HomeMy WebLinkAboutC-519(O) - West Coast Highway, 1221 (Balboa Bay Resort) - Balboa Bay Club Estoppel Certificate 2011Balboa Bay Club Estoppel Certificate
The Ground Lease by and between the City of Newport Beach ("Landlord") and Balboa
Bay Club, Inc., ("Tenant") dated October 25, 2000 ("Lease") is in full force and effect. At
this time, to the best of the Landlord's knowledge there are no Events of Default (as
contemplated in Lease § 17.1) by either Tenant or Landlord. No events have occurred
which, with the giving of notice or the passage of time or both would constitute an Event
of Default with respect to Tenant or a default with respect to Landlord under the Lease.
To the best of Landlord's knowledge, there are no defenses or off -sets in favor of either
the Landlord or Tenant. The applicable base rent under the Lease is the greater of
annual rent of two million seventy-two thousand two hundred sixty-six dollars
($2,072,266) or the percentage rent set forth in Lease Section 5.2. The base rent is
paid quarterly in installments of five hundred and eighteen thousand sixty-seven dollars
($518,067). Base rent has been paid through June 30, 2011, with the next installment
due October 1, 2011.
Pursuant to Lease Section 12.1, the persons signing below have the necessary
authority to execute this Estoppel Certificate on the Landlord's behalf.
APPROVED AS TO FORM:
OFFICE OF THE CITY ATTORNEY
Date: 9 / 7 / 11
CITY OF NEWPORT BEACH,
A Californa nicipal corporation
Date: n
By: o.�-- �- �— By:
Aaron Harp Michael F. Henn
City Attorney Mayor
ATTEST -
Date:
Date: q-14'
By: VIKWK 'U ,
Leilani I. Brown
City Clerk
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