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HomeMy WebLinkAboutC-7340-4 - Newport Blvd., 2300 (Newport Bay Marina) - Consent to Assignment of Lease 2022Recording Requested by Fidelity National Title � ��C-efzett� r WHEN RECORDED RETURN TO: MI , V City of Newport Beach City Clerk's Office 100 Civic Center Drive Newport Beach, CA 92660 Recorded in Official Records, Orange County Hugh Nguyen, Clerk -Recorder 103.00 *$ R 0 0 1 3 9 8 6 5 2 1$ 2022000322158 2:20 pm 09/30/22 227 NC-5 C34 8 0.00 0.00 0.00 0.00 21.00 0.00 0.000.0075.00 0.00 SPACE ABOVE THIS LINE FOR RECORD CONSENT TO ASSIGNMENT OF LEASE THIS CONSENT TO ASSIGNMENT OF LEASE ("Consent to Assignment") is given this day of &t0tym6W 2022, by the CITY OF NEWPORT BEACH, a California municipal corporatioh and charter city ("City") on the following terms and conditions: RECITALS A. On November 1, 2017, the City entered into that certain Lease Agreement With Option for Renewal ("Lease") with NPBeach Marina, LLC, a Michigan limited liability company, concerning certain real property generally described as: Tidelands, as defined in the Lease, which is an independent site with no land access, consisting of approximately 26,397 square feet water area located generally at 2300 Newport Boulevard in the City of Newport Beach, California (the "Property"), as evidenced by a Memorandum of Lease recorded on March 1, 2018, in the Official Records of Orange County, California, as Instrument No. 2018000073786. B. Pursuant to that Consent to Assignment of Lease recorded on August 5, 2022, in the Official Records of Orange County, California, as Instrument No. 2022000270005, the Lease was assigned to Peninsula Village, LLC and Vue Investor Owner, LLC as tenants in common (collectively "Assignor"), as further evidenced by that Memorandum of Assignment of Lease and Amendment to Lease Memorandum recorded on August 5, 2022, in the Official Records of Orange County, California as Instrument No. 2022000270168. C. On W4? 2022, Assignor provided a written request to City pursuant to Section 1 (a) of the Lease, whereby requesting approval of the transfer and assignment of Assignor's interest in the Lease to Peninsula Village, LLC, a Delaware limited liability company ("Assignee"). Recording Requested by Fidelity National Title RECOR©tNG`RMOESTED-B-'-M4D- WHEN RECORDED RETURN TO: City of Newport Beach City Clerk's Office 100 Civic Center Drive Newport Beach, CA 92660 SPACE ABOVE THIS LINE FOR RECORDER'S USE CONSENT TO ASSIGNMENT OF LEASE THIS CONSENT TO ASSIGNMENT OF LEASE ("Consent to Assignment") is given this Tj,-�k day of 2022, by the CITY OF NEWPORT BEACH, a California municipal corporation and charter city ("City") on the following terms and conditions: RECITALS A. On November 1, 2017, the City entered into that certain Lease Agreement With Option for Renewal ("Lease") with NPBeach Marina, LLC, a Michigan limited liability company, concerning certain real property generally described as: Tidelands, as defined in the Lease, which is an independent site with no land access, consisting of approximately 26,397 square feet water area located generally at 2300 Newport Boulevard in the City of Newport Beach, California (the "Property"), as evidenced by a Memorandum of Lease recorded on March 1, 2018, in the Official Records of Orange County, California, as Instrument No. 2018000073786. B. Pursuant to that Consent to Assignment of Lease recorded on August 5, 2022, in the Official Records of Orange County, California, as Instrument No. 2022000270005, the Lease was assigned to Peninsula Village, LLC and Vue Investor Owner, LLC as tenants in common (collectively "Assignor"), as further evidenced by that Memorandum of Assignment of Lease and Amendment to Lease Memorandum recorded on August 5, 2022, in the Official Records of Orange County, California as Instrument No. 2022000270168. C. On 2022, Assignor provided a written request to City pursuant to Section 1 (a) of the Lease, whereby requesting approval of the transfer and assignment of Assignor's interest in the Lease to Peninsula Village, LLC, a Delaware limited liability company ("Assignee"). CONSENT NOW, THEREFORE, the City does hereby consent to the assignment of Assignor's interest in and to the Lease to Assignee, subject to the following: 1. Said Consent to Assignment shall be subject to each and all of the covenants, conditions and restrictions set forth in the Lease and shall be subject to all rights and interests of the City thereunder, except as herein otherwise provided. 2. Assignee shall assume the Lease via the Assignment and Assumption of Lease Agreement ("Assignment"), subject to each and all of the covenants, conditions and restrictions set forth in the Lease and shall be subject to all rights and interest of the City thereunder, except as herein otherwise provided. A copy of the completed Assignment shall be provided to the City to ensure that any transfer of the leasehold interest will not circumvent the provisions of the Lease. 3. A Memorandum of Assignment of Lease and Amendment to Lease Memorandum shall be executed by the Assignor, Assignee and City in substantially the same form as the document attached hereto as Exhibit "A", and recorded against title to the Property. 4. All notices and other communications required or permitted under this Consent to Assignment shall be in writing, served personally on, or mailed by certified or registered United States mail to the party to be charged with receipt thereof. Notices and other communications served by mail shall be deposited in a United States post office, as certified or registered mail with postage prepaid and duly addressed to the party to whom such notice or communication is to be given as follows: Notice to Assignee: Peninsula Village, LLC 220 Newport Center Drive #11-557 Newport Beach, CA 92660 Notice to City: Attention: Real Property Administrator City of Newport Beach 100 Civic Center Drive Newport Beach, CA 92660 Any such party may change said party's address for purposes of this Section 4 by giving to the party intended to be bound thereby, in the manner provided herein, written notice of such change. 5. This Consent to Assignment shall become effective upon recording and be recorded concurrently with (but immediately prior to) the Memorandum of Assignment of Lease and Amendment to Lease Memorandum. [SIGNATURES ON FOLLOWING PAGE] Page 2 EXECUTED on the dates indicated below, at Newport Beach, Orange County, California. APPROVED AS TO FORM: CITY ATTORNEY'S OFFICE Date -.A I I S la. Aaron arp 0 0111s -�a DPrs City rney ATTEST: ^� M12 Date: , 64� ( Leilani I. Brown City Clerk PO\ O� C'2trFpa�% CITY OF NEWPORT BEACH, a California unic pal corporation Date:%2oyZ �� 4,� r e K. Leung y Manager Page 3 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 O12ArA bt } ss. On 9- 28.2'2. before me, ktg4%FE0- N40 I nvLv6y , Notary Public, personally appeared G2pLE K.. (,Ev"t, , 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. JENNIFER ANN MULVEY WITNESS y hand and official seal. _ Notary OrangeCountyornia Commission 7 2375299 ' •� My Comm. Expires Oct 12, 2025 Signa (seal) Page 4 EXHIBIT "A" MEMORANDUM OF ASSIGNMENT OF LEASE AND AMENDMENT TO LEASE MEMORANDUM Page A-1 RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO - City of Newport Beach City Clerk's Office 100 Civic Center Drive Newport Beach, CA 92660 SPACE ABOVE THIS LINE FOR RECORDER'S USE MEMORANDUM OF ASSIGNMENT OF LEASE AND AMENDMENT TO LEASE MEMORANDUM (2300 Newport Boulevard, Newport Beach, CA) THIS MEMORANDUM OF ASSIGNMENT OF LEASE AND AMENDMENT TO LEASE MEMORANDUM ("Memorandum") is made and executed in connection with that certain Assignment and Assumption of Lease Agreement dated on or about , 2022 ("Assignment"), by Peninsula Village, LLC, a Delaware limited liability company, and Vue Investor Owner, LLC, a Delaware limited liability company (individually and collectively "Assignor"), and Peninsula Village, LLC, a Delaware limited liability company ("Assignee"). RECITALS A. Assignor and the City of Newport Beach, a California municipal corporation and charter city ("City") are parties to a certain Lease Agreement with Option for Renewal dated November 1, 2017 ("Lease"), respecting the Tidelands generally located at 2300 Newport Boulevard in Newport Beach, California (the "Property"), as evidenced by a Memorandum of Assignment of Lease And Amendment to Lease Memorandum recorded on August 5, 2022, in the Official Records of Orange County, California, as Instrument No. 2022000270168 ("August 2022 Memorandum"). B. In connection with the transfer of the Property from Assignor to Assignee, which closed escrow on or about , Assignor and Assignee executed the Assignment pursuant to which Assignor assigned to Assignee (and Assignee assumed from Assignor) all of Assignor's right, title, interest, and obligations under the Lease. C. On or about , 2022, City consented to the Assignment by and between Assignor and Assignee pursuant to a certain Consent to Assignment of Lease recorded on , 2022, and recorded in the Official Records of Orange County, California, as Instrument No. , which shall be further evidenced by this Memorandum to be immediately recorded thereafter. IN WITNESS WHEREOF, the duly authorized representatives of Assignor, Assignee and City have executed this Memorandum effective as of the day of , 2022. "Assignor" "Assignee„ Peninsula Village, LLC, a Delaware limited Peninsula Village, LLC, a Delaware limited liability company liability company By: PV Newport, LLC, a Delaware limited liability company, its Sole Member By: Peninsula Village JV, LLC, a Delaware limited liability company, its Sole Member By: RW Industrial II LLC, a Delaware limited liability company, its Administrative Member In John Pomer, Authorized Representative By: Vue Investor, LLC, a Delaware limited liability company, its Managing Member By: PIV 1, LLC, a California limited liability company, its Manager in Adon A. Panattoni, Manager Vue Investor Owner, LLC, a Delaware limited liability company By: Vue Member, LLC, a Delaware limited liability company, its Sole Member EM Adon A. Panattoni Authorized Representative By: PV Newport, LLC, a Delaware limited liability company, its Sole Member By: Peninsula Village JV, LLC, a Delaware limited liability company, its Sole Member By: RW Industrial II LLC, a Delaware limited liability company, its Administrative Member By: John Pomer, Authorized Representative By: Vue Investor, LLC, a Delaware limited liability company, its Managing Member By: PIV 1, LLC, a California limited liability company, its Manager By: Adon A. Panattoni, Manager ASSIGNOR AND ASSIGNEE SIGNATURES MUST BE NOTARIZED Page 3 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 ) ss. On before me, , Notary Public, personally appeared , 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. WITNESS my hand and official seal. Signature (seal) Page 5