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HomeMy WebLinkAboutC-2823(E) - Agreement of Mutual Understanding Regarding Declaration of Special Land Use Restrictions, Right of First Refusal, Mortage Lien and Option to Repurchase Recorded on May 8, 1992 as Instrument No. 92-304757RECORDING REQUESTED BY: FIDELM NATIONAL TITLE INSURANCE CO. WHEN RECORDED MAIL TO: City of Newport Beach Attn: City Clerk 3300 Newport Beach Blvd. P.O. Box 1768 Newport Beach, CA 92658-8915 This Document was electronically recorded by Fidelity National Major Accounts Recorded In Official Records, Orange County Tom Daly, Clerk -Recorder 111111INNIN1111 Na FEE 2010000634193 04:30pm 11/24/10 66 406 Al2 6 0.00 0.00 0.00 0.00 15.00 0.00 0.00 0.00 AGREEMENT OF MUTUAL UNDERSTANDING REGARDING DECLARATION OF SPECIAL LAND USE RESTRICTIONS, RIGHT OF FIRST REFUSAL, MORTGAGE LIEN AND OPTION TO REPURCHASE RECORDED ON MAY 8,1992 AS INSTRUMENT NO. 92-304757 6 THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION (ADDITIONAL RECORDING FEE APPLIES) 1 Record. -T :quested By Fldeliq a' �jdonal 'title RECORDED AT REQUEST OF, AND WHEN RECORDED MAIL TO: City of Newport Beach Attn: City Clerk 3300 Newport Blvd. P.O. Box 1768 Newport Beach, CA 92658-8915 WITH A CONFORMED COPY TO: The Irvine Company LLC Attn: Legal Department 550 Newport Center Drive Newport Beach, CA 92660 (SPACE ABOVE THIS LINE FOR RECORDERS USE) This document is exempt from filing fees per Govt. Code § 6103, recording fees per Govt Code § 27383 and is exempt from Document Transfer Tax per Rev. & Taxation Code § 11922 lv"t ip Mutual Understanding Regarding Declaration of Special Land Use Restrictions, Right of First Refusal, Mortgage Lien and Option to Repurchase recorded on May 8,1992 as Instrument No. 92-304757 WHEREAS, The Irvine Company LLC, A Delaware Limited Liability Company ("Declarant") granted to City of Newport Beach, a California Municipal Corporation ("Grantee") via a Declaration/Exchange AgreementlTransfer Agreement (collectively, "Declaration") recorded May 8, 1992 as Orange County Document No. 92-304757 those certain properties identified as: (1) the southwesterly one-half of Parcel 2 as shown on Parcel Map No. 90-361, recorded in Book 270, Pages 15 to 18, inclusive, of Parcel Maps, Records of Orange County; and (2) the northwesterly one-half of Parcel 2 as shown on Parcel Map No. 90-361, recorded in Book 270, Pages 15 to 18, inclusive, of Parcel Maps, Records of Orange County (collectively, "Parcel 2, Parcel Map No. 90T 361" or "Property"). WHEREAS, Grantee desires to construct a new Civic Center project on or adjacent to the Property pursuant to Newport Beach Charter Section 425. I WHEREAS, Declarant and Grantee both desire to confirm that the Declaration allows the development of the Civic Center project. NOW THEREFORE, Declarant and Grantee agree as follows: Pursuant to the terms, restrictions, or conditions contained in the Declaration, the Grantee is authorized to develop the Property with a City Hall Office Building, Community Room, City Council Chambers, Parking Structure, Library addition and related improvements, including an approximately 600 square foot Food Service Facility which will provide dell food service and limited catering for employees, library visitors, special event visitors and receptions ("Project"), which is consistent with the use restriction in the Declaration that no portion of the Property is used for retail, commercial, quasi -retail or quasi -commercial facilities that materially compete with the retail and commercial facilities in the Newport Center development or is otherwise improved, developed, used, operated, or maintained with any facilities or for' any purpose whatsoever except as set forth above unless expressly approved by Declarant, which approval may be granted or withheld by Declarant in its sole discretion. Therefore, the Grantee is authorized to take any and all actions necessary to develop, alter, and maintain the Project, including, but not limited to, entering into leases and financing agreements, including leasing the Property to the Newport Beach Public Facilities Corporation in connection with'the refinancing of the Library and the financing of the Project. The loan -to -value ratio set forth in Section 2.8 of the Declaration is hereby waived in connection with such financing. The Grantee shall not materially expand or alterthe use or square footage of the Food Servide Facility unless expressly approved by the Declarant, which approval may be granted or withheld by Declarant in its sole discretion_ IN WITNESS WHEREOF, this instrument is duty executed this 2e day of October 2090. DECLARANT: GRANTEE:. THE IRVINE COMPANY LLC, CITY OF NOW ORT BEACH A Delaware.Limiied Liability Company A California Municipal Corporation Daniel .. Youh Its: ' Eicecutive Vice P esident Its: Mayor z By:. . rigid ©AcMahon ntecPs -(fs: 'Assistant Secretary WHEREAS, The Declaration places certain limitations on the Property and requires Grantee to obtain DeclaranCs consent for certain improvements. WHEREAS, Declarant and Grantee both desire to confirm that the Declaration allows the development of the Civic Center project. NOW THEREFORE, Declarant and Grantee agree as foilows: Pursuant to the terms, restrictions, or conditions contained in the Declaration, the Grantee is authorized to develop the Property with a City Hall Office Building, Community Room, City Council Chambers, Parking Structure, Library addition and related improvements, including an approximately 600 square foot Food Service Facility which will provide deli food service and limited catering for employees, library visitors, special event visitors and receptions CProject"), which is consistent with the use restriction in the Declaration that no portion of the Property is used for retail, commercial, quasi -retail or quasi-commerclat facilities that materially compete with the retail and commercial facilities in the Newport Center development or is otherwise improved, developed, used, operated, or maintained with any facilities or for any purpose whatsoever except as set forth above unless expressly approved by Declarant, which approval may be granted or withheld by Declarant in its sole discretion. Therefore, the Grantee is authorized to take any and all actions necessary to develop, alter, and maintain the Project, including, but not limited to, entering into leases and financing agreements, including leasing the Property to the Newport Beach Public Facilities Corporation in connection with the refinancing of the Library and the financing of the Project. The loan -to -value ratio set forth in Section 2.8 of the Declaration is hereby waived in connection with such financing. The Grantee shall not materially expand or alter the use or square footage of the Food Service Facility unless expressly approved by the Declarant, which approval may be granted or withheld by Declarant in its sole discretion. IN WITNESS WHEREOF, this instrument is duly executed thisLday ofAiMk, 20_10L�. DECLARANT: THE IRVINE COMPANY LLC, A Delaware Limited Liability Company By: GRANTEE: CITY OF NEWPORT BEACH A Californian Municipal Corporation By:�'�'�G�/ Its: Executive Vice President Its: MayorZrWool, 5`�T By: Its: Assistant Secretary APPROVED AS TO FORM: OF 01` THEECITY ATTORNEY David R. Hunt City Attomey City of Newport Beach ATTEST: �4m � 9. Leilani Brown City Clerk City of Newport STATE OF CALIFORNIA COUNTY OF ORANGE On 201() , before me, Lt i W -J0 k) , the undersigned Notary Public in and for said County and State, personally appeared 111 _ who proved to me on the basis of satisfactory evidence to be the perso (,whose namely is)subscribed to the within instrument andack.Rowledged to me that heisKQ/tho executed the same in his/I 4,U eir authorized capacity(i &), and that by his/WjttKr signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. N ry Public L WASHIMMI! STATE OF CALIFORNIA 0ommiesion 1840154 "Wty puwk • coarmt ofsals 000MY COUNTY OF ORANGE 0,LWVWW4, ir�lAr12 On 20� , before me, the undersigned Notary Public in and for said County and State, personally appeared who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by histher/their signature(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 and official seal. Notary Public STATE OF CALIFORNIA COUNTY OF ORANGE On November 1, 2010, before me, Joni Grossman, the undersigned Notary Public in and for said County and State, personally appeared Daniel H. Young who proved to me on the basis of satisfactory evidenceto be the person wh name4sj��'are subscribed to the within instrument and acknowledged to me tha he he/they executed the same in his er/their authorized capacity, and that by i r/their signature(s� on the instrument the personK or the entity upon behalf of ich the persopKacted, 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 and official seal. d?ZG Notary Public ~ ! STATE OF CALIFORNIA Atl GROSSMAN coran*sron 0 1736043 Notary Public - Cairtomia COUNTY OF ORANGE Orange Ar ly 3 Ga • �iw�mx +4prJ%20TT On November 1, 2010, before me, Joni Grossman, the undersigned Notary Public in and for said. County and State, personagy`appeared Brigid I�. WWhon who proved to me on the- basis of satisfactory evidence 'to be the personas}' whose name. ..flare subscribed to the y0hin instrument and acknowledged to me that he ey executed the same in hi a Itheir authorized capaclty(, and that by h" • eir signatures . on the instrurrien •the persor�j�Or the entity upon behalf of which the person 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 and ciffrcial seal. Notary Public t RECORDED AT REQUEST OF, AND WHEN RECORDED MAIL TO: City of Newport Beach Attn: City Clerk 3300 Newport Blvd. P.O. Box 1768 Newport Beach, CA 92658-8915 WITH A CONFORMED COPY TO: The Irvine Company LLC Attn: Legal Department 550 Newport Center Drive Newport Beach, CA 92660 Recorded in Official Records, Orange County Tom Daly, Clerk -Recorder I�HIIIIIp�911�I�II�NHNI�INB� NO FEE 20100006177113:55 pm 11/18110 18 Seco Al2 4 0.00 0.00 0.00 0.00 9.00 0.00 0.00 0.00 (SPACE ABOVE THIS LINE FOR RECORDER'S USE) This document is exempt from filing fees per Govt. Code § 6103, recording fees per Govt. Code § 27383 and is exempt from Document Transfer Tax per Rev. & Taxation Code § 11922 Mutual Understanding Regarding Declaration of Special Land Use Restrictions, Right of First Refusal, Mortgage Lien and Option to Repurchase recorded on May 8, 1992 as Instrument No. 92-304757 WHEREAS, The Irvine Company LLC, A Delaware Limited Liability Company ("Declarant") granted to City of Newport Beach, a California Municipal Corporation ("Grantee") via a Declaration/Exchange AgreementlTransfer Agreement (collectively, "Declaration") recorded May 8, 1992 as Orange County Document No. 92-304757 those certain properties identified as: (1) the southwesterly one-half of Parcel 2 as shown on Parcel Map No. 90-361, recorded in Book 270, Pages 15 to 18, inclusive, of Parcel Maps, Records of Orange County; and (2) the northwesterly one-half of Parcel 2 as shown, on Parcel Map No..90-361, recorded in Book 270, Pages 15 to 18, inclusive, of Parcel Maps, Records of Orange County (collectively, "Parcel 2, .Parcel Map No. 90- 361" or "Property"). WHEREAS, Grantee desires to construct a new Civic Center project on or adjacent to the Property pursuant to Newport Beach Charter Section 425. WHEREAS, The Declaration places certain limitations on the Property and requires Grantee to obtain Declarant's consent for certain improvements. VA WHEREAS, Declarant and Grantee both desire to confirm that the Declaration allows the development of the Civic Center project. NOW THEREFORE, Declarant and Grantee agree as follows: . Pursuant to the terms, restrictions, or conditions contained in the Declaration, the Grantee is authorized to develop the Property with a City Hall Office Building, Community Room, City Council Chambers, Parking Structure, Library addition and related improvements, including an approximately 600 square foot Food Service Facility which will provide deli food service and limited catering for employees, library visitors, special event visitors and receptions ("Project"), which is consistent with the use restriction in the Declaration that no portion of the Property is used for retail, commercial, quasi -retail or quasi -commercial facilities that materially compete with the retail and commercial facilities in the Newport Center development or is otherwise improved, developed, used, operated, or maintained with any facilities or for' any purpose whatsoever except as set forth above unless expressly approved by Declarant, which approval may be granted or withheld by Declarant in its sole discretion. Therefore, the Grantee is authorized to take any and all actions necessary to develop, alter, and maintain the Project, including, but not limited to, entering into leases and financing agreements, including leasing the Property Jo the Newport Beach Public Facilities Corporation in connection with the refinancing of the Library and the financing of the Project. The loan -to -value ratio set forth in Section 2.8 of the Declaration is hereby waived in connection with such financing. The Grantee shall not materially expand or alter the use or square footage of the Food Service Facility unless expressly approved by the Declarant, which approval may be granted or withheld by Declarant in its sole discretion. IN WITNESS WHEREOF, this instrument is duly executed this 29th day of October 2010. DECLARANT: THE IRVINE COMPANY LLC, A Delaware Limited Liability Company By:E�flt Daniel H. Youn Its: Executive Vice P esident By: _ di:�� rigid D6McMahon Its: Assistant Secretary GRANTEE: CITY OF NEWPORT BEACH A California Mu ' al C oration By: Its: Mayor APPROVED AS TO FORM: OFFICE OF THE CITY ATTORNEY UOVIU r%. nuiu City Attorney City of Newport Beach Leilani Brown City Clerk City of Newport Beach