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Home My WebLink AboutC-5993(B) - East Balboa, Blvd, 608 & Washington St, 209 (Palm Street Parking Lot) - Memo of Assignment of Option to Ground Lease Agreement and Amendment to Lease Memo 2021RECORDING REQUESTED BY: First American Title Insurance Company National Commercial Services 18500 Von Karman Avenue, Suite 600 Irvine, CA 92612 U WHEN RECORDED MAIL DOCUMENT 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 II 1!111 II II!'!il I illi' I 1 III II I III 25.00 *$ R 0 0 1 3 1 3 1 4 2 9$ 2021000548632 9:31 am 09101121 7 407A M12 6 0.00 0.00 0.00 0.00 15.00 0.00 0.000.000.00 3.00 ORdIa MP Space Above This Line for Recorder's Use Only File No.: NCS -1023322 -SAI MEMORANDUM OF ASSIGNMENT OF OPTION TO GROUND LEASE AGREEMENT AND AMENDMENT TO LEASE MEMORANDUM Pursuant to Senate Bill 2 - Building Homes and Jobs Act (GC Code Section 27388. 1), effective January 1, 2018, a fee of seventy-five dollars ($75.00) shall be paid at the time of recording of every real estate instrument, paper, or notice required or permitted by law to be recorded, except those expressly exempted from payment of recording fee, per each single transaction per parcel of real property. The fee imposed by this section shall not exceed two hundred twenty-five dollars ($225.00). () This document is a transfer that is subject to the imposition of documentary transfer tax (X) Recorded [concurrently] in connection with a transfer of real property subject to the imposition of Documentary Transfer Tax per GC 27388.1 (a) (2). ( ) Recorded [concurrently] in connection with a transfer of real property that is residential dwelling to an owner - occupier per GC 27388.1 (a) (2). () Maximum fee of $225 has been reached per GC 27388.1 (a) (1). () Not related to real property GC 27388.1 (a) (1). THIS PAGE ADDED TO PROVIDE EXEMPTION INFORMATION FOR THE BUILDING HOMES AND JOBS ACT FEE (SB -2; AFFORDABLE HOUSING FEE) ($3.00 Additional recording fee applies) RECORDING REQUESTED BY: First American Title Insurance Company National Commercial Services 18500 Von Karman Avenue, Suite 600 Irvine, CA 92612 WHEN RECORDED MAIL DOCUMENT TO: City of Newport Beach City Clerk's Office 100 Civic Center Drive P.O. Box 1768 Newport Beach, CA 92658-8915 Space Above This Line for Recorder's Use Only File No.: NCS-1023322-SA1 MEMORANDUM OF ASSIGNMENT OF OPTION TO GROUND LEASE AGREEMENT AND AMENDMENT TO LEASE MEMORANDUM Pursuant to Senate Bill 2 - Building Homes and Jobs Act (GC Code Section 27388.1), effective January 1, 2018, a fee of seventy-five dollars ($75.00) shall be paid at the time of recording of every real estate instrument, paper, or notice required or permitted by law to be recorded, except those expressly exempted from payment of recording fee, per each single transaction per parcel of real property. The fee imposed by this section shall not exceed two hundred twenty-five dollars ($225.00). ( ) This document is a transfer that is subject to the imposition of documentary transfer tax (X) Recorded [concurrently] in connection with a transfer of real property subject to the imposition of Documentary Transfer Tax per GC 27388.1 (a) (2). ( ) Recorded [concurrently] in connection with a transfer of real property that is residential dwelling to an owner - occupier per GC 27388.1 (a) (2). () Maximum fee of $225 has been reached per GC 27388.1 (a) (1). () Not related to real property GC 27388.1 (a) (1). THIS PAGE ADDED TO PROVIDE EXEMPTION INFORMATION FOR THE BUILDING HOMES AND JOBS ACT FEE (SB -2; AFFORDABLE HOUSING FEE) ($3.00 Additional recording fee applies) RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City of Newport Beach City Clerk's Office 100 Civic Center Drive P.O. Box 1768 Newport Beach, CA 92658-8915 SPACE ABOVE THIS LINE FOR RECORDER'S USE A.P.N. 048-116-06 MEMORANDUM OF ASSIGNMENT OF OPTION TO GROUND LEASE AGREEMENT AND AMENDMENT TO LEASE MEMORANDUM THIS MEMORANDUM OF ASSIGNMENT OF OPTION TO GROUND LEASE AGREEMENT AND AMENDMENT TO LEASE MEMORANDUM ("Memorandum") is made and executed in connection with that certain Assignment and Assumption Agreement dated as of August 2, 2021 ("Assignment") by and between DISCOVERY SCIENCE CENTER OF ORANGE COUNTY, a California nonprofit public benefit corporation, as "Assignor", and BALBOA FUN ZONE REALTY INVESTMENTS LLC, a Delaware limited liability corporation as "Assignee" and the CITY OF NEWPORT BEACH, a California municipal corporation and charter city as "City". RECITALS A. EXPLOROCEAN, a California nonprofit corporation ("EXPLOROCEAN"), and the City of Newport Beach, a California corporation and charter city ("City") are parties to that certain Option to Ground Lease Agreement ("Option Agreement") dated November 25, 2014 respecting that certain property owned by the City located generally between Palm Street and Washington Street form Bay Avenue to Balboa Boulevard on the Balboa Peninsula in the City of Newport Beach, more commonly referred to as the Palm Street Parking Lot ("Property"), as evidenced by that certain Memorandum of Option Agreement recorded on December 24, 2014, in the Official Records of Orange County, California as Instrument No. 2014000557708. B. EXPLOROCEAN and DISCOVERY SCIENCE CENTER OF ORANGE COUNTY, a California nonprofit public benefit corporation, merged on July 8, 2016, to become DISCOVERY SCIENCE CENTER OF ORANGE COUNTY. C. Pursuant to Section 9 of the Option Agreement, dated November 25, 2014, EXPLOROCEAN has authorized to assign it's interest to an affiliate. Therefore, DISCOVERY SCIENCE CENTER OF ORANGE COUNTY has assumed the role of EXPLOROCEAN. D. In connection with Assignee's purchase of the Property from Assignor, which closed escrow on or about July 31, 2021, Assignor and Assignee executed the Assignment to which Assignor assigned to Assignee (and Assignee assumed from Assignor) all of Assignor's right, title, interest and obligations under the Option Agreement. AGREEMENTS NOW, THEREFORE, in order to memorialize and give notice of the Option Agreement and Assignment thereof, the parties acknowledge and agree as follows: 1. Purpose of Memorandum. This Memorandum is being recorded to place the public on notice of the terms and provisions of the Option Agreement, which terms and provisions are hereby incorporated by reference into this Memorandum, and of the Assignment. In the event of any conflict between the terms and conditions of this Memorandum and the Option Agreement, the terms and conditions of the Option Agreement shall prevail. 2. Amendment of Option Agreement Memorandum. The Memorandum is amended such that the "EO" identified therein shall mean and refer to Assignee from and after the effective date of the Assignment. 3. Counterparts. This Memorandum may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one in the same instrument. [SIGNATURES ON FOLLOWING PAGE] Memorandum of Assignment of Option to Ground Lease Agreement Page 2 IN WITNESS WHEREOF, the duly authorized representatives of Assignor, Assignee and City have executed this Memorandum effective as of the 28th day of April 2017. "Assignor" DISCOVERY SCIENCE CENTER OF ORANGE COUNTY, a California nonprofit publi nefit corporation By: Lllolyd sep a s, C xecutive icer By: 1Q O� Nancee Christianson, Chief Financial Officer 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. I State of California Cou nty of Q1'ur1 G ss. On S 20 ZI before me, Su a?f der a ,Notary Public, personally appearetL Lloyd, who proved to me on the basis of satisfactory evidence to be the person(sf 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 his/her/their signatures(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. SUMMER DABALACK O Wt S my hand and o cial seal. F COMM. #2292983 n O NOTARY PUBLIC -CALIFORNIA � ORANGE COUNTY .► MY CORxn. Espres .Axle 14, 2023 ignature 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. I State of California County f Os'ur,ye )ss. On 20 21 before me, SliH'llyJli°/atl(?I&CK_ Notary Public, personally appeared -/Na n C ._ Com;'� .%±i" S of 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 his/her/their signatures(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. WI S my hand an offic I s a1. SUMMER DABALACK I- COMM. #2292983 U NOTARY PUBLIC -CALIFORNIA O ORANGE COUNTY ignature Nry Comm. ExpAes A" 14.2023 Page 3 "Assignee" BALBOA FUN ZONEERR 9k�'Ftid C, a Delaware limited liability cwt ny By: A. Pyle, ACKNO WEEDGMENT 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. J State of California R County Of 0 r 0.A, qe_ ► ss. On A-"uts - U 20 21 before me, 1C-GAVAfl. Cjraui., PPotary Public, personally appeared 0.rr�C;t'�— , who proved to me on the basis of satisfactory evidence to be the person(s) whose names) is/are subscribed to the within instrument and acknowledged to me that:®lshe/they executed the same indjoher/their authorized capacity(ies), and that by(Ilpher/their signatures(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. KENYA 0. GRAY WITNESS my hand and official seal. Notary Public - California Orange County A Commission # 2260261 ig atur My Comm. Expires Oct 14, I022 (seal) seal 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 ounty of Dr OL" e_ _)ss. On 9 20 2 before me, XLA n_iS1 otary Public, personally appeared &Vf} P ,who prove to me on the basis of satisfactory evidence to be the person(s) whose nam (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 his/her/their signatures(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. KENYA 0.GRA Notary Public -California -� Orange County SI ature 17 Commission # 2260261 — (seal) My Comm. Expires Oct 14, 2022 r Memorandum of Assignment of Option to Ground Lease Agreement Page 4 ATTEST: � 4.�zI Date: bpk� Leilani I. Brown . City Clerk APPROVED AS TO FORM: 2 Aaror . Harp City Atorney ®O� U "City" City of Newport Beach, a California municipal corporation and charter city By: e-l� Gra,eA.Leung Ci 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 oRANc,E }ss. On &Vjyjt4.,3 zU 20 -4% before me, j W fy4IiFE4L ANN M VL_V 6`1 Notary Public, personally appeared GRALM k c• alt, , 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 his/her/their signatures(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 paragraph is true and correct. WITN S my hand and official seal. Signatur -Of U under the laws of the State of California that the foregoing �Jennife A n MUlvey , � Jcnnifcx Ann Mule -7_ ix,aX;�:«• ,, COMM #2214138 a w'Flt'.� '' Notary Public - California m ¢\� seal ORANGE CQUNT2, ) �:' yes �a;. COMM #221413,; wF' � Notary Public -Cali i( ¢s`p`a ORANGECOUNiY My Commission Expires Oct. 12, 2021 4; .. My Commission Expires Ori. i)..).................. Memorandum of Assignment of Option to Ground Lease Agreement Page 5