transfer transaction cannot be verified by normal and accepted methods of verification, Lessor, at its sole discretion, may cause the leasehold estate and improvements thereon to be appraised to establish the fair market value of the property, which value shall be deemed the actual sales value thereof_, as of the date of transfer, and establish thereby the adjusted base rental. The adjusted base rental shall become effective on the date of transfer. The provisions of this subparagraph shall not cause an adjustment of rentals if: (a) Lessee is assigning his interest in this Lease to a Trustee under a Deed of Trust for the benefit of the lender as provided in paragraph 5, below; or n) Furnish i,es:;or •.pith -,n xecu teci copy of such assignment, ':rust Deeri, or ether document used to effect such transfer; (b) Furnish to Lessor the express agreement of the proposed transferee or encumbrance assuming, and agreeing to per- form, all of the obligations under this Lease; (c) Pay to Lessor a transfer fee of $50.00; and (d) Pay to Lessor the adjusted base rental which shall be the greater of the following: . (i) The base rental as set forth in paragraph 3 above, or (ii) An amount, equal to two and one half percent (2 1/2%) of the actual sales value of the..leasehold estate, including the improvements thereon, divided by twelve (12) and payable monthly. The actual sales value shall be the total value of the transfer, as established by the Assessor of Orange County or verified by Lessor. The parties to said transaction shall furnish Lessor with any information regarding the transaction as Lessor may deem necessary to verify the total value of the transaction. If said transfer transaction cannot be verified by normal and accepted methods of verification, Lessor, at its sole discretion, may cause the leasehold estate and improvements thereon to be appraised to establish the fair market value of the property, which value shall be deemed the actual sales value thereof_, as of the date of transfer, and establish thereby the adjusted base rental. The adjusted base rental shall become effective on the date of transfer. The provisions of this subparagraph shall not cause an adjustment of rentals if: (a) Lessee is assigning his interest in this Lease to a Trustee under a Deed of Trust for the benefit of the lender as provided in paragraph 5, below; or Of, but the tenancy shall basis and thereafter Otherwise r be on a Month set for th. °n the same terms and Conditions _to _Mon th 1' MISCELLANEOas herein Inurem US and agreements Each and all of th agree the Context rein .contained shall, in e cOVenants, conditions Lessee, his'resP respect* inure o the benefit of Lessor accordance with m.inistrator , 8ucc ve heirs, legatees, dev.and apply to and bind s Person who may co essors, assigns, licensees-lsees, executors, ad me into Land or an ° Possessio , Permitees, o Possession.or this Part thereof in an or °CCupancy Of said any Paragraph ShallY manner what Leased tai' soever. Nothin ned.against in any way alter the , g in assignment Provisio IN WITNESS°r subletting.. ns herein Co._ Lease to be executed ° to WHEREOF, the parties have cause date.f.irst above written d this CITY OF NEWPORT BEACH ATTEST: BY ' Mayor i APPROVED AS TO FORM: C1tY Attorney essee essee A parcel 0f land situated in Township 6 South, Ran the Northwest California 9e 10 West, S B 8' & quarter of Section 35, , more particularly described follows, Orange 9e County, Beginning at the United States Bulkhead t0 wit. upon a map entitled Station approved May "Harbor Lines, New No• -,200, as shown Office of y 2, 1930' by the Secretary Port Bay Harbor California- o f the United States DSe retary of War California," running thence W Engineer at and on file in the line 747.50 feet to est along the United Los Angeles, 39048' West along said States Station No States Bulkhead 23057'30" East along (Bulkhead line 535.53 feet-' thence North tide line of the Pacific to an an eet; thence North Court Case Ocean glpo ptiBa in the ordinary high in and f t 24026 of .the Superior New or the Count Perior Court y' as described in ordinary high tide lineCounty of thence South 39048'Ea of California, the that certain parcel of land 47 feet to the most W East along by The Irvine conveyedesterlcorner said 1929 Company, as describedino the City of New ort Beaof. in Book 306, page 375 sc Official 7deed recorded September line of North 23057'30" East along t ds of Orange County, lin said parcel of land 377.57 feet - along the Northerly the Northwesterly South 850431 line of said , thence South 71054' said East along the Northerly of land 290,24 f East Northerly line being ortherly line of feet thence 606.01 feet; thence South the Southerl said parcel iv land, States Government h 424.71 feet to lane of Bayside Drive, Nos. Bulkhead Line between Point in the to the 01 and 200; thence West United StatesUnited point of beginning; along 9ad'Bulkhead line Stations78425feet acres, 9•nning; containinne 784.25 approximately twelve -02). Said parcel of land is shown on Attachment 2 for Purposes only and is not to be a part of this document�fication EMBli "2" Lot 40 as sho,in on the map filed in Book 9, Pages 42 and 43 or Record of Surveys, in the office of the County Recorder, County of Orange, State of California. IIL