HomeMy WebLinkAboutC-7309-14 - Beacon Bay, 56 - Lessor's Consent and Agreement 2020V
AMENDMENT NO. ONE TO LEASE
THIS AMENDMENT NO. ONE TO LEASE ("Amendment") is made and entered
into as of this �2day of r/1A , 2022 ("Effective Date"), by and between
the CITY OF NEWPORT BEACH, a California municipal corporation and charter city
("Lessor"), and GERALD NICHOLAS MADIGAN AND MAUREEN O. MADIGAN
("Lessee"), regarding the real property commonly referred to as Beacon Bay Lot 56
("Lot"). Lessor and Lessee are sometimes individually referred to herein as "Party" and
collectively as the "Parties".
RECITALS
A. On March 7, 2003, Lessor and Lessee entered into a lease for the Lot ("Lease"),
as evidenced by a Memorandum of Lease recorded on March 7, 2003, as
Instrument No. 2003000256099 in the Official Records of Orange County ("Official
Records").
B. The Parties desire to enter into this Amendment to amend the Insurance
requirements as set forth under Section 13 of the Lease.
NOW, THEREFORE, it is mutually agreed by and between the undersigned
Parties as follows:
INSURANCE
Section 13 of the Lease is amended in its entirety and replaced with the following:
"13. INSURANCE.
A. General Conditions. All insurance required to be carried pursuant
to this Section 13 shall be obtained from reputable carriers licensed to
conduct business in the State of California. Each policy required to be
carried pursuant to this Section 13 shall name Lessee and Lessor as
additional named insureds, and shall provide that the policy may not be
surrendered, cancelled or terminated, or coverage reduced, without at least
twenty (20) days prior written notice to Lessor.
B. Fire Insurance. Lessee shall, during the term of this Lease, insure
all structures and improvements on the Leased Land against loss or
damage by fire or other risk for residential structures. The insurance shall
provide coverage to at least ninety percent (90%) of the full insurable
replacement value of all improvements on the Leased Land, with the loss
payable to Lessee unless this Lease is terminated by Lessor for default of
Lessee in which case the proceeds of insurance shall be paid to Lessor.
C. Liability Insurance. Lessee shall, at Lessee's sole cost and
expense, procure and maintain during the term of this Lease, a broad form
comprehensive coverage policy of personal liability insurance, or public
liability insurance, as may be applicable, which insures Lessee and Lessor
against any loss or liability caused by, or in any way related to, the condition,
for Lessee's use and occupation, of the premises in amounts not less than:
(1) $500,000 per occurrence for injury to, or death of, one person;
(2) $100,000 for damage to or destruction of property."
2. INTEGRATED CONTRACT
Except as expressly modified herein, all other provisions, terms, and covenants
set forth in the Lease shall remain in full force and effect. In the event of a conflict between
any term, provision, or condition of this Amendment and any term, provision, or condition
of the Lease, the terms, provisions, or conditions of the Lease will control.
[SIGNATURES ON NEXT PAGE]
Amendment No. One to Lease (Lot 56) Page 2
IN WITNESS WHEREOF, the parties have caused this Amendment No. One to be
executed on the dates written below.
APPROVED AS TO FORM: LESSOR: CITY OF NEWPORT BEACH,
CITY ATTORNEY'S OFFICE a California municipal corporation and
charter city
Date: Date: SDIy4
By: By: (/L
-"�Aqfbn C. p Gr K. Leung
ity Attorney Manager
ATTEST: s� /�,�•� LESSEE: GERALD NICHOLAS
Date: k MADIGAN AND MAUREEN O. MADIGAN
Imf 10WIfIl"MIN2,327 My,
Leilani I. Brown
City Clerk
1 o
Date: '6 Z7- - Z 7-
By-� . - \ — Ger Nicholas Madigan
Date:/2'-Z/2 Z
By:)4/kt't-- 0• M
Maureen O. Madigan
[END OF SIGNATURES]
Amendment No. One to Lease (Lot 56) Page 3
RECORDING REQUESTED BY:
6(?LV71
WHEN RECORDED RETURN TO:
Farmers and Merchants Bank of Long Bea
12515 Seal Beach Boulevard
Seal Beach, CA 90740
WITH A COPY TO:
City of Newport Beach
City Clerk's Office
100 Civic Center Drive
P.O. Box 1768
Newport Beach, CA 92658-8915
Recorded in Official Records, Orange County
Hugh Nguyen, Clerk -Recorder
203.00
*$ R 0 0 1 1 7 7 0 2 1 8$
202000028512611:10 am 06/19120
9 503A Al2 C34 12
0.00 0.00 0.00 0.00 33.00 0.00 0.000.00150.00 6.00
[SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY]
Loan No: 9027016275
LESSOR'S CONSENT AND AGREEMENT
THIS LESSOR'S CONSENT AND AGREEMENT ("Lessor's Consent") is given this �^
day of ,-hint, 2020, by the CITY OF NEWPORT BEACH, a
California municipal corporation and charter city ("City" and "Lessor"), and acknowledged
and agreed to by Gerald Nicholas Madigan and Maureen O. Madigan, ("Borrower" and
"Lessee"), on the terms and conditions outlined below.
:4 ::161 IllL
A. On March 4, 2003, the City entered into that certain Lease Agreement
("Lease") with Gerald Nicholas Madigan and Maureen O. Madigan, as Lessee,
concerning certain real property located generally at 56 Beacon Bay in the City of Newport
Beach, California ("Property"), as evidenced by a Memorandum of Lease recorded on
March 7, 2003, as Instrument No. 2003000256099 in the Official Records of Orange
County, California.
B. Borrower, referred to in this Lessor's Consent and as more particularly
described in Exhibit A, has applied for a loan from Farmers and Merchants Bank of Long
Beach ("Lender") to be secured by the leased Property, as such Property is more
particularly described in Exhibit A, 0 -A -a c .mev4 I..
Page 1
Loan No: 9027016275
CONSENT AND AGREEMENT
NOW, THEREFORE, the City does hereby consent to the assignment of Lessee's
interest in and to the Lease to Lender under a Leasehold Deed of Trust, subject to the
following:
1. The Property is subject to the Lease described above and in "Exhibit X,'
attached hereto. 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.
4 A-++axt,,rw4I`,%2-
2. Lessee has satisfied the provisions of Section 5 of the Lease, and Lessee
confirms that it will ensure Lender contemporaneously provides Lessor with any notices
of default and notices of foreclosure Lender sends to Lessee as a result of Lender
allowing Lessee to use Lessee's interest in the Property as collateral for the refinancing
obligations contemplated herein.
3. Lessee acknowledges that any leasehold mortgage now or hereafter placed
on Lessee's interest in the Property shall be subject and subordinate to any limitations in
the Tidelands Grants, Lessor's interest in the Tidelands, the Lease, and any mortgage
now in existence on the leasehold estate. Lessee shall not use, encumber or transfer this
Lease or the Property as security or collateral for any action unless directly related to the
permitted uses allowed by the Lease.
4. Lessee acknowledges this Lessor's Consent and the provisions of Section
5 of the Lease do not give any entity the right to mortgage, hypothecate, cause a transfer
of, or otherwise encumber or cause any liens to be placed against the Lessor's ownership
interest in the Property and trustee of the Tidelands, nor shall anything in this Lessor's
Consent or the Lease be construed as resulting in a subordination in whole or in part of
Lessor's interests.
5. 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 U.S. mail at the following address: Farmers and
Merchants Bank of Long Beach, 12515 Seal Beach Boulevard, Seal Beach, California
90740, 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.
56 Beacon Bay Page 2
Loan No: 9027016275
6. Should Lessee be in default of the Lease, the Lease shall continue upon
satisfaction of the terms, conditions, requirements, and procedures set forth in Section
5(E) of the Lease.
7. This consent and agreement shall not operate to change or supersede the
terms and conditions of the Lease in the event of a conflict, the terms of the Lease shall
prevail.
[SIGNATURES ON FOLLOWING PAGE]
56 Beacon Bay Page 3
Loan No: 9027016275
IN WITNESS WHEREOF, the duly authorized representatives of Lessee and City
have executed this Lessor's Consent effective as of the �OV�, day of 2020.
"Lessee"
By: k - —
Ge d Nicholas Madigar)
ACKNOWLEDGMENT
A notary public or other officer completing this certificate verifies only the identity of
the individual who signed the document to which this certificate is attached, and not
the truthfulness, accuracy, or validity of that document.
State of California
County of 62 Iss.
On ---"ye- K, 2"-;, 29 before me,
Notary Public, personally appeared
who proved to me on the
basis of satisfactory evidence to be the personewhose namo jsfQlDsubscribed to the
within instrument and acknowledged to me that Ey e executed the same in
lbm-rerdnR authorized capacity{ 6�, and that by .Tr�/ &ei I
signatures (s:) on the
instrument the person(p, or the entity upon behalf of which the person4* 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.
Sigwcfture
/I
FERNANDO E, POSADA
COM
COMM. # 2195017
��'
OT Y P C 0 1
NOTARY PUBLIC CALIFORNIA jK
ORANGE
C
OU
RANGS COUNTY
Mycomm.
0M . ex ires t
P
288
,2021
(seal)
56 Beacon Bay Page 4
ATTEST:
W51 MWAUf /' Mar,07% 1 "
Leiliilni 1. Brown'
City Clerk
APP OVED AS TO FORM:
Aaron C. Harp
City Attorney
Loan No: 9027016275
Ificityly
City of Newport Beach,
a California municipal corporation and charter
city
By:
Gr,z(96 K. Leung
qK Manager
ACKNOWLEDGMENT
A notary public or other officer completing this certificate verifies only the identity of
the individual who signed the document to which this certificate is attached, and not
the truthfulness, accuracy, or validity of that document.
State of California
County of otz)g hl (" 6 SS.
On JUNE 10 j 20 So I -26— before me,
JeNt-4FE& ANN pau'uvE.4 Notary Public, personally appeared
&P-Acr. V -- LF -L -o -A--, , who proved to me on the
basis of satisfactory evidence to be the person(s) whose name(&) is/afe subscribed to the
within instrument and acknowledged to me that he/she/they executed the same in
his/herAheir authorized capacity(), and that by his/her/their signatures(4 on the
instrument the person{e), 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.
Jennifer Ann Mulveyl
WITNESS�and and official seal,COMM #2214138 >
LU Notary Public - California
ORANGECOUNTY
___omyc(,mmisionfxpiresoct.12,2021
Signatute-77 / I (seal)
56 Beacon Bay Page 5
EXHIBIT "A"
LESSOR'S CONSENT AND AGREEMENT
1 Borrower's (Lessee) Name:
Gerald Nicholas Madigan and Maureen O. Madigan
2. Property Address:
56 Beacon Bay, Newport Beach, CA 92660
3. Property Description:
See Attachment 1 — Property Description.
4. Lease (including all amendments and dates):
See Attachment 2 - Memorandum of Lease.
5. Borrower (Lessee's) Current Monthly Lease Payment:
$3,363.91
6. Payments are current (Yes or No):
Through:
7. Deliver notices and payments to Lessor at:
City of Newport Beach
Attn: Real Property Administrator
100 Civic Center Drive
Newport Beach, CA 92660
8. Term of Lease: Fifty (50) years
Expires on: July 1, 2044
Options: None.
Loan No: 9027016275
Yes
May 31, 2020
56 Beacon Bay Page A-1
Loan No: 9027096275
EXHIBIT A
"ATTACHMENT 1"
Property Description
Lot 56 as shown on the map filed in Book 9, Pages 42 and 43, Record of Surveys in the
Office of the County Recorder, County of Orange, State of California.
Address: 56 Beacon Bay, Newport Beach, California 92660
56 Beacon Bay Page A-2
Loan No: 9027016275
EXHIBIT "A"
"ATTACHMENT 2"
Memorandum of Lease
56 Beacon Bay Page A-3
` This Document#s electronically recorded by
# Cat Title MV
RECORDING REQUESTED BY
AND WHEN RECORDED RETURN TO:
City Manager's Office
City of Newport Beach
3300 Newport Boulevard
Newport Beach, CA 92663
Recorded In Official Records, County of Orange
Tom Daly, Clerk Recorder
12.00
2003000256099 04:10pm 03/07/03
4184Mii 4
0.00 0.00 0.00 0.00 6.00 0.00 8.00 0.00
MEMORANDUM OF LEASE' G:Ji.4c"sti'�r;;+�'R,,,�+,e�n
L -S., up- SAID LEAs I$ I=0
THIS MEMORANDUM OF LEASE is made and entered into y'A'�#r�t&WTHE CITY
OF NEWPORT BEACH, a chartered municipal corporation, herein called "Lessor", and
Gerald Nicholas Madigan and Maureen O. Madigan, herein called ",Lessee", to witness
that:
Lessor hereby leases to Lessee, commencing on !! to�' Mand ending on
.July 1, 2044, on the terms and editions set forth In that certain lease byrand between
the parties hereto dated y , all the terms and conditions of which
lease are made a part hereof as though fully set forth herein, all those certain premises
in the County of Orange, State of California, described as follows:
Lot 56 as shown on the map filed in Book 9, Pages 42 and 43 of Record of
Surveys, in the Office of the County Recorder, County of Orange, State of California.
EXECUTED on M-ffe `7 2003, at Newport Beach, Orange County.
California.
ATTEST:
CITY CLERK
APPROVED AS TO FORM:
1
ATTORN EY
NO DOCU"'AMITAR;' TRPNS, El;
LESSOR �rAX DUE. SAID Ll~ASS Is F0Fj
LeSS THAN 99 YLl,I38,
THE CITY OF NEWPORT BEACH
�iGllll�l ..i��i111111111
A w w
r
ee: Gerald Nicholas Madigan
Maureen O. Mad
. a
0W ME*C0AST*TITLE OFax:7145SOM
Gt)'VER mmM TCODE--2736.17
Jan $002 16=14 P.04
I CLRTIFY UNDER PENALTY OF PERRMY THAT THE ILLEGIBLE PORTION OF
TITS DOCUMET, TO WHICH TIRS STATEitril M IS ATTACIMD, READS AS
FOLLOWS:
-.1* -0�v�
PLACE OF EXECUTION:
DATE OF MCUTION;
SIGNATURE:
Document Date:
STATE OF CALIFORNIA )SS
COUNTY OF }
on - io Lukc. ° ' D 3 beforeme, . ...-,�. , ; a �'t � Ikd
petsonaily appeatedd '� �i W ,
personally known to me (orproved to me on the basis of satisfactory evidence) to be the person(s) whose names) Wam subscribed to the within instrument
and acknowledged to me that helshelthcy executed the same in hialherltheir authorized capecity(ea) and that by histherltheir signatures) on the instrument
the person(s) or the entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS hand and official a
P NANCY R CRAVEW
Signature „�.. WWW
lfjr Cxrtn 6ptics Feb.2a, 2."03
mftift9tariaLl
Document Date:
STATE OF CALIFORNIA )SS
COUNTY OF N S _ )
OnT::75':1brRQO3 before me,
personally appeared C�'P ^A t A M s 01 AS N1 kAi a (A t4
personally known to me (or proved to me on the basis of satisfactory evideaae) to be the person(s) whose names) is/are subscribed to the within instrument
and acknowledged to me that helahelthey executed the same in histhutthoir authorized capacity(es) and that by histherAheir signature(s) on the instrument
the person(s) or the ca ity upon bebalf of which the person(s) acted, executed the instrument.
head mrd official seal. AiIWCY R CRAVEN
,a COWLstsr.5r3a
Signature NOTARYPUBUD-QA4IFOI39tA p
rn ORANGE COM ►.+
IVC m Fx naFetl2& 20K }g
T r otircial aatar at se .
Document Date: o,A qA � I 0 22
STATE OF CALIF )SS
UXTY OF W1
On ILA d+J . to before me,
personally appeared L .7 It ice
personally known to me be the person whose name t re subscribed to the within instrumcnt
and acknowledged to me tha helthey executed the e m cr/their authorized capacity) and that by i tedtheir signature( on Uu instrument
the personVor the entity upon behalf of which the persos uWaated, executed the instrument.
WTTNES my band and official seat
Slgaawtr
his arra for official notarial seal.
CATHYFiSHER
COrfUttM1011# 1341009
NotntY PUb1f0- Caflfornia y
Orange county
f4-PMy COrrM EVkee Feb 21s 200a
J
Government code — 2736.17
ICERTIFY UNDER PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE
DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS
FOLLOWS:
NAME OF NOTARY: Nancy R. Craven
i DATE COMMISSION EXPIRES: Feb. 28, 2004
4
COUNTY WHERE BOND IS FILED: Orange
COMMISSION NO.: 1255039
MANUFACTURERIVENDER NO.: SI01
PLACE OF EXECUTION: Mission Viejo
DATE OF EXECUTION: 3/7/2003
SIGNATURE: li `
Government code — 2736.17
I CERTIFY UNDER PENALTY OF PERJURY THAT THE ILLEGIBLE PORTION OF
THIS DOCUMENT, TO WHICH THIS STATEMENT IS ATTACHED, READS AS
FOLLOWS:
.PLACE OF EXECUTION:
DATE OF EXECUTION:
SIGNATURE:
Penalty of Pe wy Doc,