HomeMy WebLinkAboutC-7340-3 - Newport Blvd., 2300 (Newport Bay Marina) - Estoppel Certificate 2022ESTOPPEL CERTIFICATE
To: NPBeach Marina, LLC, a Michigan limited liability company ("Lessee"), and PFSS 2020
Holding Company, LLC, a Delaware limited liability company, its successors and/or assigns
("Lender")
Re: Lease Agreement with Options for Renewal, dated November 1, 2017 ("Lease') between City of
Newport Beach, a municipal corporation and charter city as Lessor ("Lessor"), and Lessee for
approximately 26,397 square feet of water area (the "Premises") located generally at 2300 Newport
Boulevard, Newport Beach, California (the "Premises")
Lessor understands that the Other Real Property (as defined in the Lease) is in escrow and Lender is
contemplating financing a new loan for the Other Real Property (the "Loan") that would be secured in part
by a lien against Lessee's successor and assigns' leasehold interest in the Premises (a "Leasehold
Mortgage"). Lessor hereby certifies to and agrees with Lessee and Lender as follows:
1. The Lease is in full force and effect and has not been modified or amended.
2. Lessee has paid rent for the Premises up to and including 3 6—" , 2022. The current amount
of fixed monthly rent is $_2,243.75. No rent has been or will be paid more than one (1) month in
advance of its due date.
3. Landlord is presently holding a security deposit of $0.00.
4. The term of the Lease commenced on November 1, 2017. The current expiration date for the Lease
is November 30, 2041. The Lessee under the Lease has no further option(s) to renew or extend the
Lease.
5. As of the date hereof, there exists no breach, default, or event or condition which, with the giving
of notice or the passage of time or both, would constitute a breach or default by Lessee or Lessor
under the Lease.
The person executing this certificate on behalf of Lessee is duly authorized to execute this certificate.
Executed by Lessor on Mays , 2022.
CITY OF NEWPORT BEACH,
a California municipal corporation and charter city
By: Joe n 0 4
Name: Seimone Jul—list/
Its: Community Development Director
APPROVED AS TO FORM:
CITY ATTORNEY'S OFFICE
Aaron C. Harp LN
City Attorney
ATTEST:
By:
Leil;
City