HomeMy WebLinkAboutC-7436-3 - Beacon Bay, 40 - Consent to Assignment of Agreement to Lease 1988U N20
RECORDING REQUESTED AND
WHEN RECORDED RETURN TO:
City Manager ►s Office
City of Newport Beach
3300 Newport Boulevard
Newport Beach, CA 92663
Attn: Kenneth J. Delino
88-31240"
I
Space above line for Recorder's use only
CONSENT TO ASSIGNMENT
OF
AGREEMENT TO LEASE
Recorded at the request of
GUARDIAN TITLE COMPANY
8:00
A.M. JUN 3 0 1988
Official Records
Orange County, California
Q c/&,AecWer
THIS CONSENT is given this 27th day of April ,
1988, 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
January 1, 1988 ("the Lease"), with
MARY ANN FORBES
("Lessee") covering certain real property described as
Lot 40 in the City.of Newport Beach, County of Orange,
�l
�J Stare offvrn s, rtvr Rn�rr
d of Survey Map i l l-1 ir
Book 9, Pages 42 and 43
of Record of Surveys, in the Office
of the County Recorder 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 FIRST FEDERAL SAViNGS
—DANK OF CACIFOP,NTA ( "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 ofthe 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 loand--scribed above
and Lender foreclose on the leasehold interest under the Lease,
the City cag_ec o that it Ghall confirm in writing to Lender or
any other purchaser of Lender or such other parchci6e. Las Liil-_-
rights of Lessee under the Lease and is entitled to enter into
a lease with the City pursuant to the terms and conditions
of the Lease. The foregoing agreement of the City shall apply
with equal force if the leasehold interest under the lease is
assigned to Lender in lieu of foreclosure. The amounts to be
paid to the City pursuant to the Lease shall be adjusted pursuant
to Section 4 of the Lease upon the earlier of (a) any transfer
by Lender of the leasehold interest under the lease and the rights
of Lessee under the Lease, or (b) a date six months after
acquisition by Lender of the leasehold interest under the Lease
by foreclosure or in lieu of foreclosure.
88-3! L499
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.
9.
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
notice to the City in writing of any such assignment setting
forth the name and address of the assignee, the effective
date of such assignment and the express agreement of the
assignee assuming and agreeing to perform all of the ob-
ligations of the Lease together with a copy of the document
by which such assignment was made.
Any assignee under the above shall be liable to perform
the obligations of Lessee under the Lease only so long as such
assignee holds title to the leasehold interest under the Lease.
Any subsequent assignment of the Lease shall be made subject
to the conditions relating thereto as set forth in the Lease.
2.
88-J 12499
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 personally 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: FIRST FED.ERAa__SAVTNGS [SANK OE CgETEORNIA
ani Ji-14s1r-_rA I-1v.d_._S& tor�nj_r,...-_CA 9UQn1
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 loa.D- 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.
CITY OF NEWPORT BEACH
Robert L. Wynn`
City Manager
ATTEST:
3.
State of CALIFORNIA )
County of ORANGE ) ss.
On thi s 29th day of June
88-312499
, in the year 1988 , before me
Dorothy L. Palen, Notary Public ,
here insert the name and quality of the officer
personally appeared Robert L. Wynn __ personal:ly known to me
(or proved to me on the basis of satisfactroy evidence) to
be the person who executed this instrument as
City Man ager
here insert title of officer)of
THE CITY OF NEWPORT BEACH
(name of the public corporation, agency or political subdivision)
and acknowledged to me that the
CITY OF NEWPORT BEACH
public, corporation, agency or political subdivision
executed it.
OFFICIAL SEAL
DOROTHY L. PALEN
NOTARY PUBLIC - CALIFORNIA
PRINCIPAL OFFICE IN
ORANGE COUNTY
MY Commission Exp. Apr. 3, 1989
(seal)
c
Dorothy L. tfilen
Notary Public