HomeMy WebLinkAboutC-519(N) - West Coast Highway, 1221 (Balboa Bay Resort) - Balboa Bay Club Consent to Ground Lease Assignment 2011Balboa Bay Club Consent to Ground Lease Assignment
The City of Newport Beach ("Landlord") hereby grants its consent to the one-time
assignment of the Ground Lease by and between the Landlord and Balboa Bay Club,
Inc., ("Tenant") dated October 25, 2000 ("Lease") from the Tenant to Seven -On Capital -
Business, Inc., and Mr. Winston Chung (collectively, "Assignees"). The Landlord's
consent to this assignment of the Lease to Assignees is made pursuant to Lease
Section 13.2 and follows the completion of Landlord's due diligence under Lease
Sections 13.1(a), (b), and (c). The Landlord's consent to this one-time assignment is
conditioned upon the Assignees accepting and agreeing to be bound by all terms
contained within the Lease.
APPROVED AS TO FORM:
OFFICE OF THE CITY ATTORNEY
Date: 1/7/ r
CITY OF NEWPORT BEACH,
A Californiam��nicipal corporation
Date: /
AY Cy
Aaron Harp Michael F. enn
City Attorney Mayor
ATTEST:
Date: a -14-11
By: gaj�
P 6w,
Leilani I. Brown
City Clerk
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