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HomeMy WebLinkAboutBeacon Bay, 48M BEACON BAY LEASE T THIS BEACON BAY LEASE ("Lease") is entered into as of the 215 day of April, 2014 ("Effective Date"), by and between the City of Newport Beach, a California municipal corporation, tideland's trustee, and charter city ("Lessor" or "City") and Kenneth H. Crume and Gail A. Crume, Trustees of the Crume Family Trust dated January 14, 1988 ("Lessee"). Lessor and Lessee are sometimes individually referred to herein as "Party" and collectively as the "Parties." RECITALS A. Lessor by virtue of a 1978 legislative grant found in Chapter 74 of the Statutes of 1978, as amended ("Beacon Bay Bill"), holds the right, title, and interest to certain tidelands and uplands commonly known as Beacon Bay and generally depicted in Exhibit "A" attached hereto and incorporated by reference. B. The Beacon Bay Bill frees the "Westerly portion" of the filled tidelands from the public trust and specifically authorizes the lease of the property for residential purposes subject to certain express statutory conditions. C. As required by the Beacon Bay Bill, the consideration to be received by the City for the residential leases is the fair market rental value of such lots as finished subdivided lots with streets constructed and all utilities installed. D. On November 3, 1987, a majority of the electors in the City approved a measure authorizing the City Council to enter into residential leases in Beacon Bay for a period not to exceed fifty (50) years. E. On November 3, 1992, a majority of the electors in the City approved Measure M authorizing the City Council to lease tidelands and waterfront property consistent with the provisions of state law. F. The City Council, pursuant to the authority conferred by the electors and the Beacon Bay Bill, leased out the residential lots within Beacon Bay for fifty (50) year terms. G. The current residential leases are set to expire on July 1, 2044, which is preventing certain persons with existing leases within Beacon Bay from obtaining a traditional thirty (30) year mortgage. H. Lessor and Lessee desire a new residential lease for Beacon Bay with a new fifty (50) year term and new provisions that are reflective of current conditions. I. City has determined this Lease is consistent with the Beacon Bay Bill, the City's Charter, General Plan, Zoning Ordinances, and all other applicable state and local laws. Crume Lease 1 J. The California State Lands Commission reviewed the form of this Lease and the range of consideration to be received by the City and determined that the Lease is in conformance with the provisions in the Beacon Bay Bill. 1. AGREEMENT TO LEASE 1.1 Lease. For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor hereby leases to Lessee the real property commonly known as Beacon Bay Lot 48, ("Property") which is more particularly described in Exhibit "B", and generally depicted on Exhibit "A", each attached hereto and incorporated by reference herein. If Lessee is a Limited Liability Corporation ("LLC") Lessee shall provide Lessor with the name of its majority share holder at the time of execution of this Lease. The LLC may not change its majority shareholder without the prior written consent of the City's City Manager or his/her designee. If approved, a change of the majority shareholder triggers a re -appraisal of the Property and an adjustment of Base Rent pursuant to the re -appraisal process in Section 3.6(b). 1.2 Reservation of Mineral Rights. Lessor expressly reserves all oil, oil rights, gas, minerals, mineral rights, natural gas rights and other hydrocarbon substances in and under the Property and the right to grant and transfer the same, together with all necessary and convenient rights to explore for, develop, produce and extract and take the same, subject to the express limitation that any and all operations shall be carried on at levels below the depth of five hundred feet (500') from the surface of the land by means of wells, derricks and other equipment from surface locations on adjoining or neighboring land, and subject further to all restrictions and regulations concerning the drilling for, and production of, oil, gas, minerals, petroleum and other hydrocarbon substances specified in the City's Charter and Municipal Code. 1.3 Net Lease. This Lease is a net lease, pursuant to which Lessor has no obligation with respect to the payment of taxes, insurance, the cost of maintenance, utilities and repairs or other costs or obligations associated with the Property, except as expressly stated herein. 1.4 Termination of Prior Lease(s). Lessee affirmatively represents that: (a) the persons executing this Lease have a hundred percent (100%) of all interests in any prior lease(s) covering the Property; and (b) have authority to execute this Lease and be bound by the terms herein. Upon the execution of this Lease, any lease(s) between the City and the Lessee or any other party covering the Property shall automatically terminate and be of no further effect. Lessee shall execute and record any document(s) that may be required by City to evidence the termination of any prior lease(s) covering the Property. City shall owe no compensation to Lessee or any other party for the termination of a lease under this section. Lessee shall indemnify and hold the City harmless from any and all liability, loss, expense, damage, or claims which may arise directly or indirectly from or in connection with any allegation that the representations made is this section are false. Crume Lease 2 2. TERM OF LEASE 2.1 Fixed Term. The term of this Lease shall be for a fixed period of fifty (50) years commencing as of April 21ST, 2014 ("Commencement Date") and terminating on April -215 T , 2064. The total term may not exceed fifty (50) years pursuant to the Beacon Bay Bill. 2.2 Options. Upon the written request of Lessee and in the sole and absolute discretion of City, this Lease may be terminated and a new lease (with the most current terms approved by the City and/or State Lands Commission) executed with a term not to exceed fifty (50) years pursuant to the payment of the "Option Fee" by Lessee for each year the term is extended. The new lease's term shall be the cumulative total of the purchased years under this section and the remaining years in this Lease (i.e., if ten (10) years and one (1) month remain in this Lease and five (5) years are purchased under this section the new lease shall be for a term of fifteen (15) years and one (1) month). The Option Fee shall be calculated pursuant to a specified percentage, as provided in Exhibit "C", attached hereto and incorporated by reference, of the fair market value of the Property as determined by an appraisal, multiplied by the number of years that are purchased by the Lessee (i.e., for illustrative purposes, if the specified percentage is one percent (1%) and the appraised Property value is one hundred dollars ($100) and Lessee desires to extend the term five (5) years, Lessee would owe the City five dollars ($5) [$1 x 5 years= $5]). The Option Fee shall be paid to City by Lessee at the time of execution of the new lease. The Property appraisal shall be conducted after the City's approval of the written request submitted by Lessee. The City's approval of the written request shall be valid for six (6) months or some other time period as may be agreed upon by the parties. Lessor shall submit three (3) California licensed appraisers to Lessee; Lessee shall select one (1) appraiser from the three (3) submitted appraisers to appraise the Property. Lessee shall pay all costs associated with the appraiser and the appraisal. For purposes of the Option Fee calculation, in no event shall the appraised fair market value be less than the Property value used to determine Base Rent (as defined in Section 3.2) in Sections 3.1 and 3.2 of the then effective Lease. Because there will be no sale of the Property, the Base Rent for the new lease shall be calculated pursuant to Section 3.6(b), notwithstanding the appraisal requirement in Section 3.6(b), the parties may rely upon the appraisal conducted pursuant to this section to calculate the Base Rent. 2.3 Holdover. This Lease shall terminate and become null and void without further notice upon the expiration of the term of this Lease. Any holding over by Lessee after the expiration of the term shall not constitute a renewal or extension and shall not give Lessee any rights in or to the Property or any part thereof except as expressly provided in this Lease. Any holding over after the expiration of the term with the consent of Lessor shall be construed to be a tenancy from month-to-month on the same terms and conditions set forth in this Lease insofar as such terms and conditions can be applicable to a month-to-month tenancy, except that the rental for each month or any portion thereof during such holdover period shall be an amount equal to one Crume Lease 3 hundred fifty percent (150%) of one -twelfth (1/12) of the annual rent for the most recent year paid. The month-to-month tenancy may be terminated by Lessee or Lessor upon thirty (30) calendar days' prior written notice to the other. 3. RENT & TRANSFERABILITY 3.1 Rent Calculation. Annual rent for the Property shall be calculated at the rate of two and half percent (2.5%) of the total of all consideration paid for the Property or the appraised value of the Property, including any improvements or structures, but excluding any consideration paid for the transfer of personal property in connection with such transaction. The annual rent shall be adjusted from time -to -time pursuant to Section 3.3. The rent calculation provided in this section shall serve as the basis for the Base Rent (defined below) in Section 3.2. 3.2 Base Rent. Lessee agrees to pay Lessor rent for the use and occupancy of the Property, in twelve (12) equal monthly installments on the first day of each month ("Base Rent"). Said sums shall be paid in lawful money of the United States of America. If the Commencement Date is other than the first day of a month, rent during any partial month at the beginning and at the end of the lease term will be prorated. Base Rent hereunder will be Two Thousand Four Hundred Forty -Seven Dollars and 92/100 ($2,447.92) for an annual total of Twenty Nine Thousand Three Hundred Seventy -Five Dollars ($29,375.00). Base Rent due hereunder will be subject to the rent adjustment provisions of Section 3.3 below. Lessee shall send said rent to the mailing address or send an electronic fund transfer via the web address provided in Section 3.5. Lessee shall be responsible for any delays in the mode of sending the rent payment to Lessor. (a) Base Rent shall be due on the first day of each month. If said rent is received later than the fifteenth (15th) day of the month, there shall be a delinquency charge equal to five percent (5%) of the month's Base Rent due. (b) Each monthly installment of Base Rent shall bear interest if not paid promptly on or before the date it becomes delinquent at the rate of five percent (5%) per annum from the date it becomes delinquent until it is paid by Lessee to Lessor. This interest charge shall be in addition to the delinquency charge set forth in Section 3.2(a). 3.3 Rent Adiustments. Monthly Base Rent may be adjusted on April 1St of each Lease Year (the term "Lease Year" as used herein refers to successive twelve (12) month periods, commencing with the Commencement Date of this Lease) to reflect increases or decreases in the cost of living as indicated by the Consumer Price Index described below. Monthly Base Rent may be adjusted if the Consumer Price Index for the Los Angeles — Orange County - Riverside Area, All Urban Consumers, All Items ("Index"), as published by the United States Department of Labor, Bureau of Labor Statistics ("Bureau"), increases or decreases over the Base Period Index. The initial "Base Period Index" shall be the Index for the calendar month which is four (4) months prior to the month of the Commencement Date (thus, December 2013, which equals 238.742). The initial Base Period Index shall be compared with the Index for the same calendar month for each subsequent Lease Year ("Comparison Index"). The Crume Lease 4 Comparison Index used for a given year's adjustment calculation will become the Base Period Index for purposes of the next annual rent adjustment calculation. If the Comparison Index is higher or lower than the Base Period Index, then Base Rent for the next Lease Year shall be increased or decreased by the amount of such percentage change. Should the Bureau discontinue the publication of the above Index, or publish same less frequently, or alter same in some other manner, then the Parties shall adopt a substitute Index or substitute procedure which reasonably reflects and monitors consumer prices. Notwithstanding the Index adjustments described above, if Lessor, in its sole and absolute discretion, believes that notwithstanding such adjustments, monthly Base Rent, as adjusted, does not accurately reflect the fair market rental value of the Property, Lessor may elect to further adjust monthly Base Rent at the commencement of the thirtieth (30th) Lease Year. Lessor will provide notice to Lessee not earlier than six (6) months nor later than three (3) months prior to the expiration of the twenty-ninth (29th) Lease Year of Lessor's election to further adjust monthly Base Rent. Within fifteen (15) days thereafter, Lessor and Lessee will attempt to agree upon an adjustment in Base Rent. If Lessor and Lessee are unable to agree, the Property will be appraised to determine its fair market rental value. Lessor shall submit three (3) California licensed appraisers to Lessee; Lessee shall select one (1) appraiser from the three (3) submitted appraisers to appraise the Property. Lessor shall pay all costs associated with the appraiser and the appraisal. The fair market rental value determined by the appraiser will constitute monthly Base Rent for the thirtieth (30th) Lease Year and each successive year remaining on the Lease; provided, however, that in no event will monthly Base Rent so determined be less than that otherwise payable through the annual Index adjustments described above. 3.4 Additional Rent. All other payments from Lessee described in this Lease, whether to Lessor or third parties (i.e., for the payment of taxes, utilities, insurance, maintenance and the like) constitute "Additional Rent." Included within Additional Rent is any service charge incurred by City when processing the Rent (e.g., credit card transaction fee, etc.), such service charged shall be passed onto Lessee without any additional mark-up by the City. All references in this Lease to "Rent" include Base Rent and Additional Rent. 3.5 Place for Payment of Rent. All Rent that becomes due and payable under this Lease shall be paid to Lessor in person or by United States mail at the Cashier's Office located at 100 Civic Center Drive, P.O. Box 1768, Newport Beach, California 92658-8915, or electronically at www.newportbeachca.gov, or at any other place or places that Lessor may designate by written notice to Lessee. 3.6 Calculation of Base Rent for Leases Without Corresponding Sale. (a) Through January 1, 2015, Lessor will allow current lessees within Beacon Bay to voluntarily terminate their prior lease (that had an effective date of July 1, 1994 and an expiration date of July 1, 2044) and enter into this Lease. No transfers from the prior lease to this Lease are allowed after January 1, 2015. If a current lessee Crume Lease 5 terminates their prior lease and enters into this Lease prior to January 1, 2015 or if Lessee purchases additional years pursuant to Section 2.2, there will not be a sale price to calculate Base Rent. (b) The Base Rent shall be calculated at the rate of two and half percent (2.5%) of the appraised fair market value of the Property including any improvements or structures, but excluding any personal property. Lessor shall submit three (3) California licensed appraisers to Lessee; Lessee shall select one (1) appraiser from the three (3) submitted appraisers to appraise the Property. Lessee shall pay all costs associated with the appraiser and the appraisal. In no event shall the Base Rent be less than the dollar amount received by the Lessor under the former lease. The annual Base Rent shall be adjusted from time -to -time pursuant to Section 3.3. 3.7 Prohibition Against Transfer or Assignment. With the exception of the transfer and assignment provisions in Section 7 and Section 3.8, this Lease may not be transferred or assigned by Lessee. Any attempt to transfer or assign this Lease shall be an event of default subject to the remedies provided in Section 13.2. Any purported assignment or transfer in violation of this section shall be null and void. 3.8 Exempt Transfers or Assignments. Notwithstanding the prohibition against transfer and assignment provided in Section 3.7, the Lease may be transferred by Lessee if: (a) the transfer is caused by the death of a spouse and the full interest of the deceased spouse is transferred to a surviving spouse; (b) the transfer of an interest in this Lease is between or among tenants in common or joint tenants in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests in this Lease simultaneously; (c) the transfer is caused by the dissolution of the marriage of Lessee and the full interest of one of the spouses is transferred to the other spouse; (d) the transfer is to an inter vivos trust, living trust, or other similar estate planning arrangement of Lessee and the sole beneficiaries are the Lessee, the Lessee's spouse, or a tenant as contemplated in Section 3.8(b); or (e) the transfer is to a LLC; provided at the time of transfer the Lessee is the majority share holder of the LLC. The LLC may not change its majority shareholder without the prior written consent of the City's City Manager or his/her designee. If approved, a change of the majority shareholder triggers a re -appraisal of the Property and an adjustment of Base Rent pursuant to the re -appraisal process in Section 3.6(b). In the event of any transfer under this Section 3.8 the Lease term shall be for the remaining years existing on the Lease prior to the transfer (i.e., the term shall not be extended due to the transfer). Crume Lease 6 4. LESSOR'S TITLE Lessor covenants, represents and warrants that Lessee, its guests and permitted successors and assigns shall peaceably and quietly have, hold and enjoy the sole and exclusive use and enjoyment of the Property, or any part thereof, for the full term of this Lease and as the same may be extended as provided herein. This covenant and warranty of quiet enjoyment shall only apply to Lessor and those claiming or acting by, through or under Lessor. 5. USE AND CONDITION OF PROPERTY 5.1 Use of Property. The Property shall be used solely for residential purposes consistent with the City's Zoning and Municipal Code. Lessee may demolish, construct, remodel, reconstruct and maintain structures on the Property for residential purposes so long as the structures and construction are authorized by appropriate City permits and fully comply with all City ordinances, resolutions, regulations, policies, and plans. Lessee shall also obtain permission to construct and/or maintain structures from the Beacon Bay Community Association, California Coastal Commission, and any other private or governmental agency if required by law. Nothing in this section shall be interpreted as a pre -approval of any permit or other approval required for the use of the Property. 5.2 Maintenance of Improvements. Lessor shall not be required to make any changes, alterations, additions, improvements, or repairs in on or about all or part of the Property. Lessee shall, at all times during the term of this Lease and without any cost or expense to Lessor, keep and maintain, the Property, including, without limitation, all structures, facilities, walks, curbs, parkways and other improvements, in good order and repair and in a clean, safe, sanitary and orderly condition. Lessee shall cause to be constructed, maintained and repaired all utilities, pipes, walls, sewers, drains, and other improvements on the Property to the extent required by law or as necessary to maintain the improvement in good order and repair and safe and sanitary condition. 5.3 Compliance with Laws. Lessee shall make, or cause to be made, any additions, alterations or repairs to any structure or improvement on the Property which may be required by, and Lessee shall otherwise observe and comply with, any law, statute, ordinance, plan, resolution or policy applicable to the Property. Lessee shall indemnify, defend and hold Lessor harmless from and against any loss, liability, action, claim or damage, arising out of, or in any way related, to Lessee's failure to comply with, and perform pursuant to provisions of this Lease. All repairs, additions, and alterations to the structures or improvements on the Property shall conform to all applicable laws, ordinances, regulations, plans, policies and resolutions and all work shall be performed with reasonable diligence, completed within a reasonable time, and performed at the sole cost and expense of Lessee. 5.4 As Is Condition of Property. Lessee expressly accepts the Property "as is" and acknowledges that Lessor has made no representations or warranties as to the suitability of the Property or any construction or improvement. Lessee shall conduct all Crume Lease 7 tests necessary to determine the suitability of the Property for any proposed construction or improvement, including, without limitation, the amount and extent of any fill, and related factors. Lessee expressly acknowledges that Lessor shall not be liable for any damage or loss resulting from any subsurface or soil condition in, on, or under the Property or adjacent property. Lessee expressly acknowledges that, while the legislature of the State of California has purportedly removed the public trust restrictions on use of the Property pursuant to the Beacon Bay Bill, the Property may constitute filled tidelands, and Lessor has made no representation or warranty relative to the validity of the Beacon Bay Bill or the power of the legislature of the State of California to remove public trust restrictions on tidelands through legislation. Notwithstanding the foregoing, in the event of any challenge to the right and power of Lessor to lease the Property for the purposes provided in this Lease, Lessor agrees, at its sole cost and expense, to use all reasonable efforts to resist and defend against such challenge and to seek a ruling or judgment affirming and upholding the right and power of Lessor to lease the Property for the purposes provided in this Lease. 5.5 Tidelands Grant. The Property may be located on land that is the subject of a Tidelands Grant from the State of California to the City. Lessee shall not take any action that would cause the City to be in violation of any provisions of that Tidelands Grant. If the Property is located upon tidelands and the State of California terminates, or modifies the Tidelands Grant to prohibit the uses contemplated under this Lease, this Lease shall terminate as a result and the Parties shall be released from all liabilities and obligations under this Lease and Lessor shall owe no compensation to Lessee. 6. TAXES AND UTILITIES 6.1 Lessee to Pay Taxes. In addition to the Base Rent required to be paid under this Lease, Lessee shall pay any and all real and personal property taxes, including possessory interest tax (California Revenue and Taxation Code § 107.6), assessments, and other charges of any description levied or assessed during the term of this Lease by any governmental agency or entity on or against the Property, any portion of or interest in the Property, or any improvements on the Property. 6.2 Proration of Taxes. In the event that this Lease commences, terminates or expires during a tax year, Lessee shall pay the taxes for the period of such year during which this Lease was in effect. 6.3 Payment Before Delinquency. Any and all taxes and assessments and installments of taxes and assessments required to be paid by Lessee under this Lease shall be paid when due and the official and original receipt for the payment of such tax, assessment, or installment shall be given to Lessor upon request. 6.4 Contest of Tax. Lessee shall have the right to contest, oppose, or object to the amount or validity of any tax, assessment, or other charge levied on or assessed against the Property or any part thereof; provided, however, that the contest, opposition or objection must be filed before the tax, assessment or other charge at which it is directed becomes delinquent and written notice of the contest, opposition or objection Crume Lease 8 must be given to Lessor at least twenty (20) days before the date the tax, assessment, or other charge becomes delinquent. Furthermore, no such contest, opposition or objection shall be continued or maintained after the date the tax, assessment, or other charge at which it is directed becomes delinquent unless Lessee has: (a) Paid such tax, assessment, or other charge under protest prior to its becoming delinquent; or (b) Obtained and maintained a stay of all proceedings for enforcement and collection of the tax, assessment, or other charge by posting such bond or other matter required by law for such a stay; or (c) Delivered to Lessor a good and sufficient undertaking in an amount reasonably specified by Lessor and issued by a bonding corporation authorized to issue undertakings in California conditioned on the payment by Lessee of the tax, assessment or other charge together with any fines, interest, penalties, costs and expenses that may have accrued or been imposed thereon within thirty (30) days after final determination of Lessee's contest, opposition or objection to such tax, assessment or other charge. 6.5 Tax Returns and Statements. Lessee shall, as between Lessor and Lessee, have the duty of attending to, preparing, making, and filing any statement, return, report, or other instrument required or permitted by law in connection with the determination, equalization, reduction or payment of any taxes, assessments or other charges that are or may be levied on or assessed against the Property, any portion or interest in the Property, or any improvements on the Property. 6.6 Tax Hold -Harmless Clause. Lessee shall indemnify and hold Lessor and the property of Lessor, including the Property and any improvements now or hereafter located thereon, free and harmless from any liability, loss, or damage resulting from any taxes, assessments, or other charges required by this Lease to be paid by Lessee and from all interests, penalties, and other sums imposed thereon and from any sales or other proceedings to enforce collection of any such taxes, assessments, or other charges. 6.7 Utilities. Lessee shall contract in its own name and fully and promptly pay for all water, gas, heat, light, power, telephone service, and other public utilities of every kind furnished to the Property throughout the term hereof, and all other costs and expenses of every kind whatsoever of or in connection with the use, operation, and maintenance of the Property and all activities conducted thereon, and Lessor shall have no responsibility of any kind for any thereof. In the event that it is necessary for Lessor to provide any of the foregoing utilities to Lessee on a pass through basis, Lessee shall provide a separate meter for the Property and shall reimburse Lessor for Lessee's usage of such utility service within ten (10) days of Lessor's invoice to Lessee. Furthermore, Lessee shall be solely responsible for the cost and expense of any upgrade, modification or other utility installation which is required as a result of Lessee's use of the Property. Crume Lease 9 6.8 Payment by Lessor. Should Lessee fail to pay within the time specified in this Lease any taxes, assessments, or other charges required by this Lease to be paid by Lessee, Lessor may, upon ten (10) days prior written notice and demand to Lessee, pay, discharge or adjust such tax, assessment, or other charge for the benefit of Lessee. In such event, Lessee shall promptly on written demand of Lessor reimburse Lessor for the full amount paid by Lessor in paying, discharging or adjusting such tax, assessment or other charge, together with interest thereon at the rate of ten percent (10%) per annum from the date of payment by Lessor until the date of repayment by Lessee. Where no time within which any charge required by this Lease to be paid by Lessee is specified in this Lease, such charge must be paid by Lessee before it becomes delinquent. 7. ENCUMBERANCES 7.1 Right to Encumber. Lessee may encumber this Lease by deed of trust, mortgage, or similar instrument, in favor of any bona fide lender ("Lender" or "Mortgagee") in a bona fide loan transaction for any purpose without the consent of Lessor. To determine whether a loan is a bona fide lending transaction, and not an arrangement for transfer of the possession or title to the Property to the putative lender, Lessee and the Lender agree to provide Lessor with all documentation executed between Lessee and the Lender concerning the loan upon request of Lessor. Neither Lessee nor Lessor shall have the power to encumber Lessor's interest in the Property. Any encumbrance shall be subject to all covenants, conditions and restrictions in this Lease and to all rights and interests of Lessor except as otherwise expressly provided in this Lease. Lessee shall give Lessor prior written notice of any encumbrance. 7.2 Notice to Lender. Lessor shall have no obligation to give any Lender any written notice pursuant to this Lease unless the Lender has given Lessor written notice of its name, address, and nature of encumbrance ("Complying Lender(s)"). Lessor shall give all Complying Lenders a copy of any written notice of default, notice of termination or other notice which may affect Lessee's rights under this Lease. Notice shall be deemed given by Lessor to Lender five (5) days following deposit in the United States mail, certified and return receipt requested, postage prepaid, and sent to Complying Lender at the address furnished in writing by Complying Lender. Failure by Complying Lender to actually receive notice shall not affect Lessor's compliance with this section provided notice was deposited in the United States mail. 7.3 Modification. Lessor and Lessee agree that they will not modify, surrender or cancel this Lease by mutual agreement without providing prior written notice to the Lender. 7.4 Rights of Lender. Any Lender holding or the beneficiary of a security interest or lien on this Lease and the leasehold estate created hereby shall have the right, during the term of the Lease, to: (a) perform any act required of Lessee pursuant to this Lease; Crume Lease 10 (b) transfer this Lease to the purchaser at any foreclosure sale, the assignee in the event of an assignment in lieu of foreclosure, or to acquire the interest of Lessee pursuant to foreclosure or assignment and thereafter transfer this Lease to the Lender's successor. Lender shall have no right to transfer this Lease unless and until Lender has cured all defaults requiring the payment or expenditure of money by Lessee. 7.5 Right of Lender to Cure Default. Lessor shall give written notice of any default or breach of this Lease by Lessee to Complying Lenders and afford Complying Lenders the opportunity, after notice, to: (a) cure the breach or default within ten (10) days after expiration of the time period granted to Lessee for curing the default if the default can be cured by payment of money; (b) cure the breach or default within thirty (30) days after expiration of the time period granted to Lessee for curing the default when the breach or default can be cured within that period of time; or (c) cure the breach or default in a reasonable time when something other than money is required to cure the breach or default and cannot be performed within thirty (30) days after expiration of the time period granted to Lessee for curing the default, provided the acts necessary to cure the breach are commenced within thirty (30) days and thereafter diligently pursued to completion by Complying Lender. 7.6 Foreclosure in Lieu of Cure. Complying Lender may forestall termination of this Lease for a default or breach by Lessee by commencing foreclosure proceedings subject to strict compliance with the following: (a) proceedings are commenced within thirty (30) days after the later of (i) expiration of the time period granted to Lessee for curing the default, or (ii) service on Complying Lender of the notice describing the breach or default; (b) the proceedings are diligently pursued to completion in the manner authorized by law; and (c) Complying Lender performs all of the terms, covenants and conditions of this Lease requiring the payment or expenditure of money by Lessee until the proceedings are complete or are discharged by redemption, satisfaction, payment or conveyance of this Lease to Complying Lender. 7.7 New Lease. Notwithstanding any other provision of this Lease, should this Lease terminate or be terminated because of any default or breach by Lessee, Lessor shall enter into a new lease with Lender as lessee provided: Crume Lease 11 (a) the written request for the new lease is served on Lessor by Lender within thirty (30) days after the termination of this Lease. (b) the new lease contains the same terms and conditions as this Lease except for those which have already been fulfilled or are no longer applicable. (c) on execution of the new lease by Lessor, Lender shall pay any and all sums that would be due upon execution of the new lease, but for its termination, and shall fully remedy, or agree in writing to remedy, any other default or breach committed by Lessee that can reasonably be remedied by Lender. (d) Lender shall, upon execution of the new lease, pay all reasonable costs and expenses (including attorney's fees) incurred in terminating this Lease, recovering possession of the Property from Lessee, in preparing the new lease. (e) The new lease with Lender shall be for the remainder of the term existing in the prior Lease (i.e., if twenty-five (25) years remain on the Lease at the time of termination/breach the new lease shall be for a term of twenty-five (25) years). 7.8 Miscellaneous. The following provisions shall apply to Lessee and any Lender: (a) Any Lender shall be liable to perform the obligations of the Lessee under this Lease only so long as the Lender holds title to this Lease; and (b) Lessee shall, within ten (10) days after the recordation of any trust deed or other security instrument, record, at Lessee's sole expense, Lessor's written request for a copy of any notice of default and/or notice of sale under any deed of trust as provided by state law. 8. RESTORATION AND ENVIRONMENTAL MATTERS 8.1 Restoration of the Property. Should any improvements on the Property be damaged or destroyed by fire or other casualty or any cause whatsoever, Lessee, will cause the commencement of reconstruction to the damaged or destroyed improvements within ninety (90) days, or such other time period as may be mutually agreed upon by the Parties, after such damage and destruction and will thereafter cause such reconstruction to be diligently prosecuted to completion. 8.2 Environmental Matters. (a) Definitions. The following terms will be defined as follows: (i) Environmental Law. "Environmental Law" shall include all federal, state, and local environmental, health, and safety laws, statutes, ordinances, regulations, rules, judgments, orders, and notice requirements, which were in effect as of the date of closing, which regulate or relate to (a) the protection or clean-up of the Crume Lease 12 environment; (b) the use, treatment, storage, transportation, handling or disposal of hazardous, toxic or otherwise dangerous substances, wastes or materials; (c) the quality of the air and the discharge of airborne wastes, gases, particles, or other emissions; (d) the preservation or protection of waterways, groundwater, or drinking water; (e) the health and safety of persons or property; or (6) impose liability with respect to any of the foregoing, including without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) [42 USCS §§ 9601 et seq.]; the Resource Conservation and Recovery Act of 1976 (RCRA) [42 USCS §§ 6901 et seq.]; the Clean Water Act, also known as the Federal Water Pollution Control Act (FWPCA) [33 USCS §§ 1251 et seq.]; the Toxic Substances Control Act (TSCA) [15 USCS §§ 2601 et seq.]; the Hazardous Materials Transportation Act (HMTA) [49 USCS §§ 1801 et seq.]; the Insecticide, Fungicide, Rodenticide Act [7 USCS §§ 136 et seq.]; the Superfund Amendments and Reauthorization Act [42 USCS §§ 6901 et seq.]; the Clean Air Act [42 USCS §§ 7401 et seq.]; the Safe Drinking Water Act [42 USCS §§ 300f et seq.]; the Solid Waste Disposal Act [42 USCS §§ 6901 et seq.]; the Surface Mining Control and Reclamation Act [30 USCS §§ 1201 et seq.]; the Emergency Planning and Community Right to Know Act [42 USCS §§ 11001 et seq.]; the Occupational Safety and Health Act [29 USCS §§ 655 and 657]; the California Underground Storage of Hazardous Substances Act [H & S C §§ 25280 et seq.]; the California Hazardous Substances Account Act [H & S C §§ 25300 et seq.]; the California Hazardous Waste Control Act [H & S C §§ 25100 et seq.]; the California Safe Drinking Water and Toxic Enforcement Act [H & S C §§ 24249.5 et seq.]; the Porter -Cologne Water Quality Act [Water C §§ 13000 et seq.] together with any amendments of or regulations promulgated under the statutes cited above. (ii) Hazardous Materials. "Hazardous Materials" shall include any substance which falls within the definition of hazardous substance, hazardous waste, hazardous material, toxic substance, solid waste, or pollutant or contaminant, under any Environmental Law. (b) Lessee's Obligations. Lessee will not use, occupy, or permit any portion of the Property to be used or occupied in violation of any Environmental Law or to store any Hazardous Material. (c) Environmental Indemnity. Lessee shall indemnify, defend, and hold Lessor and Lessor's, City Council, officers, appointees, volunteers, employees, agents, successors and assigns free and harmless from and against all Damages (as defined below) that may at any time be imposed upon, incurred by, or asserted or awarded against Lessor or any of them in connection with or arising from any breach of Lessee's obligations hereunder or out of any violation by Lessee of any Environmental Law; or resulting in the imposition of any lien or claim for the recovery of any costs for environmental cleanup or other response costs relating to the release or threatened release of Hazardous Materials due to the construction of any improvements on the Property or the use or misuse of the Property by the Lessee. The term "Damages" shall mean all liabilities, demands, claims, actions or causes of action, regulatory, legislative or judicial proceedings, assessments, levies, losses, fines, penalties, damages, costs and expenses, in each case as awarded by a court or arbitrator, including, without Crume Lease 13 limitation: (i) reasonable attorneys', accountants', investigators', and experts' fees and expenses sustained or incurred in connection with the defense or investigation of any such liability, and (ii) costs and expenses incurred to bring the Property into compliance with Environmental Laws. The term "Damages" also includes, expressly, those Damages that arise as a result of strict liability, whether arising under Environmental Laws and regulations or otherwise. Lessee's obligations hereunder will survive the expiration or sooner termination of this Lease. 9. INDEMNITY 9.1 Indemnity Agreement. In addition to the Environmental Indemnity provided above, except to the extent caused by the sole negligence and/or willful misconduct of the Lessor, Lessee shall defend, indemnify and hold Lessor and Lessor's City Council, officers, appointees, volunteers, employees, agents, successors and assigns free and harmless from any and all liability, claims, loss, damages, or expenses resulting from Lessee's occupation and use of the Property, specifically including, without limitation, any liability, claim, loss, damage, or expense arising by reason of: (a) The death or injury of any person, including any person who is a guest or invitee of Lessee, or by reason of the damage to or destruction of any property, including property owned by Lessee or by any person who is a guest or invitee of Lessee, from any cause whatever while such person or property is in or on the Property or in any way connected with the Property or with any of the improvements or personal property on the Property; (b) The death or injury of any person, including any person who is a guest or invitee of Lessee, or by reason of the damage to or destruction of any property, including property owned by Lessee or any person who is a guest or invitee of Lessee, caused or allegedly caused by either (i) the condition of the Property, or improvements on the Property, or (ii) some act or omission on the Property by Lessee or any person in, on, or about the Property with or without the permission and consent of Lessee; (c) Any work performed on the Property or material furnished to the Property at the request of Lessee or any person or entity acting for or on behalf of Lessee; or (d) Lessee's failure to comply with any material legal or other requirement validly imposed on Lessee or the Property by a governmental agency or authority having jurisdiction over the Property. 10. CONDEMNATION 10.1 Definitions of Terms. (a) The term "total taking" as used in this Lease shall mean the taking of the entire Property under the power of eminent domain or the taking of so much of the Property as to prevent or substantially impair the use thereof by Lessee for residential purposes. Crume Lease 14 (b) The term "partial taking" shall mean the taking of only a portion of the Property which does not constitute a total taking as defined above. (c) The term "taking" shall include a voluntary conveyance by Lessor to an agency, authority or public utility under threat of a taking under the power of eminent domain in lieu of formal proceedings. (d) The term "date of taking" shall be the date upon which title to the Property or portion thereof passes to and vests in the condemner. 10.2 Effect of Taking. If, during the term hereof, there shall be a total taking or partial taking under the power of eminent domain, then the leasehold estate of the Lessee in and to the Property or the portion thereof taken shall cease and terminate as of the date of taking of said Property. If this Lease is so terminated in whole or in part, all Rent and other charges payable by Lessee to Lessor hereunder and attributable to the Property or portion thereof taken shall be paid by Lessee up to the date of taking by the condemner, and the Parties shall thereupon be released from all further liability in relation thereto. 10.3 Allocation of Award for Total Taking. All compensation and damages awarded for the total taking of the Property and Lessee's leasehold interest therein shall be allocated as follows: (a) The Lessor shall be entitled to an amount equal to the sum of the following: (i) The fair market value of the Property as improved (exclusive of the dwelling and appurtenances to such dwelling) as of the date of taking, discounted by multiplying such fair market value by the factor for the present worth of one dollar ($1.00) at five percent (5%) per annum compound interest for the number of years remaining from the date of taking to the date of the expiration of the term of this Lease; and (ii) The present worth of Rent due during the period from the date of taking to the date of the expiration of the term of this Lease, computed by multiplying the annual rent then payable by the factor for the present worth of one dollar ($1.00) per annum at five percent (5%) per annum compound interest (Inwood Coefficient) for the number of years in such period. (b) The Lessee and the Mortgagee, if any shall be entitled to the amount remaining of the total award after deducting therefrom the sums to be paid to Lessor as hereinafter provided. Lessee and Mortgagee may decide between themselves how an award will be divided between them. In the event of any dispute between the Lessee and Mortgagee as to the division of an award the City may satisfy its responsibilities under this Lease by transferring any money due under this section to Crume Lease 15 Lessee. Lessee shall indemnify City from any and all claims or actions brought by Mortgagee or any other party for any award under this section. 10.4 Allocation of Award for Partial Taking. All compensation and damages awarded for the taking of a portion of the Property shall be allocated and divided as follows: (a) The Lessor shall be entitled to an amount equal to the sum of the following: (i) The proportionate reduction of the fair market value of the Property as improved (exclusive of the dwelling and appurtenances to such dwelling) as of the date of taking, discounted by multiplying such proportionate reduction in fair market value by the factor for the present worth of one dollar ($1.00) at five percent (5%) per annum compound interest for the number of years remaining from the date of taking to the date of expiration of the term of this Lease; and (ii) The present worth of the amount by which the Rent is reduced computed by multiplying the amount by which the annual Rent is reduced by the factor for the present worth of one dollar ($1.00) per annum at five percent (5%) per annum compound interest (Inwood Coefficient) for the number of years remaining from the date of taking to the date of expiration of the term of this Lease. (b) The Lessee and the Mortgagee, if any shall be entitled to the amount remaining of the total award after deducting therefrom the sums to be paid to Lessor as hereinabove provided. Lessee and Mortgagee may decide between themselves how an award will be divided between them. In the event of any dispute between the Lessee and Mortgagee as to the division of an award the City may satisfy its responsibilities under this Lease by transferring any money due under this section to Lessee. Lessee shall indemnify City from any and all claims or actions brought by Mortgagee or any other party for any award under this section. 10.5 Reduction of Rent on Partial Taking. In the event of a partial taking, the Rent payable by Lessee hereunder shall be adjusted from the date of taking to the date of the expiration of the term of this Lease. Such rental adjustment will be made by reducing the Base Rent payable by Lessee in the ratio that the Fair Market Rental Value of the Property at the date of taking bears to the Fair Market Rental Value of the Property immediately thereafter. 11. BEACON BAY COMMUNITY ASSOCIATION 11.1 Membership in Association. As a material part of the consideration of this Lease, and as an express condition to the continuance of any of the rights of Lessee pursuant to this Lease, Lessee agrees to become, and during the term of this Lease to remain, a member in good standing of the Beacon Bay Community Association ("Association"). Crume Lease 16 11.2 Compliance with Rules and Regulations. Lessee agrees to abide by the articles of incorporation, bylaws, covenants, conditions and restrictions and any amendment thereto ("CC&Rs") attached hereto as Exhibit "D" and incorporated herein by reference, and all rules and regulations of the Association, and to pay to the Association, before delinquency, all valid dues, fees, assessments and other charges properly levied or assessed by the Association. Lessee's failure to comply with the provisions of Section 11.1 or 11.2 shall constitute a material breach of this Lease. 11.3 Use of Common Area. Lessee shall have the right to use the streets, beaches, walkways, tennis courts, docks, piers, and common landscaped areas in Beacon Bay (as depicted on Exhibit "A") and which are leased to the Association by Lessor in consideration of the maintenance thereof by such Association and Rent to be paid by individual Lessees under their respective leases. 11.4 Maintenance of Infrastructure. Lessor has no obligation to install, improve, repair, or maintain streets, curbs, gutters, water lines, sewer lines, drainage facilities, street lighting or other facilities used by the residents of Beacon Bay (Infrastructure). Lessor reserves the right to maintain streets, curbs, gutters, water lines, sewer lines', drainage facilities, street lighting, telephone and electricity lines and other Infrastructure facilities in Beacon Bay at its initial cost and to assess Lessee for a pro rata share of such costs, and to collect such costs from Lessee in the form of Rent over the remaining term of this Lease. Subject to a public health, safety, and welfare finding, Lessor reserves the right to commence improvements to the streets, curbs, gutters, water lines, sewer lines', drainage facilities, street lighting, telephone and electricity lines and other Infrastructure facilities in Beacon Bay. If Lessor constructs any improvements Lessor has the right to assess Lessee for a pro rata share of such costs, and to collect such costs from Lessee in the form of Rent over the remaining term of this Lease. 11.5 Lessor Maintenance of Common Areas. If the Association, after receiving prior written notice from Lessor, fails or ceases to maintain community facilities, Lessor may, at its option and without obligation, assume the obligations of the Association to maintain, repair, install or improve community facilities. In such event, Lessee shall pay a pro rata share of Lessor's reasonable expenses in maintaining and operating the community facilities, including a reasonable management fee or the fee charged by a management agent. Lessee's pro rata share shall be determined by dividing Lessor's costs by the number of residential lots within Beacon Bay (currently seventy-two (72) lots). Lessee's pro rata share of the annual costs incurred by Lessor shall be paid within thirty (30) days after written notice of the amount due, and any failure to pay shall constitute a material breach of this Lease. The costs of maintaining and operating community facilities shall be determined annually and solely from the financial records of Lessor. 12. INSURANCE 12.1 General Conditions. All insurance required to be carried pursuant to this Lease shall be obtained from reputable carriers licensed to conduct business in the Crume Lease 17 State of California. Each policy required to be carried pursuant to this Lease shall name Lessee and Lessor as additional named insureds, and shall provide that the policy may not be surrendered, cancelled or terminated, or coverage reduced, without less than twenty (20) days prior written notice to Lessor. 12.2 Fire Insurance. Lessee shall, during the term of this Lease, insure all structures and improvements on the Property against loss or damage by fire or other risk for residential structures. The insurance shall provide coverage to one hundred percent (100%) of the full insurable replacement value of all improvements on the Property, with the loss payable to Lessee and Lessor unless this Lease is terminated by Lessor for default of Lessee in which case the proceeds of insurance shall be paid to Lessor. 12.3 Liability Insurance. Lessee shall, at Lessee's sole cost and expense, procure and maintain during the term of this Lease, a broad form comprehensive coverage policy of public liability insurance which insures Lessee and Lessor against any loss or liability caused by, or in any way related to, the condition, for Lessee's use and occupation, of the Property in amounts not less than: (a) $1,000,000 per occurrence for injury to or death of, one (1) person; (b) $1,000,000 for damage to or destruction of property. These dollar amounts may be adjusted by Lessor with no less than ninety (90) days prior written notice to Lessee. 12.4 Primary Insurance Coverage. Lessee's insurance coverage shall be primary insurance and/or primary source of recovery as respects to City, its elected or appointed officers, agents, officials, employees and volunteers as respects to all claims, losses, or liability arising directly or indirectly from the Lessee's use and occupation of Property. Any insurance or self-insurance maintained by City, its officers, officials, employees and volunteers shall be excess of the Lessee's insurance and shall not contribute with it. 13. DEFAULT 13.1 Events of Default. The occurrence of any one (1) or more of the following events shall constitute a material default and breach of this Lease by Lessee: (a) The maintenance of the Property in violation of any applicable provisions of the City's Municipal Code and Zoning Code, State Law, Federal Law, and/or the Association's CC&Rs; (b) The failure by Lessee to make any payment of Rent when due if the failure continues for three (3) days after written notice has been given to Lessee. In the event that Lessor serves Lessee with a Notice to Pay Rent or Quit pursuant to Crume Lease 18 applicable unlawful detainer statutes, such Notice to Pay Rent or Quit shall also constitute the notice required by this paragraph; (c) The failure by Lessee to perform any of the provisions of this Lease and any Exhibits attached hereto to be performed by Lessee, if the failure to perform continues for a period of thirty (30) days after written notice thereof has been given to Lessee. If the nature of Lessee's default is such that more than thirty (30) days are reasonably required for its cure, then Lessee shall not be in default if Lessee commences the cure within said thirty (30) day period and thereafter diligently prosecutes the cure to completion; or (d) The making by Lessee of any general assignment, or general arrangement for the benefit of creditors; the filing by or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement of any law relating to bankruptcy unless the same is dismissed within sixty (60) days; the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets located at the Property or of Lessee's interest in the Lease, where possession is not restored to Lessee within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Property or of Lessee's interest in the Lease, where such seizure is not discharged within thirty (30) days. Notices given under this paragraph shall specify the alleged default and the applicable Lease provisions, and shall demand that Lessee perform the provisions of this Lease or pay the rent that is in arrears, as the case may be, within the applicable period of time. No such notice shall be deemed a forfeiture or a termination of this Lease unless Lessor so elects in the notice. 13.2 Lessor's Remedies. In the event of any default by Lessee as defined in this Lease, Lessor may, in addition to any rights or remedies permitted by law, do the following: (a) Terminate Lessee's right to possession of the Property by any lawful means, in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Property to Lessor. In such event, Lessor shall be entitled to recover from Lessee all amounts to which Lessor is entitled pursuant to Section 1951.2 of the California Civil Code, or any other provision of law, including, without limitation, the following: (i) The worth at the time of award of the amount by which the unpaid Rent for the balance of the term after the time of award exceeds the amount of the loss that Lessee proves could be reasonably avoided: and (ii) Any other amount necessary to compensate Lessor for all detriment proximately caused by Lessee's failure to perform obligations pursuant to this Lease or which in the ordinary course of things would be likely to result from the breach, including, without limitation, the cost of recovering possession, expenses of reletting (including necessary repair, renovation and alteration, and any other reasonable costs. Crume Lease 19 The "worth at the time of award" of all rental amounts other than that referred to in clause (i) above shall be computed by allowing interest at the rate of five percent (5%) per annum from the date amounts accrue to Lessor. The worth at the time of award of the amount referred to in clause (i) shall be computed by discounting such amount at one (1) percentage point above the discount rate of the Federal Reserve Bank of San Francisco at the time of award. (b) Without terminating or affecting the forfeiture of this Lease or, in the absence of express written notice of Lessor's election to do so, relieving Lessee of any obligation pursuant to this Lease, Lessor may, but need not, relet all or a portion of the Property at any time, or from time -to -time, and on such terms and conditions as Lessor, at its sole discretion, deems appropriate. Whether or not the Property is relet, Lessee shall pay all amounts required by this Lease up to the date that Lessor terminates Lessee's right to possession of the Property. Lessee shall make such payments at the time specified in the Lease and Lessor need not wait until termination of the Lease to recover sums due by legal action. If Lessor relets all or a portion of the Property, the reletting shall not relieve Lessee of any obligation pursuant to this Lease; provided, however, Lessor shall apply the Rent or other proceeds actually collected by virtue of the reletting against amounts due from Lessee. Lessor may execute any agreement reletting all or a portion of the Property and Lessee shall have no right to collect any proceeds due Lessor by virtue of any reletting. Lessor shall not, by any reentry or reletting or other act, be deemed to: Property; (i) Have accepted any surrender by Lessee of this Lease or the (ii) Have terminated this Lease; or (iii) Have relieved Lessee of any obligation pursuant to this Lease unless Lessor has given Lessee express written notice of Lessor's election to do so. (c) Lessor may terminate this Lease by express written notice to Lessee of its election to do so. The termination shall not relieve Lessee of any obligation which has accrued prior to the date of termination. In the event of termination, Lessor shall be entitled to recover the amounts specified in this Lease. 13.3 Default By Lessor. Lessor shall not be in default under this Lease unless Lessor fails to perform obligations required of Lessor within a reasonable time, but in no event later than thirty (30) days after written notice by Lessee to Lessor specifying wherein Lessor has failed to perform such obligation. If the nature of Lessor's obligation is such that more than thirty (30) days are required for performance, then Lessor shall not be in default if Lessor commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion. Alternatively, Lessor may in its sole and absolute discretion decide not to cure a default and instead elect to terminate this Lease. In the event of termination under this section Lessor shall owe no compensation to Lessee. Crume Lease 20 (a) No Damages. The parties acknowledge that Lessor would not have entered into this Lease if it were to be liable in damages under, or with respect to, this Lease or any of the matters referred to in this Lease. Accordingly, Lessee covenants on behalf of itself and its successors and assigns, not to sue Lessor (either in its capacity as lessor in this Lease or in its capacity as the City of Newport Beach) for damages or monetary relief for any breach of this Lease by Lessor or arising out of or connected with any dispute, controversy, or issue between Lessor and Lessee regarding this Lease or any of the matters referred to in this Lease or any future amendments or enactments thereto, or any land use permits or approvals sought in connection with the Property, the parties agreeing that declaratory and injunctive relief, mandate, and specific performance shall be Lessee's sole and exclusive judicial remedies. 13.4 Stay of Obligations. Neither Party shall be under any obligation to perform or comply with its obligations pursuant to this Lease after the date of any default by the other Party. 13.5 Determination of Rental Value. In any action or unlawful detainer commenced by Lessor, the reasonable rental value of the Property shall be deemed to be the amount of Rent and/or additional monies due (such as reimbursement for costs of Infrastructure improvements or the payment of taxes or assessments) for the period of the unlawful detainer, unless Lessee shall prove to the contrary by competent evidence. 13.6 Waiver of Rights. The failure or delay of either Party to exercise any right or remedy shall not be construed as a waiver of such right or remedy or any default by the other Party. Lessor's acceptance of any Rent shall not be considered a waiver of any preexisting breach of default by Lessee other than the failure to pay the particular Rent accepted regardless of Lessor's knowledge of the preexisting breach of default at the time Rent is accepted. 13.7 Waiver of Right of Redemption. Lessee waives any right of redemption or relief from forfeiture pursuant to California Code of Civil Procedure Sections 1174 and 1179 and/or pursuant to any existing or future statutory or decisional law in the event Lessee is evicted or Lessor takes possession of the Property by reason of Lessee's default. 14. SURRENDER OF POSSESSION UPON EXPIRATION OR TERMINATION 14.1 Surrender of Property. Upon the expiration or termination of this Lease. Lessee agrees to peaceably deliver possession of, and agrees to vacate without contest, legal or otherwise, the Property. Lessor, at its sole discretion, may record a document evidencing the expiration or termination of the leasehold interest. Lessee waives any right to receive relocation assistance or similar form of payment from Lessor. Crume Lease 21 14.2 Removal of Improvements. Upon the expiration of the term of this Lease, and on condition that Lessee is not then in default of any of the provisions of this Lease, Lessee shall have the right to remove from the Property all buildings and improvements built or installed on the Property. Removal of any building or improvement shall be at the sole cost and expense of Lessee and removal must be complete no later than ninety (90) days after expiration of the term of this Lease. Lessee shall fill all excavations and remove all foundations, debris and other parts of the buildings or improvements remaining after removal and surrender possession of the Property to Lessor in a clean and orderly condition. In the event any of the buildings and improvements are not removed within the time provided in this paragraph they shall become the property of Lessor without the payment of any consideration to Lessee. 15. NO ATTORNEYS' FEES Should either Party be required to employ counsel to enforce the terms, conditions and covenants of this Lease, the prevailing Party shall not be entitled to attorneys' fees. 16. REMEDIES CUMULATIVE The rights, powers, elections and remedies of the Lessor or Lessee contained in this Lease shall be construed as cumulative and no one (1) of them shall be considered exclusive of the other or exclusive of any rights or remedies allowed by law, and the exercise of one (1) or more rights, powers, elections or remedies shall not impair or be deemed a waiver of Lessor's or Lessee's rights to exercise any other. 17. NO WAIVER No delay or omission of either Party to exercise any right or power arising from any omission, neglect or default of the other Party shall impair any such right or power or shall be construed as a waiver of any such omission, neglect or default on the part of the other Party or any acquiescence therein. No waiver of any breach of any of the terms, covenants, agreements, restrictions or conditions of this Lease shall be construed as a waiver of any succeeding breach of the same or of any of the terms, covenants, agreements, restrictions or conditions of this Lease. 18. COMPLIANCE WITH LAWS Lessee covenants and agrees to comply with all rules, regulations, statutes, ordinances and laws of the State of California. County of Orange, City of Newport Beach, or any other governmental body or agency having lawful jurisdiction over the Property. 19. NOTICES Any notice or notices provided for by this Lease or by law, to be given or served by Lessee, may be given or served by mail, registered or certified, with postage prepaid, on the City of Newport Beach, addressed to the City Manager and City Clerk, 100 Civic Center Drive, P.O. Box 1768, Newport Beach, California 92658-8915, or at such other Crume Lease 22 address as may be hereafter furnished to Lessee in writing. If notice is intended to be served by Lessor on Lessee, it may be served either: (a) By delivering a copy to the Lessee personally; or (b) By depositing the notice in the United States Mail, registered or certified, with postage prepaid, to the Property or business address furnished by Lessee; or (c) If the Lessee is absent from the Property by leaving a copy with some person of suitable age and discretion who may be occupying the Property; or (d) If no one can be found, then by affixing a copy of the notice in a conspicuous place on the Property and also sending a copy through the mail addressed to the Lessee at the Property. Such service upon Lessor or Lessee shall be deemed complete upon the earlier of (i) actual delivery, or (ii) the expiration of seventy-two (72) hours from and after the deposit in the United States mail of such notice, demand or communication. 20. SEVERABILITY If any term or provision of this Lease shall, to any extent be invalid or unenforceable, the remainder of this Lease shall not be affected thereby, and each term and provision of this Lease shall remain valid and enforceable to the fullest extent permitted by law. 21. MISCELLANEOUS 21.1 Representations. Lessee agrees that no representations as to the Property have been made by Lessor or by any person or agent acting for Lessor. Lessor and Lessee agrees and acknowledges that this document contains the entire agreement of the Parties, that there are no verbal agreements, representations, warranties or other understandings affecting this Lease, and Lessor and Lessee, as a material part of the consideration of this Lease, waives all claims against the other for recision, damages, or otherwise by reason of any alleged covenant, agreement or understanding not contained in this Lease. 21.2 Inurement. Each and all of the covenants, conditions and agreements herein contained shall, in accordance with the context, inure to the benefit of Lessor and Lessee and apply to and bind Lessor and Lessee, as the case may be, their respective heirs, legatees, devisees, executors and administrators, successors, assigns, licensees, permittees, or any person who may come into possession or occupancy of the Property or any part thereof in any manner whatsoever. 21.3 Joint Several Liability. If Lessee consists of more than one (1) person, the covenants, obligations and liabilities of Lessee pursuant to this Lease shall be the joint and several covenants, obligations and liabilities of such persons. Crume Lease 23 21.4 Captions. The section and paragraph captions used in this Lease are for the convenience of the Parties and shall not be considered in the construction or interpretation of any provision. 21.5 Gender. In this Lease, the masculine gender includes the feminine and neuter and the singular number includes the plural whenever the context so requires. 21.6 Governing Law and Venue. This Lease, and all matters relating to this Lease, shall be governed by the laws of the State of California in force at the time any need for interpretation of this Lease or any decision or holding concerning this Lease arises. Venue for any legal action between the parties shall be in Orange County, California or, if appropriate, the nearest federal district court having jurisdiction over the Property. 21.7 Time of Essence. Time is expressly declared to be of the essence in this Lease. 21.8 Memorandum of Lease. Pursuant to California Government Code Section 37393 the Parties shall execute, acknowledge and Lessor may record at any time following the date hereof, a memorandum of this Lease, in the same form as that attached hereto as Exhibit "E" and incorporated herein by reference. [SIGNATURES ON NEXT PAGE] Crume Lease 24 IN WITNESS WHEREOF, the Parties have caused this Lease to be executed on the dates written below. APPROVED AS TO FORM: OFFICE OF THE CITY ATTORNEY Date: tf - L k - l4 By: f) Aaron Harp City Attorney ATTEST: Date: By: Leilani I. Brown City Clerk \,_ORNAP, CITY OF NEWPORT BEACH, a California municipal corporation Date:T'14k By: 6 -- David Kiff City Manager LESSEE Date: By: Kenneth H. Crume, Trustee of the Crume Family Trust dated January 14, 1988 Date: By: J& -y- , i Ct rte. Gail A. Crume, Trustee of the Crume Family Trust dated January 14, 1988 Attachments: Exhibit "A" — Depiction of Beacon Bay Exhibit "B" — Legal Description of Property Exhibit "C" — Option Fee Percentages Exhibit "D" — CC&Rs Exhibit "E" — Memorandum of Lease [END OF SIGNATURES] 25 EXHIBIT "A" DEPICTION OF BEACON BAY See Attached 1 1107 w 0 o 4j 2,3 co w� o Q 21 w 20 6� o Z 0 0 Oma' ~ O v V v � N Z rn 3 Cu H 'v ARBOR /S a IQ w w ANO Rp V y w w C� o yy ■ d. CUTTER RD O rn O v c0 cn W V 6(n5 " CWJt A m O N / �w �rCf�n'nD 'rf;i .s_ � :�. � 2 X27X 271 76�OaN) a0 m6 6 6O 'T7 7 1107 u� w «m W a CAPE COVE 0 N i I m O O 6 VA NzV�Avz � KETCH RD 61 8 624 SHELTER COVE 630 636 co w S 642 SCHOONER RD aa 648 WWN4" 654 660 REEF COVE 700 C? N 706 Uw m YAWL RD 712 WrnN°NN�cojwA'n 718 724 730 736 742 748 754 760 800 806 812 �w �rCf�n'nD 'rf;i .s_ � :�. � 2 X27X 271 76�OaN) a0 m6 6 6O 'T7 7 1107 u� w «m W a N N i I �w �rCf�n'nD 'rf;i .s_ � :�. � 2 X27X 271 76�OaN) a0 m6 6 6O 'T7 7 1107 u� w «m W a EXHIBIT "B" LEGAL DESCRIPTION OF THE PROPERTY That certain real property located in the City of Newport Beach, County of Orange, California, described as follows: Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. I:1il EXHIBIT "C" OPTION FEE PERCENTAG LENGTH OF EXTENSION % OF FAIR MARKET VALUE OF (YEARS) PROPERTY PER YEAR OF EXTENSION 1 - 5 0.10% 6-10 0.15% 11 - 50 0.25% C-1 EXHIBIT "D" CC&Rs See Attached D-1 RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City Clerk City of Newport Beach 3300 Newport Boulevard P. O. Box 1768 Newport Beach, CA 92658-8915 D-2246 Recorded in Official Records, Orange County Tom Daly, Clerk -Recorder i [ I'IIII!Illl�llllllllllfilllllllfllllllllllllllllllllllll III'llll�ll NO FEE *$ R 0 0 0 5 0 5 6 0 8 9 i 201200946439010:26 am 08114112 210 403 A17 36 0.00 0.00 0.00 0.00 106.00 0.00 0.00 0.00 THIS SPACE FOR RECORDER'S USE ONLY. .Exempt Recording Request per Government Code 27383 AMENDED AND RESTATED DECLARATION FOR BEACON BAY COMMUNITY ASSOCIATION, A PLANNED DEVELOPMENT TABLE OF CONTENTS Page ARTICLEI DEFMTIONS............................................................................................................2 Section 1.01 "Architectural Committee"..........................................................................2 Section1.02 "Articles".....................................................................................................2 Section 1.03 "Assessments.".............................................................................................2 Section1.04 "Association"...............................................................................................3 Section1.05 "Board"........................................................................................................3 Section1.06 "Bylaws"......................................................................................................3 Section1.07 "City"..........................................................................................................3 Section1.08 "Common Area"..........................................................................................3 Section 1.09 "Common Expenses"...................................................................................3 Section 1.10 "Covered Property........................................................................................4 Section1.11 "Declarant"..................................................................................................4 Section1.12 "Declaration"...............................................................................................4 Section1.13 "Development"............................................................................................4 Section1.14 "Exhibit".................,....................................................................................4 Section 1.15 "Governing Instruments".............................................................................4 Section1.16 "Lessee".......................................................................................................4 Section1.17 "Manager"....................................................................................................4 Sectionl .l 8 "Member"....................................................................................................4 Section1.19 "Mortgage"..................................................................................................4 Section1.20 "Mortgagee".................................................................................................4 Section1.21 "Mortgagor".................................................................................................5 Section1.22 "Person".......................................................................................................5 Section1.23 "Residence".............,....................................................................................5 Section 1.24 "Residential Lot"........................................................................................5 Section 1.25 "Rules and Regulations"..............................................................................5 Section1.26 "Setback".....................................................................................................5 Section 1.27 "Subdivision Map".......................................................................................5 ARTICLE II THE PROPERTY.......................................................................................................5 Section 2.01 Property Subject to Declaration .............................................. ..................... 5 Section 2.02 Use and Enjoyment of Common Area.........................................................5 Section 2.03 Maintenance by Members............................................................................7 Section 2.04 Prohibition Against Severance of Elements of Residence ...........................7 ARTICLE III THE ASSOCIATION...............................................................................................7 Section 3.01 Organization of the Association...................................................................7 Section3.02 Membership.................................................................................................8 Section3.03 Transfer........................................................................................................8 Section 3.04 Classes of Membership................................................................................8 Section3.05 Voting Rights...............................................................................................8 Seetion 3.06 Approval of Members..................................................................................9 Section 3.07 Membership Meetings.................................................................................9 311112 10120.4 4114293 v i Section 3.08 General Powers and Authority.....................................................................9 Section 3.09 Duties of the Association...........................................................................10 Section 3.10 Board of Directors......................................................................................13 Section 3.11 Inspection of Books and Records..............................................................13 Section 3.12 Resolution of Disputes...............................................................................13 ARTICLE IV ASSESSMENTS AND COLLECTION PROCEDURES......................................14 Section 4.01 Covenant to Pay.........................................................................................14 Section 4.02 Purpose of Assessments.............................................................................14 Section 4.03 Assessment Period.....................................................................................14 Section 4.04 Regular Assessments.................................................................................14 Section 4.05 Special Assessments..................................................................................14 Section 4.06 Limitations on Assessments.......................................................................14 Section 4.07 Late Charges..............................................................................................15 Section 4.08 Enforcement of Assessments and Late Charges........................................16 Section 4.09 Statement Regarding Assessments............................................................17 Section4.10 Reserves.....................................................................................................17 ARTICLE V USE RESTRICTIONS AND COVENANTS..........................................................17 Section 5.01 General Restrictions on Use.......................................................................17 Section 5.02 Damage Liability.......................................................................................18 Section 5.03 Equitable Servitudes..................................................................................18 ARTICLE VI ARCHITECTURAL AND DESIGN CONTROL..................................................19 Section 6.01 Architectural and Design Approval...........................................................19 Section 6.02 Architectural Committee............................................................................19 Section 6.03 Procedural Rules and Fees.........................................................................19 Section 6.04 The Board of Directors..............................................................................19 Section 6.05 No Power to Modify Setback Requirements.............................................19 Section 6.06 Nonliability for Approval of Plans............................................................19 ARTICLE VII INSURANCE........................................................................................................20 Section 7.01 Fire and Casualty Insurance.......................................................................20 Section 7.02 General Liability and Individual Liability Insurance.................................20 Section 7.03 Other Association Insurance......................................................................20 Section 7.04 Trustee for Policies....................................................................................20 Section 7.05 Individual Insurance...................................................................................20 Section 7.06 Insurance Premiums...................................................................................21 Section 7.07 Additional Provisions.................................................................................21 ARTICLE VIII DAMAGE OR DESTRUCTION.........................................................................21 Section 8.01 Duty to Restore and Replace......................................................................21 Section 8.02 Proceeds Justifying Automatic Restoration and Repair .............................21 Section 8.03 Approval by Members of Special Assessment for Certain Restorations and Repairs............................................................................21 Section 8.04 Ordering Reconstruction or Repair............................................................22 Section 8.05 Election Not to Rebuild.............................................................................22 Section 8.06 Minor Restoration and Repair Work..........................................................22 3/1/12 10120.4 9114293 v it ARTICLE IX EMINENT DOMAIN.............................................................................................23 Section 9.01 Sale to Condemning Authority..................................................................23 Section 9.02 Distribution of Sales Proceeds...................................................................23 Section 9.03 Taking and Condemnation Awards...........................................................23 ARTICLE X RIGHTS OF MORTGAGEES.................................................................................23 Section10.01 Warranty....................................................................................................23 Section10.02 Subordination.............................................................................................23 Section 10.03 Notice of Default........................................................................................24 Section 10.04 Unpaid Assessments..................................................................................24 Section I0.05 Mortgagee Approval of Material Amendments.........................................24 Section 10.06 Mortgagee Approval of Other Actions......................................................24 Section10.07 Liens........................................................................................................25 Section10.08 Priority.......................................................................................................25 Section10.09 Reserve Fund.............................................................................................25 Section10.10 Management...............................................................................................25 Section 10.1 I Right to Inspect Books and Records..........................................................25 Section 10.12 Right to Furnish Mortgage Information.....................................................25 ARTICLEXI AMENDMENTS....................................................................................................25 Section 11.01 Amendments by Members.........................................................................25 Section 11.02 Amendments Pursuant to Court Order.......................................................26 ARTICLE XII GENERAL PROVISIONS........................................................... Section12.01 Term............................................................................... Section 12.02 Enforcement...................................................................... Section 12.03 Cumulative Remedies....................................................... Section 12.04 Nonwaiver of Remedies ......................................... Section 12.05 Attorneys' Fees ...................................................... Section 12.06 Severability............................................................ Section 12.07 Binding................................................................... Section 12.08 Interpretation.......................................................... Section 12.09 Effect of Declaration .............................................. Section 12.10 Limitation of Liability ............................................ Section 12 11 Nonliabilityof Officials 26 .........................26 .........................26 ......... ................27 .........................27 .........................27 .........................27 .........................27 ..................................27 .........................27 .........................27 .........................27 .........................27 28 ................................................ Section 12.12 Fair Housing................................................................. Section 12.13 Subleases....................................................................... Section 12.14 Notices.......................................................................... Section 12.15 Numbers and Headings ................................................. EXHIBITS Exhibit A Legal Description Exhibit B Common Area Legal Description 3/1/12 10120.4 #114293 v lIl ............................ ............................28 ............................28 AMENDED AND RESTATED DECLARATION FOR BEACON BAY COMMUNITY ASSOCIATION, A PLANNED DEVELOPMENT THIS DECLARATION is made as of February 28, 2012, by the City of Newport Beach ("Declarant"), a chartered municipal corporation, having been approved and adopted by Beacon Bay Community Association, a California non-profit mutual benefit corporation. RECITALS A. This Declaration amends and restates the Declaration of Covenants, Conditions and Restrictions imposed upon the Covered Property, as hereinafter defined, on or about September 24, 1979 and has been approved by the Members of Beacon Bay Community Association, a California non-profit corporation (the "Association"), in accordance with the provisions of that Declaration. B. The City of Newport Beach, referred to herein as Declarant, by virtue of a 1978 legislative grant found in Chapter 74 of the Statutes of 1978 (the "Beacon Bay Bill"), holds the right, title and interest to certain tidelands and uplands commonly known as Beacon Bay, more particularly described in Exhibit "A" attached to and made part of this Declaration. C. Beacon Bay has been divided into individual residential lots, commonly known as 1 through and including 69 Beacon Bay and 101, 107 and 115 Harbor Island Drive, Newport Beach (the "Residential Lots"). Within Beacon Bay are certain streets, walkways, beaches, common landscaped areas and tennis courts, identified as Lots A through J and Lot 62 (the "Common Area"). Both the Residential Lots and the Common Area are shown on Exhibit "B," attached to and made part of this Declaration. D. Declarant has leased the Residential Lots to the respective members of the Association and the Common Area to the Association until July 1, 2044. The leasehold interests in the Residential Lots and in the Common Area are together referred to herein as the Covered Property. E. This Declaration is imposed by Declarant, with the approval of the Association, upon the Covered Property, a planned development subject to the provisions of the Davis - Stirling Common Interest Development Act contained in Division II, pt. 4, Title 6 of the California Civil Code. F. In furtherance of this intent, Declarant hereby declares that all of the Covered Property shall be held, conveyed, hypothecated, encumbered, leased, rented, used, occupied, and improved subject to the declarations, limitations, covenants, conditions, restrictions, reservations, rights, and easements set forth in this Declaration, as this Declaration may be amended from time to time, all of which are declared and agreed to be in furtherance of a general plan established for the purpose of enhancing and perfecting the value, desirability, and attractiveness of the Covered Property. All covenants and restrictions set forth in this Declaration shall constitute covenants running with the land and enforceable equitable servitudes upon the Covered Property, and shall be binding on and for the benefit of all of the Covered Property and all parties having or 3/1/12 10120.4 #114293 v1 acquiring any right, title, or interest in all or any part of the Covered Property, including the heirs, executors, administrators, and assigns of these parties and all subsequent Lessees of all or any part of any Residential Lot within the Development. G. It is desirable for the efficient management of the Covered Property and the preservation of the value, desirability and attractiveness of the Covered Property to continue to delegate and assign the powers of managing the Covered Property, maintaining and administering the Common Area and administering and enforcing these covenants, conditions and restrictions and collecting and disbursing funds pursuant to the assessment and charges hereinafter created and referred to and to perform such other acts as shall generally benefit the Covered Property to the Beacon Bay Community Association, a California nonprofit corporation. H. The Association and the respective owners of the Residential Lots have held title to their leasehold interests in the Covered Property, and shall continue to hold title to their leasehold interests in the Covered Property subject to the protective covenants, conditions and restrictions hereafter set forth. NOTICE OF AIRPORT IN VICINITY This property is presently located in the vicinity of an airport, within what is known as an airport influence area. For that reason, the property may be subject to some of the annoyances or inconveniences associated with proximity to airport operations (for example, noise, vibration, or odors). Individual sensitivities to those annoyances can vary from person to person. You may wish to consider what airport annoyances, if any, are associated with the property before you complete your purchase and determine whether they are acceptable to you. ARTICLE -I DEFINITIONS Section 1.01 "Architectural Committee" means the committee or committees provided for in the Article entitled "Architectural Control". Section 1.02 "Articles" means the Articles of Incorporation of Beacon Bay Community Association and any amendments to the Articles that are filed in the Office of the Secretary of State of the State of California. Section 1.03 "Assessments." The following meanings shall be given to the Assessments hereinafter defined: "Regular Assessment" means the amount which is to be paid by each Member of the Association for Common Expenses. "Special Assessment" means a charge against a particular Member and his Residential Lot, directly attributable to the Member, to reimburse the Association for costs incurred in bringing the Member and his Residential Lot into compliance with the provisions of this Declaration, the Articles, Bylaws or Association Rules, or any other charge designated as a 3/1/12 10120.4 #114293 v1 2 Special Assessment, together with attorneys' fees and other charges payable, plus interest thereon as provided for in this Declaration. Section 1.04 "Association" means Beacon Bay Community Association, a California nonprofit mutual benefit corporation. Section 1.05 "Board" means the Board of Directors of the Association. Section 1.06 `Bylaws" means the Bylaws of the Association and any amendments to the Bylaws that are or shall be adopted by the Board and approved by the Members. Section 1.07 "City" means the City of Newport Beach, a municipal corporation of the State of California. Section I.08 "Common Area" means those portions of the Development leased by the Association for the common use and enjoyment of the Members. This Common Area includes all streets, beaches, walkways, tennis courts, docks, piers, storage areas and common landscaped areas within the Covered Property and, includes without limitation, Lots A through J, inclusive, as shown on the Subdivision Map. Section 1.09 "Common Expenses" means the actual and estimated costs of. (a) maintenance, management, operation, repair and replacement of the Common Area, and all other areas on the Covered Property which are maintained by the Association; (b) maintenance by the Association of areas within the public right-of-way of public streets in the vicinity of the Covered Property as provided in this Declaration or pursuant to agreements with the City; (c) costs of management and administration of the Association, including, but not limited to compensation paid by the Association to managers, accountants, attorneys and employees; (d) the costs of utilities, gardening and other services which generally benefit and enhance the value and desirability of the Residential Lot; (e) the costs of fire, casualty, liability, workmen's compensation and other insurance covering the Common Area; (f) the costs of any other insurance obtained by the Association; (g) reasonable reserves deemed appropriate by the Board; (h) the costs of bonding of the members of the Board, and any professional managing agent or any other person handling the funds of the Association; (i) taxes paid by the Association; 3/1/12 10120.4 11114293 v 1 3 0) amounts paid by the Association for discharge of any lien or encumbrance levied against the Common Area or portions thereof, (k) costs incurred by the Architectural Committee or other committee established by the Board; and (1) other expenses incurred by the Association for any reason whatsoever in connection with the Common Area, or the costs of any other item or items designated by this Declaration, the Articles, Bylaws or Association Rules, or in furtherance of the purposes of the Association or in discharge of any duties or powers of the Association. Section 1.10 "Covered Property" means the leasehold interests in the Residential Lots and in the Common Area, as such terms are defined in the Recitals. Section 1.11 "Declarant" means the City of Newport Beach, the fee Lessor of the Covered Property, its successors and assigns. Section 1.12 "Declaration" means this Declaration and any amendments thereto. Section 1.13 "Development" means the Beacon Bay subdivision. Section 1.14 "Exhibit" means those documents so designated herein and attached hereto and each of such Exhibits is by this reference incorporated in this Declaration. Section 1.1 "Governing Instruments" means this Declaration, the Articles and Bylaws of the Association, and any Rules and Regulations of the Association. Section 1.16 "Lessee" means the holder or holders of record of the leasehold interest in a Residential Lot created by and arising out of a lease with Declarant. "Lessee" shall not include any persons or entities who hold an interest in a Residential Lot merely as security for performance of an obligation. Section 1.17 "Manager" means any person or entity appointed by the Board to manage the Development. Section 1.18 "Member" means every person or entity entitled to membership in the Association as provided in this Declaration. Section 1.19 "Mortgage" means a mortgage or deed of trust encumbering a Residential Lot within the Development. "First Mortgage" means a mortgage that has priority over all other mortgages encumbering the same Residential Lot within the Development. Section 1.20 "Mortgagee" means a Person to whom a Mortgage is made and includes the beneficiary of a deed of trust and any guarantor or insurer of a mortgage. "Institutional Mortgagee" means a mortgagee that is a financial intermediary or depository, such as a bank, savings and loan, or mortgage company, that is chartered under federal or state law and that lends money on the security of real property or invests in such loans, or any insurance company or governmental agency or instrumentality, including the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation (FHLMC), and the Government 3/1/12 10120.4 #114293 v1 4 National Mortgage Association (GNMA). "First Mortgagee" means a Mortgagee that has priority over all other mortgages or holders of mortgages encumbering the same Residential Lot or other portion of the Development. The term "Beneficiary" shall be synonymous with the term "Mortgagee." Section 1.21 "Mortgagor" means a Person who mortgages his, her, or its Residential Lot to another (i.e., the maker of a mortgage), and shall include the trustor of a deed of trust. The term "Trustor" shall be synonymous with the term "Mortgagor." Section 1.22 "Person" means a natural individual, a corporation, or any other entity with the legal right to hold title to real property. Section 1.23 "Residence" means the residential dwelling unit Including garages, structures and other improvements on a Residential Lot, Section 1.24 "Residential Lot" means a numbered lot shown on the Subdivision Map not including any Common Area, but including the residential dwelling unit together with garages, structures and other improvements on the same lot or parcel. Beacon Bay has been divided into individual residential lots, commonly known as 1 through and including 69 Beacon Bay and 101, 107 and 115 Harbor Island Drive, *Newport Beach (the "Residential Lots"). Section 1.25 "Rules and Regulations" means any Rules and Regulations for Beacon Bay Community Association regulating the use of the Common Area and adopted by the Association pursuant to Section 3.08(b) of this Declaration. Section 1.26 "Setback" means those internal distances from the property line of each Residential Lot as shown on Exhibit II. Section 1.27 "Subdivision Map" means the Record of Survey Map of Beacon Bay Subdivision recorded in Book 9, Pages 42 and 43, Records of Survey, on file in the Office of the County Recorder, Orange County, California. ARTICLE II THE PROPERTY Section 2.01 Property Subject to Declaration. All of the Covered Property shall be subject to this Declaration. Section 2.02 Use and Enjoyment of Common Area. The following provisions govern the use and enjoyment of the Common Area: (a) The Common Area shall be used solely and exclusively for vehicular ingress and egress and parking, boat storage and launching, pedestrian walkway purposes, recreational uses for Beacon Bay residents, and the property designated as Lot "62" shall be used exclusively for tennis court and park purposes and for construction and maintenance of an office and meeting facilities for Lessee in connection with the maintenance and operation of the homeowners' association in Beacon Bay. The property designated as beach property hereunder shall be used exclusively for beach purposes. 3/1/12 10120.4 4 114293 vi 5 (b) Subject to the provisions of this Declaration and the provisions of the Common Area Lease between the Declarant and the Association (the "Common Area Lease"), there is an easement for ingress, egress, and support through the Common Area appurtenant to each Residential Lot. These easements shall pass with title to the Residential Lot. (c) The Members' easements over, and rights of use and enjoyment of, the Common Area shall be subject to the restrictions set forth in the Common Area Lease and in the Governing Instruments, including the following: (1) The right of the Association to adopt and enforce Rules and Regulations for the use of the Common Area. (Z) The right of the Association to reasonably limit the number of guests and tenants using the Common Area while allowing for open public access to the tidelands around Beacon Bay. (3) The right of the Association to assign or otherwise control the use of any unassigned parking spaces within the Common Area; provided, however, the Association shall position any signs that limit parking and beach access to Members and their guests in a manner that does not discourage visitor and public use of the tidelands around Beacon Bay (4) The right of the Association to suspend the right of any Member, and the Persons deriving rights from any Member, to use and enjoy the Common Area for any period during which the Member is delinquent in the payment of any assessment. (5) The right of the Association to cause the construction of additional improvements in the Common Area, or to cause the alteration or removal of existing improvements in the Common Area. (6) The right of the Association to join with the Declarant in the grant or conveyance of easements, Iicenses, or rights-of-way in, on, or over the Common Area. (7) The rights of Declarant as described in this Declaration and in the Common Area Lease. (8) The right of the Association to reasonably restrict access to maintenance facilities or areas, landscaped areas, and similar areas of the Development. (9) The right of the Board to approve any proposed alteration or modification to the Common Area or any Residence. (d) The Association may join with the Declarant in granting to third parties easements in, on, and over the Common Area for the purpose of constructing, installing, or maintaining necessary utilities and services, and each Member expressly consents to these easements. However, no such easement can be granted if it would interfere with Member's use, occupancy, or enjoyment of his or her Residence. (e) A Member who has sold his or her Residence to a contract purchaser or who has leased the Residence shall be entitled to delegate his or her rights to use and enjoy the 3/1/12 10120,4 9114293 v1 6 Common Area to any contract purchaser or subtenant who resides in the Member's Residence, subject to reasonable regulation by the Board. If the Member makes such a delegation of rights, the Member and the Member's family, guests, employees, and invitees shall not be entitled to use and enjoy the Common Area for so long as the delegation remains effective. (f) Each Member shall be liable to the Association for any damage to the Common Area or to Association -owned property, to the extent that the damage is not covered by insurance, if the damage is sustained because of the negligence, willful misconduct, or unauthorized or improper installment or maintenance of any improvement by the Member or the Member's family, guests, sub -tenants, contract purchasers or invitees. In the case of joint ownership of a Residence, the liability of the co-owners shall be joint and several, unless the co- owners and the Association have agreed in writing to an alternative allocation of liability. (g) Nothing in this Declaration shall limit Declarant's right to use any properties held in trust by Declarant (including tidelands) for the purposes of establishing, maintaining, and operating mitigation bank locations for Eelgrass (zoostera marina) or projects that are intended to enhance the water quality or ecosystem of Newport Bay without infringing on or limiting Beacon Bay residents' ability to operate and maintain legal and permitted residential piers. (h) The Association may not encumber the Common Area except to finance improvements thereon. Section 2.03 Maintenance by Members. Except as the Association shall be obligated to maintain and repair as provided in this Declaration, every Member shall: (a) maintain all portions of the exterior of his Residence, including without limitation, the walls, fences and roof of such Residence in good condition and repair; and (b) install and thereafter maintain in attractive condition yard landscaping of his Residential Lot in accordance with the provisions of this Article. Section 2.01 Prohibition Against Severance of Elements of Residence. Any conveyance, judicial sale, or other voluntary or involuntary transfer of the Member's entire estate shall also include the Member's Membership interest in the Association, as provided in Section 3.02 of this Declaration. Any transfer that attempts to sever those component interests shall be void. ARTICLE III THE ASSOCIATION Section 3.01 Organization of the Association. The Association is incorporated under the name of Beacon Bay Community Association, as a nonprofit corporation organized under the California Nonprofit Mutual Benefit Corporation Law. The Association is charged with the duties and invested with the powers prescribed by law and set forth in this Declaration, the Articles of Incorporation, the Bylaws and the Common Area Lease. 3/1/12 10120.4 #114293 vi 7 Section 3.021 Membership. Every Lessee shall be a Member but there shall be only one Membership and one Voting Member per Residence. The term and provisions set forth in this Declaration, which are binding upon all Members are not exclusive, as Members shall, in addition, be subject to the terms and provisions of the Articles, Bylaws and Association Rules to the extent the provisions thereof are not in conflict with this Declaration. Membership shall be appurtenant to and may not be separated from the interest of such Member in any Residential Lot. Ownership of a leasehold interest in a Residential Lot shall be the sole qualification for membership; provided, however, a Member's voting rights may be regulated or suspended as provided in this Declaration, the Bylaws or the Association Rules. Section 3.03 Transfer. The Membership held by any Member shall not be transferred, pledged or alienated in any way, except that such Membership shall automatically be transferred to the transferee of the interest required for Membership. Any attempt to make a prohibited transfer is void and will not be reflected upon the books and records of the Association. The Association shall have the right to record the transfer upon the books of the Association without any further action or consent by the transferring Member. Section 3.04 Classes of Membership. The Association shall have one (1) class of voting membership. Section 3.05 Voting Rights. All voting rights of the Members shall be subject to the following restrictions, limitations, and requirements: (a) Except as provided in this Article, on each matter submitted to a vote of the Members, one vote may be cast for each Residential Lot owned. The Member entitled to cast the vote with respect to a Residential Lot is referred to herein as the Voting Member. (b) Fractional votes shall not be allowed. When there is more than one record Lessee of a Residential Lot ("co-Lessees), all of the co-Lessees shall be Members, but only one of them shall be entitled to cast the single vote attributable to the Residential Lot. Co-Lessees should designate in writing one of their number to vote. If no such designation is made or if it is revoked, the co-Lessees shall decide among themselves, by majority vote, how the vote associated with that Residential Lot is to be cast and which of them is the Voting Member as to that vote. Unless the Board receives a written objection in advance from a co-Lessee, it shall be conclusively presumed that the voting co-Lessee is acting with the consent of his or her co- Lessees and is the Voting Member of that Residential Lot. No vote shall be cast for a Residential Lot on a particular matter if a majority of the co-Lessees present in person or by proxy cannot agree on a vote. (c) Except as provided in Section 3.05 of the Bylaws governing the removal of directors, any provision of this Declaration, the Articles, or the Bylaws that requires the approval of a specified percentage of the voting power of the Association shall require the vote or written consent of the Voting Members representing the specified percentage of the total voting power of the Association. (d) The Board shall fix, in advance, a record date or dates for the purpose of determining the Members entitled to notice of and to vote at any meeting of Members. The record date for notice of a meeting shall not be more than 90 or less than 10 days before the date 3/1/12 10120.4 #114293 vl of the meeting. The record date for voting shall not be more than 60 days before the date of the meeting or before the date on which the first written ballot is mailed or solicited. The Board may also fix, in advance, a record date for the purpose of determining the Members entitled to exercise any rights in connection with any other action. Any such date shall not be more than 60 days prior to the action. (e) Every Member entitled to vote at any election of the Directors in which more than two Directors are to be elected may cumulate the Member's votes and give one candidate a number of votes equal to the number of Directors to be elected multiplied by the number of votes to which the Member is entitled, or distribute the Member's votes on the same principle among as many candidates as the Member thinks fit. No Member shall be entitled to cumulate votes for a candidate or candidates unless more than two Directors are to be elected. (0 All voting rights shall be subject to the restrictions and limitations provided herein and in the Articles, Bylaws and Association Rules. Section 3.06 Approval of Members. Unless elsewhere otherwise specifically provided in this Declaration or the Bylaws, any provision of this Declaration or the Bylaws which requires the vote or written assent of the voting power of the Association shall be deemed satisfied by the following: (a) The vote in person or by proxy of the specified percentage of the Voting Members present at a meeting duly called and noticed pursuant to the provisions of the Bylaws dealing with annual or special meetings of the Members at which a quorum is present as determined in accordance with Section 2.08 of the Bylaws. (b) Written consents signed by the specified percentage of Voting Members as provided in the Bylaws. Section 3.07 Membership Meetings. Article II of the Bylaws governing meetings of the Members is hereby incorporated by reference. Section 3.08 General Powers and Authority. The Association shall have all the powers of a nonprofit mutual benefit corporation organized under the California Nonprofit Mutual Benefit Corporation Law, subject to any limitations set forth in this Declaration or in the Articles and Bylaws of the Association. It may perform all acts that may be necessary for or incidental to the performance of the obligations and duties imposed upon it by this Declaration or the other Governing Instruments. Its powers shall include, but are not limited to, the following: (a) The Association shall have the power to establish, fix, levy, collect, and enforce, and shall enforce, the payment of assessments against the Members in accordance with the procedures set out in Article IV of this Declaration. (b) The Association shall have the power to adopt reasonable Rules and Regulations governing the use of the Common Area and its facilities, and of any other Association property. These Rules and Regulations may include, but are not limited to: reasonable restrictions on use by the Members and their family, guests, employees, tenants, and invitees; rules of conduct; and the setting of reasonable fees for the use of recreational facilities. A copy of the current Rules and Regulations, if any, shall be given to each Member and shall be 311/12 10120.4 #114293 vt posted at conspicuous places in the Common Area. If any provision of the Rules and Regulations conflicts with any provision of this Declaration, the Articles, or the Bylaws, the Declaration, Articles, or Bylaws shall control to the extent of the inconsistency. (c) The Association shall have the right to institute, defend, settle, or intervene in litigation, arbitration, mediation, or administrative proceedings in its own name as the real party in interest and without joining with it the Members, in matters pertaining to the following: (1) Enforcement of this Declaration, the Articles, Bylaws, and Rules and Regulations. (2) Damage to the Common Area. (d) In addition to the general power of enforcement described above, the Association may discipline its Members for violation of any of the provisions of the Governing Instruments or Rules and Regulations by suspending the violator's voting rights and privileges for use of the Common Area, or by imposing monetary penalties, subject to the following limitations: (1) The accused Member shall be given notice and an opportunity to be heard with regard to the alleged violation in accordance with the provisions of Corporations Code Section 7341 and Civil Code Section 1363(b). (2) Any suspension of a Member's association privileges shall not exceed thirty (30) days for each violation. (3) If the Association imposes a monetary penalty, the Board shall distribute to each Member, by personal delivery or first-class mail, a schedule of the monetary penalties that may be assessed for those violations. (4) Except as provided in Article IV of this Declaration, relating to foreclosure for failure to pay assessments, or as a result of the judgment of a court or a decision arising out of arbitration, the Association shall in no way abridge the right of any Member to the full use and enjoyment of his or her Residence. (e) The Association, acting through the Board, shall have the power to delegate its authority, duties, and responsibilities to its officers, employees, committees, or agents, including a professional management agent. The term of any agreement with a manager for the furnishing of maintenance, repair, and related services shall not exceed one year, renewable by agreement of the parties for successive one-year periods. Such an agreement shall be terminable by either party (1) for cause on 30 days' written notice, and (2) without cause or the payment of a termination fee on 90 days' written notice. Section 3.09 Duties of the Association. In addition to the duties delegated to the Association or its agents and employees elsewhere in these Governing Instruments, the Association shall be responsible for the following: 311/12 10120.4 # 114293 v] 10 (a) The Association, acting through the Board, shall operate, maintain, repair, and replace the Common Area, its improvements including all landscaping within the Common Area, or contract for the performance of that work, subject to the provisions of Article VIII of this Declaration relating to destruction of improvements, Article IX of this Declaration pertaining to eminent domain, and Section 2.02(f) of this Declaration relating to damage caused by Members. The foregoing areas and improvements shall be kept in a clean, sanitary, and attractive condition. The Association shall also have the exclusive right and duty to acquire and maintain any furnishings and equipment for the Common Area that it determines are necessary and proper. As a general rule, maintenance costs shall be included in the regular assessments. (b) The Association shall use the maintenance fund described in Section 4.02 of this Declaration to, among other things, acquire and pay for the following: (1) Water, sewer, trash, electrical, gas, and other necessary utility service for the Common Area; (2) The insurance policies described in Article VII of this Declaration; (3) The services of any personnel that the Board determines are necessary or proper for the operation of the Common Area; and (4) Legal and accounting services necessary or proper in the operation of the Common Area or the enforcement of this Declaration. (c) The Association shall prepare a pro forma operating budget for each fiscal year, and shall distribute a copy of the budget to each Member not less than 45 and not more than 60 days before the beginning of the fiscal year. As an alternative to the foregoing distribution of the budget, the Association may elect to do all of the following in the manner required by statute: distribute a summary of the budget to each Member, make the budget available for inspection at a designated location, and provide copies of the budget to Members on request and at the expense of the Association. The budget shall contain at Ieast the following: (1) The estimated revenue and expenses on an accrual basis; (2) A summary (printed in bold type) of the Association's reserves that is based on the most recent review or study conducted pursuant to Civil Code Section 1365.5. This summary shall include the following: (i) the current estimated replacement cost, estimated remaining life, and estimated useful life of each major component that the Association is obligated to maintain (hereafter referred to as the "major components"); (ii) the current estimate, as of the end of the fiscal year for which the study is prepared, of the amount of cash reserves necessary to repair, replace, restore, or maintain the major components; (iii) the current amount, as of the end of the fiscal year for which the study is prepared, of accumulated cash reserves actually set aside to repair, replace, restore, or maintain the major components; and (iv) the percentage that the amount described in (iii), above, is of the amount determined for purposes of (ii), above (that is, the percentage obtained by dividing the amount described in (iii), above, by the amount described in (ii), above). 3/1/12 10120.4 4114293 v 11 (3) A statement as to whether the Board has determined or anticipates that the levy of one or more special assessments will be required to repair, replace, or restore any major component or to provide adequate reserves for such work. (4) A general statement addressing the procedures used for the calculation and establishment of reserves to defray the future repair, replacement, or additions to the major components. (d) Within 120 days after the close of each fiscal year, the Association shall prepare and distribute to the Members an annual report consisting of the following: (1) A balance sheet as of the end of the fiscal year. (2) An operating (income) statement for the fiscal year. (3) A statement of changes in financial position for the fiscal year. (4) For any fiscal year in which the gross income to the Association exceeds $75,000, a copy of the review of the annual report prepared in accordance with generally accepted accounting principles by a licensee of the California State Board of Accountancy. If this report is not prepared by an independent accountant, it shall be accompanied by the certificate of an authorized officer of the Association that the statement was prepared without independent audit or review from the books and records of the Association. (e) Within 60 days before the beginning of each fiscal year, the Association shall prepare and distribute to the Members a statement describing the Association's policies and practices in enforcing lien rights or other legal remedies for default in payment of assessments against Members. (f) Each year, the Association must provide the Owners with a summary of the provisions of Civil Code Sections 1369.510 through 1369.590. These statutes require that alternative dispute resolution be pursued before a civil action may be filed in connection with certain disputes related to enforcement of the governing documents, the Davis -Stirling Common Interest Development Act (Civ. Code § 1350 et seq.), or the Nonprofit Mutual Benefit Corporation Law (Corp. Code § 7110 et seq.). The required summary must include a specific reference to Civil Code Sections 1369.510 through 1369.590, and the statutory language set forth in Civil Code Section 1369.590(x). This summary must be provided either (1) at the time the pro forma operating budget described in Section 3.09(c) of this Declaration is distributed, or (2) in the manner specified in Corporations Code Section 5016. (g) The Association shall provide any Member with the following documents within 10 days of the mailing or delivery of a written request therefor: (1) A copy of the Governing Instruments. (2) A copy of the most recent financial statement distributed pursuant to Section 3.09(d) of this Declaration. 3/1/12 10120,4 4114243 vl 12 (3) A written statement from an authorized representative of the Association specifying (i) the amount of any assessments levied on the Member's Residence that are unpaid on the date of the statement; and (ii) the amount of late charges, interest, and costs of collection that, as of the date of the statement, are or may be made a lien on the Member's Residential Lot pursuant to Section 4.08 of this Declaration. The Association may charge the Member a reasonable fee to cover its cost to prepare and reproduce those requested items. (h) The Association shall pay all real and personal property taxes and assessments levied against it, its personal property and the Common Area. Section 3.10 Board of Directors. The affairs of the Association shall be managed and its rights, duties and obligations performed by an elected Board of Directors, as provided in Article III of the Bylaws, which is hereby incorporated by reference. Section 3.11 Inspection of Books and Records. Article XI of the Bylaws, governing the duty of the Association to maintain certain books and records and the rights of Members and Directors to obtain and inspect those books and records, is hereby incorporated by reference. Section 3.12 Resolution of Disputes. As required by Civil Code Section 1363.820(a), the Association shall offer a fair, reasonable, and expeditious procedure for resolving any dispute between the Association and a member involving their rights, duties, or liabilities under the Davis -Stirling Common Interest Development Act (Civil Code Section 1350 et seq.), the Nonprofit Mutual Benefit Corporation Law (Corporations Code Section 7110 et seq.), or under the Association's governing documents. This dispute resolution procedure is supplementary to the alternative dispute resolution procedure prescribed by Civil Code Section 1369.510 et seq. as a prerequisite to commencing civil action. The dispute resolution procedure shall consist of the following: (a) Either party may initiate the procedure by making a written request to the other party to meet and confer in an effort to resolve the dispute. If the request is by the Association, the member may refuse to participate. If the request is by a member, however, the Association may not refuse to participate. (b) Within 5 days of the written request, the Board of Directors shall designate a member of the Board to meet and confer with the other party. (c) Within 10 days of the Board member's designation, the parties shall meet at a mutually convenient time and place, explain their positions to each other, and confer in good faith in an effort to resolve the dispute. (d) If the parties reach agreement on a resolution of the dispute, that resolution shall be memorialized in writing and signed by the parties with the Board designee signing on behalf of the Association. (e) An agreement reached by the parties is binding on them and may be judicially enforced provided the agreement is consistent with the authority granted by the Board of Directors to its designee, and further provided the agreement is not in conflict with law or the Association's governing documents. 3/1/12 10120.4 #114293 v 1 13 (f) A member of the Association may not be charged a fee to participate in the dispute resolution procedure. ARTICLE IV ASSESSMENTS AND COLLECTION PROCEDURES Section 4.01 Covenant to Pay. Each Member is deemed to covenant and agree to pay to the Association the regular and special assessments levied pursuant to the provisions of this Declaration. A regular or special assessment and any late charges, reasonable costs of collection, and interest, as assessed in accordance with the provisions of this Article, shall be a debt of the Member at the time the assessment or other sums are levied. The Member may not waive or otherwise escape liability for these assessments by nonuse of the Common Area or abandonment of the Member's Residence. Section 4.02 Purpose of Assessments. The assessments levied by the Association shall be used exclusively to defray Common Expenses and to discharge any other obligations of the Association under this Declaration. Subject to Section 4. 10, all assessment payments shall be put into a maintenance fund to be used for the foregoing purposes. Section 4.03 Assessment Period. The fiscal year for the Association shall commence June 1 and end May 31, unless the Board decides otherwise. The regular assessment period shall commence on June 1 and terminate on May 31 of each year. Section 4.04 Regular Assessments. Within 60 days prior to the beginning of each fiscal year of the Association, the Board shall estimate the net charges to be paid during that year, including a reasonable provision for contingencies and replacements, with adjustments made for any expected income and surplus from the prior year's fund. The estimated cash requirement shall be assessed and allocated in an equal amount for each Residential Lot. Each Member is obligated to pay assessments to the Board in equal monthly installments on or before the first day of each month unless the Board adopts an alternative method for payment. Section 4.05 Special Assessments. If the Board determines that the amount to be collected from regular assessments will be inadequate to defray the common expenses for the year due to the cost of any construction, unexpected repairs or replacements of capital improvements upon the Common Area, or any other reason, it shall make a special assessment for the additional amount needed. Special assessments shall be levied and collected in the same manner as regular assessments, except the method of payment shall be as determined by the Board. Section 4.06 Limitations on Assessments. The Board shall comply with the following requirements governing the imposition and amounts of assessments: (a) For any fiscal year, the Board may impose a regular assessment per Residential Lot that is as much as 20 percent greater than the regular assessment for the preceding fiscal year, provided (1) the Board has distributed the pro forma operating budget described in Section 3.09(c) for the current fiscal year or (2) the increase is approved by Voting 3/1/12 10120.4 9 114293 v 1 14 Members constituting a majority of the votes at a meeting or in an election of the Association conducted in accordance with Corporations Code Sections 7510-7527 and 7613 . (b) The Board may impose, for any fiscal year, a regular assessment per Residential Lot that is more than 20 percent greater than the regular assessment for the preceding fiscal year, or may levy special assessments that in the aggregate exceed 5 percent of the budgeted gross expenses of the Association for that fiscal year, provided the increase or levy is approved by Voting Members constituting a majority of the votes of the Association and casting a majority of the votes at a meeting or election of the Association conducted in accordance with Corporations Code Sections 7510-7527 and 7613 . (c) The Board may, without complying with the foregoing requirements, make an assessment increase that is necessary for an emergency situation. An emergency situation is an extraordinary expense that is; (1) Required by a court order. (2) Necessary to repair or maintain the Common Area or any part of it for which the Association is responsible when a threat to personal safety in the Development is discovered. (3) Necessary to repair or maintain the Common Area or any part of it for which the Association is responsible that could not have been reasonably foreseen by the Board in preparing and distributing the pro forma operating budget pursuant to Section 3.09(c). Before the Board may impose or collect an assessment in the type of emergency situation described in (3) above, it shall pass a resolution containing written findings as to the necessity of the extraordinary expense and why the expense was not or could not have been reasonably foreseen in the budgeting process, and shall distribute the resolution to the Members with the notice of assessment. (d) The Board shall notify the Members in writing of any increase in the amount of a regular or special assessment. The Board shall provide this notice by first-class mail not less than 30 or more than 60 days prior to the due date of the increased assessment. Section 4.07 Late Charges. Late charges may be levied by the Association against a Member for the delinquent payment of regular or special assessments. An assessment is delinquent 15 days after its due date. If an assessment is delinquent the Association may recover all of the following from the Member: (a) Reasonable costs incurred in collecting the delinquent assessment, including reasonable attorneys' fees. (b) A late charge not exceeding ten (10) percent of the delinquent assessment or $10, whichever is greater. (c) Interest on the foregoing sums, at an annual percentage rate of ten (10) percent, commencing 30 days after the assessment becomes due. 3/1/12 10120.4 # 114293 v1 15 No late charge may be imposed more than once for the delinquency of the same payment. However, the imposition of a late charge on any delinquent payment shall not eliminate or supersede charges imposed on prior delinquent payments. Section 4.08 Enforcement of Assessments and Late Charges. At least 30 days before the Association can place a lien on a Residence for a past due debt for a regular or special assessment, the Association must notify the Member by certified mail of the following: (a) A general description of the Association's collection and lien enforcement procedures. (b) The method of calculation of the amount due. (c) A statement that the Member has the right to inspect the Association records. (d) A statement informing the Member that the Member's Residence may be subject to foreclosure and sale without court action. (e) An itemized statement of the charges owed by the Member, including items on the statement that indicate the amount of any delinquent assessments, the fees and reasonable costs of collection, reasonable attorney's fees, and any late charges and interest. (f) A statement that the Member will not be liable to pay the charges, interest, and costs of collection, if it is determined the assessment was paid on time. (g) The Member's right to request a meeting with the Board if the Member disputes the debt. A Member may dispute the debt by submitting to the Board a written explanation within 15 days of the mailing of the Association's notice. The Board must respond to a Member's timely explanation within 15 days of the mailing of the Member's explanation. A Member also may submit a written request to meet with the Board to discuss a payment plan for the debt. The request must be mailed within 15 days of the mailing of the Board's notice. The Board must then meet with the Member in executive session within 45 days of the mailing of the Member's request. If there is no regularly scheduled Board meeting within that time period, the Board may designate a committee of one or more members to meet with the Member. Any partial payments made toward the debt will first be applied to the assessments owed, and only after the principal owed is paid in full will the payments be applied to the fees and costs of collection, attorneys' fees, late charges, or interest. When a Member makes a payment, the Member may request a receipt and the Association shall provide it. The receipt shall indicate the date of payment and the person who received it. The Association shall provide a mailing address for overnight payment of assessments. 3/1/12 10120.4 # 114293 v1 16 A debt for a delinquent regular or special assessment and any late charges, reasonable fees and costs of collection, reasonable attorneys' fees, and interest shall become a lien on the Residence when a notice of delinquent assessment is duly recorded and mailed as provided in Section 1367.1 ofthe California Civil Code. Except as provided below regarding debts arising from delinquent assessments when the debt arose on or after January 1, 2006, and the delinquent amount is less than $1,800, any such lien may be enforced in any manner permitted by law, including judicial foreclosure or nonjudicial foreclosure. Any nonjudicial foreclosure shall be conducted by the trustee named in the notice of delinquent assessment or by a trustee substituted pursuant to Section 2934a of the California Civil Code, in accordance with the provisions of Sections 2924, 2924b, and 2924c of the California Civil Code. If the sums specified in the notice of delinquent assessment are paid before the completion of any judicial or nonjudicial foreclosure, the Association shall record a notice of satisfaction and release of the lien. On receipt of a written request by the Member, the Association shall also record a notice of rescission of any declaration of default and demand for sale. In accordance with Section 1367.4 of the California Civil Code, a lien securing a debt arising from a delinquent regular or special assessment when the debt arose on or after January 1, 2006, and the delinquent amount is less than $1,800, excluding accelerated assessments, late charges, fees and costs of collection, attorney's fees, and interest, shall not be enforced by judicial or nonjudicial foreclosure unless and until either (1) the debt equals or exceeds $1,800,excluding accelerated assessments, late charges, fees and costs of collection, attorney's fees, and interest, or (2) the debt secured by the lien is more than 12 months delinquent. Section 4.09 Statement Regarding Assessments. The Association shall provide any Member, upon written request, with a statement specifying (1) the amounts of the Association's current regular and special assessments and fees, and (2) the amounts of any delinquent assessments and related late charges, interest, and costs levied against the Member's Residential Lot, as provided in Section 4.08 of this Declaration. Section 4.10 Reserves. All amounts collected as reserves shall be deposited by the Association in a separate bank account to be held in trust for the purposes for which they are collected and are to be segregated from and not commingled with any other funds of the Association. ARTICLE V USE RESTRICTIONS AND COVENANTS Section 5.01 General Restrictions on Use. In exercising the right to occupy or use a Residence, Residential Lot or the Common Area and its improvements, the Member and the Member's family, guests, employees, tenants, and invitees shall not do any of the following: (a) Attempt to further subdivide a Residential Lot without obtaining the prior approval of the Association and the Declarant. 3/1/12 10120.4 N 114293 v 1 17 (b) Occupy or use a Residential Lot, or permit all or any part of a Residential Lot to be occupied or used, for any purpose other than as a private residence. Nothing in this Declaration shall prevent a Member from leasing or renting out his or her Residence, provided that it is not for transient or hotel purposes, is for a period of at least 60 days, and is subject to the Governing Instruments. (c) Permit anything to obstruct the Common Area or store anything in the Common Area without the prior consent of the Board, except as otherwise provided in the Governing Instruments. (d) Perform any act or keep anything on or in any Residential Lot or in the Common Area that will increase the rate of insurance on the Common Area without the Board's prior written consent. Further, no Member shall permit anything to be done or kept in his or her Residential Lot or in the Common Area that would result in the cancellation of insurance on any Residence or Exclusive Use Common Area or on any part of the Common Area or that would violate any law. (e) Display any sign to the public view on or from any Residential Lot or the Common Area without the prior written consent of the Board, except a sign advertising the property for sale, lease, or exchange, or advertising directions to the property, as provided in Section 712 of the California Civil Code and display any sign that discourages visitor and public use of the tidelands around Beacon Bay (f) Raise, breed, or keep animals, livestock, or poultry of any kind on a Residence or in the Common Area, except dogs, cats, or other household pets, which may be kept on Residences, subject to the Rules and Regulations. (g) Engage in any noxious or offensive activity in any part of the Development. (h) Alter or modify the exterior of any Residence without first obtaining the written consent of the Architectural Control Committee. (i) Alter, construct, or remove anything on or from the Common Area, except upon the written consent of the Board. Section 5.02 Damage Liability. Each Member shall be liable to the Association for all damage to the Common Area or other Association property that is sustained by reason of the negligence or willful misconduct of that Member or his or her family, guests, employees, tenants, and invitees to the extent that the damage is not covered by the casualty insurance obtained and maintained by the Association pursuant to Section 7.01 of this Declaration. Section 5.03 Equitable Servitudes. The covenants and restrictions set forth in this Declaration shall be enforceable equitable servitudes and shall inure to the benefit of and bind all Members. These servitudes may be enforced in accordance with the provisions of Section 12.02 of Article XII. 3/1/12 10120.4 #114293 v 1 18 ARTICLE VI ARCHITECTURAL AND DESIGN CONTROL Section 6.01 Architectural and Design Approval. No building, addition, wall, fence, or alteration shall be begun, constructed, maintained, or permitted to remain on any Residential Lot, or on the Common Area, until complete plans and specifications of the proposed work have been submitted to the Architectural Committee and approved by the Board as to harmony of external design and location in relation to surrounding structures and topography. The Architectural Committee shall review the plans and specifications to determine whether they are compatible with the aforementioned standards and, if they are not, shall require that changes be made before recommending approval to the Board. Section 6.02 Architectural Committee. The Architectural Committee shall consist of not less than three nor more than five members, as fixed by the Board from time to time. (a) The Board shall have the right to appoint all members of the Committee. (b) Members appointed to the Committee shall be Members of the Association. (c) The term of the appointees shall be one year. Notwithstanding the foregoing, all members of the Committee shall serve at the will of the Board, and may be removed by the Board at any time with or without cause. (d) The Committee shall meet as often as it deems necessary to properly carry out the obligations imposed on it, unless otherwise directed by the Board. Section 6.03 Procedural Rules and Fees. The Board may establish reasonable procedural rules and assess a fee in connection with review of plans and specifications including, without limitation, the number of sets of plans to be submitted. In the event the Board fails to approve or disapprove such plans and specifications within thirty (30) days after the same have been properly submitted in accordance with any rules regarding such submission adopted by the Board, such plans and specifications will be deemed approved. Section 6.04 The Board of Directors. After the Architectural Committee has completed its review of plans and specifications submitted under this Article, the Architectural Committee shall submit such plans and specifications, together with its recommendation as to approval or disapproval, to the Board for approval or disapproval by the Board. Thereafter, the Board shall take any actions it deems necessary, in accordance with the provisions of this Declaration. Section 6.05 No Power to Modify Setback Requirements. Nothing in this Declaration or in the Association's Articles, Bylaws or Rules shall be construed or amended to allow the Board to modify or eliminate the Setback requirements shown on the Beacon Bay Subdivision Survey Map, and any attempt to do so shall have no effect. Section 6.06 Nonliability for Approval of Plans. Plans and specifications shall be approved by the Board as to style, exterior sign, appearance and location, and are not approved for engineering design or for compliance with zoning and building ordinances, and by approving 3/1/12 10120.4 H 114293 v] 19 such plans and specifications neither the Architectural Committee, the members thereof, the Association, the Members, the Board nor Declarant assumes liability or responsibility therefor, or for any defect in any structure constructed from such plans and specifications. ARTICLE VII INSURANCE Section 7.01 Fire and Casualty Insurance. The Association shall obtain and maintain a policy or policies of fire and casualty insurance with an extended coverage endorsement for the full insurable replacement value of the improvements in the Common Area. The amount of coverage shall be determined by the Board. This insurance shall be maintained for the benefit of the Association, the Members, and their Mortgagees, as their interests may appear as named insured, subject, however, to any loss payment requirements set forth in this Declaration. Section 7.02 General Liability and Individual Liability Insurance. The Association shall obtain and maintain one or more policies of insurance that must include coverage for (1) general liability of the Association and (2) individual liability of Officers and Directors of the Association for negligent acts or omissions in that capacity. Both of the above types of coverage shall not be less than $1,000,000 covering all claims for death, personal injury, and property damage arising out of a single occurrence. The limits and coverage shall be reviewed at least annually by the Board and increased in its discretion. Section 7.03 Other Association Insurance. The Association shall purchase and maintain workers' compensation insurance to the extent necessary to comply with any applicable laws. The Association also shall purchase and maintain fidelity bond coverage that names the Association as an obligee, for any person or entity handling funds of the Association, whether or not such persons or entities are compensated for their services. This coverage shall be in an amount that is at least equal to the estimated maximum of funds, including reserve funds, in the custody of the Association or the Manager at any given time during the term of each bond. However, the aggregate amount of these bonds must not be less than 150 percent of each year's estimated annual operating expenses and reserves. The Association also may purchase and maintain a blanket policy of flood insurance, and demolition insurance in an amount that is sufficient to cover any demolition that occurs following the total or partial destruction of the Development and a decision not to rebuild. Section 7.04 Trustee for Policies. The Association, acting through its Board, is hereby appointed and shall be deemed trustee of the interests of all named insureds under all insurance policies purchased and maintained by the Association. All insurance proceeds under any of those policies shall be paid to the Board as trustee. The Board shall use the proceeds for any of the purposes specified in Article VIII of this Declaration. The Board also is authorized to negotiate loss settlements with the appropriate insurance carriers, to compromise and settle any claim or enforce any claim by any lawful action, and to execute toss claim forms and release forms in connection with such settlements. Section 7.05 Individual Insurance. Each Member shall provide fire and casualty insurance for the improvements on his or her Residence. A Member may separately insure his or her personal property, and may obtain and maintain personal liability and property damage 311/12 10120.4 11114293 vi 2Q liability insurance for his or her Residence, provided that the insurance contains a waiver of subrogation rights by the carrier as to the Association, Declarant, and the institutional First Mortgagees of the Member's Residential Lot. Section 7.06 Insurance Premiums. Insurance premiums for any insurance coverage obtained by the Association shall be included in the regular assessments. That portion of the regular assessments necessary for the required insurance premiums shall be used solely for the payment of the premiums when due. Section 7.07 Additional Provisions, The Association shall file a copy of each of the above insurance policies with Declarant. Except for workers compensation insurance, all of the above insurance policies shall include Declarant and its elected officials, officers, agents, representatives and employees as additional insureds. Except for worker's compensationinsurance, all policies shall be endorsed to state that coverage shall not be canceled by the insurer except after thirty (30) days' prior written notice to Declarant. The Assocaition shall give Declarant prompt and timely notice of claim made or suit instituted againt the Associaton. The Association shall grant to Declarant, on behalf of the insurer providing general liability insurance to the Association, a waiver of any right of subrogation which any such insurer may acquire against Declarant by virtue of the payment of any loss under such insurance. ARTICLE VIII DAMAGE OR DESTRUCTION Section 8.01 Duty to Restore and Replace. If any of the improvements in the Common Area are destroyed or damaged, the Association shall restore and replace the improvements, using the proceeds of insurance maintained pursuant to Article VII of this Declaration, subject to the provisions of this Article. Section 8.02 Proceeds Justifying Automatic Restoration and Repair. If the proceeds of any insurance maintained pursuant to Article VII of this Declaration for reconstruction or repair of the Common Area are equal to at least eighty-five (85) percent of the estimated cost of restoration and repair, the Board shall use the insurance proceeds for that purpose, shall levy a special assessment to provide the necessary additional funds, and shall have the improvements promptly rebuilt, unless the Members by the vote or written consent of not Iess than seventy-five (75) percent of the total voting power of the Association object to the restoration or repair work within sixty (60) days of the damage or destruction. Section 8.03 Approval by Members of Special Assessment for Certain Restorations and Repairs. If the proceeds of any insurance maintained pursuant to Article VII of this Declaration for reconstruction or repair of the Property are less than eighty-five (85) percent of the estimated cost of restoration and repair, any restoration and repair work must be authorized by the vote or written consent of Members representing at least seventy-five (75) percent of the total voting power of the Association. This authorization must be given within ninety (90) days of the damage or destruction and must authorize the Board to levy a special assessment to provide the necessary funds over and above the amount of any insurance proceeds available for the work. 3!1!12 10120.4 # 114293 v1 21 Section 8.04 Ordering Reconstruction or Repair. If reconstruction or repair work is to take place pursuant to this Article, the Board shall take the following steps: (a) Prepare the necessary documents, including an executed and acknowledged certificate stating that damage has occurred, describing it, identifying the improvement suffering the damage, the name of any insurer against whom claim is made, and the name of any insurance trustee, stating (if applicable) that the consent described in Section 8.03 has been obtained, and reciting that the certificate is recorded pursuant to this paragraph. That declaration shall be recorded with the Recorder of Orange County within ninety (90) days from the date of the damage or destruction. (b) Should the Association elect to replace rather than repair the improvement suffering the damage, obtain the approval of Declarant of the architectural plans of the proposed improvement. (c) Obtain firm bids (including the obligation to obtain a performance bond) from two or more responsible contractors to rebuild the Common Area in accordance with its original plans and specifications and, as soon as possible thereafter, call a special meeting of the voting Members to consider the bids. If the Board fails to do so within 60 days after the casualty occurs, any Member may obtain the bids and call and conduct the special meeting in the manner required by this paragraph. At the meeting, Members representing at least 67 percent of the total voting power may elect to reject all of the bids and thus not to rebuild, or Members representing at least 51 percent of the total voting power may elect to reject all bids requiring amounts exceeding the available insurance proceeds by more than $25,000. Failure to reject all bids shall authorize the Board to accept the unrejected bid it considers most favorable. Failure to call the special meeting or to repair the casualty damage within 12 months from the date the damage occurred shall be deemed for all purposes to be a decision not to rebuild. (d) If a bid is accepted, let the contract to the successful bidder and distribute the insurance proceeds to the contractor as required by the contract. (e) Levy a special assessment to make up any deficiency between the total insurance proceeds and the contract price for the repair or rebuilding, with the assessment and all insurance proceeds, whether or not subject to liens of mortgagees, to be used solely for the rebuilding. This assessment shall be apportioned equally to each Residential Lot. If any Member fails to pay the special assessment within 15 days after it is levied, the Board shall enforce the assessment in the manner described in Section 4.08 of this Declaration. Section 8.05 Election Not to Rebuild. Upon an election not to rebuild, the Board, as soon as reasonably possible and as agent for the Members, shall execute and record a certificate stating that the Association shall not rebuild. The net proceeds shall then be distributed to the owners of the Residential Lots equally. Section 8.06 Minor Restoration and Repair Work. The Association shall order restoration or repair work without complying with the other provisions of this Article whenever the estimated cost of the work does not exceed Twenty-five Thousand Dollars ($25,000). If insurance proceeds are unavailable or insufficient, the Association shall levy a special 3/1/12 10120.4 # 114293 v1 22 assessment for the cost of the work. The Assessment shall be levied in the manner described in Section 4.05 of this Declaration. ARTICLE IX EMINENT DOMAIN Section 9.01 Sale to Condemning Authority. If a governmental agency proposes to condemn all or a portion of the Common Area, the Association, with the approval of the Declarant, may sell all or any portion of its interest in the Common Area to the condemning authority if seventy-five (75) percent of the voting power of the Associations and sixty (60) percent of all institutional First Mortgagees approve the sale in advance. Any such sale shall be made by the Association in the capacity of attorney-in-fact for the Members, acting under an irrevocable power of attorney which each Member grants to the Association. The sales price shall be any amount deemed reasonable by the Board. Section 9.02 Distribution of Sales Proceeds. That portion of proceeds of a sale conducted pursuant to Section 9.01 which constitutes compensation for the condemnation of all or any portion of the improvements constructed by the Association on the Common Area and any and all compensation for the termination or diminution of the Association's interest in the Common Area Lease shall be distributed among the Members and their respective Mortgagees, as their interests may appear, and the balance of such proceeds shall be paid to the Declarant. Section 9.03 Taking and Condemnation Awards. If there is a taking by a governmental agency of all or any portion of the Common Area, the condemnation award shall be distributed to among the Declarant, the Members and their respective Mortgagees in accordance with the court judgment, if any such judgment exists. In all other cases, the proceeds shall be distributed as set forth in Section 9.02 above. ARTICLE X RIGHTS OF MORTGAGEES Section 10.01 Warranty. The Association hereby warrants that Mortgagees of Residential Lots in the Development shall be entitled to the rights and guaranties set forth in this Article. No amendment of this Article shall affect the rights of the holder of any Mortgage recorded prior to the recordation of the amendment who does not join in the execution of the amendment. Section 10.02 Subordination. Notwithstanding any other provision of this Declaration, liens created under Section 4.08 of this Declaration upon any Residential Lot shall be subject and subordinate to, and shall not affect the rights of the holder of, the indebtedness secured by any recorded First Mortgage upon such an interest made in good faith and for value, provided that any transfer of a Residential Lot as the result of a foreclosure or exercise of a power of sale shall not relieve the new Member from liability for assessments that become due after the transfer. Such a transfer shall extinguish the lien of assessments that were due and payable prior to the transfer of the Residential Lot. 311/12 10120.4 9114293 v 1 23 Section 10.03 Notice of Default. A First Mortgagee, upon request, shall be entitled to written notification from the Association of any default in the performance by the Mortgagor of any obligation under the Association's Governing Instruments that is not cured within 60 days. Section 10.04 Unpaid Assessments. Any First Mortgagee who obtains title to a Residential Lot pursuant to the remedies provided in the Mortgage or foreclosure of the Mortgage shall not be liable for the Residential Lot's unpaid assessments that accrue prior to the acquisition of title to the Residential Lot by the Mortgagee. Section 10.05 Mortgagee Approval of Material Amendments. Notwithstanding Article KI of this Declaration, any amendments governing any of the following shall require the prior written approval of at least 51 percent of the First Mortgagees and at least 67 percent of the total voting power of the Members: (a) Rights to use the Common Area; (b) Members' interests in the Common Area; and (c) Any provisions expressly benefiting First Mortgagees or insurers or governmental guarantors of First Mortgages. Notwithstanding the foregoing, any First Mortgagee who receives a written request from the Board to approve a proposed amendment or amendments requiring consent under this Section who does not deliver a negative response to the Board within 30 days of the receipt of the request shall be deemed to have approved the proposed amendment or amendments. Section 10.06 Mortgagee Approval of Other Actions. Unless at least 67 percent of the First Mortgagees (based upon one vote for each First Mortgage owned), or 67 percent of the total voting power of the Members, have given their prior written approval, the Association shall not be entitled to: (a) Change the pro rata interest or obligations of any individual Residential Lot for either of the following purposes: (1) Levying assessments or charges, or allocating distributions of hazard insurance proceeds or condemnation awards; or (2) Determining the pro rata interest of each Member in the Common Area and the improvements thereon. (b) By act or omission, seek to abandon, partition, subdivide, encumber, sell, or transfer the Common Area (the granting of easements for public utilities or for other public purposes consistent with the intended use of the Common Area shall not be deemed a transfer within the meaning of this clause); (c) Use hazard insurance proceeds for losses to the Common Area for other than the repair, replacement, or reconstruction of that property, except as provided by statute in case of substantial loss to the Common Area. 3ft112 10120.4 4114293 v1 24 Section 10.07 Liens. All taxes, assessments, and charges that may become liens prior to the First Mortgage under local law, shall relate only to the individual Residential Lot and not to the Development as a whole. Section 10.08 Priority. No provision of the Governing Instruments gives any Member, or any other party, priority over any rights of the First Mortgagee of the Residential Lot pursuant to its Mortgage in the case of a distribution to the Member of insurance proceeds or condemnation awards for losses to, or a taking of, all or a portion of the Common Area. Section 10.09 Reserve Fund. Association assessments shall be large enough to provide for an adequate reserve fund for maintenance, repairs, and replacement of those common elements that must be replaced on a periodic basis. The reserve fund shall be funded by the regular assessments rather than by special assessments. Section 10.10 Management. Any agreement for professional management of the Development shall not exceed three years and shall provide that either party may terminate the agreement, with or without cause and without the imposition of a termination fee, on 90 days written notice. Section 10.11 Right to Inspect Books and Records. Institutional First Mortgagees, upon written request, shall have the right to (1) examine the books and records of the Association during normal business hours; and (2) require the submission of any financial data furnished to the Members by the Association. Section 10.12 Right to Furnish Mortgage Information. Each Member hereby authorizes the First Mortgagee of a First Mortgage on the Member's Residential Lot to furnish information to the Board concerning the status of the First Mortgage and the loan that it secures. ARTICLE XI AMENDMENTS Section I L0 Amendments by Members. Subject to the other provisions of this Declaration, this Declaration may be amended as follows: (a) Any amendment or modification of the Articles hereof entitled "Covenant for Maintenance Assessments," "Nonpayment of Assessments," "Architectural Control," and "Repair and Maintenance," or of this Section shall require the affirmative vote or written approval of not less than sixty percent (60%) of the of the voting power of the Association. (b) Any amendment or modification of any Article other than those specified in subparagraph (a) above shall require the affirmative vote or written approval of a majority of the voting power of the Association. (c) An amendment or modification that requires the vote and written assent of the of the voting power of the Association as hereinabove provided shall be effective when executed by the President and Secretary of the Association who shall certify that the amendment or modification has been approved as hereinabove provided, and when recorded in the Official 3/1/12 10120.4 #114293 v 1 25 Records of the County. The notarized signatures of the Members shall not be required to effectuate an Amendment of this Declaration. (d) Notwithstanding the foregoing, any provision of this Declaration, or the Articles, Bylaws or Association Rules which expressly requires the approval of a specified percentage of the voting power of the Association for action to be taken under said provision can be amended only with the affirmative vote or written assent of not less than the same percentage of the Voting Power of the Association. Section 11.02 Amendments Pursuant to Court Order. If this Declaration requires a proposed amendment to be approved by the affirmative vote of a specified percentage (exceeding 50 percent) of the voting power of the Association, and more than 50 percent but less than the required supermajority of the voting power of the Association approve the amendment, the Association or any Member may petition the Superior Court of Orange County, California, subject to the requirements, limitations, and exceptions set forth in Civil Code Section 1356 , for an order reducing the percentage of the affirmative votes necessary for the amendment or approving the amendment. If such an order is issued, the amendment shall be acknowledged by any person designated by the Association for that purpose or, if no such designation is made, by the President of the Association, and that person shall have the amendment and the court order recorded in Orange County, California. Upon recordation, the amended provision or provisions of this Declaration shall have the same force and effect as if the amendment were adopted in compliance with every requirement imposed by this Declaration and the other governing documents. Within a reasonable time after recordation, the Association shall mail a copy of the amendment and a statement regarding the amendment to each Member. ARTICLE XII GENERAL PROVISIONS Section 12.01 Term. The provisions of this Declaration shall continue in effect for a term of twenty-five (25) years from the date of execution. Thereafter, it shall be automatically extended for successive periods of ten (10) years, until the membership of the Association decides to terminate it. Section 12.02 Enforcement. The Association, or any Member, shall have the right to enforce by proceedings at law or in equity, all restrictions, conditions, covenants and reservations, now or hereafter imposed by the provisions of this Declaration or any amendment thereto, including the right to prevent the violation of such restrictions, conditions, covenants, or reservations and the right to recover damages or other dues for such violation. The Association or any Member shall also have the right to enforce by proceedings at law or in equity the provisions of the Articles or Bylaws and any amendments thereto. With respect to architectural control and Association Rules, the Association shall have the exclusive right to the enforcement thereof unless the Association refuses or is unable to effectuate such enforcement, in which case any Member who otherwise has standing shall have the right to undertake such enforcement. With respect to Assessment Liens, the Association shall have the exclusive right to the enforcement thereof. 3/1112 10120.4 # 114293 v 1 26 Section 12.03 Cumulative Remedies. All rights, options and remedies of Declarant, the Association, or the Members under this Declaration are cumulative, and no one of them shall be exclusive of any other, and Declarant, the Association, and the Members shall have the right to pursue any one or all of such rights, options and remedies or any other remedy or relief which may be provided by law, whether or not stated in this Declaration. Section 12.04 Nonwaiver of Remedies. Each remedy provided for in this Declaration is separate, distinct, and nonexclusive. Failure to exercise a particular remedy shall not be construed as a waiver of the remedy. Section 12.05 Attorneys' Fees. In any action to enforce this Declaration, the prevailing party shall be entitled to recover reasonable attorneys' fees and costs. Section 12.06 Severability. The provisions of this Declaration shall be deemed independent and severable, and the invalidity or partial invalidity or unenforceability of any one provision shall not affect the validity or enforceability of any other provision. Section 12.07 Binding. This Declaration, as well as any amendment to it and any valid action or directive made pursuant to it, shall be binding on the Declarant and the Members and their heirs, grantees, tenants, successors, and assigns. Section 12.08 Interpretation. The provisions of this Declaration shall be liberally construed and interpreted to effectuate its purpose of creating a uniform plan for the operation of a planned development. Failure to enforce any provision of this Declaration shall not constitute a waiver of the right to enforce that provision or any other provision of this Declaration. Section 12.09 Effect of Declaration. This Declaration is made for the purpose set forth in the Recitals to this Declaration and Declarant makes no warranties or representations, express or implied as to the binding effect or enforceability of all or any portion of this Declaration, or as to the compliance of any of these Provisions with public laws, ordinances and regulations applicable thereto. Section 12.10 Limitation of Liability. The liability of any Member for performance of any of the provisions of this Declaration shall terminate upon sale, transfer, assignment, or other divestment of the Member's entire interest in his or her Residential Lot with respect to obligations arising from and after the date of the divestment. Section 12.11 Nonliability of Officials. To the fullest extent permitted by law, neither the Board, the Architectural Committee, and other committees of the Association or any member of such Board or committee shall be liable to any Member or the Association for any damage, loss or prejudice suffered or claimed on account of any decision, approval or disapproval of plans or specifications (whether or not defective), course of action, act, omission, error, negligence or the like made in good faith within which such Board, committees or persons reasonably believed to be the scope of their duties. Section 12.12 Fair Housing. Neither Declarant nor any Member shall, either directly or indirectly, forbid the conveyance, encumbrance, renting, leasing, or occupancy of the Member's Residence or Residential Lot to any person on the basis of race, color, sex, religion, ancestry, or national origin. 3/1/12 10120.4 N 114293 v1 27 Section 12.13 Subleases. Any agreement for the subleasing or rental of a Residence or Residential Lot (hereinafter in this Section referred to as a "sublease") shall provide that the terms of such sublease shall be subject in all respects to the provisions of this Declaration, the Articles, the Bylaws and the Association Rules. Said sublease shall further provide that any failure by the sublessee thereunder to comply with the terms of the foregoing documents shall be a default under the sublease. All subleases shall be in writing. Any Member who shall sublease his Residence or Residential Lot shall be responsible for assuring compliance by such Member's sublessee with this Declaration, the Articles, the Bylaws and the Association Rules. Section 12.14 Notices. Any notice to be given hereunder shall be in writing and may be delivered as follows: (a) Notice to a Member shall be deemed to have been properly delivered when delivered to the Member's Residence, or placed in first class United States mail, postage prepaid, to the most recent address furnished by such Member in writing to the Association for the purpose of giving notice, or if no such address shall have been furnished, then to the street address of such Member's Residence. Any notice so deposited in the mail within the City shall be deemed delivered forty-eight (48) hours after such deposit. in the case of joint owners of a Residence any such notice may be delivered or sent to any one of the joint owners on behalf of all joint owners and shall be deemed delivery on all such joint owners. (b) Notice to the Association shall be deemed to have been properly delivered when placed in the first class United States mail, postage prepaid, to the address furnished by the Association or the address of its principal place of business. (c) The affidavit of an officer or authorized agent of the Association declaring under penalty of perjury that a notice has been mailed to any Member or Members, or to all Members, to the address or addresses shown on the records of the Association, shall be deemed conclusive proof of such mailing, whether or not such notices are actually received. Section 12.1; Numbers and Headings. As used in this Declaration, the singular shall include the plural, unless the context requires the contrary. The headings are not a part of this Declaration, and shall not affect the interpretation of any provision. Executed on 7(1d //?' at Newport Beach, Orange, California. DECLARANT CITY OF NEWPORT BEACH, a California chartered municipal c By: ` Nancy GaIfr, Mayor 311/12 10120.4 #114293 v 28 Acknowledgment STATE OF CALIFORNIA I ) ss COUNTY OF ORANGE ) On lU , befor me, L, I I'� .S a Notary Public, personall appeared IsI&OIA 64LONCK who proved to me on the basis of satisfactory evidence to be e person(s) whose nameM is/,4r.§ subscribed to the within instrument, and acknowledged to me that she/tf* executed the same in KN/her/tblAi,� authorized capacity(i), and that byr herltlr signature( ,�,n the instrument the person(s), or the entity upon behalf of which the person(�kacted, 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. N y Puglic L. HARRIS Commission # 184015i1 Notary Public • California 16Orange County M Comm. Ea fres Mar 12, 2018 vzo 3/1/12 10120.4 # 114293 v 1 29 EXHIBIT A LEGAL DESCRIPTION A parcel of land situated in the projected Northwest quarter of Section 35, Township 6 South, Range 10 West, S.B.B. & M., Change County, Calffornla, more particularly described as follows, to -Wt: Beginning at the U.S. Bulkhead Station No. 200, as shown upon a map entitled "Harbor Lines, Newport Bay Harbor, California", approved May 2!d, 1936, by the Secretary of War and on Me in the office of the United States District Engineer at Los Angles, California; running thence West along the U.S. Bulkhead line 147.50 feet to U.S. Station No. 137; thence North 39148' West along said Bulkhead line 535.53 feet; thence North 23° 57' 30" East 126.34 feet to an angle point in the ordinary high tide of the Pacific Ocean in Newport Bay, as described in Court Case No. 24026 of the Superior Court of the State of California, in and for the County of Orange; thence South 39° 48' East along said ordinary high tide line 334.47 feet to the most Westerly comer of that certain parcel of land conveyed to the City of Newport Beach by the Irvine Company, as described in deed recorded September 25Eh, 1929, in Book 306, page 375 of Official Records of Orange County, California; thence North 230 57' 30" East along the Northwesterly line of said parcel of land 317.57 feet; thence South 711 54' East along the Northerly fine of said parcel of land 290.24; then South 85° 43' East along the Northerly line of said parcel of land, said Northerly line being the Southerly line of Bayside Drive, 606.01 feet; thence South 424.71 feet to a point in the U.S. Govt. Bulkhead line between U.S. Stations Nos. 101 and 200; thence West along said Bulkhead line 784.25 feet to the point of beginning containing approximately twelve (12) acres. 3/1/12 10120.4 #114293 v A-1 EXHIBIT B COMMON AREA LEGAL DESCRIPTION Lots 62 and A through J as shown on that certain record of Survey filed In the OfPlclal Records of the County of Orange, State of Cafifomia, as Instrument Number 5383 on February 28, 1539 covering a portion of the projected Northwest ane -quarter (114) of section 35, Township 6 South, Range 10 West, S.B.B.M. 3!1!12 10120.4 #114293 v B-1 Ri m C 0 cu rn a k r L r 8L1 Uz 90L DOL CD Dic w 'Coo c� a ton phi 1M` A 3A0n 333n 099 f Of04 � Z7Gy € f D£9 pz9 819 ti "L9 -009 to Lo �N(N Nr 1, NY to r to to W� N r M fi(r�} M Ute) �ko 4 N (CNN IE 3A0n 333n 099 f Of04 � Z7Gy € f D£9 pz9 819 ti "L9 -009 N o a sm QJ k2wooHos r` € to Lo �N(N Nr 1, NY to co to to N C? r M fi(r�} M Ute) cr) M P7 N o a sm QJ k2wooHos r` € r �7 - T a son 3ACO 2i3113145 . to Lo �N(N Nr 1, NY to co to to r �7 - T a son 3ACO 2i3113145 . to Lo �N(N Nr 1, NY to to to U7 ' rr ^: o CWHD13)4' D son „ N _ J T Mi r s v ion 3/1/12 10120.4 N 114293 vl B-2 to Lo . Nr 1, NY to to to U7 ' CD CD ;rl qjr Mi r s v ion 3/1/12 10120.4 N 114293 vl B-2 U7 ' CD CD ;rl qjr en Lo to to to U7 CD Mi r s v ion 3/1/12 10120.4 N 114293 vl B-2 EXHIBIT "E" Recording Requested By and When Recorded Return To: City of Newport Beach 100 Civic Center Drive P.O. Box 1768 Newport Beach, California 92658-8915 Attn: City Clerk (Exempt From Recording Fees Pursuant to Government Code § 27383) (SPACE ABOVE THIS LINE FOR RECORDER'S USE) MEMORANDUM OF LEASE THIS MEMORANDUM OF LEASE is made and entered into between the City of Newport Beach, a California municipal corporation and charter city ("Lessor") and Kenneth H. Crume and Gail A. Crume, Trustees of the Crume Family Trust dated January 14, 1988 ("Lessee"). Lessor hereby leases to Lessee that real property located in the City of Newport Beach, County of Orange, California, described in Exhibit 1" attached hereto ("Property"). The term of the Lease is fifty (50) years, commencing April 2lsr , 2014 and ending April 2 t" , 2064. This Memorandum of Lease is subject to the terms, conditions and provisions of an unrecorded Lease between the parties dated April 2-t 5r- , 2014, which is incorporated herein by reference. Unless extended by a recorded amendment or supplement hereto, this Memorandum of Lease will automatically terminate as of April , 2064. [SIGNATURES ON NEXT PAGE] 1 IN WITNESS WHEREOF, the Parties have caused this Memorandum of Lease to be executed on the dates written below. APPROVED AS TO FORM: OFFICE OF THE CITY ATTORNEY Date: By: Aaron Harp City Attorney ATTEST: Date: By: Leilani I. Brown City Clerk L OaN%P 2 CITY OF NEWPORT BEACH, a California municipal corporation Date: g1j6,14.\ By: David Ki City Manager LESSEE Date: �-- By: % " y� Kenneth H. Crume, Trustee of the Crume Family Trust dated January 14, 1988 Date: By: -6 I, (2.(°rctr Gail A. Crume, Trustee of the Crume Family Trust dated January 14, 1988 State of California CALIFORNIA ALL-PURPOSE Countyof Oyw,niR CERTIFICATE OF ACKNOWLEDGMENT On q- IS Ig before me, 10ofpit, e, (here insert name and title of the officer) personally appeared K e Q 1X! e N kt. Cr uy" e o(ri-1_ of 1t1 14. cr spm e 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 signature(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 OPTIONAL INFORMATION DANIEL BELL COMM. #1971449 it ^en Notary Public - California o z� Orange County My Comm. Expires Mar. 8, 2016) (Seal) Although the information in this section is not required bylaw, it could prevent fraudulent removal and reattachment of this acknowledgment to an unauthorized document and may prove useful to persons relying on the attached document. Description of Attached Document The preceding Certificate of Acknowledgment is attached to a document titled/for the purpose of containing pages, and dated The signer(s) capacity or authority is/are as: ❑ Individual(s) ❑ Attorney -in -Fact ❑ Corporate Officer(s) ❑ Guardian/Conservator ❑ Partner - Limited/General ❑ Trustee(s) ❑ Other: representing: EM Name(s) of Person(s) or Entity((es) signer is Representing Proved to me on the basis of satisfactory evidence: LQ form(s) of identification 0 credible witness(es) Notarial event is detailed in notary journal on: Page # Entry # Notary contact: Other ❑ AdditionalSigner(s) ❑ Signer(s)Thumbprint(s) ^s Copyright 2007-2011 Notary Rotary, Inc RD Box 41400, Des Moines, IA 50311-0507 All Rights Reserved Item Number 101772. Please contact your Authorized Reseller to purchase copies of this form. CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 State of California County of MAN c -,a On before me,jENNtPEY_ A(\&t rnul _Ve`( j�gTpkr2N B) t , Date Here Insert Name and Title Lof the Officer personally appeared DA V, �__ �/_ l F JENNIFER ANN MULVEY r Commission # 2045022 Notary Public - California Z Orange County My Comm. Expires Oct 12, 2017 Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(g whose name( is/fie subscribed to the within instrument and acknowledged to me that he/sem/toy executed the same in his/hgr/toir authorized capacity(ie,�), and that by his/hQr/their signature( on the instrument the person*,, 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. Place Notary Seal Above Signature: )'Sl'gnatutTotary Public OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Number of Pages Document Date: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: �y •y 'rr •y •y 'y 'y •y 'y •y •y "y •yyv •y •y 'y 'y •y •y •y '� •y 'y •y; y •y •y -y •ai `y •y.•y •y -ez •yS'a'S� 'z 'y .y `ar .y •y •,v `y EXHIBIT "1" LEGAL DESCRIPTION OF THE PROPERTY That certain real property located in the City of Newport Beach, County of Orange, California, described as follows: Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. 3 RECORDING REQUESTED By FIRST MMERICAN TITLE COMPANY RESIDENTIAL DIVISION Recording Requested By and When Recorded Return To: City of Newport Beach 100 Civic Center Drive P.O. Box 1768 Newport Beach, California 92658-8915 Attn: City Clerk Recorded in Oficial Records, Orange County Hugh Nguyen, Clerk -Recorder I[ 1 11 11J11 111$11]J1 11 18.00 *$ R 0 0 0 6 6 4 4 8 2 6$ 2014000151013 3:37 pm 04121114 53 Sec2 M11 5 07 646.25 646.25 0.00 0.00 12.00 0.00 0.00 0.00 /BJ1-,-2 (SPACE ABOVE THIS LINE FOR RECORDER'S USE) MEMORANDUM OF LEASE THIS MEMORANDUM OF LEASE is made and entered into between the City of Newport Beach, a California municipal corporation and charter city ("Lessor") and Kenneth H. Crume and Gail A. Crume, Trustees of the Crume Family Trust dated January 14, 1988 ("Lessee"). Lessor hereby leases to Lessee that real property located in the City of Newport Beach, County of Orange, California, described in Exhibit 1" attached hereto ("Property"). The term of the Lease is fifty (50) years, commencing April 2lsr , 2014 and ending April 2IsT , 2064. This Memorandum of Lease is subject to the terms, conditior s and provisions of an unrecorded Lease between the parties dated April 2.15 , 2014, which is incorporated herein by reference. Unless extended by a recorded amendment or supplement hereto, this Memorandum of Lease will automatically terminate as of April 'IVs , 2064. [SIGNATURES ON NEXT PAGE] 1 RIMM MS REQUESTED BY FIRST kMERICAN TI i LE COMPANY RESIDENTIAL DIVISION Recording Requested By and When Recorded Return To: City of Newport Beach 100 Civic Center Drive P.O. Box 1768 Newport Beach, California 92658-8915 Attn: City Clerk -70 44113(SPACE ABOVE THIS LINE FOR RECORDER'S USE) MEMORANDUM OF LEASE THIS MEMORANDUM OF LEASE is made and entered into between the City of Newport Beach, a California municipal corporation and charter city ("Lessor") and Kenneth H. Crume and Gail A. Crume, Trustees of the Crume Family Trust dated January 14, 1988 ("Lessee"). Lessor hereby leases to Lessee that real property located in the City of Newport Beach, County of Orange, California, described in Exhibit 1" attached hereto ("Property"). The term of the Lease is fifty (50) years, commencing April 2�sr , 2014 and ending April 21sT , 2064. This Memorandum of Lease is subject to the terms, conditions and provisions of an unrecorded Lease between the parties dated April 2-t 5r- , 2014, which is incorporated herein by reference. Unless extended by a recorded amendment or supplement hereto, this Memorandum of Lease will automatically terminate as of April 21s� , 2064. [SIGNATURES ON NEXT PAGE] 1 IN WITNESS WHEREOF, the Parties have caused this Memorandum of Lease to be executed on the dates written below. APPROVED AS TO FORM: OFFICE OF THE CITY ATTORNEY Date: !-1 �-14 By: U A,(jv, fir Aaron Harp City Attorney ATTEST: Date: By: Leilani I. Brown City Clerk ®ORN%F` CITY OF NEWPORT BEACH, a California municipal corporation Date:—t1,A1611 X By: 'L David Ki City Manager LESSEE Date: � - By: /' "',17� Kenneth H. Crume, Trustee of the Crume Family Trust dated January 14, 1988 Date: By: -6x A t. a. Gail A. Crume, Trustee of the Crume Family Trust dated January 14, 1988 2 State of California ) CALIFORNIA ALL-PURPOSE Countyof Qvcte4q CERTIFICATE OF ACKNOWLEDGMENT On q- !S - Ig before me, 6aM116 ( 46ll nol6k aCJ0)(C , (here insert name and title oft e offic ) personally appeared K 2�J �( ��� (ter u v i e C(fid C-1 of Ir /+ 1 14' cr vvfl 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 signature(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 _/:�D, OPTIONAL INFORMATION *.y� DANIEL BELL COMM. #1971449Notary Public - CaliforniaZ Orange County Comm. Ek ires Mar. 8, 2016' (Seal) Although the information in this section is not required bylaw, it could prevent fraudulent removal and reattachment of this acknowledgment to an unauthorized document and may prove useful to persons relying on the attached document. Description of Attached Document The preceding Certificate of Acknowledgment is attached to a document titled/for the purpose of containing pages, and dated The signer(s) capacity or authority is/are as: ❑ Individual(s) ❑ Attorney -in -Fact ❑ Corporate Officer(s) ❑ Guardian/Conservator ❑ Partner - Limited/General ❑ Trustee(s) ❑ Other: representing: Title(s) Name(s) of Person(s) or Entity(ies) Signer is Representing Method of Signer Identification Proved to me on the basis of satisfactory evidence: LO form(s) of identification 0 credible witness(es) Notarial event is detailed in notaryjournal on: Page # Entry # Notary contact: Other ❑ AdditionalSigner(s) ❑ Signer(s)Thumbprint(s) O Copyright 2007-2011 Notary Rotary, Inc. PO Box 41400, Des Moines, IA 50311-0507. All Rights Reserved. Item Number 101772. Please contact your Authorized Reseller to purchase copies of this form. CALIFORNIA -•ACKNOWLEDGMENT CIVIL CODE § 1189 State of California County of OPIAN (�C_ On PIP 2\L \ U j 2_0 H before me, J eNN4FE,t_ AMt-3 MU OVEJ N6TW2�1 R}t,(..,.t(' Date Here Insert Name and TitleLof the Officer personally appeared pA V�c k l F jJENNIFER ANN MULVEY Commission # 2045022ZNotary Public - California Orange County My Comm. Expires Oct 12, 2017 Name(s) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(g whose name(j) is/ore subscribed to the within instrument and acknowledged to me that he/sem/tf ey executed the same in his/her/th, eir authorized capacity(ies), and that by his/her/their signature( on the instrument the person(*, 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. Place Notary Seal Above Signature: /�, 1 Signature of� otary Public OPTIONAL ) \ v Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Signer's Name: ❑ Corporate Officer — Title(s): [-]Partner — ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: L'�4�✓4�✓ �4�: ✓4�4�U,4-✓4'�6'✓.�'✓.: ✓.��_.4'✓ -✓-✓.�`✓-.G�.�'✓.4'�4'rr4•✓ '•✓4-ar4�✓ .ti ✓ :v ✓4 �. ✓. ✓. ✓ ei4'�. ✓ ✓ ✓. v ,v�. ✓ �, ai er, EXHIBIT "1" LEGAL DESCRIPTION OF THE PROPERTY That certain real property located in the City of Newport Beach, County of Orange, California, described as follows: Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. 3 BOE -502-A (P1) REV. 12 (05-13) PRELIMINARY CHANGE OF OWNERSHIP REPORT To be completed by the transferee (buyer) prior to a transfer of subject property, in accordance with section 480.3 of the Revenue and Taxation Code. A Preliminary Change of Ownership Report must be tiled with each conveyance in the County Recorder's office for the county where the property is located. NAME AND MAILING ADDRESS OF BUYER/TRANSFEREE Escrow No.: 46473 -BF WEBSTER J. GUILLORY ORANGE COUNTY ASSESSOR (714)834-5031 (Make necessasy correctlons to the printed name and mailing address) I� ASSESSOR'S PARCEL NUMBER The Crume Family Trust dated January 14, 1988 SELLER/TRANSFEROR The Estate of Jeffrey Michael Harris BUYER'S DAYTIME TELEPHONE NUMBER L BUYER'S EMAIL STREET ADDRESS OR PHYSICAL LOCATION OF REAL PROPERTY 48 Beacon Bay, Newport Beach, CA 92660 MAIL PROPERTY TAX INFORMATION TO (NAME) The Crume Family Trust dated January 14, 1988 I u i r I STATE ZIP CODE J YES ❑ NO This properfy is intended as my principal residence. If YES, pl ase indicate the date of occupancy MO DAY I YEAR or intended occupancy. r / Z4//,-, PART 1. TRANSFER INFORMATION Please complete all statements. This section contains possible exclusions from reassessment for certain types of tranfers. YES NO ❑ M A. This transfer is solely between spouses (addition or removal of a spouse, death of a spouse, divorce settlement, etc.). ❑ 04 B. This transfer is solely between domestic partners currently registered with the California Secretary of State (addition or removal of a partner, death of a partner, termination settlement, etc.). ❑ * C. This is a transfer: ❑ between parent(s) and child(ren) ❑ from grandparent(s) and grandchild(ren). ❑ +W" D. This transfer is the result of a cotenant's death. Date of death ❑ * E. This transaction is to replace a principal residence by a person 55 years of age or older. Within the same county? 'LYES ❑ NO ❑ "F. This transaction is to replace a principal residence by a person who is severely disabled as defined by Revenue and Taxation Code section 69.5. Within the same county? ❑ YES ❑ NO ❑ G. This transaction is only a correction of the name(s) of the person(s) holding title to the property (e.g., a name change upon marriage). If YES, please explain: ❑ 40 H. The recorded document creates, terminates, or reconveys a lender's interest in the property. ❑ , I. This transaction is recorded only as a requirement for financing purposes or to create, terminate, or reconvey a security interest (e.g., cosigner). If YES, please explain: _ ❑ J. The recorded document substitutes a trustee of a trust, mortgage, or other similar document. ❑ JM K. This is a transfer of property: 1. to/from a revocable trust that may be revoked by the transferor and is for the benefit of ❑ the transferor, and/or ❑ the transferor's spouse ❑ registered domestic partner. ❑ a 2. to/from a trust that may be revoked by the creator/grantor/trustor who is also a joint tenant, and which names the other joint tenant(s) as beneficiaries when the creator/grantor/trustor dies. ❑ 3. to/from an irrevocable trust for the benefit of the ❑ creator/grantor/trustor and/or ❑ grantor's/trustor's spouse ❑ grantor's/trustor's registered domestic partner. ❑ L. This property is subject to a lease with a remaining lease term 35 years or more including written options. ❑ M. This is a transfer between parties in which proportional interests of the transferor(s) and transferee(s) in each and every parcel being transferred remain exactly the same after the transfer. ❑ N. This is a transfer subject to subsidized low-income housing requirements with governmentally imposed restrictions. ❑ " O. This transfer is to the first purchaser of a new building containing an active solar energy system. * Please refer to the instructions for Part 1. Please provide any other information that will help the Assessor understand the nature of the transfer. THIS DOCUMENT IS NOT SUBJECT TO PUBLIC INSPECTION Escrow No.: 46473 -BF BOE-502-A(P2) REV. 12 (05-13) PART 2. OTHER TRANSFER INFORMATION Check and complete as applicable. A. Date of transfer, if other than recording date: B*Te of transfer: urchase ❑ Foreclosure ❑ Gift ❑ Trade or exchange ❑ Merger, stock, or partnership acquisition (Form BOE -100-B) ❑ Contract of sale. Date of contract: ❑ Inheritance. Date of death: ❑ Sale/LeasebackA*Creation of a lease ❑ Assignment of a lease ❑ Termination of a lease, Date lease began: Original term in years(including/written options): Remaining term in years (including written options): ❑ Other. Please explain: C�����%-% C. Only a partial interest in the property was transferred. ❑ Yes J# No If YES, indicate the percentage transferred: PART 3. PURCHASE PRICE AND TERMS OF SALE Check and complete as applicable. A. Total purchase price $ B. Cash down payment or value of trade or exchange excluding closing costs Amount $ 4(--Y,-* OUO C. First deed of trust @ % interest for / years. Monthly payment $��� Amount $ ❑ FHA Discount Points) ) ❑Cal -Vet ❑ VA (_ Discount Points) Fixed rate ❑Variable rate ❑ Bank/Savings & Loan/Credit Union *Loan carried by ❑ Balloon payment $ C5 Due date: D. Second deed of trust @ % interest for years. Monthly payment $ Amount $ ❑ Fixed Rate ❑ Variable rate ❑ Bank/Saving & Loan/Credit Union ❑ Loan carried by seller ❑ Balloon payment $ Due date: E. Was an Improvement Bond or other public financing assumed by the buyer? DYES NO Outstanding balance $ F. Amount, if any, of real estate commission fees paid by the buyer which are not included in the purchase price $ G. The property was purchased.#Through real estate broker. Broker name d�X/l Phone number: (94"� 4502 -, O57 ❑ Direct from seller ❑ From a family member -Relationship ❑ Other. Please explain: H. Please explain any special terms, seller concessions, broker/agent fees waived, financing, and any other information (eq.,buyer assumed the existing loan balance) that would assist theAssessor in the valuation of your property. �.� /yJ✓�/��ki /?��,,(j PART 4. PROPERTY INFORMATION Check and complete as applicable. A. Type of property transferred Aar Single-family residence ❑ Co-op/Own-your-own ❑ Manufactured home Multiple -family residence. Number of units: ❑ Condominium ❑ Unimproved lot 'Other. Description: (i.e., timber, mineral, water rights, etc.) ❑ Timeshare ❑ Commercial/Industrial B. DYES 0 Personal/business property, or incentives, provided by seller to buyer am included in the purchase price. Examples of personal property are furniture, farm equipment, machinery, etc. Examples of incentives are club memberships, etc. Attach list if available. If YES, enter the value of the personal/business property: 9 C. DYES NO A manufactured home is included in the purchase price. If YES, enter the value attributed to the manufactured home: 9 ❑YES ❑NO The manufactured home is subject to local property tax. If NO, enter decal number: D. DYES 4"NO The property produces rental or other income. If YES, the income is from: ❑ Lease/rent ❑ Contract ❑ Mineral rights ❑ Other: Incentives $ E. The condition of the property at the time of sale was: �7❑ Good ❑ Average 4,52- CERTIFICATION ❑ Poor _ Please describe: i�O�C ��G✓L� ��/�/ �*4 `row/- CERTIFICATION / certify (or declare) that thVoregoing and all information hereon, including any accompanying statements or documents, is true and correct to the best of my knowledge and beke . SIGNATURE OFPYER7A_98FEREE OR CORPORATE OFFICER DATE / TELGPOO�E ATIVE/CORPORATE OFFICER Assessor's office may contact you for additional information regarding the transaction. C� PFCORDTNG REQUEMD BY FIR.;; A61F.PICAR TITLE COMPANY RESIDENTIAL DM510N Recording Requested By and When Recorded Return To: City of Newport Beach 100 Civic Center Drive P.O. Box 1768 Newport Beach, California 92658-8915 Attn: City Clerk Recorded in Official Records, Orange County Hugh Nguyen, Clerk -Recorder II II II 111 II I II III III III I II NO FEE *$ R 0 0 0 6 6 4 4 8 2 S$ 2014000151012 3:37 pm 04121114 53 Sec2 T03 4 0.00 0.00 0.00 0.00 9.00 0.00 0.00 0.00 (Exempt From Recording Fees Pursuant to Government Code § 27383) 14-57-J6 70— IM -1-31 (SPACE ABOVE THIS LINE FOR RECORDER'S USE) TERMINATION OF LEASEHOLD This Termination of Leasehold is made this 21 day of April, 2014, by and between the CITY OF NEWPORT BEACH, hereinafter called "Lessor", and David M. Harris, Administrator of the Estate of Jeffrey Michael Harris, deceased, hereinafter called "Lessee". RECITALS A. Lessor and Lessee executed a lease on June 25, 2010, for which a Memorandum of Lease was recorded June 30, 2010, by the County Recorder of Orange County, California as Instrument No. 10-311344. By the terms of the Lease, the following described property was leased to Lessee until July°1, 2044. Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. B. Lessee desires to terminate said Lease and all rights to the possession of the Lease premises and to release Lessor from its obligations under the Lease, and Lessor desires to accept said termination and to release Lessee from his obligations under the Lease. AGREEMENT Lessee agrees to terminate the Lease as described herein above as of April Zl , 2014, and Lessor agrees to accept such termination, and Lessor and Lessee agree to discharge and release each other from all obligations under the Lease as of said date. ry PAGE] [SIGNATURES ON NEXT R AMRICAN TITLE COMPANY RESIDENTAL MASON Recording Requested By and When Recorded Return To: City of Newport Beach 100 Civic Center Drive P.O. Box 1768 Newport Beach, California 92658-8915 Attn: City Clerk (Exempt From Recording Fees Pursuant to Government Code § 27383) 6 12 (SPACE ABOVE THIS LINE FOR RECORDER'S USE) TERMINATION OF LEASEHOLD This Termination of Leasehold is made this Zts� day of April, 2014, by and between the CITY OF NEWPORT BEACH, hereinafter called "Lessor", and David M. Harris, Administrator of the Estate of Jeffrey Michael Harris, deceased, hereinafter called "Lessee". RECITALS A. Lessor and Lessee executed a lease on June 25, 2010, for which a Memorandum of Lease was recorded June 30, 2010, by the County Recorder of Orange County, California as Instrument No. 10-311344. By the terms of the Lease, the following described property was leased to Lessee until July 1, 2044. Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. B. Lessee desires to terminate said Lease and all rights to the possession of the Lease premises and to release Lessor from its obligations under the Lease, and Lessor desires to accept said termination and to release Lessee from his obligations under the Lease. AGREEMENT Lessee agrees to terminate the Lease as described herein above as of April Zls , 2014, and Lessor agrees to accept such termination, and Lessor and Lessee agree to discharge and release each other from all obligations under the Lease as of said date. [SIGNATURES ON NEXT PAGE] 1 IN WITNESS WHEREOF, the Parties have caused this Termination of Leasehold to be executed on the dates written below. APPROVED AS TO FORM: CITY OF NEWPORT BEACH, OFFICE OF THE CITY ATTORNEY A California municipal corporation Date: - (� - j +-� Date: It) 14114 By: r By: V. Aaron Harp David Kiff City Attorney City Manager ATTEST: / ,j LESSEE Date: Date: C By. By. Leilani I. Brown City Clerk orz14%�'- David M. Harris, Administrator for the Estate of Jeffrey Michael Harris N CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT STATE OF CALIFORNIA } } S.S. COUNTY OF ORANGE } On H- 3 - � O 1 V before me, L. R. Walin a Notary Public in and for said state, personally appeared _ b'%y 6 y_ who proved to the on the basis of satisfactory evidence to be the persons) whose name(&&) is/are subscribed to the within instrument and acknowledged to me that he/sheAhey executed the same in his/hef4heir authorized capacity(ies), and that by his/hen4eir signature(-&) on the instrument the person(&), or the entity upon behalf of which the person(&) 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 L. R. W�ALIN 7 = NOTARY PUBLIC - CALIFORNIA y = COMMISSION# 2036941 ORANGE COUNTY M Comm. Ex . Au uet 23, _ This area for official notarial seal. OPTIONAL SECTION CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document. [ ] INDIVIDUAL [ ] CORPORATE OFFICER(S) TITLE(S) [ ] PARTNER(S) — [ ] LIMITED [ ] GENERAL [ ] ATTORNEY-IN-FACT [ ] TRUSTEE(S) [ ] GUARDIAN/CONSERVATOR [ ] OTHER SIGNER IS REPRESENTING: Name of Person or Entity Name of Person or Entity OPTIONAL SECTION THIS CERTIFICATE MUST BE ATTACHED TO THE DOCUMENT DESCRIBED BELOW TITLE OR TYPE OF DOCUMENT: Te sc h. a cod. Q � Le 4r c "c ld NUMBER OF PAGES -I- DATE OF DOCUMENT SIGNER(S) OTHER THAN NAMED ABOVE CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 State of California County of C) 2'At On \U , 20 1 before me,J6NNFC—IQ— Kk(UN TUL-VEJ (\iDiAP`( j06Lt�_ Date Here Insert Name and Title of the Officer personally appeared JENNIFER ANNA MULMEY Commission # 2045022 Z ;AFS Notary Public - California Orange County My Comm. Expires Oct 12, 2017! Place Notary Seal Above Names) of Signer(s) who proved to me on the basis of satisfactory evidence to be the person(o whose name(4 is/ap subscribed to the within instrument and acknowledged to me that he/sXe/tIaey executed the same in his/her/,their authorized capacity(igs), and that by his/her/ttpir signature(s) on the instrument the person( or the entity upon behalf of which the person(]i 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 hagd and official seal. Signature: OPTIONAL ` Though this section is optional, completing this information can deter alteration opt fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Signer's Name: document or ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Individual ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: L:� �.v.1�,6'✓ '✓ 'yG'✓ �4-✓.4-.ri"s.�'�. �: ✓G� •� •�� �,-mG✓S� �✓G'.................. . �.'✓i-rn._-�,4',':.✓.'✓G'rr:��.�✓.G'y -✓.�:0,�-10"" RECORDING REQUESTED BY TICOR TITLE TUSTIN-ORAN E CO. BRANCH a-5 Q 1 S -1 �., RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City Manager's Office City of Nswport Reach 3300 Net ,_,cit Boulevard Newport Beach, CA 92663 This Document was electronically recorded by Zang Recording Services GG -13 Recorded in Official Records, Orange County Tom Daly, Clerk -Recorder N Il llll 1111rllll 1111f111111go111111 18.00 2010000311344 04:30pm 06/30/10 93 401 M11 5 07 555.50 555.50 0.00 0.00 12.00 0.00 0.00 0.00 C tk cF New Grr� MEMORANDUM OF LEASE Tr�0.►�sfit r '{" Y t�t%t.60 THIS MEMORANDUM OF LEASE is made and entered into by and between THE CITY OF NEWPORT BEACH, a chartered municipal corporation, herein called "Lessor", and JEFFERY MICHAEL HARRIS, a single man, herein called "Lessee", to witness that: Lessor hereby leases to Lessee, commencing on Juni- a X0 and ending on July 1, 2044, on the terms and conditions set forth in that certain lease by and between the parties hereto dated tItAk e, 133.010 , all the terms and conditions of which lease are made a part hereof as though fulIV set forth herein, all those certain premises in the County of Orange, State of California, described as follows: t- of � A �CLj, Vl�c y, Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. EXECUTED onJ U -3 M*W, at Newport Beach, Orange County, California. ATTEST: QR{ CITY CLERK APPROVED AS TO FORM: CITY ATTORNE LESSOR THE CITY OF NEWPORT BEACH N CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of (d On A before me, AjibLl to Here .Here Insert Name And rolle of the Officer __�j � personally appeared \( i L, WASHINGTON commission 1840150 Notary pubile calffornia Orange County 201 MY Oomm 1-9 - _ _91 who proved to me on the basis of satisfactory evidence to be the person*) whose names) is/afe subscribed to the within instrument and acknowledged to me that he/s#eAhey executed the same in NsAie&ffieir authorized capacity(ies), and that by his4mTffimir signaturefs) on the instrument the person(&), or the entity upon behalf of which the person(.&) 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 ha nd official seal. Place Notary Seal ancVor Stamp Above Sig ure: k _ SignaWre of Nat ry Public OPTION) Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Dcicument o Title or Type of Document: Document Date: UIM j Number of Pages: Signer(s) Other Than Named Above: Capacity(les) Claimed by Signer(s) Signer's Name: Signer's Name: — 17-': Corporate Officer— Title(s): [73 Corporate Officer — Title(s): Individual Limited General Top of thumb here Partner — D T Attorney in Fact _J Trustee 77 1 _1, Guardian or Conservator Other: Signer Is Representing: Individual • Partner Limited 1'.M General Top of thumb here 7 Attorney in Fact E Trustee '--" Guardian or Conservator 7_3 Other: Signer Is Representing: 02008 National Notary Association - 9350 be Soto Ave., P.O. Box 2402 -Chatsworth.. CA 91313.2402• www,NationaiNotary.org Item #5907 Reorder Call Toll -Free 1-800-876-6827 CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT STATE OF CALIFORNIA } } S.S. COUNTY OF } On u ru I G lS'� Hca t r� before me, L 4 4-j n, said state, personally appeared J -c �y Notary Public in and for ` , 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 signature(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 1.1Aja _ ActtttD+tettttuuett►tntutinttettr L. R. WAUN �u Comm, #18&2353 NoWyRM-GWm t a Mf tkKcxn Ex4r2�59 'ittnaf to of This area for official notarial seal. OPTIONAL SECTION CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document. [ ] INDIVIDUAL [ ] CORPORATE OFFICER(S) TITLE(S) [ ] PARTNER(S) — [ ] LIMITED [ ] GENERAL [ ] ATTORNEY-IN-FACT ] TRUSTEE(S) [ ] GUARDIAN/CONSERVATOR [ ] OTHER SIGNER IS REPRESENTING: Name of Person or Entity Name of Person or Entity OPTIONAL SECTION THIS CERTIFICATE MUST BE ATTACHED TO THE DOCUMENT DESCRIBED BELOW TITLE OR TYPE OF DOCUMENT: NUMBER OF PAGES DATE OF DOCUMENT SIGNER(S) OTHER THAN NAMED ABOVE LEGAL DESCRIPTION 4A" THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF ORANGE, STATE OF CALIFORNIA, AND IS _DE5.CRISED AS FOLLOWS: LOT 48.. OF BEACON BAY SUBDIVISION, IN THE CITY OF NEWPORT BEACH, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 9, PAGE(S) 42 AND 43 OF RECORD OF SURVEYS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. LEASE i ( THIS LEASE is made and entered into as of the M*day of J UnP. . 2010, by and between the CITY OF NEWPORT BEACH, a Charter City and municipal corporation ("Lessor"), and Jeffery Michael Harris, a single man ("Lessee"), regarding the real property commonly referred to as Beacon Bay Lot 48. RECITALS A. The City of Newport Beach, by virtue of a 1978 legislative grant found in Chapter 74 of the C� Statutes of 1978 (the "Beacon Bay Bili"), holds the right, title and interest to certain tidelands and uplands �J commonly known as Beacon Bay and generally described in Exhibit A attached hereto and incorporated by reference. B. The Beacon Bay Bill frees the "Westerly portion" of the filled tidelands from the public trust and specifically authorizes the lease of the property for residential purposes subject to certain express statutory conditions. C. Beacon Bay, including the "Westerly Portion" thereof, has been divided into individual lots, with each lot leased by the City for residential purposes until December 31, 2005. D. On November 3, 1987, a majority of electors of the City approved a measure which authorized the City Council to enter into new leases of residential lots in Beacon Bay for a period not to exceed fifty (50) years, E. On November 3, 1992, a majority of electors of the City approved Measure M which authorized the City Council to lease tidelands and waterfront property consistent with the provisions of state law. F. The City Council, pursuant to the authority conferred by the electors, entered into negotiations with current lessees and the parties have agreed on the terms and conditions of a new lease with a fifty (50) year term, provision for adjustments in lease payments to reflect changes in the value of Beacon Bay leaseholds, and a recalculation of lease payments in the event of a transfer of the Lease by the Current Lessee or any Subsequent Lessee (as defined herein), G. Lessee acknowledges that the terms and conditions of this Lease may result in Lessee paying substantially more or less than another Lessee for similar property depending upon the date this Lease is executed, the date of any subsequent transfer, and the consideration paid for transfers of similarly situated property. H. Lessee acknowledges that accurate and complete reporting to the City of all consideration paid for the transfer of this Lease is vitally important to the City in that failure to fully report all consideration could materially reduce the amount of rent received by the City from other Beacon Bay Lessees. I. Lessor and Lessee acknowledge that the City has agreed to a fifty (50) year term and limited lease payment increases in consideration of provisions which require payment of rent approximating fair market rental value, without regard to any advantage maintained by Current Lessees, upon transfer by Current Lessees and payment of deferred rent in the event the Lease is not signed on or before. the Effective Date (as defined herein). J. The California State Lands Commission has reviewed the form of this Lease and determined that it is in conformance with the provisions of relevant statutes, rules and regulations, including, without limitation, the Beacon Bay Bill. K, Lessor has determined that this Lease is consistent with provisions of the Beacon Bay Bill, the Charter, General Pian and Zoning Ordinance of the City of Newport Beach, and of all other applicable state and local laws. N B 1-18787 t. V2 0 5/2 4194 L, Lessor has determined it is in the best interests of the citizens of Newport Beach to maintain the residential character of Beacon Bay and to enter into new leases with Current Lessees under the terms and conditions specified in this agreement. NOW, THEREFORE, in consideration of the foregoing recitals and the covenants in this lease, the parties agree as follows: 1. LEASED LAND. Lessor hereby leases to Lessee the real property commonly known as Beacon Bay Lot 48 (the "Leased Land"), which is more particularly described in Exhibit B, and generally depicted on Exhibit A, each attached hereto and Incorporated by reference, subject to the limitations on use specified in Sectlon 6. As used in this Lease, the term "Premises" shall refer to the Leased Land and any improvements constructed thereon, Lessor expressly reserves all oil, oil rights, gas, minerals, mineral rlghts, natural gas rights and other hydrocarbon substances in and under the Leased Land and the right to grant and transfer the same, together with all necessary and convenient rights to explore for, develop, produce and extract and take the same, subject to the express limitation that any and all operations for the exploration, development, production, extraction and taking of any such substance shall be carried on at levels below the depth of five hundred feet (500') from the surface of the land by means of wells, derricks and other equipment from surface locations on adjoining or neighboring land, and subject further to all restrictions and regulations concerning the drilling for, and production of, oil, gas, minerals, petroleum and other hydrocarbon substances specified in the Newport Beach City Charter or the Newport Beach Municipal Code. 2. TERM. The term of this Lease shall commence on the Execution Date, but in no event prior to the Effective Date, and shall expire on the date fifty (50) years following the Effective Date, unless earlier terminated as provided in this Lease. 3. RENTAL. A. Definitions, For the purposes of this Lease, the following terms shall be defined as specified in this paragraph. In certain cases, the definition of the term contains operative language that affects the rights of the parties: (1) "Actual Sales Value" shall mean the total of all consideration paid for the non-exempt transfer of this Lease or the Pre-existing Lease, including the improvements on the Leased Land, from the Current Lessee, or Subsequent Lessee, to another person, excluding any consideration paid for the transfer of personal property in connection with such transaction. (2) "Average Actual Sales Value Rent" shall mean two and one-half percent (2.5 %) of the mean of the Actual Sales Value of the non-exempt transfer of a similarly situated (waterfront or interior) Beacon Bay parcels as specified in this subparagraph. Average Actual Sales Value Rent shall be the mean of the Actual Sales Value of the three similarly situated parcels most recently transferred, Exempt transfers, as defined In Paragraph 3.13(3), shall not be used to calculate Average Actual Sales Value rent. (3) "CPI" shall mean the Consumer Price index - Los Angeles -Anaheim -Riverside Area, All Urban Consumers, All Items, published by the United States Department of Labor, Bureau of Labor Statistics (1982-1984=100), if the 1982-1984 base of said Consumer Price Index should hereafter be changed, then the new base shall be converted to the 1982-1984 base and the base as so converted shall be used. In the event that the Consumer Price Index, as now compiled and published, shall cease to be published, then the successor Index shall be used provided that an appropriate conversion from the old Index to the new index can feasibly be made. If such conversion cannot be made, or if no such index is published, then another Index most nearly comparable thereto recognized as authoritative shall be substituted by agreement. (4) "Current Lessee" shall mean the person or persons who, as of April 1, 1994 (the "Cut-off Date"), was or were the Lessee under the Pre-existing Lease. (5) "Deferred Rent" shall mean the total rent that a Current Lessee would have paid had this Lease been executed on the Effective Date, through and including the date on which this Lease was first executed, less the rent actually paid pursuant to the Pre- existing Lease, together with interest at the rate of eight percent (8%) per annum calculated on the balance due at the end of each Lease Year or portion thereof. (6) "Effective Date" shall mean July 1, 1994. (7) "Execution Date" shall mean the date when this Lease is executed by Lessee. (8) "Initial Rent" shall mean the effective net rent for the Leased Land as determined by the appraisal of George Hamilton Jones, with due consideration to the leasehold advantage created by the Pre-existing Lease, all as shown on Exhibit C attached hereto and incorporated herein by reference. (9) "Person" shall mean any natural person or natural person(s) and does not Include any corporation, association, or business entity in any form except a financial institution or other bona fide lender acting in the capacity of a lender or an inter vivos or living trust. (10) "Pre-existing Lease" shall mean the Lease for the Leased Land which was effective on January 1, 1988, and would, absent this Lease, expire on July 1, 2006. (11) "Transferred" shall mean any sale, assignment, sublease or other transaction, other than an exempt transfer as defined in Paragraph 3.13(3), pursuant to which the right to possession of the premises and the right to sign a new lease identical to this Lease is transferred to another person. B. Rental Payments. Lessee shall pay annual rent in the sum of Twenty-five thousand two hundred and fifty and 00/100s (25,250.00}, payable at the rate of Two thousand one hundred four and 00/17s ($2,104.17 per month. Lessee shall also pay, if applicable, deferred rent in the sum of (N/A) upon execution of this Lease. Rent shall be adjusted every seven (7) years after the date of transfer in accordance with the provisions of Paragraph 3.13(4). Annual rent, deferred rent, and periodic adjustments are based upon the following: (1) Execution Before Effective Date. In the event this Lease is executed by the Lessee on or before the Effective Date, Rent shall be paid as follows: (a) Current Lessee: Current Lessee shall pay annual rent equal to Initial Rent as specified in Exhibit C. Thereafter, so long as there has been no transfer of this Lease by the Current Lessee (other than an exempt transfer as set forth in Paragraph 3.13(3), rent shall remain as specified in this subparagraph notwithstanding the provisions of Paragraph 3.13(4). (b) In the event of any transfer of this Lease to a Subsequent Lessee, the Subsequent Lessee shalt pay annual rent equal to two and one-half percent (2.5%) of the Actual Sales Value determined as of the date of the transfer in accordance with the provisions of paragraph 3.A(t). Thereafter, rent shall be adjusted every seven years after the date of the transfer in accordance with the provisions of paragraph 3.13(4). (c) In the event of any transfer of this Lease to a Subsequent Lessee In a transaction other than an arm's length assignment of this Lease, and sale of the improvements on the Leased Land, if any, such as a gift or transfer by inheritance other than an exempt transfer under Paragraph 3.13(3), the Subsequent Lessee shall pay annual rent equal to the Average Actual Sales Value Rent calculated as of the date of the transfer in accordance with the provisions of Paragraph 3.A(2). (2) Execution After the Effective Date. In the event this Lease Is first executed after the Effective Date, rent shall be determined and paid as follows: (a) Current LesseeAAAthin Five Years After Effective Date: In the event this Lease is executed by the Current Lessee within five (5) years after the Effective Date, the Current Lessee shall pay annual rent equal to Initial Rent plus a sum calculated by multiplying the difference between Initial Rent and Average Actual Sales Value Rent by a fraction equal to the number of months between the Effective Date and Execution Date, divided by sixty. The Current Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. Thereafter, so long as there has been no transfer of this Lease by the Current Lessee, rent shall remain as specified in this subparagraph, notwithstanding the provisions of Paragraph 3.13(4). (b) Current Lessee/More Than Five Years After Effective Date: In the event this Lease is executed by the Current Lessee more than five (5) years after the Effective Date, the Current Lessee shall pay annual rent equal to Average Actual Sales Value Rent calculated as of the date of execution in accordance with the provisions of Paragraph 3.A(2). The Current Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. Thereafter, rent shall be adjusted every seven (7) years after the date of execution in accordance with the provisions of Paragraph 3.13(4). (c) Subsequent Lessee: In the event the Current Lessee transfers the Pre- existing Lease to a Subsequent Lessee who wishes to sign this Lease after the Cut-off Date, the Subsequent Lessee shall pay annual rent equal to two and one-half percent (2.5%) of Actual Sales Value determined as of the date of execution and in accordance with Paragraph 3.A('(). The Subsequent Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. The annual rent shall be adjusted every seven (7) years following the Execution Date in accordance with the provisions of Paragraph 3.13(4). (d) Subsequent Lessee: In the event of any transfer of this Lease to a Subsequent Lessee who wished to sign this Lease after the Cut-off Date in a transaction other than an arm's length assignment of this Lease, and sale of the improvements on the Leased Land, if any, such as a gift or transfer by Inheritance other than an exempt transfer under Paragraph 3.13(3), the Subsequent Lessee shall pay annual rent equal to the Average Actual Sales Value Rent calculated as of the date of the transfer in accordance with the provisions of Paragraph 3.A(2). The Subsequent Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. The annual rent shall 4 be adjusted every seven (7) years following the Execution Date in accordance with the provisions of Paragraph 3.13(4), (3) Exempt Transfers. The provisions of Paragraph 3,13 regarding transfers shall not operate to increase rent if: (a) Lessee is assigning an interest in this Lease to a trustee under a deed of trust for the benefit of a lender; (b) the transfer is caused by the death of a spouse and the full interest of the deceased spouse is transferred to a surviving spouse; (c) the transfer of an interest in this Lease is between or among tenants in common or joint tenants in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests in this Lease simultaneously; (d) the transfer or assignment is by a bona fide lender acquiring title by foreclosure or deed in lieu of foreclosure of a trust deed; or (e) the transfer is a sublease of the premises for three years or less; provided, however, that in determining the term of a sublease, any options or rights to renew or extend the sublease shall be considered part of the term whether or not exercised; (f) the transfer is caused by the dissolution of the marriage of Lessee and the full interest of one of the spouses is transferred to the other spouse; (g) the transfer is to an inter vivos trust, living trust or other similar estate planning arrangement of Lessee; provided, however, that the provisions of Paragraph 3,C shall apply upon the death of such Lessee if the beneficiary of such trust or other arrangement is other than the surviving spouse or a tenant in common or joint tenant in ownership of the leasehold estate created by this Lease, and such tenants In common or joint tenants first acquired their respective interests in this Lease simultaneously; or (h) the transfer is to a guardian or custodian of Lessee appointed due to the physical or mental incapacity of Lessee; provided, however, that the provisions of Paragraph 3.0 shall apply upon the death of such Lessee unless the transferee is the surviving spouse or a tenant in common or joint tenant in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests in this Lease simultaneously. (4) Rent Adjustments. (a) Except as provided in Paragraphs 3.B(I)(a), 3.13(2)(a) and 3.B(3), on the seventh (7th) anniversary of the Execution Date of this Lease, or the seventh (7th) anniversary of the date of any transfer of this Lease by any Current or Subsequent Lessee, rent shall be adjusted to reflect any Increase or decrease in the cost of living, which adjustment shall be determined as set forth hereinafter. The most recently published CPI figure shall be determined as of the date ninety (90) days prior to the adjustment date, and rent payable during the ensuing seven (7) year period shall be determined by increasing or decreasing the then current rent by a percentage equal to the percentage Increase or decrease, if any, in the CPI as of the Execution Date, or the date of the most recent rental adjustment, or the date of any transfer of this Lease by any Current or Subsequent Lessee, whichever is later. in no event shall rent be increased or decreased by a sum greater than forty percent (40%) of the rent paid by Lessee as of the later of (i) the Execution Date, or (ii) the last rental adjustment date. Lessor shall endeavor to notify Lessee of rental adjustments at least forty-five (45) days prior to the end of each seventh (7th) lease year; provided, however, failure of Lessor to give forty-five (45) days' notice does not relieve Lessee from the obligation to pay increased rent or the right to pay less rent in the event of a decrease in the CPI; and, provided further, that Lessee shall have no obligation to pay rent Increases which apply to any period greater than ninety (90) days prior to the receipt by Lessee of Lessor's notice of an Increase in rent. (b) In the event Lessee is two or more persons owning the leasehold estate created hereby as tenants in common or joint tenants, and less than all of such persons transfer their interest in this Lease to a person other than to an existing tenant In common or joint tenant, the rent adjustment shall be prorated to reflect the percentage interest being transferred to a third party. For example, if two persons are the Lessee as tenants in common as to equal one-half interests, and one of such persons transfers his/her 50% interest to a third party, the rent shall be adjusted as provided in Paragraph 3.13(2)(c), and thereafter as provided in Paragraph 3.13(4)(a), and the resultant rental increase multiplied by the percentage transferred (50%) to determine the rental increase; provided, however, that any subsequent transfer of an interest in this Lease to such third party shall not be exempt under subparagraph 3.B(3). (5) Installment Payments/Grace Period. Lessee shall pay rent in equal monthly installments, in advance, with payment due on or before the first day of the month for which rent is paid. Rent shall be prorated during any month when a transaction which Increases rent becomes effective other than the first day of that month. No late payment charge applies to payments received by Lessor on or before 5:00 P.M. on the fifteenth (15th) day of the month for which the payment is made ("Grace Period") . If a rent payment, or any portion thereof, is received by Lessor after expiration of the Grace Period, Lessee shall pay Lessor a late payment charge equal to four percent (4%) of each late payment, or portion thereof. Rent payments shall be payable to the City of Newport Beach and sent, or delivered, to the Finance Director at the address specified for service of notices. Rent shall be payable by Lessee to Lessor in such coin or currency to the United States as at the time of payment is legal tender for public and private debts, Lessor and Lessee agree that late charges specified in this paragraph represent a fair and reasonable estimate of the cost Lessor will incur by reason of any late payment by Lessee. Any late or missed payment of rent constitutes a default pursuant to paragraph 13 of this Lease. Any failure by Lessor to declare a default and initiate termination of this Lease due to a late or missed payment shall not be considered a waiver of the right of Lessor to do so for that or any other late or missed payment. C. Credit to Tidelands Fund. In calculating Initial Rent under this Lease, a credit was given to certain of the Current Lessees equal to the annual amortization of the present value of the additional property tax to be paid by such lessees during the remaining period of the Pre- existing Lease. This credit, commonly referred to as the "tax advantage", is shown on Exhibit D for each affected lot. This credit was extended by Lessor to Current Lessees as consideration for entering into this Lease. As a consideration in its approval of this Lease, the California State Lands Commission required Lessor to credit its State supervised Tidelands Trust Fund by an amount equivalent to the tax advantage derived from those lots in Beacon Bay comprising tidelands. This amount is shown on Exhibit D for each affected lot comprising tidelands. Accordingly, Lessor has unilaterally agreed to annually calculate the amount of such tax advantage derived from the tidelands parcels in Beacon Bay and to credit an equivalent amount as revenue to the State supervised Tidelands Trust Fund. This provision is included in this Lease to acknowledge the agreement of Lessor with the California State Lands Commission, and does not affect the rights and obligations of Lessor or Lessee under this Lease, 4. TRANSFERS. A. Conditions Precedent to Transfer. Lessee may transfer this Lease subject to the prior written consent of Lessor, which consent shall not be unreasonably withheld, delayed or conditioned. Lessor shall consent to any transfer when Lessee and the proposed transferee have complied with the following: (1) Lessee shall furnish Lessor with executed copies of each and every document used to effect the transfer. (2) Lessee or the proposed transferee shall pay to Lessor a transfer fee of one hundred dollars ($100.00); (3) Lessee shall execute a "Termination of Leasehold Interest" far recordation; and (4) The proposed transferee shall execute a new lease and execute a "Memorandum of Lease" for recordation, which lease shall be identical to this Lease and have a term equal to the remaining term of this Lease at the time of the transfer. B. Transfer Information. The parties to any non-exempt transfer of this Lease shall provide Lessor with all information relevant to a determination of the total consideration paid for the transfer, as well as all documents which are relevant to the total consideration paid for the transfer. Lessee and the proposed transferee shall provide this information not later than forty- five (45) days prior to the proposed effective date of the transfer of this Lease. Lessor shall have the right, at its sole discretion, to commission an appraisal of the fair market value of this Lease and improvements thereon as of the date of transfer. Any such appraisal shall be completed not later than thirty (30) days after receipt by Lessor of the aforementioned information from the Lessee. If the value determined by the appraiser commissioned by Lessor exceeds the stated total consideration to be paid based on the information received from the Lessee by more than ten percent (10%), Lessor shall so notify the Lessee and provide Lessee with a full copy of such appraisal report, and said value shall be deemed the Actual Sales Value for purposes of calculating Average Actual Sales Value Rent and rental payments unless within fifteen (15) days after receiving such notice and the report the Lessee notifies Lessor that Lessee elects to cause an appraisal of the fair market value of this Lease and improvements thereon as of the date of transfer to be conducted by an independent appraiser. In such event, Lessee cause such appraisal to be completed no later than thirty (30) days after the notice to Lessor and shall provide Lessor with a full copy of the appraisal upon completion. The Actual Sales Value for purposes of calculating Average Actual Sales Value Rent and rental payments shall be the greater of (1) the stated consideration for the transfer, or (ii) the average of the two appraisals. Any appraisal commissioned by Lessor or Lessee under this Paragraph 4.13 shall be conducted by an MAI appraiser licensed to conduct business in the State of California and experienced in residential appraisals in Southern California. C. Exempt Transfer Information. Lessor's consent is not required for the "exempt transfers" referenced in Paragraph 3,13(3); provided, however, Lessee shall furnish Lessor with copies of all documents used to effect any exempt transfer. D. Audit of Subleases. It is the intent of the parties that transfers referred to in Section 3.13(3)(e) shall only be exempt from the further provisions of Paragraph 3.8 (in respect of rental adjustments) if such subleases are not substantially equivalent to, do not have substantially the same economic effect as, or are intended to disguise, a transfer by the then Lessee of all or substantially all of his/her interest in this Lease to the putative sublessee. Lessor shall at all times have the right, upon written request to the Lessee, to receive copies of all written agreements, and to be advised in full of all oral agreements, between the Lessee and any sublessee of the Leased Land. Any purported sublease of the premises which is determined to be substantially equivalent to, or have substantially the same economic effect as, or is intended to disguise, a transfer by the then Lessee of all or substantially all of his/her interest in this Lease to the putative sublessee shall be void and of no force or effect, and such attempted or purported sublease shall, at the option of Lessor, (i) be an event of default by the Lessee under this Lease, or (ii) permit Lessor to treat such sublease as a transfer of this Lease subject to the provisions of Section 3.13, b. ENCUMBRANCES. A. Right to Encumber. Lessee may encumber this Lease by deed of trust, mortgage, or similar instrument, in favor of any bona fide lender ("Lender") in a bona fide loan transaction for any purpose without the consent of Lessor. To determine whether a loan is a bona fide lending transaction, and not an arrangement for transfer of the possession or title to the Premises to the putative lender, Lessee and the lender agree to provide Lessor with all documentation executed between Lessee and the lender concerning the loan upon request of Lessor. Neither Lessee nor Lessor shall have the power to encumber Lessor's interest in the Leased Land, Any encumbrance shall be subject to all covenants, conditions and restrictions in this Lease and to all rights and interests of Lessor except as otherwise expressly provided in this Lease. Lessee shall give Lessor prior written notice of any encumbrance. B. Notice to Lender. Lessor shall have no obligation to give any Lender any written notice pursuant to this Lease unless the Lender has given Lessor written notice of Its name, address, and nature of encumbrance ("Complying Lender") . Lessor shall give all Complying Lenders a copy of any written notice of default, notice of termination or other notice which may affect Lessee's rights under this Lease. Notice shall be deemed given by Lessor to Lender five (5) days following deposit in the United States mail, certified and return receipt requested, postage prepaid, and sent to Lender at the address furnished In writing by Lender. C. Modification. Lessor and Lessee agree that they will not modify, surrender or cancel this Lease by mutual agreement without the prior written consent of Lender. D. Rights of Lender. Any Lender holding or the beneficiary of a security Interest or lien on this Lease and the leasehold estate created hereby shall have the right, during the term of the Lease, to: (1) perform any act required of Lessee pursuant to this Lease; (2) transfer this Lease to the purchaser at any foreclosure sale, the assignee in the event of an assignment in lieu of foreclosure, or to acquire the interest of Lessee pursuant to foreclosure or assignment and thereafter transfer this Lease to the Lender's successor. Lender shall have no right to transfer this Lease unless and until Lender has cured all defaults requiring the payment or expenditure of money by Lessee. E. Right of Lender to Cure Default. Lessor shall give written notice of any default or breach of this Lease by Lessee to Lender and afford Lender the opportunity, after notice, to: (1) cure the breach or default within ten (10) days after expiration of the time period granted to Lessee for curing the default if the default can be cured by payment of money; (2) cure the breach or default within thirty (30) days after expiration of the time period granted to Lessee for curing the default when the breach or default can be cured within that period of time; or (3) cure the breach or default in a reasonable time when something other than money is required to cure the breach or default and cannot be performed within thirty (30) days after expiration of the time period granted to Lessee for curing the default, provided the acts necessary to cure the breach are commenced within thirty (30) days and thereafter diligently pursued to completion by Lender. F. Foreclosure in Lieu of Cure. Lender may forestall termination of this Lease for a default or breach by Lessee by commencing foreclosure proceedings subject to strict compliance with the following: (1) proceedings are commenced within thirty (30) days after the later of (i) expiration of the time period granted to Lessee for curing the default, or (ii) service on Lender of the notice describing the breach or default; (2) the proceedings are diligently pursued to completion in the manner authorized by law; and (3) Lender performs all of the terms, covenants and conditions of this Lease requiring the payment or expenditure of money by Lessee until the proceedings are complete or are discharged by redemption, satisfaction, payment or conveyance of this Lease to Lender. G. New Lease. Notwithstanding any other provision of this Lease, should this Lease terminate or be terminated because of any default or breach by Lessee, Lessor shall enter into a new lease with Lender as lessee provided: (1) the written request for the new lease is served on Lessor by Lender within thirty (30) days after the termination of this Lease. (2) the new lease contains the same terms and conditions as this Lease except for those which have already been fulfilled or are no longer applicable. (3) on execution of the new lease by Lessor, Lender shall pay any and all sums that would be due upon execution of the new lease, but for its termination, and shall fully remedy, or agree In writing to remedy, any other default or breach committed by Lessee that can reasonably be remedied by Lender. (4) Lender shall, upon execution of the new lease, pay all reasonable costs and expenses (including attorney's fees) incurred in terminating this Lease, recovering possession of the premises from Lessee, in preparing the new lease. H. Miscellaneous. The following provisions shall apply to Lessor, Lessee and any Lender: (f } Any Lender shall be liable to perform the obligations of the Lessee under this Lease only so long as the Lender holds title to this Lease; (2) Lessee shall, within ten (10) days after the recordation of any trust deed or other security instrument, record, at Lessee's sole expense, Lessor's written request for a copy of any notice of default and/or notice of sale under any deed of trust as provided by state law. 6. USE AND MAINTENANCE. A. Use of Leased Land. The Leased Land shall be solely for residential purposes. Lessee may demolish, construct, remodel, reconstruct and maintain structures on the Leased Land for residential purposes so long as the structures and construction are authorized by appropriate City permit and fully comply with all City ordinances, resolutions, regulations, policies, and plans. Lessee shall also obtain permission to construct and/or maintain structures from the California Coastal Commission and any other state agency if required by law. B. Maintenance of Improvements. Lessor shall not be required to make any changes, alterations, additions, improvements, or repairs in on or about all or part of the Premises. Lessee shall, at all times during the term of this Lease and without any cost or expense to Lessor, keep and maintain, the Premises, including, without limitation, all structures, facilities, walks, curbs, parkways and other improvements, in good order and repair and in a clean, safe, sanitary and 9 orderly condition. Lessee shall repair or reconstruct any improvements on the Leased Land following any damage or destruction thereof, unless the improvements are being destroyed in conjunction with remodeling or reconstruction and Lessor has consented, in writing, to the damage or destruction. Lessee shall cause to be constructed, maintained and repaired all utilities, pipes, walls, sewers, drains, and other improvements on the Premises to the extent required by law or as necessary to maintain the improvement in good order and repair and safe and sanitary condition. C. Compliance with Laws. Lessee shall make, or cause to be made, any additions, alterations or repairs to any structure or improvement on the Premises which may be required by, and Lessee shall otherwise observe and comply with, any law, statute, ordinance, plan, resolution or policy applicable to the Premises. Lessee shall indemnify, defend and hold Lessor harmless from and against any loss, liability, action, claim or damage, arising out of, or in any way related, to Lessee's failure to comply with, and perform pursuant to, provisions of this subparagraph C. All repairs, additions, and alterations to the structures or improvements on the Premises shall conform to all applicable laws, ordinances, regulations, plans, policies and resolutions and all work shall be performed with reasonable diligence, completed within a reasonable time, and performed at the sole cost and expense of Lessee. D. As Is Condition of Premises. Lessee expressly accepts the Premises "as is" and acknowledges that Lessor has made no representations or warranties as to the suitability of the property or any construction or improvement. Lessee shall conduct all tests necessary to determine the suitability of the property for any proposed construction or improvement, including, without limitation, the amount and extent of any fill, and related factors. Lessee expressly acknowledges that Lessor shall not be liable for any damage or loss resulting from any subsurface or soil condition in, on, or under the Premises or adjacent property. Lessee expressly acknowledges that, while the legislature of the State of California has purportedly removed the public trust restrictions on use of the Property pursuant to the Beacon Bay Bill, the Leased Land may constitute filled tidelands, and Lessor has made no representation or warranty relative to the validity of the Beacon Bay Bill or the power of the legislature of the State of California to remove public trust restrictions on tidelands through legislation. Notwithstanding the foregoing, in the event of any challenge to the right and power of Lessor to lease the Leased Land for the purposes provided in this Lease, Lessor agrees, at its sole cost and expense, to use all reasonable efforts to resist and defend against such challenge and to seek a ruling or judgment affirming and upholding the right and power of Lessor to lease the Leased Land for the purposes provided in this Lease. 7. TAXES AND UTILITIES. It is understood by Lessor and Lessee that this Lease shall give rise to a possessory interest tax obligation and that the execution of this Lease will constitute a reassessment event which may give rise to a material increase in the possessory interest tax currently payable by Lessee under the Pre-existing Lease. Lessee shall pay, before delinquent, all utility charges and any general and special taxes, assessments or other governmental charges, if any, which may, be levied on the Leased Land, and/or any improvements, Including, without limitation, any possessory interest tax. Any lien for unpaid utilities, taxes, assessments or charges shall not attach to the leasehold interest but only to improvements located on the Leased Land. S. USE AND MAINTENANCE OF COMMON AREA. Lessee shall have the right to use the streets, beaches, walkways, tennis courts, docks, piers, and common landscaped areas in Beacon Bay (as depicted on Exhibit A) and which are leased to the Beacon Bay Community Association by Lessor in consideration of the maintenance thereof by such Association and rent to be paid by individual Lessees under their respective leases. 9. MAINTENANCE AND IMPROVEMENT OF INFRASTRUCTURE. Lessor has no obligation to install, improve, repair, or maintain streets, curbs, gutters, water lines, sewer lines, drainage facilities, street lighting or other facilities used by the residents of Beacon Bay (Infrastructure). Notwithstanding Section 8 above, Lessor reserves the right, after a five (5) year period following the Effective Date and upon approval by the Lessees representing a majority of the lots in Beacon Bay, to improve and maintain streets, curbs, gutters, water lines, sewer lines', drainage facilities, street lighting, telephone and electricity lines and other Infrastructure facilities in Beacon Bay at its initial cost and to assess Lessee for a pro rata share of such costs, and to collect such costs from Lessee in the form of rent over the remaining term of this Lease. 10. COMMUNITY ASSOCIATION. A. Membership In Association. As a material part of the consideration of this Lease, and as an express condition to the continuance of any of the rights of Lessee pursuant to this Agreement, Lessee agrees to become, and during the term of this Lease to remain, a member in good standing of the Beacon Bay Community Association. B. Compliance with Rules and Regulations. Lessee agrees to abide by the Articles of Incorporation, bylaws, and ail rules and regulations of the Association, and to pay to the Association, before delinquency, all valid dues, fees, assessments and other charges properly levied or assessed by the Association. Lessee's failure to comply with the provisions of Paragraph A and this Paragraph B shall constitute a material breach of this Lease. C. Lessor Maintenance of Common Areas. In addition to the rights reserved to Lessor pursuant to the provisions of Section 9, if the Community Association fails or ceases to maintain community facilities, Lessor may, at Its option and without obligation, assume the obligations of the Community Association to maintain, repair, install or improve community facilities. In such event, Lessee shall pay a pro rata share of Lessor's reasonable expenses In maintaining and operating the community facilities, including a reasonable management fee or the fee charged by a management agent. Lessee's pro rata share shall be determined by dividing Lessor's costs by the number of residential lots within Beacon Bay (currently seventy-two lots) , Lessee's pro rata share of the annual costs incurred by Lessor shall be paid within thirty (30) days after written notice of the amount due, and any failure to pay shall constitute a material breach of this Lease. The costs of maintaining and operating community facilities shall be determined annually and solely from the financial records of Lessor. 11. COVENANTS, CONDITIONS AND RESTRICTIONS. Lessee agrees to abide and be bound by all covenants, conditions, restrictions and reservations as contained in Exhibit E attached hereto and incorporated herein by this reference. Said covenants, conditions and restrictions shall run with the Leased Land and shall be binding on Lessee and Lessee's successors in interest. 12. INDEMNIFICATION. Lessee shall Indemnify, defend and hold harmless Lessor, its City Council, Boards and Commissions, officers, agents, servants and employees from and against any and all actions, causes of action, obligations, costs, damages, losses, claims, liabilities and demands of any nature whatsoever, including reasonable attorneys' fees, regardless of the merit or outcome of any such claim or suit, arising out of, or in any way related, to the condition of the Premises, or the use or possession of the Premises by Lessee, or Lessee's employees, agents, representatives, guests or invitees, as well as any activity, work or things which may be permitted or suffered by Lessee in or on the Premises, Lessee shall indemnify, defend and hold harmless Lessor, its City Council, Boards and Commissions, officers, agents, servants and employees from and against any and all actions, causes of action, obligations, costs, damages, losses, claims, liabilities, and demands of any nature whatsoever, including reasonable attorneys' fees, accruing or resulting to any and all persons, firms or corporations furnishing or supplying work, services, materials, equipment or supplies arising from or in any manner connected to the use or possession of the Premises by Lessee or from any activity, work or things which may be permitted or suffered by Lessee in or about the Premises. Without limiting the generality of the foregoing, Lessee hereby assumes all risk of damage to property or injury to persons in or about the Premises from any cause except for damage or injury resulting from the negligence or willful, fraudulent or criminal conduct by Lessor and/or its officers, 11 employees, agents and representatives, and Lessee hereby waives all claims in respect thereof against Lessor. 13, INSURANCE. A. General Conditions. All insurance required to be carried pursuant to this Section 13 shall be obtained from reputable carriers licensed to conduct business In the State of California. Each policy required to be carried pursuant to this Section 13 shall name Lessee and Lessor as additional named insureds, and shall provide that the policy may not be surrendered, cancelled or terminated, or coverage reduced, without not less than twenty (20) days prior written notice to Lessor. B. Fire Insurance. Lessee shall, during the term of this Lease, insure all structures and improvements on the Leased Land against loss or damage by fare or other risk for residential structures. The insurance shall provide coverage to at least ninety percent (90%) of the full insurable replacement value of all improvements on the Leased Land, .with the loss payable to Lessee unless this Lease is terminated by Lessor for default of Lessee in which case the proceeds of Insurance shall be paid to Lessor, C. Liability Insurance. Lessee shall, at Lessee's sole cost and expense, procure and maintain during the term of this Lease, a broad form comprehensive coverage policy of public liability insurance which insures Lessee and Lessor against any loss or liability caused by, or in any way related to, the condition, for Lessee's use and occupation, of the premises in amounts not less than: (1) $500,000 per occurrence for injury to, or death of, one person; (2) $100,000 for damage to or destruction of property. 14. DEFAULT. A. Events of Default. The occurrence of any one or more of the following events shall constitute a material default and breach of this Lease by Lessee: (1) the abandonment of the Premises by Lessee; (2) the failure by Lessee to make any payment of rent when due if the failure continues for three (3) days after written notice has been given to Lessee. in the event that Lessor serves Lessee with a Notice to Pay Rent or Quit pursuant to applicable unlawful detainer statutes, such Notice to Pay Rent or Quit shall also constitute the notice required by this paragraph; (3) the failure by Lessee to perform any of the provisions of this Lease and any Exhibits attached hereto to be performed by Lessee, other than described in Paragraph 14.A(2) above, if the failure to perform continues for a period of thirty (30) days after written notice thereof has been given to Lessee. If the nature of Lessee's default is such that more than thirty (30) days are reasonably required for its cure, then Lessee shall not be In default if Lessee commences the cure within said thirty (30) day period and thereafter diligently prosecutes the cure to completion; or (4) the failure of Lessee to provide Lessor with all relevant information regarding the total consideration paid in conjunction with any transfer of this Lease; (5) the making by Lessee of any general assignment, or general arrangement for the benefit of creditors; the filing by or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement of any law relating to bankruptcy unless the same is dismissed within sixty (60) days; the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets located at the Premises or of Lessee's interest in the Lease, where possession Is not restored to 12 Lessee within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Premises or of Lessee's interest in the Lease, where such seizure is not discharged within thirty (30) days. Notices given under this Paragraph 14.A shall specify the alleged default and the applicable lease provisions, and shall demand that Lessee perform the provisions of this Lease or pay the rent that is In arrears, as the case may be, within the applicable period of time. No such notice shall be deemed a forfeiture or a termination of this Lease unless Lessor so elects In the Notice. B. Landlord's Remedies. In the event of any default by Lessee as defined in Paragraph 14.A, Lessor may, in addition to any rights or remedies permitted by law, do the following: (1) Terminate Lessee's right to possession of the Leased Premises by any lawful means, in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to Lessor. In such event, Lessor shall be entitled to recover from Lessee all amounts to which Lessor is entitled pursuant to Section 1951.2 of the California Civil Code, or any other provision of law, including, without limitation, the following: (a) The worth at the time of award of the amount by which the unpaid rent and additional rent for the balance of the term after the time of award exceeds the amount of the loss than Lessee proves could be reasonably avoided; and (b) any other amount necessary to compensate Lessor for all detriment proximately caused by Lessee's failure to perform obligations pursuant.to this Lease or which In the ordinary course of things would be likely to result from the breach, Including, without limitation, the cost of recovering possession, expenses of reletting (including necessary repair, renovation and alteration) reasonable attorneys' fees, and any other reasonable costs. The "worth at the time of award" of all rental amounts other than that referred to in clause (i) above shall be computed by allowing interest at the rate of ten percent (10%) per annum from the date amounts accrue to Lessor. The worth at the time of award of the amount referred to in clause (i) shall be computed by discounting such amount at one percentage point above the discount rate of the Federal Reserve Sank of San Francisco at the time of award. (2) Without terminating or affecting the forfeiture of this Lease or, in the absence of express written notice of Lessor's election to do so, relieving Lessee of any obligation pursuant to this Lease, Lessor may, but need not, relet all or a portion of the Premises at any time, or from time to time, and on such terms and conditions as Lessor, at its sole discretion, deems appropriate, Whether or not the Premises are relet, Lessee shall pay all amounts required by this Lease up to the date that Lessor terminates Lessee's right to possession of the Premises. Lessee shall make such payments at the time specified in the Lease and Lessor need not wait until termination of the Lease to recover sums due by legal action. If Lessor relets all or a portion of the Premises, the reletting shall not relieve Lessee of any obligation pursuant to this Lease; provided, however, Lessor shall apply the rent or other proceeds actually collected by virtue of the reletting against amounts due from Lessee. Lessor may execute any agreement reletting all or a portion of the leased premises and Lessee shall have no right to collect any proceeds due Lessor by virtue of any reletting. Lessor shall not, by any reentry or reletting or other act, be deemed to: (a) Have accepted any surrender by Lessee of this Lease or the leased premises; (b) have terminated this Lease; or 13 (c) have relieved Lessee of any obligation pursuant to this Lease unless Lessor has given Lessee express written notice of Lessor's election to do so. (3) Lessor may terminate this Lease by express written notice to Lessee of its election to do so. The termination shall not relieve Lessee of any obligation which has accrued prior to the date of termination. In the event of termination, Lessor shall be entitled to recover the amount specified in Paragraph 14.13(1), G, Default By Lessor. Lessor shall not be in default unless Lessor fails to perform obligations required of Lessor within a reasonable time, but in no event later than thirty (30) days after written notice by Lessee to Lessor specifying wherein Lessor has failed to perform such obligation. If the nature of Lessor's obligation is such that more than thirty (30) days are required for performance, then Lessor shall not be in default if Lessor commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion. D. Stay of Obligations, Neither party shall be under any obligation to perform or comply with its obligations pursuant to this Lease after the date of any default by the other party, E. Determination of Rental Value. In any action or unlawful detainer commenced by Lessor, the reasonable rental value of the Leased Land shall be deemed to be the amount of rent and additional rent (such as reimbursement for costs of Infrastructure improvements or the payment of taxes or assessments) for the period of the unlawful detainer, unless Lessor/Lessee shall prove to the contrary by competent evidence. F, Waiver of Rights. The failure or delay of either party to exercise any right or remedy shall not be construed as a waiver of such right or remedy or any default by the other party, Lessor's acceptance of any rent shall not be considered a waiver of any preexisting breach of default by Lessee other than the failure to pay the particular rent accepted regardless of Lessors knowledge of the preexisting breach of default at the time rent is accepted. G. Waiver of Right of Redemption. Lessee waives any right of redemption or relief from forfeiture pursuant to Code of Civil Procedure Sections 1174 and 1179 and/or pursuant to any existing or future statutory or decisional law in the event Lessee is evicted or Lessor takes possession of the Premises by reason of Lessee's default. 15. SURRENDER OF POSSESSION UPON EXPIRATION OR TERMINATION. A. Surrender of Premises. Upon the expiration or termination of this Lease, Lessee agrees to peaceably deliver possession of, and agrees to vacate without contest, legal or otherwise, the Leased Land. Lessor, at its sole discretion, may record a document evidencing the expiration or termination of the leasehold interest, Lessee waives any right to receive relocation assistance or similar form of payment. B. Removal of Improvements. Upon the expiration of the term of this Lease, and on condition that Lessee is not then in default of any of the provisions of this Lease, Lessee shall have the right to remove from the Leased Land all buildings and improvements built or installed on the Leased Land. Removal of any building or improvement shall be at the sole cost and expense of Lessee and removal must be complete no later than ninety (90) days after expiration of the term of this Lease. Lessee shall fill all excavations and remove all foundations, debris and other parts of the buildings or improvements remaining after removal and surrender possession of the Premises to Lessor in a clean and orderly condition. In the event any of the buildings and improvements are not removed within the time provided in this Paragraph 15,13, they shall become the property of Lessor without the payment of any consideration. 14 1s. EMINENT DOMAIN. A. Definitions of Terms. (1) The term "total taking" as used in this Section 16 shall mean the taking of the entire Premises under the power of eminent domain or the taking of so much of the Leased Land as to prevent or substantially impair the use thereof by Lessee for the residential purposes. (2) The term "partial taking" shall mean the taking of a portion only of the Premises which does not constitute a total taking as defined above, (3) The term "taking" shall include a voluntary conveyance by Lessor to an agency, authority or public utility under threat of a taking under the power of eminent domain in lieu of formal proceedings. (4) The term "date of taking" shall be the date upon which title to the Premises or portion thereof passes to and vests in the condemnor. B. Effect of Taking. If, during the term hereof, there shall be a total taking or partial taking under the power of eminent domain, then the leasehold estate of the Lessee in and to the Leased Land or the portion thereof taken shall cease and terminate as of the date of taking of said Leased Land. If this Lease is so terminated in whole or in part, all rentals and other charges payable by Lessee to Lessor hereunder and attributable to the Leased Land or portion thereof taken shall be paid by Lessee up to the date of taking by the condemnor, and the parties shall thereupon be released from all further liability in relation thereto. C. Allocation of Award - Total Taking. All compensation and damages awarded for the total taking of the Premises and Lessee's leasehold interest therein shall be allocated as follows: (1) The Lessor shall be entitled to an amount equal to the sum of the following; (a) The fair market value of the Premises as improved (exclusive of the dwelling and appurtenances to such dwelling) as of the date of taking, discounted by multiplying such fair market value by the factor for the present worth of one dollar ($1.00) at nine percent (9%) per annum compound interest for the number of years remaining from the date of taking to the date of the expiration of the term of this Lease; and (b) The present worth of rents due during the period from the date of taking to the date of the expiration of the term of this Lease, computed by multiplying the annual rent then payable by the factor for the present worth of one dollar ($1.00) per annum at nine percent (9%) per annum compound interest (Inwood Coefficient) for the number of years in such period, (2) The Lessee shall be entitled to the amount remaining of the total award after deducting therefrom the sums to be paid to Lessor as hereinafter provided. D. Allocation of Award - Partial Taking. All compensation and damages awarded for the taking of a portion of the Leased Premises shall be allocated and divided as follows; (1) The Lessor shall be entitled to an amount equal to the sum of the following: (a) The proportionate reduction of the fair market value of the Premises as improved (exclusive of the dwelling and appurtenances to such dwelling) as of the date of taking, discounted by multiplying such proportionate reduction in fair market value by the factor for the present worth of one dollar ($1,00) at nine percent (9%) per annum compound interest for the number of years remaining from the date of taking to the date of expiration of the term of this Lease; and 15 (b) The present worth of the amount by which the rent is reduced computed by multiplying the amount by which the annual rent is reduced by the factor for the present worth of $1.00 per annum at 9% per annum compound interest (Inwood Coefficient) for the number of years remaining from the date of taking to the date of expiration of the term of this Lease. (2) The Lessee shall be entitled to the amount remaining of the total award after deducting therefrom the sums to be paid to Lessor as hereinabove provided, E. Reduction of Rent on Partial Taking. In the event of a partial taking, the rent payable by Lessee hereunder shall be adjusted from the date of taking to the date of the expiration of the term of this Lease, Such rental adjustment will be made by reducing the basic rental payable by Lessee in the ratio that the Fair Market Rental Value of the Premises at the date of taking bears to the Fair Market Rental Value of the Premises immediately thereafter, 17. ATTORNEYS' FEES. Should either party be required to employ counsel to enforce the terms, conditions and covenants of this Lease, the prevailing party shall recover all reasonable attorneys' fees and charges (and court costs if applicable) incurred therein, whether or not court proceedings were commenced. 18. REMEDIES CUMULATIVE. The rights, powers, elections and remedies of the Lessor or Lessee contained in this Lease shall be construed as cumulative and no one of them shall be considered exclusive of the other or exclusive of any rights or remedies allowed by law, and the exercise of one or more rights, powers, elections or remedies shall not impair or be deemed a waiver of Lessor's or Lessee's rights to exercise any other. 19. NO WAIVER. No delay or omission of either party to exercise any right or power arising from any omission, neglect or default of the other party shall impair any such right or power or shall be construed as a waiver of any such omission, neglect or default on the part of the other party or any acquiescence therein, No waiver of any breach of any of the terms, covenants, agreements, restrictions or conditions of this Lease shall be construed as a waiver of any succeeding breach of the same or of any of the terms, covenants, agreements, restrictions or conditions of this Lease. 20. COMPLIANCE WITH LAWS. Lessee covenants and agrees to comply with all rules, regulations, statutes, ordinances and laws of the State of California, County of Orange, City of Newport Beach, or any other governmental body or agency having lawful jurisdiction over the Leased Land, 21. NOTICES. Any notice or notices provided for by this Lease or by law, to be given or served by Lessee, may be given or served by mail, registered or certified, with postage prepaid, on the City of Newport Beach, addressed to the Mayor, City Manager, or City Clerk, 3300 Newport Boulevard, P.O. Box 1768, Newport Beach, California 92659-1768, or at such other address as may be hereafter furnished to Lessee in writing. If notice is intended to be served by Lessor on Lessee, it may be served either: A. By delivering a copy to the Lessee personally; or B, By depositing the Notice in the United States Mail, registered or certified, with postage prepaid, to the residence or business address furnished by Lessee; or lig C. If the Lessee is absent from the Leased Land by leaving a copy with some person of suitable age and discretion who may be occupying the Leased Land; or Q. If no one can be found, then by affixing a copy of the notice in a conspicuous place on the.Premises and also sending a copy through the mail addressed to the Lessee. Such service upon Lessor or Lessee shall be deemed complete upon the earlier of (i) actual delivery, or (i€) the expiration of seventy-two (72) hours from and after the deposit in the United States mail of such notice, demand or communication. 22. HOLDING OVER. This Lease shall terminate and become null and void without further notice upon the expiration of the term of this Lease, Any holding over by Lessee after expiration of the term shall not constitute a renewal of this Lease or give Lessee any rights in or to the Premises except as expressly provided in this Section. The parties agree this Lease cannot be renewed, extended, or in any manner modified except in a writing signed by all parties. However, if Lessee, or anyone claiming under Lessee, shall remain in possession of the Premises after expiration of the term of this Lease without any agreement in writing between the parties and Lessor accepts rent from Lessee, then Lessee shall be deemed a tenant from month-to-month subject to the provisions of this Lease insofar as they may be applicable to a month-to-month tendency. The month-to-month tendency may be terminated by Lessor or Lessee upon thirty (30) days' prior written notice to the other. 23. QUIET ENJOYMENT. Lessor covenants and agrees that Lessee, upon paying the rent set forth herein and observing and keeping all covenants and agreements to be observed or kept by Lessor hereunder, shall quietly have and enjoy the Leased Land during the term of this Lease without hindrance or molestation by anyone claiming by or through Lessor. 24. SEVERABILITY. If any term or provision of this Lease shall, to any extent be invalid or unenforceable, the remainder of this Lease shall not be affected thereby, and each term and provision of this Lease shall remain valid and enforceable to the fullest extent permitted by law. 25. MISCELLANEOUS, A. Representations. Lessee agrees that no representations as to the Premises have been made by Lessor or by any person or agent acting for Lessor. Lessor and Lessee agrees and acknowledges that this document contains the entire agreement of the parties, that there are no verbal agreements" representations, warranties or other understandings affecting this agreement, and Lessor and Lessee, as a material part of the consideration of this Lease, waives all claims against the other for recision, damages, or otherwise by reason of any alleged covenant, agreement or understanding not contained in this Lease. B. Inurement. Each and all of the covenants, conditions and agreements herein contained shall,' in accordance with the context, inure to the benefit of Lessor and Lessee and apply to and bind Lessor and Lessee, as the case may be, their respective heirs, legatees, devisees, executors and administrators, successors, assigns, licensees, permittees, or any person who may come into possession or occupancy of said Leased Land or any part thereof in any manner whatsoever. Nothing in this paragraph shall in any way alter the provisions herein contained against assignment or subletting. C. Joint Several Liability. If Lessee consists of more than one person, the covenants, obligations and liabilities of Lessee pursuant to this Lease shall be the joint and several covenants, obligations and liabilities of such persons. 17 D. Captions. The section and paragraph captions used in this Lease are for the convenience of the parties and shall not be considered in the construction or interpretation of any provision. E. Gender. In this Lease, the masculine gender includes the feminine and neuter and the singular number includes the plural whenever the context so requires. IN WITNESS WHEREOF, the parties have caused this Lease to be executed as of the date first above written. LESSOR: CITY OF NEWPORT BEACH, By: � ;-, 26) Title: CITY MANAGER LESSEE: Harris ATTES <, r h , C CITY CLERK��� APPROVED AS TO FORM: c CITY ATTORNEY 18 t. t • t ta" • Olt'{ 519 � � .rr tG .Kp'rt ah Cli ds� i3� tT'1� •_ "sa �. �• � .'�.;�° cit ° . ' �' Pt- "`r' �',• i '"6e ''+'" ��� ti . T w t '* 1p 16 164 `4 ( 'S. is . }4� tf i. ��' � yff q, zt ok tA .t .i � � b� 4 •ri1 .re�A° �j.� �'pp• ,. t'�A �l!` �..�1�.� �R. ID r y fit" 440 ay` Exhibit A C'• �1�. �(�;, gib. �S.fsliac 1 h4 .Ott '✓PrdY' • w �w : � tt. �'" �S:Ct ► t" 'Std• � `+ ,�'+^ `� EXHIBIT B Beacon Bay Lot 48 described as follows: Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. SUVUVLARY OF SALIENT FACTS AND CONCLUSIONS - coralnued SMOCkRY 16Z VALUE MICAMNS', Existing (I st yew) Unencumbered Vair Mwk%. Cbrim. t wecdve Lot No. Fee Lot Value Rental Value Rent Na -Rent Water Prost Lots A $1,330;= $0XQ $23,125,09 $31,940.00 B $1.20%000 W,3*20. $12,506.85: $22,270,0 C $lionow $37,560 W=04 $22,480.00 i $947,000 W,200 $8t020M $15,050.00 2 $4�131,DW $41,640 U.,925A0 $111910,00 3 *.1,263,0M $46,920 $24)250.08 $31,56GM .4 $1,318,000 $49,120 $1-01458-96 $2-1,26D.00 S. -s1,341,900 $50,120. 120,01.2,04 $28)$40,00 6 $1I3841000 $51,680. $2510010.00 -$-34,260.00 7 $1,210,000 $44,800 $24,999.96 $31,970,00 S $ 1,17700 $41j48o $43,750.*00 $43,490,00 9 $1,298,000 $471840 $42„50,0.04 $44,350.00 ID $1,342,000 $49,600 $24499.M $33,540.0.0 11 $1,12-4000 $4.1,280 $9,020.52 $17,020.00 12 $1,100,000 $40,400 $14,250.00 M.1;#0;00 11 $415,40.9 $.23,625.00 $2-04MO0 14 $1,243,000 $45,649 $10,312.56 $19,690.00 15 $1,265,000 $46,520 $10,836.47: $W,240,00 115 $1,06-7j000 $3-91Q80 $8,3Q8-.48 $16,480.00 17 $1,00,000 $39A01 $16;250:04 $21,750.00 2. $1*0,67,000 $39.1090 $8,509.0 $16 19, 1,243,00(2 $45,640 $MQ20-02 T19,500,00 20* $1,147,000 $42,320 . $9,.727.84 $17,910.00 21 $1,0.5000 $38,760 $20,224.50 $26,660M 22 - $37,8t0 $41,25010.0 $$37;880,00 E$ I $1,03-7,000 $37,880 $29,749:96 $31,920.00 Es 2 $1,037,000 -.07'R0 $24,6245i13.0 $29,220-00 Subtotals, V-I,M,000 $..I,160,640 $519t90,08 005-i'22o.,00 Exhibit C - Page 1 SUNCvLARY OF SALIENT FACTS AND CONCLUSIONS - eontinued Existhig gstyAnr) Unenwmbefed Fair Market cooma Effoedve Lot'No.. FeOL-ovvalue- Rental Value Rent Not Rent IwIflor Lots 4 24 25 26 27 79 29 30 3l 32 33 34 35 3.6 37 40 '41 42' 43 44 45 46 47 4.8 49 50. 52 54 55 .56 57 58" 59 60' .$478,000 $14,487 $2,782.32 $6,297.00 $501,000 $15:237 $6,125.04 $8;'997.-00 ssomw $15,537 $3,390.x.2 $6,977.00 $511.io40 -$15,612 $3,417,7.2 $6,942.00 S5.19'040 $15,912 $3,436.44 M102,00 $542,000 $16i*775 $4,137.72 $7,785,00 $zl:B,ow $154511 $15,3-75X0 $15,47144 -$510;000 $15,462 $3,551.16 0,102.00 $517,000 $15,.725 $8,750.00 st%515.00 Mol000 $1-5,837 $1,588.49. $7,217.00 mom. $589,000 $18,200 $4,454454 $8,49100. $559,000 $17,DOO $3,77-6.28 $7,M : 7$M40- $5.48PO $548P0 $10462: $3,79.5,00 $7,02,00 $517,000 $15)325 S14,625,90 $1.50005M $, =�,OW $!5,837 $317n..36 $7,967.00 $52:8,000 $16,1.137 $9-j25.04 $17.,55,7.00 $5189P00 $11,_162 $11,133..6.0 $13,572.00 Ssllimo, $75,500 $3,719.6.4 $1,300.00 $548,000 $16,662 $3,795,'00 $7,672.00 -$556,000 $16,9162 $11,256,60. $13,232..00 $55%ow $17,037 $3,83'2:241 VM7.00 $565,00D $1.71300 $4j056184 $71990i110 $58.8X0 $18,162 $4,454.64 $M92.00 $539X0 $-16,475 $3,459.36 VXSM $55 1,04711 $16J75 $6,249,S6: $9,305,00 $520,000 $1.5,937 $31$0 .16 t7,197-00 $523,000 $01950 $5,569.76 V,24O-00 MO.= S14j837 $3,780.36 $7,95.7;00 W$i000 $16,137. $14750t010 W,9.27,00 $588,000 $18,162 $4t4.7. -9..W $3j4912.0.0 $moj000 $15,987 $3,344.8.8 $7=-.00 $559,DDQ $1.7415 V0P-625.04 $12,865,00 $56710(10 $17.,375 $3,603.96 $7;915-00 $546,000 $16,737 $3,551.16 $ 7,427.00 $52$,000 $16,137 $16,750.00 $101007.00 $525,000 $16,025 $10,125.00 $12,175.00 $533,000 $16,325 $3,533.88 $7.315.00 Exhibit C - Page 2 SUNQJ-ARY OF SALIB N'Ir FACTS.AND CONCLUSIONS -4= hued Exhibit C - Page 3 Existing (16(year) Unencumbered fair Watet conbmt Effi!cltive LOt N*. Fee Lot Value Rental. Value Rent Not Rent InWrIot LM - wndiWed 61 $-1-8,162 $$,482,00 FS I q $414,400 314=5 ES- 4 $467,000 $13,962 159. s -$470,000 $14,07,5 $10,000.08 ES 6 $141000 $2,982.96 $6,310,00 ES 7 $461,WO. $13,737 $2,966.04 $6,657..00 Es 8 $471,000. $13,925 njfsos $6-,455.00 Sub,total Int,,, $23,79.6.iOOD $724,637 $254,617.16: $397,807.00 So,,btota w.r-..- $31,563-X0 $1,160,640 $519,983,09 $705,220.00, GrandToWi, W,349,000 $1,985,277. $-7.74,600.24 $1,103,MIX0 v Exhibit C - Page 3 Lm 140, :amrfrontLots A B c 1 2 4 5 6 7 8 9 11 12 13 14 is 1,6 17 .18 10 20 21 22 ES I Es 2: llraftlronc ;bNotaL DisW.bucfon.6FRenu.RndTkx Advantap between Tidelands and Uplmids* (Ist year) Propordonate- Proportlom-aW Annual AMOM -rjdahn64 Effeetift. % % . Peht Rent of PV of Tax Tax Net T�era Tidelands Uplands Tide ds UpWcjs Advantage Advantage $31j940.00 IWO 0% $0 $22,270,00 10M 0% S22M0 $0 $930 $22,490.00 loo 910 OW $=4W $0 $1,410 $13,030,00 100% 0% $15,030 $0 $2,080 $17,950M 100% 0% $17,950 $0 .$345.60,00 I.DD% Oko $31,50 $0 $50 $21;2.60.00 100% 0%a. ;2.1,260 $0 $2,610 I Doro. 0% $28,840 $o $1,620 $34,260,00 100%. 0% $34,260 $0 $0 $31,870.00 5% $30,276 $4.3,480QDD. 30%- SOTP ULM $21474.0. to $44,350.00 590 .95% $2,217 $4. ink , Z V $33,54 Uq atk I 009al $0 133,$40 $o $17;020,00 , 0% $17,020 $27,190.00 0% S22,19.0 $29,450,00 0% 1009a $19,650. -OD 0% $-MO . 0- $20,140.00 20% 80%. $4,048 $16,192 $2,080 $16,480.00 95%. 5% $15,656 $824 $2,640 $21,750.00 100% 0% X21,,750 $0 $2,420 $16,480.OD 100% 0% $0 $2,640 $1915M.00a 100% 0910 $19,500 00 -$0 Mgso: $17i910,00 10090, 0% $17,910 $0 $2; 7.0 $26,660.00 IW% 0% $261660 $0 $O 0% $37,880 $0 $0 $31,920,00 1 OCfTQ D% $3020 $0 $29,220,00 100% 0% $29,220 $0 $0 $54948 -$2104,372 $34,710 Beacon Bay &6/94 -P -a Page I $0 $9,30 $1,410 $2,090 $2,2.60 $560 $240 $1,624 $0 $0 $0 $0 $2,420 $2,040 $2,880 $Z470 $0 $0 $0 $24,984 Eihf:bit D - Page Distribution of Dents and Tax Advantage between Tidelands and Uplands* Beacon Bay .616194 -Page 2 Exhibit D - Page 2 (TA'yW) Proportionate Proportionate Annual Ammt Tidelands Emotive. % Rent Relit of FV of Tax Tax of NO. Net Rent Tkidma Uplm& rldelzds Vplods Advantage Advantage. -.flor Lots 23, $6,297M 0%. IOD% $0 $6,297 $550 $0 24 $8,897.00 0% :100% $0. $8,897 $390 75 16r977.00 5% 95% $349 $6j629 $630 26 $6,942.00 .99% 1% $6,873 $6.9 $1.10 $703 27 $7,102.00 IW% 0C/0 $7,102 $0 m $660 28 $7,785.00 100% OVO $7,795 040 $740 29 $15,470,0.0*. 096 100% $D $:15,4.70 .$0 $0 3.0 $7,102,00 Q% 100% $O $7,102 .$58*.0 $o 31. $2.0 515.E10 30% *% $3,154 $7,36-1. $660 $108 32 $J,117.00 IOD% 0% $7,217 $0 $620 3.1. $7,307.00 100% 0%. V= $0 $650 $650 34 $x,490.00 106% 0170 sgjoo $0 $730 $730 55 VJSOM' 0% IM% $0 $7,780 $580 $0 36 $7,672.D0: 00/0 10670 $0 $71.672 $590 $0 37 $15,005.00 5% 95% $760 $14,255 $0 $0 39 $7,967-00 99% 1% $7,887 $90 $0 $0 39 # $-1 1,5!.Oo 1000/0 0% $11,557 $0 $o $0 40 .$-13,512;00 100% 0% $13,572 $o $or $0 41 $7,300A 0% 100% $4 $7,340 $s-1.0 $0* 42 $7 6% p;m $590 $0 43 $1.3j2.3100 0% 100% So $:M.232 $O $0. 44 $7,787.00 Q_% 00% '$0 $7,7$7 $00 $.0 45 $7'990400 15% 95% $4198 $A.752 $650 46 $8.492,00. {1% 100%. $0 U -$SS $720 $0 47 VX5.0.0 0%.. 3.00% $0 17,365 $610 $0 49 $91,305-00 fto 100% $0 $9,305 M $0 49 $71197100 0% IOD% .$0 $7,197 $ma $0 SO $7,740.00 0% IOD% :so .$7,240 $00 $0 51 $7,857.0.0 0% 100% $0 $7,857 $1.10 $0 52 $151927M 0% IL)D% $0 $13,927 $0 $0 53 $8,492,00 D% 100% $0 :$$,492 $730 so 54 $7;227.00 0% IOD% $0 $7,227 $500 $0 55 $1,2,963;00 0% 100% $6 la. $Q 56 $7,515.00 0% IW% $0 .$7,915 $470 $0 57 $7,427.00 D% 100% $0 V,427 $700 $0 58 $1007.00 ()% 1.000/0 $0 $10,007 $0 $0 59 $12,175M 0% Iowa $0 $12,175 $.0 $0 60. $7,315.00 C% 100% $0 $7,315 $660 $0 Beacon Bay .616194 -Page 2 Exhibit D - Page 2 Dist b.udon of Rents and Tax 4dvamap between Tidelands -md Tjplands* (Istyeai) Id Wateifront $705,220.00 -md: Toml: $1,101,027,09 of Total., .V. - Effecde % Lot No. Net Rent Tidelands ,rior Lots - continued of PV of Tax 61r $8,482,00 0% ES 3 SIO.3250 100% SS 4 $613=100 100% ES 5 $11,415,00 0% ,ES 6 $6,310.00 $320 $320 $6,057.00 0% $0 $$,8540 0% mnor Uts V,M $4712 i b total: $397,80100 Id Wateifront $705,220.00 -md: Toml: $1,101,027,09 of Total., .V. - affective Net Rom wnsider = advmtage, DiPcountrate for presentv4ue of armilal :vanlap it 6%, Rate for amnlzuiul of advantage is 7%, Rent and advantage ;LLrcs am from 10/8193 apprais.d. Lot 3,.7.j and 21 nmcontrm- I mat real estate taxes, Beacon Bay 61604 - Page 3 Exhibit D - Page 3 Propordonate Proportionate Annual AmOrL Tjde[ands Rent Rent of PV of Tax Tax Uplands Tidelands TiPjands Advantage Advantage 100% $0 $8,42 $720 $0 0% $10,325 $0 $320 $320 0% $6j= $0 $500 $500 15,70 V,M $4712 so $0 $6,31 $Soo $0 $6,05? ;,550 $0. 100% $0 '$6;455 W -O $289,215 $0,930 $500,848 $2041372 $34,710 $249184 W0,440 $491.587 $54,640 -30235 55% affective Net Rom wnsider = advmtage, DiPcountrate for presentv4ue of armilal :vanlap it 6%, Rate for amnlzuiul of advantage is 7%, Rent and advantage ;LLrcs am from 10/8193 apprais.d. Lot 3,.7.j and 21 nmcontrm- I mat real estate taxes, Beacon Bay 61604 - Page 3 Exhibit D - Page 3 (1) Exhibit E DECLARATI-ON' OF COVENANTS:, CONDITIONSAND RESTRICTIONS :BEACON BAY C0101UNITY ASSOCIATION Table. of Contents Article pqe I VVINITIONS 1 - Architectural Committee 2 2 - Articles and Bylaws 2 3 - Ass.essments 2 4 - Association 5 - Association. RU les 6 - Board 3 7 - CitY 3 8 - Common Expenses 3 9 - Common Arzea 4 4 1.0- Covered Property 11" Declarant 4 4 1.2- Exhibit 13- Member 4-see 14- Les 4 15- Res:Wence- setback 5 1 ,2 Tzansf er 5 5 3 Vot.jng Rights 4 Classes of Voting ttombership 5 5 Approval Of Members 11.1: COVENANT FOR MAINTENANCE ASSESSMENTS 6 1 - C.reatjo.n of the Lien and Personal ObIlgation of Assessments 6 2 - Purpose of Assessments - Regular Assessments 4 - Uniform Assessment 5 - spez,tal A'ssessments No. 01,fset.s. Reserves 7 IV N�101,pj'PAIB4ENT OF ASStSSMENTS 7 1 - 17elinquency 7 - Notice of Lien 8 - poreclosure Sale 8 (1) Exhibit E 4 Relationabip with Mortgage Liens 8 5 Curi'ng of Default 0 V ARCHITECTURAL CONTROL 9 I Appointment of Arcbitectural Committee 9 2 Ccaneral Provisions 9: 3 Approval and Cbhformity, of pja 10 4 Nonliability for Approval of Plans 10 VI DUT'IZS AND POWERS OF 'SHE ASSOCIATION 10 1 - General Duties; 'and Powets 10: 2 - (;-eneral Duties 6f this As-sos!-atjlon 11 3 - aeneral Powers of the Assoclationon. 11 4 - Association Rules 11 VII REEPAIR. AND MAINTENANCE 12 1 - Repair aT*ld Maintenance by AsOciation 12 2 - Repair a' Lessee and Maintenance by 12 3 - Maintenance of, Public Tltillties 12 VIII USE RSSTRICT16NS-. 12 I Comm-er-Cial Use 2 SI-ga-s 3 Nuisance 13 4 An:iMals- 13 5 Ca.1 if orn.i a' Vehicle 'Code 13 IK RIGHTS Or- ENJOY14ENT I . 3 I - Kember$' Right of Enjoyment 13 2 - Delegation of use 14 3 - Waiver of Use 14 X UNIERAL PROVISIONS 1.4 1 En f a r cement 14 2 No Waiver is .3 cumulative Remedies - , 15 A severabbiiity - 15, 5 Covenahtg to Run with the Land7 Term 15 6 H-ead-Ing 15 7 Singolar I=luaes Plural 15 -8 Attorneys' Fees 16 9 No ti res. 16 iv_ Effect of Declaration 16 11- Perspn.al CoveAna.nt 16 12- Noel iability of Officials 17 -Subleas-es 17 ime,ndmen,Ls DZCXARATION Or, COVENANTS, CONDITIONS MND RESTRICTIONS BEACON BAY COMMUNITY ASSOCIATION ORAINGE COUMT, CALIFORNTA THM DRATIQN is made. this dray of by the City of Rewport teach a chapter. munidipal c0rpbration. Said corporation,, its suo.oes'or's and tissigris, mall h,ar"*fter he refe.rred to at IlDeclarant. 11 R E C I T A L 9 A. Declarant is the fee Owner of the real property desticibe-d :in Exhibit A to this Declaration, which sball be the covered Property under this -Declaration. This Declaration is being impo-sed by Declarant upon the Covered Pr.operty, B. DealzirAnt ha.8 deemed it desirable to e-stablish t:ovenants, condition t and restrictic�ns Upon the Covered Prr,,pertyand each and every portion tbereofj which wil,.L Constitute ia. genera.3- scheme for the ma-nag8m.ont of the Covered. Property, and for the use, occupancy and en ' joyment therecxk, all for .the: purpose of enhancing and prot'ectkng the value, desirability and attracti.ven-es-s of the Coveted Pro13airty and en-haricing 'the quality of j.-jf*e Witbit the CovereOt Property, C'. it is desirabile% for the efficaen.t management of theCovaze4 -Property and the. pxeservation of *the- value, desirability and attractiveness of the Covered Property to deleqatte and asaigned the powers of managing the Cov exed Property, maintaining and administering the Coimon Area and adminIstering and, enforcing these covenants, cona-,Uors and restrictions and collecting and disbursing funds ;)uw*--.s=uant to the assessment and charges hereina-fter � �ind r e f h creates , ecrad to an -a to perform such -other aots. as shall generally benefit the Covered Property to the Beacon Bay C--,m--,-,nasty Assocation, a California honprofit corpo::S-Iion . D, Decl.:arant will hereafter bold all of th,--- Covered Froperty subjeat to Covenants, conditions and restrict ons Beacon B-ztv 9/20/79 title to and lease cert -Alin protective hereafter set forth. Rev. 9/24/79 NOW, THEREFOR E, !)eclar.ant hereby covenants, agrees and declares that all of .its interest as the same may from time to time appear in the Covered P-roperty shall be held rind conveyed subj-ect to the E-ollowing covenants-, conditions, rest.tictions and easements which are hereby declared to be for the bene-flt of said interests ;tri t:he Covercid Property, a -td the -Owners of said interests, their successors and zesi,qns. These coVerizints, conditions, reszrictions and eas ' ements shall turi, with said interests and - shall.be. binding upon all parties having or acquIrIng any right or title in said interests or any -pavt thereof, and s:hall inure to the benefit or each owner thereof and Ar.e imposed upon said interests and ever ' y part thereof as a a servitu4e in favor of each and every of said interests as the domin-Ant tenement or tenements. ARMICM I D,EFTN1T,1'OLq$ UnIers the context -clearly indicates otherwise, the f 01. 11�! . a . N:ing terms used in this ueclar4tion are defined: as EbIlbvs; z Section 1. "Architectural Committee" shall Mean and refer to the coramittee. or committees provided for in the. Artiole hereof entitled "Architectural 'Control". Sect".Q1D 2 rfArticle-Wl and "Bylaws" shall. mean and refer lon and Bylaws of th6 to�� he S corpotat Association as the same ift.ay from time. to tiMe be duly an, ended - Section 3. "Assesszents-:" The following meanings shall be g4ven to the Assessments hereinafter defined: "Regu.,Iar Assessmeats: shall mean the amount wbicft is to be. paid by each memher -of the 4.".oci.at-icin Por, Common Expenses. shall me -an a charge ag-aipat a Pa ri I tab! Lessee a -n-& bis Resideneep ditect-ly att bu. e a r Les', to 'Che LrPssee,to re Mb-6i:se t:.I�e Assaoclao tion for coasts in bri . n-9,ing the Z#o,"e and his Residence into co,T.?7_.L'.-Ance with th-e proy isions 0.f this Declar,at,i.Qn-, 'the Articles, Bylaws or A$soci*ation Rules,, Qr any other chargo -d e s I g;, t. ed as a Special Assessment, together with at,C.O,:neysl fees and other charges payablet plus interest tbe:eon as. provided for in this Declaration. Beacon Bay 9/20/-19 2 RdV. 9/24/79 S��;.tion 4. "Association" shall mean and refer to Beacon Bay Community Assocation, a nonprof it.. Corporation, incorporated under the laws of the State of Cali,forrila, its S.tiore;saoes and asaij.h.s. j Section 5. "Assoalatlpn Rulesif shall mean ruled adopted by the Association -p�irsuant to the Article hereof entitled "Duties and Powers of the Assmiation." Be.d.tion 6. "ZO.&t4l' shall mean the Board Of Directors of the Assoc_jat.ion. 9 1 Section 7. "City" shall mean and -refer to the City of Newport Beach, Califotni-aj a municipal corporation of the State of California. Lection "C'dmmon, Expenses" shall mean and refer to the actual and estimated costs of; (a) matntenancel: management, operation., rispair and replacement of the Citmmon Area and all other areas on the Covered Property Which are, maintainedby the Association; (b) maintenance by the Associ-ation .of areas within the public right -,of -way of public str.ee.t*s in the vicinity of the Covered Property as prow: ded in th.ts Declatati,on or pursuant to agreements with the City- ( -.C) , costs of management and adminiz.tratloii of the AssociatIon, inclading, bat not 11mit.e, to.-,. compe I �.d nzation :paid by the Assacia-tim to managers, accountants, attorneys and emlalpye-es; (d) the casts of utilities, g4r:dening and other services WhIch grenerAlly benefit and . enhance -the value: and de s i r a -b i I i t.y P � * the Community' Vadiii t i L. S ; (e) the c6SL8 of fire.t easuatlty, 11ability, workman's compen,sati.on and other insurance covering the Common Area; t f) the costs of any other insurance obtainad by the As -socia tion; (5) reao*onable reserves as deemed appropriate by the Board*f, ( h) the costs of bonding of the members of the Board, any prz)fessional managing agent or any other person bandying the funds of' the Association, Beacor -Bay 9,/20/79 3 Rev. 9/24/79 ti) taxes paid by the Assoc iat-Ion; (j) amounts paid by the AssociAtion for discharge of any ii.en or encumbrance levied against the Common Area or port -ions thereof; (k) costs incurr-ed by the Arch itecttir al. Committee or other committee established by the Board'; and (1) other expenses incurred by the, X-qsociation for any reason whatsoever in connection with the Comma: Areas or the costs of any other item or items. designated -Y this neclaration, the. Ar.tioleat Syla;vs or Association Ruiesr. or in. furtherance of the purposes of the - A-asociation or in the discharge of ai!y duties or powers of the Assooiation. �,Jon- _q. "fir mon Area." s.ba.11 mean all streets,, beaches, w.a 1 k•�i. ay s , tennis courts, dock.s., piers, and common land-scaped areas, in,clud-ing but not limited to Lots A thr.�ugb j I nclu:si-ye as shown on. -Exbib it, ` V section 10.. .,,Covered property" sha'11 mean and refer to I the: -real ptoperty described. on Exhibit "I'. Se<;Ik-_iqn 11. "Declarant." shall -mean and -refer to the City Beach, S.ec!tjo-,j 12. "Exhibit" sball mean and refer to those docs rents so designated herein and attached hereto and — each. of suoh Exhii its is by this reference incorporate,:.I in this Declaration, sec.tioi 13. ,Member_,,, zb al 1 meati and refer to every person n t it y who: qua1if jes for m�mbership j5brsuant to the Article of this Declaration entitled 11Membeirsbip," Seq.tion, '14-- "Lessee" shall mean and refer to one or more person,s or entilt-iias who are alone or collectively the je$S.-zes of a Resi.d(nce. 15. IResidericell shall. mean and refer to a lot shot -in On the Record of Survey Map of Reacon v is or, recora'c-d in Book 9 , pages 42. and 43 Records of Stirv�!y, on filo in the Office of, the county Orange Countyl California; provided, however, f;haIj not inci-ade any Comman Area. shall include the residantial. dwelling unit B.Oavr;z !Day /2G,/;.' 4 rNev. together with garages, structures and other improvements on the same lot or parcel. Section 16, "Setbac*kll shall'mean and refer to thoz�e internal distances from the l property _ 1--ine Of each. . ch. lot as shown on Exhibit ARTIcLE ii section, .1. Every Lessee shall: be a Member but there shall. one. MeMbership, per Residence- The term and pro fQr.th in this Declaration:, which -are binding -upon all. Les.se.es are not:e-XcIbsiv s; as Lessee sha-11,,in additIU on, be subject to he I I e terms ani provisions of the Articles, Byvla.,�:sand As"800ii.tion. Rules tor the extitnt the provi8ionz thereof are not in conflict with this Declaration., Membarg-hip of Lessees ah'all be appu,rtenant ,to . a.rja may not be separated: from the interest of such Lessee �.n any . Resid-orioe. Ownersli-.ip of a Reside e shall be the sole -qUalifi:catiOh f0r'Meba r Sh ip; provid.ed,howevar a Member's vot.i'ng rights zay, be regulatad, or SUZPend6d Wes provid.c.0 In this Declaration, the laylaVs or the ,Association Rules - .Section 2 - Transfer. The meiAbers.hip h.eld key any ,Lessee .r-ap-sferred, Fledged :or alieaat.d in any cq.ay, awapt, that such membership shall a"Litomatically be trainsfe%rre4, to the tran:sfor!r4.o.Acxf the Interest required for. memba-rah1p.. Any attempt, to make a Probib-Ited transfer -is void *and' will not be re.lected upo the backs anti r cords of the Associatio.n. The Assooiatio�j sba.13, have the ri.qht ,to record the transfer upon th-t books of the As 'on r consent by the transferring Withaut- -any fuarth6 action ol Lessee. Section 3 - VP All voting rig' ht Shall be subjqct to the restrictions anti limitations provided here,,;" and ia the Articles, Bylaws and Assoicjation )Rtlles. 4 - claqsaz of v2oLt MembershaR. The As I tion sba-11 SOO a cl-a f e. Q voting:Membershi I Approval of Mpmb.(,,r.s.'. Unl-es-s elE�ewhere 0 S pe c i f L,Ca1lY ProvJ.06d in this ]Declaration or the BY -' any PrOvis�3.On 01 th:is Declara-t!On Or the Bylaws Bc..Icon 1.Ly 9/20/79 Rev. 9/24/79 which requires the vote or written assent of the voting power of the Association shall be deemed sattistied by the f 0 114 aw i niq : (a) The vote in person or by proxy of the specified percentage at tL meeting duly qaIled and noticed pursuant to the pro -visions of the Bylaws dealing with anriu-41 or spacial meetings af the MeTab.ers.. {b.} Written consents signed by the specified percentage of Membars as provided in the By-laws.. ARTICLE XXX 2t LVEDTANT FOR MAINTFNANCE ASSESSMENTS Sectigh I,w-. Creation -d.f the: Lin and Pergonal. Ohligajion of &5sessment$. Each Lessee is deemed to covenant and agree to pay to the A8so&lation: Regtilar and special Assessments, such AsSegstdentS to be fixed, established and co.Ilected from time to time as provided in this Declaration. The Assossmentso tog.etber with interest thereon, late charges, attornevslfees and court costs/ and other 'c4asts Of collection thereof, as hereinafter provited, shall be a conti-nuipq lien upon the Resickence 4g.ai.hst which each such As.0-pasHieft is made and shall 41so be the persp.P&I ot)ligation at the Lessee of such. Residence At the time .t,qb%en the Ass.as:sment becomes du.e. Not w i t h s, t a r4ing the foregoing'I the Ns-sessment lien shall. not affect thie ptiority of any, oth:ar, existing liens. SectionR."..Pur2ose q X Asses. %: ts. TheAss-essments levied - by the Asso.ciation shall be used exclusively to defray Common Expenses, Sect: do Ragular..,Assesqmen-tz, Each year the Board shall detemine the. amount of the Regular Assessm-ent to be paid- by each Member. Th, Regular &gvessment. ihajj be dUe and payable on such. dates as the Board may establish. Ea ah tMe-mber. shall -be seat written notice of the Ragtilar Asseastent and shall thereafter pay th-e�_. Assoc Lation. in inst.--al-Im-ents as established by the Board. Secticzj. 4 - D.Til,form Asse,s,5merit, Regular Assessments shall be f:`6xed at an equal amount fat each Residence. S'ect,'cn 5 Spec, i a 1, Assessments.., Spec''i'al Assessments may be ierT by the goprd from time to time. Beacon Bay 9/20/79 6 Rev. 9/24/79 SeCtiot 6 - No Offsets, 'All ASSeSSMe.ntg shall be pay -able in E55 amount specified by the Assessment and no offsets aga.inst such amount shall be permittedfor any reason, including, without. limitat.ion, a claim. that (i) the As,zociation is, not properly exercising its duties and powers as provided in th'i:s*Declar.ati.ov.n.,- or (ii) a member has made and elects to make no use of the Common Areas. Section .7 - Reserves. The Regular Assessments may include reasonable amounts determined by the Board colleated as reserves for the future periodica maintenance, repair or replacement of all or a pa tion of the Common Area, or any igg other purpose as determined by the Board. All amounts colletteO as reserves, whether purs-uant to this S-ectiori or otherwisef shall be deposited by. the Board in a se-paratiD bank account to .b -e held in tru'st for the, pt;rposes for wbi,ch they are collected and are to be segregated from and shat commingled'with any other funds of the Association. Such reserve's shall be deented a contribution to the capital aacount of th.e:. AsS-baiatiQn by the Member, ARTICLE IV ,AY-MENT OF- ASSIS-SoMENTS Sect on.I - Del ift-guenoy. Any aspo.asment provided for '!n this De.c,14,.rati-on which is not. pa -j -d when. due ghall, be delinquent on said date (the 11die­1inqpenoy slat 11 any such Ass.e.-sEment is not paid' vitbin ten, (10) days, aft -or die-Iivety of notiaoof s.Ucb delinquency from the Asis:oa-iationi a la,terahatge as establi-aboa by the Board shall. be levied and the Assessment iholl bear interest from the delinquency -date at the rate of ten percent (10%.) per annum. The Association may at its option, and: vithout wa:ivinq 'the rig.bt to judicially 'foreclose its. lien against the Fesidence., pursue any available rem dies, including, without, limitation, brin-4ing an action at law against the Member personally obligated to pay the same a6d./or iipon compliance with the notice provisions set forth I * n the Seo, -.;on -ehtitled: 111�otiae of Lien:" of this Article to foreclose the liian against. the Residence. If action is C ix! L -f. e z I c ed., there shall be added to thb- -aluount of such. Ase' s,mt-ht -:the late oharger interests the costs of su*ch actiom, Z.Tnd attorneys' fees inaur.r.ed in connection with S _U .Lx,,. action; and. in the event a fudgment is obtained, such jud,--ment sh6ll include said latt, charge, interest and a r c-,,& � zxona�ble attorney's fee, tagether with the costs of action. Each Me%ber vasts: in 'the Xssl:�ci. tionr 'or its .as-Sianaf the rig!ht and power. to bring all actions at law Beacon Bay 9/20/79 7 Rev. 9/24/79 or lien foredlosure against such Member or other Members for the collection of such delinquent Assessments. Section 2 - Notice of Lien, No -action shall be brought to said Assessment -lien or to proceed under the power of sale herein provi-ded. qn-til thir.ty (30) days : after the date a nott:qe og claim pf lien is -sited In the Uni-ted States. mail, certified or req . iateired, postage prepaid,., -to the Lessee of said Resi-dence, and a copy thexeoE*is rocorded by the Association in the office of the Coutity Recorder of the Co.qnty.7 said notice of cla.im of liien Must reOte _za good and s­uffl-cient legal description of any such Residence, the record Lessee or reputed Lessee thereof, the amount claime�d which shall linclude interest. on -the unpaid Assessment at the rate '-of tern percent tjOW) per annum, a late charge as established by the Hoard; plus neas.ona4le attorneys' f,*-ees and expenses of collection in connection with the debt secured 1?y a -aid lien, and the name and address of theclaimant. Section 3 -- Vd-rer-10sure Sal,. Said Assessment lien may be en.torced by-'7ZI-i�by th�A�_si000iation.' its attorney or any other person authorl.zed by the Board to make the sale afte..t failure of the Lessee to make the payments specifted in the notice of dlalm of lien within said thirty. (30) dAY period. Aty such sale provided for above is to be conducted 1n aclo',ordance with the p.r.ovisions of Sac�tjonp 2924, 212-4b 2924c 2924f F .2$ g and 2924h of, the Civil Code of the State of, Calitornl%a as. said statqtes may from tirnR to time be amended., app,Ucable to the exercise of powers of sale in mortgaget and deeds of trust, or in any O4h6r: manner. Permitted itted or provided by jay.. Tipon the affirmative vote of 4, maj:crrity of the Voting power of the Association, the Association, through its duly aJith-orized agents,shall have the power to. b1a-::Qn the nesiderj4d.e. r using As:$ociatlon funds Qr Et ds borrowed'for succi p4rpme, at the sale, and t.b'aaquire and bol:d ­ , lease, mortgage and convey the same. Section 4 Relationship: with Mortgage LLeap. (a) The lien provided. for, J -n the Article hereof en ti tl G! °NonpayZe%nt of Assessments 11 for the payment of Assessm-::.nts shall be subordinate to the lien of any 11-lortca-e which was radorded prior to the date atiy suab Assessment becomes due. (b) If any Residence subject to a monetary lien creat -7d y any provision hereof shall be subject to the lien 0z" 6 Mortgage, t1) the foreclosur'a of any lien cr-eatc,� by anything set. forth in thil: a Declaration shall Bea,Qon Hay 9/20/75 Rev. 9/24/79 not operate to affact or impair the lien of such Mortgage; and (2) the for:eclosure of the: lien of said Mortgage, or :Eh.e sale under a Power of sale i-ncludec3,., in such Mortgage (souch events being hereinafter referred to as "Events of Foreclosure") shall not operate to affector impair the lien hereof., expept that any persons Who obtain an interest through any of the: Events of Foreclosure, and the successors ini interest, shall take title free of the lien h-ereof or any personal obligation for said charges as shall have accrued :up to the time of Any of the Events. of Foreclosure, but subject to the lien hereof for all said charges that shall accrue sub-s4quent to the Events of Foreclosure, Scotian 5, - Curing 9,1 Default. Upon the timely payment or .ac Ion. 0 other s4ti6f t` F_.-I_a)a1I di.l.inquent. Ass:e6sments specified in the h.0ti.ce of claim of lien,, (b) all, other Assessm-eats whi.c.h have beipome due and pay,4b3 e with respezct to thia Residence as to wbiph, such notice of dlaim of lipen was recorded, cnd (c) inter -,eat-; late :chArgia�s:t attorneys' feeF, and other: costa of collection pursuant to this Decla.ratl and thevs,* notice of clait 0� lien which ha'vs on aGcruec, -Offjcers:. og the 'Associ.ati*n or any other ..persons designiated by the..Baard. are hereby authortted to file or rec6r.dj as the case May. be, an appropriate rel -ease of such nq.,tir,.ej, upon payment by the defaulting Lessee of a fee, to be.deberail.ned by the Association,. but not to exceed Fifty Dollars, to cover the dostsof preparIng and filing or rLico;dlng such release. ARTICLE V ARCHIT. CTURAL C2NT t91, SAct-1-on. I .-Ap'Ooi.ntmen.t_ of Architec-tu. al CoMmittee•, The A_r_chie.ctural Coltaittee sh.zill consist of not lets than three (3) rips more than five (5) persons as fixed from time to time by resolution 69 the Board. The Boar"d shall have the. right to appo,.knt the members of the Ar_-Uitectural Committee. Raroons appointed by the Board.. to the ArdbitectUral Committee, however, must be mem hel-S.. Sectio- _2 - Gtner-al Provisions. (a) The Architectural Committee may est.4blish reasonab'Ce proQedural *rules and assess a fee in connection with r��f�iaw of plans and spacjfjaatior��. including, without limitat,_'on, the number of sets of plans to be submitted; Beziuon Llay 9/20/79 9 ReV4 9/24/79 however, the -A.rch-itectural Committee may delegate its plan review responsibilites to one or more members. of such Architectural Committee. Upon suob delegation, the appr:Qval or disapproval. of plans and specifications by such perto" shall be. equivalent to approval or disapproval isapproval by the entire Ardbitectural Committee.. (b) in the event the Axchitectural Committee failo s t approve or disapprove such plans and speclfica�ions within thirty (30) dig 41ter the same have been sub. .teed in accordance with any xules regarding such submission adopted by the Architect al. Ca*Tdt,tee, such plans and specifications will. be deemed V�p-rpv;e.d' (c): Notbtng in th-is Declaration or In the Aszociat-ionls Art.tcles, Byi.aws or Rules -sMll be construed or amoncled to allow the Architectural Caomittee to modify or eliminate the Setback requirements shown on the -Beacon Bav Subdivision Survey Zapf and any attempt to do So shall have no qffect. section 3 -�pr ov.41. .and Confo;rmitv of Plats.. No bull4inq, fence wall. �Fr othex structure shall be commenced, erected or majn-ta:'Jlned uport the Covered .property, nor shall there beany a6il.tion to or change to the ox-teriar of any Residtnce, structure or other improvement exa.ept in, :compliance with plarss and specifications therefor which have been: s0mitted to and appr-6%'red by the Aroh4tectara . 1. �;bmmittee as to harmony of external: desiqn and locatiOn in. relatLon to suzrounding st.r.uCtures and topog.rI :ap h y. SL-r,tloq 4 Non.146'bilit:Y fOr . AUrpvRl of Pjans, Plans and a n ArrhTteoturai spec s -shall be approved by the C.cmmitteeas to style, exterior design., �ppoarance and location,., Abd are not approved for. englneering design or for C011, pjj&nce. W. I th -zort.ing and bdil-ding ord.itrance s, and by appzoving such plan$: and specifications neither the Arcbitectural Committee, the members tbelreof, the 4sgocaiation:, the Mam-bers., the Board _nor Deolaxant, assumes J.jabilil;v ox respons.1--hility therefor,. or for any, -defect in. any &t..-u.:tUro constructed from such plans and spec ifications. ARTICLE VI pEV 1E,§ L AND MMRS OF THE ASS2CIATION sectic,n l w General OLi-Hes and Ppw6rs. In addition to the ---Articles and Bylawgr ET-1-07-7--1-31`po—wers enumerated in its Beacon Bay 9/20-/79 10 Rev. $1/24/75 Or elsOwhe,-L- provided for hereln, and wit.hout I.im -i-ting t -he generality thrreot, the Association shall have the SPeClfiC duties and powers specified in. this Article. Seotion 2 General Duties of the Association. The KS �Clat_ion through the Boand shall ha�Te_the _ 841ty ana obligation to: (a) enforce the provisions of this Declaration, the Articles, Bylaws, and Association Rules, by appropriate means and carry out the obligations of the Association hereunder, N maintain and otheryse manage the Common Area; (c) Pad' any r0a.1 and PerS0.j.;(1 `Property taxes and �theAw ch-arges ass�ssed to or r4y�:ble by the AS-Sociation- and (d) obtain and continiae in effect during the. tern, o.f Of the lease, in its ovin. name a comprehensive policy Of public liability insurance proving 00'Ve-ra(,Je for the common area, and a policy of fire and casualty insuranca with co gage as the Board deems. &-pproprjat-e, Stdtion 3 - Ge -neral Rq_?rersi of the Asgociation. The Ai_S"ow_iaE1_Un__tTr­Ough theme shall have thi;, 'power but not the obligation to:; (a) employ a. manager or other Persons and contras -t with i,ndepenrlent co.rit _,actots 0_ -agents to all sir any P managing Perform 4rt 0;. the duties and responsi-bilities of the A'sSociation; :borrow mo,,ey as, may be receded in connection with the of the : Assoc. iatioftIs pavers ai6d duties,- and W e.-,tabllsh and m4intain a WO-tkilig capital and continge.,ncY f and in an aimound 'to be determine. - .t. I by the 204T6. Said fund z7hall be used by the-`Boar4l as it deem*s fid to carry out the objectives and purposes of the A ss o L-� I' 1-.j �D Assoc ztlon .1Zu.je$. Phe Board:shall have the FNpt. a7-,iend, and repeal such. rules and r e ('thy* "Assoc iat-J01-1 in tae event of f ally conflict betw,een ally such AS, $ 0 t Ru 1, C., a n: d a n y other provisions of . this or t1le ArtLclos or Bylaws, t -be provisions. of the IzOlcs shall be. deemed. to be superseded by the -of this Declrtixation, the Articles or the .L %_ PIY'�aWt _-�. thQ extant Of any SUCh conflict. Rev. 9/24/79 5/4/81 ARTICLE VII ,REPAIR AND MAINTEUANCE Section I Reoairv lation. The and. Maintenance b.Assoc ._ Association shall itiave t au; ty t6: (a) maintain, repair, restore, replace and make necessary improvements, to the Commbn. Area; (b) maintain all other facilities? equ.ipme.rit, services or aesthetic Components of whatsoever nature as May from time to time be requested by the vote or written consent of -a majority of the voti ng power of the Members; (c) pay out of the: general funds of the Association the costa of any maintenance and, repair made pursuant to this section, excep:t as otherwise herein -specified as payable by particuilar Lessees:. * 'Socti,on 2 - Re�.41.r and Mai..qten4 Qeby, Lessem, Except as the Apsociatiorf shall be obligated to maintain and repair as: may be provided in this Declara-ti6h., every Lessee §ball: (ay. T6aintain al,� portions of the exterior of his. Residence, Lncludiaq Without 1-imit-Ation:-, . the walls, fences -and roof of Such Residence In good condi.' ion and rvpa.lir; and w (b) install and :there-aftor maintain in atttac�tive cond'iti,on 'yard- landscaping in atcordance W'ktli thie - provisions o - f this A.rticle. Septitq 3 - Md.intena.n.ce Of Public Utilj.tleg. Nothing contalhed herein shail red ire or obl,,::9'ata., the Assoc-iatl*.on to. maintain, replaoe or restore the undergrolAnd, ' .ac iil- 1' ties or public utilities which are Located within easements in the Corn -mon Area owned by su * ab. public utilities. However, the Associati.-On shall take Svucb steps as are necessary or convenient to ensure that such faciliti.e.gare properly miaintained,, replaced or restored by such Public utiljtjes. ARTICtE V-r.i.i USZ RESTR1CTXQN$ 1 - C-onmercial use. No part -of a Residence -shall be us_G' 5 Or any buso-n-ess, commetcAai, or nonresidential Beacon --C-1 9/20/79 12 Rev. 9/24/79 Sect.ion 2 - Si ns. No sign or billboard of any kind shall be displa—yed to the public View on any portion of the Covered Property; provided, however, that a Member may display on his Residesnoe, a si-9n advertising its saleor lease 030 long as such sign shell comply with any customary and reasonable standards promulgated by the Board, Section 3 Nuisance.- NO noxious or:Of -fensive, activity be Oar_ri�i upon any Residence, or an' -,Y Part of the -Covered Property 49; shall anyth-ing be done thereon which May �bef or may become an annoyance or nuisance to the neighborhood, or 'Which sha.11 in any way interfere with the quiet enjoyment of each Of the Lessees of bis respe.o.ti (a) The right at the Association to limit the number of gueats of Members and to *I -i -mit the use of the Common. Area by persons not in possession of a Residence, but .. _ owning a portion of the interest in a Resid.ence. required .for m6mbers-hip_ .(b) Th -e right. iqht 04 the Assoclation to establish reasonable rules and regulations pertainitig to the Use of the Common Area. Section .2 Oeltg V-te;., Any Mwber may delegate his riot of en]oyment to t ei C-ommon Areas to the members of h -is, family or h.is tenants Who reside on his Residence, or to his guests, subject to tbo rules and regulations adop'ted by the Board.. In the. e.Vent and for so long as a Lessee deleq-�tes said righti3 of -o-rijo ftent to his t.�enants, said .Lessee 'sha.11 not be entitled tosaid r4ghta. unless both he' and the tenant reside on the Residenve in separate dwelling units- which conform to all applicable municipal laws and r:eqalations. .SIC, i2n3 Waiver of Use. No member may 'exervt himself tr.Om.' personal liabill—EY-For assessments IY levi-adby the Association l -e -lation or reaoe 'PF.,n,. the -ResIdence ed by: b:im. from the liens, ,s, charg-es and othe'r pprovi-sions. -of this- Deolarati0n, the Articles, Bylaws and Association Rules, by waive�r of the u%se and tnfoyment 01" the 06nimon Area, -or the tbandonment ;eFf his R"idence. lqaforcement. The Asnociation,, pr any Lesl;se.el, shall have the 'right f0d enforce by proceedings at law or ire equityf all rest ri ot iong., <,40nditions, covenants and reSaxvV,­;,6hs', now or hereaft-4-r' imposed by the Provisions of: thl's. Declaration or arty- amend. Ment the're-to, including the ri�ht- tQ.,Vxevent the violation of such restrictions, conditions, covenants, or reservations and the right to recover diema�aqes or other dues for such vioiation., . The ,Ass6ciation or any Lessee :8ball also have the right to enfores by proce.edings at law' or in equity the provlsAons of the -P%riioles or Bylaws and any amendments thereta_ Wit'n :zeaaect to architectural control and A*Ss0ciatj�or) RuliRa, r. -he Association shall have the -exc)-usive rjght to tM- enf-rcement thezebf unless the As.s6ciation refuses or is unable to effectuate such enforcement, in which case any Lassie who otherwise has start.din'g shall. have the right to uncle take' such enforcement. With respect, to Assessm"ent Beacon Sav 9/20/79 r 14 Rev. 9/24/79 Liens, the Association shall have the exclusive right to the enforcemeent thereof. Secy2 - -No Waiver. Failure by the Association or by any vlember to enforce any covenant, condition, or restriction, herein con'tained, or the Articles, Byla44s, or Association Rules-, in any oertain i-n-stance or on any partlel:i1ar occasion shall not be deemLz4 a. waiver 6,fsuch right an any siAch future breach of the same or any other covenant, condition or res-triction... St._,��tion 3 - CUMUlative Remedies, All rights,, '9pt* ions and remedies of Declarant, the Association, or. the Lessees un.der this Declaration are cumulative', and no one of them shall bO exclusive of any other, and Declarant.. the Asaociation, and the Les-sees shall have the right to 'pursue any one or all of such rights`o ptions .and remedies Jaz any, other remady, or relief whicibmaybe provid-e;d by .. la-w,, �hethe:r .,:'r-.not stateo zn this Declarati.on. Lection 4 - S everab*ij,ty, lnva,�Jjd aticn of any one or a portion ot these covenants, con.ditions orrestrictions by j:udgment car court order shall Provisions whichIn no way affect any oth-er shall remain in full force and effect. Section 5 - ,Cove nan.ts to Run vith the Land; Term. The cavena'at's., cortclztac ns :1111CI restrictions of this DecIaration shall run with end bind the, Covered:.Property and shall inure to the beheifit of and be enforce,able by the As8ociati:On or any lessee, essee,. their-respective legal representatives, heirs, succeSs'bts and assigns, for a term0f twent-Y five (25� ' years from tine date this Dec-laration is reaOttTed, after vihiiuh t#Plo said and restrictions shall be au.tomatioally ek,teIndled forl successive periods bf' ten (1,0) years, =101-s an in-st.-r-1-up...ent, signed by the Declarantand- a majord,ty of the. he. tbeo Les-sees,, fiz-s been razarded at- I-east, one, year prior to the end of a4Y' such, Period, agrees to change said covenants, conditf . o.n%s and restrictions in whole .or in parte The 'Artiole and Section headings have beery inserted. for convenience oilly, and shall. not be Considered -or referred to in 'resol-wing questions of interpretation or Construction. Section 7 Sinquiar I�ncludez Rjirrai . Whenever the con-E—exto-z'ER—Ist e.claration r guires: same, the singular .9hall include the Plural and. the Masculine shall ir dude the feMInine and the -neuter, Beacon. Bay 9./20/79 is ReV. 5/24/79 Section 8 - Attorney.sl. Fees:. Tn the event action is I ri s t ITut ey- to entorce any of the provisions contained in thi.s, Declaration, the party prevailing in such action shall be entitled to recover from the other party thereto as part of the Judgment., reasonable attorneys' fees an.d costs of such suit. 'Section 9 Nctices. Any noticeto be giver) hereunder - 8hall -be _writing and may be delivered as follows.: (a) Notice to a Lessee shall be deemed to have, been Properly delivered when deliv'ered to the Lessee's Res , idence, or placed in the first class United 8-tates mai. 1, postage prepaid, to the mott- recent address furnished by such Zea.iee in waiting to the As4ociation for the pbrpose of giv.i:hq,* notice, or if no such. address -s-h-all have been furnis.h.ed.., - then to the street address of such Les:S,Ws Rezidence. Any notice so'. deposited in: tall: mail wit"hin the City' shall be deemed. dellvered forty-eight (48:,) hours after such d6pos.it. In .thyzase of co -Lessees any such notice may be dell . vered or sent to any one of the co -Lessees on, behalf crf::al.l co"Lessees and shall be doe ed delivery ob all such co-Leasees., (b).. Notice to the Association shall bt deemed to have been properly delivered when placed in th6. first class, U I , 1�.ted States mlatlr pos.,tage prepaid, to the address fqrn-lished by the Association or the addxess of its principal pla;c* of business. (c.) The. affidavit of an, officer or authorized agent of the Asgociatiorf deplAr1bg undet'jury that Penalty of perj` a notice has be -en mati-ed to any 'Lessee or Ljas:s.ees, or to all Members, to thead'clre;5s or- addresses ab.dwn on the records of the Association, shall be doemed -conclUsIvb proof of such mai-ling, whether or not such notices ,are. actually received. Section: , 10-- Effect of Declaration. This Declaration is made for the purposes set forth in the Recitals to this Dec,Iaration and Declarant makes no warranties or represebntations., express or implied as to the blnd�jng eff-ect or OnfaroOabilitY of. all orr any, portion of this Decl.a.-a'tlorv, 'or as to the compliaiice. of any of these Provi.sions w.,th public laws, or'dInan-ce'-s and r Ulations- applicable thereto. SectioP- 1l - Personal. Covenant. To theextent the aqcept.ance or cpnveyance of a Residenee creates a personal ceven.ant: between the Lessee of such Residence and Declarant or other Lessees, such personal Covenant shall t-eacon 9/20/79 15 Rev. 9/24/79 terminate and be of no further force or effect from or after the -date wben a person: ct� entity ceases to be an Lo -rice trxcept to the extent this Declaration may provide otherwise with respect to the payment of money to the Association. Se.ction 12 - 0onliability. of 0 ftzials. To the fullest extent perinitted*by law, neither -th.e Board, the Architectural Committee.,, and other committees of the A.ssoclation or any meitber of su-ch Board or committ'ge• aball be liable to any MMbdr or tbe A8soci�tio n for Cix-ly damage, i.oss or prejudice suffered- or claimed. ant of any accoua decision, approval or disapproval of tplans ' or * spec-ificatlds (:whether or not defy t-ive),. coarsef of action, act, oinissirnr, error, .negligence or the like made in good -falth within wbich .such �bard --ommit.hees or persons reasonably believed to be- the zq(�,p.e of thejr duties. Seotion IS - S.ublta-ses. Any agreement for the subleasing or rental of R69 ence (hereinafter in this Section re-ferred to as a "leas -ell) shall grovide that the terms of s uch lease shall be subject in all reppects to the provisions of this Declaration, th.e Articles., the Bylaws and the. Associatiort. RuIes. Said lea.se sball, further provlc� 'that any tailure by the, lessee the-reunder to comply w1th the terms of the .�-.oregolnq -documents shall be a default ander the lease. All leases shall be iA writing, Any. Lessee who, -shall lease his Residence shall be responsi.ble for ae-suriTig com-pliame fry. such Latssee. f s lessee wi-th tb,is D6.claxation, the Attidles, th4�, Bylaws and the Asi.§oqiation RuIe$:. Section .14. " Amendnaeats. subjecrtto the other provisions of this this Declaration may. be amended as (a) Any amendment or, Modification of the Articles hexeof entitled "Covenant. :for Maintenance Assessments "Nonpaynent of Assessments," "Architect -ural Control," and "Repair and Maintenance," Or Of th'i't Sectii= shall require the affirrzAtive vote or written a.pproval of, not less than sixty Percent (6.0%) of the Members. (b.) Any amendment or modification of any Articie other th:aln those specified in sul�paragraph (a!} above rhall require the affirmative -vote or written approval of a majority of the mem-bivrs. ( c) An -"amendment or modification that requires the vote and written assent of the Members as hereinabove Beacon Eay 9/20/79 17 Rev. 9/24/79 provided shall be effective when executed by the President and Secretary of the Atsoc.iatic)n. who:shall certify that the amendment or modificatio.n has been approved as hereinabove provided, and when recorded in the Official Records of the County. The notarized signatu-res of the Members shall not be required to effectuate an Amendment of this Declaiation. (.d.) Notwit.h.standin.g the' foregoing, any provizion Of thd-s Declaration, or the Articles, B)4'a'48 or Association Rud -es which expressly req- alres the approval- olf a specified percentage of the voting. piower of the Association for action to be taken :under said P.Z.OvIsion can be amended only wzi-th *the affix-mative vote or written assent of. hot less than the same percentage -of the Voting Power of the Assw. i -at ion. IN WITNESS � M.RtOF, r)ecl.arant has e:XeCUted this trIstrumen't the: day and year first hex.0-11n above wrjtt.e-n, ATTUT: CITY OF NEWJ?.QRT-UACH,,, a chartered::muakaipal corryakation Kayor City Clerk APPROVED AS TO FORM-. ty Beacon P'ay 9/20/79 l8 Rev. 9/24/79 STATE OF COUNTY OF .On before me the undersigned, a Notary -Public in an' for said State, personally appeared the. known to me to tae 64. the corporation that execuTed Zh; wltFT instru-fnent, known to Me to be the Per -son who ex e Cu 'I- eM :the within Instrument -on b6half of the corporation therein named, and acknowledged to me that such carporation executed the within instrument pursuant <to *its bylaws or- a resDlution og its .board of directors. WIT ESS my hand and official seal. 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((.c��'{i .i yHy +tn"i ��«jf K .14 X k K K. F � vii � n +p .4• �' n v � +k � e't v � .� ;: .S IL a FF' R M Y i N i N ss� i N AA i v�P yR yyyy t I' 1 I 1 1 t [ t 4 t I I I t i ��0.' � l+ W r•1 v1. b�t' } T b Q N Y�I O' ip N rh rk 14` f+'' i.'' t•n 'h f; M ��' �' ^ 1'li N N i9 PI. Y, ly tO •X ry!� ny p9 NN � ri I O Q Y4 » F4 a m EXHXBT,T "Du 2 of 2 Pagan' b LEASE THIS LEASE is made and entered into as of the 25Aday of June , 2010, by and between the CITY OF NEWPORT BEACH, a Charter City and municipal corporation ("Lessor'). and Jeffery Michael Harris. a single man ("Lessee"), regarding the real property commonly referred to as Beacon Bay Lot 48. RECITALS A. The City of Newport Beach, by virtue of a 1978 legislative grant found in Chapter 74 of the Statutes of 1978 (the "Beacon Bay Bill"), holds the right, title and interest to certain tidelands and uplands commonly known as Beacon Bay and generally described in Exhibit A attached hereto and incorporated by reference. B. The Beacon Bay Bill frees the "Westerly portion" of the filled tidelands from the public trust and specifically authorizes the lease of the property for residential purposes subject to certain express statutory conditions. C. Beacon Bay, including the "Westerly Portion" thereof, has been divided into individual lots, with each lot leased by the City for residential purposes until December 31, 2005. D. On November 3, 1987, a majority of electors of the City approved a measure which authorized the City Council to enter into new leases of residential lots in Beacon Bay for a period not to exceed fifty (50) years. E. On November 3, 1992, a majority of electors of the City approved Measure M which authorized the City Council to lease tidelands and waterfront property consistent with the provisions of state law. F. The City Council, pursuant to the authority conferred by the electors, entered into negotiations with current lessees and the parties have agreed on the terms and conditions of a new lease with a fifty (50) year term, provision for adjustments in lease payments to reflect changes in the value of Beacon Bay leaseholds, and a recalculation of lease payments in the event of a transfer of the Lease by the Current Lessee or any Subsequent Lessee (as defined herein). G. Lessee acknowledges that the terms and conditions of this Lease may result in Lessee paying substantially more or less than another Lessee for similar property depending upon the date this Lease is executed, the date of any subsequent transfer, and the consideration paid for transfers of similarly situated property. H. Lessee acknowledges that accurate and complete reporting to the City of all consideration paid for the transfer of this Lease is vitally important to the City in that failure to fully report all consideration could materially reduce the amount of rent received by the City from other Beacon Bay Lessees. I. Lessor and Lessee acknowledge that the City has agreed to a fifty (50) year term and limited lease payment increases in consideration of provisions which require payment of rent approximating fair market rental value, without regard to any advantage maintained by Current Lessees, upon transfer by Current Lessees and payment of deferred rent in the event the Lease is not signed on or before the Effective Date (as defined herein). J. The California State Lands Commission has reviewed the form of this Lease and determined that it is in conformance with the provisions of relevant statutes, rules and regulations, including, without limitation, the Beacon Bay Bill. K. Lessor has determined that this Lease is consistent with provisions of the Beacon Bay Bill, the Charter, General Plan and Zoning Ordinance of the City of Newport Beach, and of all other applicable state and local laws. NB1-187371.V20&24/84 L. Lessor has determined it is in the best interests of the citizens of Newport Beach to maintain the residential character of Beacon Bay and to enter into new leases with Current Lessees under the terms and conditions specified in this agreement. NOW, THEREFORE, in consideration of the foregoing recitals and the covenants in this lease, the parties agree as follows: LEASED LAND. Lessor hereby leases to Lessee the real property commonly known as Beacon Bay Lot 48 (the "Leased Land"), which is more particularly described in Exhibit B, and generally depicted on Exhibit A, each attached hereto and incorporated by reference, subject to the limitations on use specified in Section 6. As used in this Lease, the term "Premises" shall refer to the Leased Land and any improvements constructed thereon. Lessor expressly reserves all oil, oil rights, gas, minerals, mineral rights, natural gas rights and other hydrocarbon substances in and under the Leased Land and the right to grant and transfer the same, together with all necessary and convenient rights to explore for, develop, produce and extract and take the same, subject to the express limitation that any and all operations for the exploration, development, production, extraction and taking of any such substance shall be carried on at levels below the depth of five hundred feet (500') from the surface of the land by means of wells, derricks and other equipment from surface locations on adjoining or neighboring land, and subject further to all restrictions and regulations concerning the drilling for, and production of, oil, gas, minerals, petroleum and other hydrocarbon substances specified in the Newport Beach City Charter or the Newport Beach Municipal Code. 2. TERM. The term of this Lease shall commence on the Execution Date, but in no event prior to the Effective Date, and shall expire on the date fifty (50) years following the Effective Date, unless earlier terminated as provided in this Lease. 3. RENTAL. A. Definitions. For the purposes of this Lease, the following terms shall be defined as specified in this paragraph. In certain cases, the definition of the term contains operative language that affects the rights of the parties: (1) "Actual Sales Value" shall mean the total of all consideration paid for the non-exempt transfer of this Lease or the Pre-existing Lease, including the improvements on the Leased Land, from the Current Lessee, or Subsequent Lessee, to another person, excluding any consideration paid for the transfer of personal property in connection with such transaction. (2) "Average Actual Sales Value Rent" shall mean two and one-half percent (2.5 %) of the mean of the Actual Sales Value of the non-exempt transfer of a similarly situated (waterfront or interior) Beacon Bay parcels as specified in this subparagraph. Average Actual Sales Value Rent shall be the mean of the Actual Sales Value of the three similarly situated parcels most recently transferred. Exempt transfers, as defined in Paragraph 3.6(3), shall not be used to calculate Average Actual Sales Value rent. (3) "CPI" shall mean the Consumer Price Index - Los Angeles -Anaheim -Riverside Area, All Urban Consumers, All Items, published by the United States Department of Labor, Bureau of Labor Statistics (1982-1984=100). If the 1982-1984 base of said Consumer Price Index should hereafter be changed, then the new base shall be converted to the 1982-1984 base and the base as so converted shall be used. In the event that the Consumer Price Index, as now compiled and published, shall cease to be published, then the successor index shall be used provided that an appropriate conversion from the old index to the new index can feasibly be made. If such conversion cannot be made, or if no such index is published, then another index most nearly comparable thereto recognized as authoritative shall be substituted by agreement. (4) "Current Lessee" shall mean the person or persons who, as of April 1, 1994 (the "Cut-off Date"). was or were the Lessee under the Pre-existing Lease. (5) "Deferred Rent" shall mean the total rent that a Current Lessee would have paid had this Lease been executed on the Effective Date, through and including the date on which this Lease was first executed, less the rent actually paid pursuant to the Pre- existing Lease, together with interest at the rate of eight percent (8%) per annum calculated on the balance due at the end of each Lease Year or portion thereof. (6) "Effective Date" shall mean July 1, 1994. (7) "Execution Date" shall mean the date when this Lease is executed by Lessee. (8) 'Initial Rent' shall mean the effective net rent for the Leased Land as determined by the appraisal of George Hamilton Jones, with due consideration to the leasehold advantage created by the Pre-existing Lease, all as shown on Exhibit C attached hereto and incorporated herein by reference. (9) 'Person" shall mean any natural person or natural person(s) and does not include any corporation, association, or business entity in any form except a financial institution or other bona fide lender acting in the capacity of a lender or an inter vivos or living trust. (10) 'Pre-existing Lease" shall mean the Lease for the Leased Land which was effective on January 1, 1988, and would, absent this Lease, expire on July 1, 2006. (11) 'Transferred" shall mean any sale, assignment, sublease or other transaction, other than an exempt transfer as defined in Paragraph 3.B(3), pursuant to which the right to possession of the premises and the right to sign a new lease identical to this Lease is transferred to another person. B. Rental Payments. Lessee shall pay annual rent in the sum of Twenty-five thousand two hundred and fifty and 00/100s ($25.250.001, payable at the rate of Two thousand one hundred four and 00/17s ($2,104.17 per month. Lessee shall also pay, if applicable, deferred rent in the sum of (N/A) upon execution of this Lease. Rent shall be adjusted every seven (7) years after the date of transfer in accordance with the provisions of Paragraph 3.B(4). Annual rent, deferred rent, and periodic adjustments are based upon the following: (1) Execution Before Effective Date In the event this Lease is executed by the Lessee on or before the Effective Date, Rent shall be paid as follows: (a) Current Lessee: Current Lessee shall pay annual rent equal to Initial Rent as specified in Exhibit C. Thereafter, so long as there has been no transfer of this Lease by the Current Lessee (other than an exempt transfer as set forth in Paragraph 3.B(3), rent shall remain as specified in this subparagraph notwithstanding the provisions of Paragraph 3.B(4). (b) In the event of any transfer of this Lease to a Subsequent Lessee, the Subsequent Lessee shall pay annual rent equal to two and one-half percent (2.5%) of the Actual Sales Value determined as of the date of the transfer in accordance with the provisions of paragraph 3.A(1). Thereafter, rent shall be adjusted every seven years after the date of the transfer in accordance with the provisions of paragraph 3.13(4). (c) In the event of any transfer of this Lease to a Subsequent Lessee in a transaction other than an arm's length assignment of this Lease, and sale of the improvements on the Leased Land, if any, such as a gift or transfer by inheritance other than an exempt transfer under Paragraph 3.B(3), the Subsequent Lessee shall pay annual rent equal to the Average Actual Sales Value Rent calculated as of the date of the transfer in accordance with the provisions of Paragraph 3.A(2). (2) Execution After the Effective Date. In the event this Lease is first executed after the Effective Date, rent shall be determined and paid as follows: (a) Current LesseenVithin Five Years After Effective Date: In the event this Lease is executed by the Current Lessee within five (5) years after the Effective Date, the Current Lessee shall pay annual rent equal to Initial Rent plus a sum calculated by multiplying the difference between Initial Rent and Average Actual Sales Value Rent by a fraction equal to the number of months between the Effective Date and Execution Date, divided by sixty. The Current Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. Thereafter, so long as there has been no transfer of this Lease by the Current Lessee, rent shall remain as specified in this subparagraph, notwithstanding the provisions of Paragraph 3.B(4). (b) Current Lessee/More Than Five Years After Effective Date: In the event this Lease is executed by the Current Lessee more than five (5) years after the Effective Date, the Current Lessee shall pay annual rent equal to Average Actual Sales Value Rent calculated as of the date of execution in accordance with the provisions of Paragraph 3.A(2). The Current Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. Thereafter, rent shall be adjusted every seven (7) years after the date of execution in accordance with the provisions of Paragraph 3.6(4). (c) Subsequent Lessee: In the event the Current Lessee transfers the Pre- existing Lease to a Subsequent Lessee who wishes to sign this Lease after the Cut-off Date, the Subsequent Lessee shall pay annual rent equal to two and one-half percent (2.5%) of Actual Sales Value determined as of the date of execution and in accordance with Paragraph 3.A(1). The Subsequent Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. The annual rent shall be adjusted every seven (7) years following the Execution Date in accordance with the provisions of Paragraph 3.B(4). (d) Subsequent Lessee: In the event of any transfer of this Lease to a Subsequent Lessee who wished to sign this Lease after the Cut-off Date in a transaction other than an arm's length assignment of this Lease, and sale of the improvements on the Leased Land, if any, such as a gift or transfer by inheritance other than an exempt transfer under Paragraph 3.6(3), the Subsequent Lessee shall pay annual rent equal to the Average Actual Sales Value Rent calculated as of the date of the transfer in accordance with the provisions of Paragraph 3.A(2). The Subsequent Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. The annual rent shall be adjusted every seven (7) years following the Execution Date in accordance with the provisions of Paragraph 3.B(4). (3) Exempt Transfers. The provisions of Paragraph 3.B regarding transfers shall not operate to increase rent if: (a) Lessee is assigning an interest in this Lease to a trustee under a deed of trust for the benefit of a lender; (b) the transfer is caused by the death of a spouse and the full interest of the deceased spouse is transferred to a surviving spouse; (c) the transfer of an interest in this Lease is between or among tenants in common or joint tenants in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests in this Lease simultaneously; (d) the transfer or assignment is by a bona fide lender acquiring title by foreclosure or deed in lieu of foreclosure of a trust deed; or (e) the transfer is a sublease of the premises for three years or less; provided, however, that in determining the term of a sublease, any options or rights to renew or extend the sublease shall be considered part of the term whether or not exercised; (f) the transfer is caused by the dissolution of the marriage of Lessee and the full interest of one of the spouses is transferred to the other spouse; (g) the transfer is to an inter vivos trust, living trust or other similar estate planning arrangement of Lessee; provided, however, that the provisions of Paragraph 3.0 shall apply upon the death of such Lessee if the beneficiary of such trust or other arrangement is other than the surviving spouse or a tenant in common or joint tenant in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests in this Lease simultaneously; or (h) the transfer is to a guardian or custodian of Lessee appointed due to the physical or mental incapacity of Lessee; provided, however, that the provisions of Paragraph 3.0 shall apply upon the death of such Lessee unless the transferee is the surviving spouse or a tenant in common or joint tenant in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests in this Lease simultaneously. (4) Rent Adjustments. (a) Except as provided in Paragraphs 3.B(I)(a), 3.B(2)(a) and 3.13(3), on the seventh (7th) anniversary of the Execution Date of this Lease, or the seventh (7th) anniversary of the date of any transfer of this Lease by any Current or Subsequent Lessee, rent shall be adjusted to reflect any increase or decrease in the cost of living, which adjustment shall be determined as set forth hereinafter. The most recently published CPI figure shall be determined as of the date ninety (90) days prior to the adjustment date, and rent payable during the ensuing seven (7) year period shall be determined by increasing or decreasing the then current rent by a percentage equal to the percentage increase or decrease, if any, in the CPI as of the Execution Date, or the date of the most recent rental adjustment, or the date of any transfer of this Lease by any Current or Subsequent Lessee, whichever is later. In no event shall rent be increased or decreased by a sum greater than forty percent (40%) of the rent paid by Lessee as of the later of (i) the Execution Date, or (ii) the last rental adjustment date. Lessor shall endeavor to notify Lessee of rental adjustments at least forty-five (45) days prior to the end of each seventh (7th) lease year; provided, however, failure of Lessor to give forty-five (45) days' notice does not relieve Lessee from the obligation to pay increased rent or the right to pay less rent in the event of a decrease in the CPI; and, provided further, that Lessee shall have no obligation to pay rent increases which apply to any period greater than ninety (90) days prior to the receipt by Lessee of Lessor's notice of an increase in rent. (b) In the event Lessee is two or more persons owning the leasehold estate created hereby as tenants in common or joint tenants, and less than all of such persons transfer their interest in this Lease to a person other than to an existing tenant in common or joint tenant, the rent adjustment shall be prorated to reflect the percentage interest being transferred to a third party. For example, if two persons are the Lessee as tenants in common as to equal one-half interests, and one of such persons transfers his/her 50% interest to a third party, the rent shall be adjusted as provided in Paragraph 3.13(2)(c), and thereafter as provided in Paragraph 3.13(4)(a), and the resultant rental increase multiplied by the percentage transferred (50%) to determine the rental increase; provided, however, that any subsequent transfer of an interest in this Lease to such third party shall not be exempt under subparagraph 3.B(3). (5) Installment Payments/Grace Period. Lessee shall pay rent in equal monthly installments, in advance, with payment due on or before the first day of the month for which rent is paid. Rent shall be prorated during any month when a transaction which increases rent becomes effective other than the first day of that month. No late payment charge applies to payments received by Lessor on or before 5:00 P.M. on the fifteenth (15th) day of the month for which the payment is made ("Grace Period") . If a rent payment, or any portion thereof, is received by Lessor after expiration of the Grace Period, Lessee shall pay Lessor a late payment charge equal to four percent (4%) of each late payment, or portion thereof. Rent payments shall be payable to the City of Newport Beach and sent, or delivered, to the Finance Director at the address specified for service of notices. Rent shall be payable by Lessee to Lessor in such coin or currency to the United States as at the time of payment is legal tender for public and private debts. Lessor and Lessee agree that late charges specified in this paragraph represent a fair and reasonable estimate of the cost Lessor will incur by reason of any late payment by Lessee. Any late or missed payment of rent constitutes a default pursuant to paragraph 13 of this Lease. Any failure by Lessor to declare a default and initiate termination of this Lease due to a late or missed payment shall not be considered a waiver of the right of Lessor to do so for that or any other late or missed payment. C. Credit to Tidelands Fund. In calculating Initial Rent under this Lease, a credit was given to certain of the Current Lessees equal to the annual amortization of the present value of the additional property tax to be paid by such lessees during the remaining period of the Pre- existing Lease. This credit, commonly referred to as the "tax advantage", is shown on Exhibit D for each affected lot. This credit was extended by Lessor to Current Lessees as consideration for entering into this Lease. As a consideration in its approval of this Lease, the California State Lands Commission required Lessor to credit its State supervised Tidelands Trust Fund by an amount equivalent to the tax advantage derived from those lots in Beacon Bay comprising tidelands. This amount is shown on Exhibit D for each affected lot comprising tidelands. Accordingly, Lessor has unilaterally agreed to annually calculate the amount of such tax advantage derived from the tidelands parcels in Beacon Bay and to credit an equivalent amount as revenue to the State supervised Tidelands Trust Fund. This provision is included in this Lease to acknowledge the agreement of Lessor with the California State Lands Commission, and does not affect the rights and obligations of Lessor or Lessee under this Lease. 4. TRANSFERS. A. Conditions Precedent to Transfer. Lessee may transfer this Lease subject to the prior written consent of Lessor, which consent shall not be unreasonably withheld, delayed or conditioned. Lessor shall consent to any transfer when Lessee and the proposed transferee have complied with the following: (1) Lessee shall furnish Lessor with executed copies of each and every document used to effect the transfer. (2) Lessee or the proposed transferee shall pay to Lessor a transfer fee of one hundred dollars ($100.00); (3) Lessee shall execute a "Termination of Leasehold Interest" for recordation; and (4) The proposed transferee shall execute a new lease and execute a "Memorandum of Lease" for recordation, which lease shall be identical to this Lease and have a term equal to the remaining term of this Lease at the time of the transfer. B. Transfer Information. The parties to any non-exempt transfer of this Lease shall provide Lessor with all information relevant to a determination of the total consideration paid for the transfer, as well as all documents which are relevant to the total consideration paid for the transfer. Lessee and the proposed transferee shall provide this information not later than forty- five (45) days prior to the proposed effective date of the transfer of this Lease. Lessor shall have the right, at its sole discretion, to commission an appraisal of the fair market value of this Lease and improvements thereon as of the date of transfer. Any such appraisal shall be completed not later than thirty (30) days after receipt by Lessor of the aforementioned information from the Lessee. If the value determined by the appraiser commissioned by Lessor exceeds the stated total consideration to be paid based on the information received from the Lessee by more than ten percent (10%). Lessor shall so notify the Lessee and provide Lessee with a full copy of such appraisal report, and said value shall be deemed the Actual Sales Value for purposes of calculating Average Actual Sales Value Rent and rental payments unless within fifteen (15) days after receiving such notice and the report the Lessee notifies Lessor that Lessee elects to cause an appraisal of the fair market value of this Lease and improvements thereon as of the date of transfer to be conducted by an independent appraiser. In such event, Lessee cause such appraisal to be completed no later than thirty (30) days after the notice to Lessor and shall provide Lessor with a full copy of the appraisal upon completion. The Actual Sales Value for purposes of calculating Average Actual Sales Value Rent and rental payments shall be the greater of (i) the stated consideration for the transfer, or (ii) the average of the two appraisals. Any appraisal commissioned by Lessor or Lessee under this Paragraph 4.6 shall be conducted by an MAI appraiser licensed to conduct business in the State of California and experienced in residential appraisals in Southern California. C. Exempt Transfer Information. Lessor's consent is not required for the "exempt transfers" referenced in Paragraph 3.13(3); provided, however, Lessee shall furnish Lessor with copies of all documents used to effect any exempt transfer. D. Audit of Subleases. It is the intent of the parties that transfers referred to in Section 3.B(3)(e) shall only be exempt from the further provisions of Paragraph 3.13 (in respect of rental adjustments) if such subleases are not substantially equivalent to, do not have substantially the same economic effect as, or are intended to disguise, a transfer by the then Lessee of all or substantially all of his/her interest in this Lease to the putative sublessee. Lessor shall at all times have the right, upon written request to the Lessee, to receive copies of all written agreements, and to be advised in full of all oral agreements, between the Lessee and any sublessee of the Leased Land. Any purported sublease of the premises which is determined to be substantially equivalent to, or have substantially the same economic effect as, or is intended to disguise, a transfer by the then Lessee of all or substantially all of his/her interest in this Lease to the putative sublessee shall be void and of no force or effect, and such attempted or purported sublease shall, at the option of Lessor, (i) be an event of default by the Lessee under this Lease, or (ii) permit Lessor to treat such sublease as a transfer of this Lease subject to the provisions of Section 3.B. 5. ENCUMBRANCES. A. Right to Encumber. Lessee may encumber this Lease by deed of trust, mortgage, or similar instrument, in favor of any bona fide lender ("Lender") in a bona fide loan transaction for any purpose without the consent of Lessor. To determine whether a loan is a bona fide lending transaction, and not an arrangement for transfer of the possession or title to the Premises to the putative lender, Lessee and the lender agree to provide Lessor with all documentation executed between Lessee and the lender concerning the loan upon request of Lessor. Neither Lessee nor Lessor shall have the power to encumber Lessor's interest in the Leased Land. Any encumbrance shall be subject to all covenants, conditions and restrictions in this Lease and to all rights and interests of Lessor except as otherwise expressly provided in this Lease. Lessee shall give Lessor prior written notice of any encumbrance. B. Notice to Lender. Lessor shall have no obligation to give any Lender any written notice pursuant to this Lease unless the Lender has given Lessor written notice of its name, address, and nature of encumbrance ("Complying Lender") . Lessor shall give all Complying Lenders a copy of any written notice of default, notice of termination or other notice which may affect Lessee's rights under this Lease. Notice shall be deemed given by Lessor to Lender five (5) days following deposit in the United States mail, certified and return receipt requested, postage prepaid, and sent to Lender at the address furnished in writing by Lender. C. Modification. Lessor and Lessee agree that they will not modify, surrender or cancel this Lease by mutual agreement without the prior written consent of Lender. D. Rights of Lender. Any Lender holding or the beneficiary of a security interest or lien on this Lease and the leasehold estate created hereby shall have the right, during the term of the Lease, to: (1) perform any act required of Lessee pursuant to this Lease; (2) transfer this Lease to the purchaser at any foreclosure sale, the assignee in the event of an assignment in lieu of foreclosure, or to acquire the interest of Lessee pursuant to foreclosure or assignment and thereafter transfer this Lease to the Lender's successor. Lender shall have no right to transfer this Lease unless and until Lender has cured all defaults requiring the payment or expenditure of money by Lessee. E. Right of Lender to Cure Default. Lessor shall give written notice of any default or breach of this Lease by Lessee to Lender and afford Lender the opportunity, after notice, to: (1) cure the breach or default within ten (10) days after expiration of the time period granted to Lessee for curing the default if the default can be cured by payment of money; (2) cure the breach or default within thirty (30) days after expiration of the time period granted to Lessee for curing the default when the breach or default can be cured within that period of time; or (3) cure the breach or default in a reasonable time when something other than money is required to cure the breach or default and cannot be performed within thirty (30) days after expiration of the time period granted to Lessee for curing the default, provided the acts necessary to cure the breach are commenced within thirty (30) days and thereafter diligently pursued to completion by Lender. F. Foreclosure in Lieu of Cure. Lender may forestall termination of this Lease for a default or breach by Lessee by commencing foreclosure proceedings subject to strict compliance with the following: (1) proceedings are commenced within thirty (30) days after the later of (i) expiration of the time period granted to Lessee for curing the default, or (ii) service on Lender of the notice describing the breach or default; (2) the proceedings are diligently pursued to completion in the manner authorized by law; and (3) Lender performs all of the terms, covenants and conditions of this Lease requiring the payment or expenditure of money by Lessee until the proceedings are complete or are discharged by redemption, satisfaction, payment or conveyance of this Lease to Lender. G. New Lease. Notwithstanding any other provision of this Lease, should this Lease terminate or be terminated because of any default or breach by Lessee, Lessor shall enter into a new lease with Lender as lessee provided: (1) the written request for the new lease is served on Lessor by Lender within thirty (30) days after the termination of this Lease. (2) the new lease contains the same terms and conditions as this Lease except for those which have already been fulfilled or are no longer applicable. (3) on execution of the new lease by Lessor, Lender shall pay any and all sums that would be due upon execution of the new lease, but for its termination, and shall fully remedy, or agree in writing to remedy, any other default or breach committed by Lessee that can reasonably be remedied by Lender. (4) Lender shall, upon execution of the new lease, pay all reasonable costs and expenses (including attorney's fees) incurred in terminating this Lease, recovering possession of the premises from Lessee, in preparing the new lease. H. Miscellaneous. The following provisions shall apply to Lessor, Lessee and any Lender: (1) Any Lender shall be liable to perform the obligations of the Lessee under this Lease only so long as the Lender holds title to this Lease; (2) Lessee shall, within ten (10) days after the recordation of any trust deed or other security instrument, record, at Lessee's sole expense, Lessor's written request for a copy of any notice of default and/or notice of sale under any deed of trust as provided by state law. 6. USE AND MAINTENANCE. A. Use of Leased Land. The Leased Land shall be solely for residential purposes. Lessee may demolish, construct, remodel, reconstruct and maintain structures on the Leased Land for residential purposes so long as the structures and construction are authorized by appropriate City permit and fully comply with all City ordinances, resolutions, regulations, policies, and plans. Lessee shall also obtain permission to construct and/or maintain structures from the California Coastal Commission and any other state agency if required by law. B. Maintenance of Improvements. Lessor shall not be required to make any changes, alterations, additions, improvements, or repairs in on or about all or part of the Premises. Lessee shall, at all times during the term of this Lease and without any cost or expense to Lessor, keep and maintain, the Premises, including, without limitation, all structures, facilities, walks, curbs, parkways and other improvements, in good order and repair and in a clean, safe, sanitary and orderly condition. Lessee shall repair or reconstruct any improvements on the Leased Land following any damage or destruction thereof, unless the improvements are being destroyed in conjunction with remodeling or reconstruction and Lessor has consented, in writing, to the damage or destruction. Lessee shall cause to be constructed, maintained and repaired all utilities, pipes, walls, sewers, drains, and other improvements on the Premises to the extent required by law or as necessary to maintain the improvement in good order and repair and safe and sanitary condition. C. Compliance with Laws. Lessee shall make, or cause to be made, any additions, alterations or repairs to any structure or improvement on the Premises which may be required by, and Lessee shall otherwise observe and comply with, any law, statute, ordinance, plan, resolution or policy applicable to the Premises. Lessee shall indemnify, defend and hold Lessor harmless from and against any loss, liability, action, claim or damage, arising out of, or in any way related, to Lessee's failure to comply with, and perform pursuant to, provisions of this subparagraph C. All repairs, additions, and alterations to the structures or improvements on the Premises shall conform to all applicable laws, ordinances, regulations, plans, policies and resolutions and all work shall be performed with reasonable diligence, completed within a reasonable time, and performed at the sole cost and expense of Lessee. D. As Is Condition of Premises. Lessee expressly accepts the Premises "as is" and acknowledges that Lessor has made no representations or warranties as to the suitability of the property or any construction or improvement. Lessee shall conduct all tests necessary to determine the suitability of the property for any proposed construction or improvement, including, without limitation, the amount and extent of any fill, and related factors. Lessee expressly acknowledges that Lessor shall not be liable for any damage or loss resulting from any subsurface or soil condition in, on, or under the Premises or adjacent property. Lessee expressly acknowledges that, while the legislature of the State of California has purportedly removed the public trust restrictions on use of the Property pursuant to the Beacon Bay Bill, the Leased Land may constitute filled tidelands, and Lessor has made no representation or warranty relative to the validity of the Beacon Bay Bill or the power of the legislature of the State of California to remove public trust restrictions on tidelands through legislation. Notwithstanding the foregoing, in the event of any challenge to the right and power of Lessor to lease the Leased Land for the purposes provided in this Lease. Lessor agrees, at its sole cost and expense, to use all reasonable efforts to resist and defend against such challenge and to seek a ruling or judgment affirming and upholding the right and power of Lessor to lease the Leased Land for the purposes provided in this Lease. TAXES AND UTILITIES. It is understood by Lessor and Lessee that this Lease shall give rise to a possessory interest tax obligation and that the execution of this Lease will constitute a reassessment event which may give rise to a material increase in the possessory interest tax currently payable by Lessee under the Pre-existing Lease. Lessee shall pay, before delinquent, all utility charges and any general and special taxes, assessments or other governmental charges, if any, which may be levied on the Leased Land, and/or any improvements, including, without limitation, any possessory interest tax. Any lien for unpaid utilities, taxes, assessments or charges shall not attach to the leasehold interest but only to improvements located on the Leased Land. 8. USE AND MAINTENANCE OF COMMON AREA Lessee shall have the right to use the streets, beaches, walkways, tennis courts, docks, piers, and common landscaped areas in Beacon Bay (as depicted on Exhibit A) and which are leased to the Beacon Bay Community Association by Lessor in consideration of the maintenance thereof by such Association and rent to be paid by individual Lessees under their respective leases. 9. MAINTENANCE AND IMPROVEMENT OF INFRASTRUCTURE. Lessor has no obligation to install, improve, repair, or maintain streets, curbs, gutters, water lines, sewer lines, drainage facilities, street lighting or other facilities used by the residents of Beacon Bay 10 (Infrastructure). Notwithstanding Section 8 above, Lessor reserves the right, after a five (5) year period following the Effective Date and upon approval by the Lessees representing a majority of the lots in Beacon Bay, to improve and maintain streets, curbs, gutters, water lines, sewer lines', drainage facilities, street lighting, telephone and electricity lines and other Infrastructure facilities in Beacon Bay at its initial cost and to assess Lessee for a pro rata share of such costs, and to collect such costs from Lessee in the form of rent over the remaining term of this Lease. 10. COMMUNITY ASSOCIATION. A. Membership in Association. As a material part of the consideration of this Lease, and as an express condition to the continuance of any of the rights of Lessee pursuant to this Agreement, Lessee agrees to become, and during the term of this Lease to remain, a member in good standing of the Beacon Bay Community Association. B. Compliance with Rules and Regulations. Lessee agrees to abide by the Articles of Incorporation, bylaws, and all rules and regulations of the Association, and to pay to the Association, before delinquency, all valid dues, fees, assessments and other charges properly levied or assessed by the Association. Lessee's failure to comply with the provisions of Paragraph A and this Paragraph B shall constitute a material breach of this Lease. C. Lessor Maintenance of Common Areas. In addition to the rights reserved to Lessor pursuant to the provisions of Section 9, if the Community Association fails or ceases to maintain community facilities, Lessor may, at its option and without obligation, assume the obligations of the Community Association to maintain, repair, install or improve community facilities. In such event, Lessee shall pay a pro rata share of Lessor's reasonable expenses in maintaining and operating the community facilities, including a reasonable management fee or the fee charged by a management agent. Lessee's pro rata share shall be determined by dividing Lessor's costs by the number of residential lots within Beacon Bay (currently seventy-two lots) . Lessee's pro rata share of the annual costs incurred by Lessor shall be paid within thirty (30) days after written notice of the amount due, and any failure to pay shall constitute a material breach of this Lease. The costs of maintaining and operating community facilities shall be determined annually and solely from the financial records of Lessor. 11. COVENANTS, CONDITIONS AND RESTRICTIONS Lessee agrees to abide and be bound by all covenants, conditions, restrictions and reservations as contained in Exhibit E attached hereto and incorporated herein by this reference. Said covenants, conditions and restrictions shall run with the Leased Land and shall be binding on Lessee and Lessee's successors in interest. 12. INDEMNIFICATION Lessee shall indemnify, defend and hold harmless Lessor, its City Council, Boards and Commissions, officers, agents, servants and employees from and against any and all actions, causes of action, obligations, costs, damages, losses, claims, liabilities and demands of any nature whatsoever, including reasonable attorneys' fees, regardless of the merit or outcome of any such claim or suit, arising out of, or in any way related, to the condition of the Premises, or the use or possession of the Premises by Lessee, or Lessee's employees, agents, representatives, guests or invitees, as well as any activity, work or things which may be permitted or suffered by Lessee in or on the Premises. Lessee shall indemnify, defend and hold harmless Lessor, its City Council, Boards and Commissions, officers, agents, servants and employees from and against any and all actions, causes of action, obligations, costs, damages, losses, claims, liabilities, and demands of any nature whatsoever, including reasonable attorneys' fees, accruing or resulting to any and all persons, firms or corporations furnishing or supplying work, services, materials, equipment or supplies arising from or in any manner connected to the use or possession of the Premises by Lessee or from any activity, work or things which may be permitted or suffered by Lessee in or about the Premises. Without limiting the generality of the foregoing, Lessee hereby assumes all risk of damage to property or injury to persons in or about the Premises from any cause except for damage or injury resulting from the negligence or willful, fraudulent or criminal conduct by Lessor and/or its officers, 11 employees, agents and representatives, and Lessee hereby waives all claims in respect thereof against Lessor. 13. INSURANCE. A. General Conditions. All insurance required to be carried pursuant to this Section 13 shall be obtained from reputable carriers licensed to conduct business in the State of California. Each policy required to be carried pursuant to this Section 13 shall name Lessee and Lessor as additional named insureds, and shall provide that the policy may not be surrendered, cancelled or terminated, or coverage reduced, without not less than twenty (20) days prior written notice to Lessor. B. Fire Insurance. Lessee shall, during the term of this Lease, insure all structures and improvements on the Leased Land against loss or damage by fire or other risk for residential structures. The insurance shall provide coverage to at least ninety percent (90%) of the full insurable replacement value of all improvements on the Leased Land, with the loss payable to Lessee unless this Lease is terminated by Lessor for default of Lessee in which case the proceeds of insurance shall be paid to Lessor. C. Liability Insurance. Lessee shall, at Lessee's sole cost and expense, procure and maintain during the term of this Lease, a broad form comprehensive coverage policy of public liability insurance which insures Lessee and Lessor against any loss or liability caused by, or in any way related to, the condition, for Lessee's use and occupation, of the premises in amounts not less than: (1) $500,000 per occurrence for injury to, or death of, one person; (2) $100,000 for damage to or destruction of property. 14. DEFAULT. A. Events of Default. The occurrence of any one or more of the following events shall constitute a material default and breach of this Lease by Lessee: (1) the abandonment of the Premises by Lessee; (2) the failure by Lessee to make any payment of rent when due if the failure continues for three (3) days after written notice has been given to Lessee. In the event that Lessor serves Lessee with a Notice to Pay Rent or Quit pursuant to applicable unlawful detainer statutes, such Notice to Pay Rent or Quit shall also constitute the notice required by this paragraph; (3) the failure by Lessee to perform any of the provisions of this Lease and any Exhibits attached hereto to be performed by Lessee, other than described in Paragraph 14.A(2) above, if the failure to perform continues for a period of thirty (30) days after written notice thereof has been given to Lessee. If the nature of Lessee's default is such that more than thirty (30) days are reasonably required for its cure, then Lessee shall not be in default if Lessee commences the cure within said thirty (30) day period and thereafter diligently prosecutes the cure to completion; or (4) the failure of Lessee to provide Lessor with all relevant information regarding the total consideration paid in conjunction with any transfer of this Lease; (5) the making by Lessee of any general assignment, or general arrangement for the benefit of creditors; the filing by or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement of any law relating to bankruptcy unless the same is dismissed within sixty (60) days; the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets located at the Premises or of Lessee's interest in the Lease, where possession is not restored to 12 Lessee within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Premises or of Lessee's interest in the Lease, where such seizure is not discharged within thirty (30) days. Notices given under this Paragraph 14.A shall specify the alleged default- and the applicable lease provisions, and shall demand that Lessee perform the provisions of this Lease or pay the rent that is in arrears, as the case may be, within the applicable period of time. No such notice shall be deemed a forfeiture or a termination of this Lease unless Lessor so elects in the Notice. B. Landlord's Remedies. In the event of any default by Lessee as defined in Paragraph 14.A, Lessor may, in addition to any rights or remedies permitted by law, do the following: (1) Terminate Lessee's right to possession of the Leased Premises by any lawful means, in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to Lessor. In such event, Lessor shall be entitled to recover from Lessee all amounts to which Lessor is entitled pursuant to Section 1951.2 of the California Civil Code, or any other provision of law, including, without limitation, the following: (a) The worth at the time of award of the amount by which the unpaid rent and additional rent for the balance of the term after the time of award exceeds the amount of the loss than Lessee proves could be reasonably avoided; and (b) any other amount necessary to compensate Lessor for all detriment proximately caused by Lessee's failure to perform obligations pursuant to this Lease or which in the ordinary course of things would be likely to result from the breach, including, without limitation, the cost of recovering possession, expenses of reletting (including necessary repair, renovation and alteration) reasonable attorneys' fees, and any other reasonable costs. The "worth at the time of award" of all rental amounts other than that referred to in clause (i) above shall be computed by allowing interest at the rate of ten percent (10%) per annum from the date amounts accrue to Lessor. The worth at the time of award of the amount referred to in clause (i) shall be computed by discounting such amount at one percentage point above the discount rate of the Federal Reserve Bank of San Francisco at the time of award. (2) Without terminating or affecting the forfeiture of this Lease or, in the absence of express written notice of Lessor's election to do so, relieving Lessee of any obligation pursuant to this Lease, Lessor may, but need not, relet all or a portion of the Premises at any time, or from time to time, and on such terms and conditions as Lessor, at its sole discretion, deems appropriate. Whether or not the Premises are relet, Lessee shall pay all amounts required by this Lease up to the date that Lessor terminates Lessee's right to possession of the Premises. Lessee shall make such payments at the time specified in the Lease and Lessor need not wait until termination of the Lease to recover sums due by legal action. If Lessor relets all or a portion of the Premises, the reletting shall not relieve Lessee of any obligation pursuant to this Lease; provided, however, Lessor shall apply the rent or other proceeds actually collected by virtue of the reletting against amounts due from Lessee. Lessor may execute any agreement reletting all or a portion of the leased premises and Lessee shall have no right to collect any proceeds due Lessor by virtue of any reletting. Lessor shall not, by any reentry or reletting or other act, be deemed to: (a) Have accepted any surrender by Lessee of this Lease or the leased premises; (b) have terminated this Lease; or 13 (c) have relieved Lessee of any obligation pursuant to this Lease unless Lessor has given Lessee express written notice of Lessor's election to do so. (3) Lessor may terminate this Lease by express written notice to Lessee of its election to do so. The termination shall not relieve Lessee of any obligation which has accrued prior to the date of termination. In the event of termination, Lessor shall be entitled to recover the amount specified in Paragraph 14.6(1). C. Default By Lessor. Lessor shall not be in default unless Lessor fails to perform obligations required of Lessor within a reasonable time, but in no event later than thirty (30) days after written notice by Lessee to Lessor specifying wherein Lessor has failed to perform such obligation. If the nature of Lessor's obligation is such that more than thirty (30) days are required for performance, then Lessor shall not be in default if Lessor commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion. D. Stay of Obligations. Neither party shall be under any obligation to perform or comply with its obligations pursuant to this Lease after the date of any default by the other party. E. Determination of Rental Value. In any action or unlawful detainer commenced by Lessor, the reasonable rental value of the Leased Land shall be deemed to be the amount of rent and additional rent (such as reimbursement for costs of Infrastructure improvements or the payment of taxes or assessments) for the period of the unlawful detainer, unless Lessor/Lessee shall prove to the contrary by competent evidence. F. Waiver of Rights. The failure or delay of either party to exercise any right or remedy shall not be construed as a waiver of such right or remedy or any default by the other party. Lessor's acceptance of any rent shall not be considered a waiver of any preexisting breach of default by Lessee other than the failure to pay the particular rent accepted regardless of Lessor's knowledge of the preexisting breach of default at the time rent is accepted. G. Waiver of Right of Redemption. Lessee waives any right of redemption or relief from forfeiture pursuant to Code of Civil Procedure Sections 1174 and 1179 and/or pursuant to any existing or future statutory or decisional law in the event Lessee is evicted or Lessor takes possession of the Premises by reason of Lessee's default. 15. SURRENDER OF POSSESSION UPON EXPIRATION OR TERMINATION. A. Surrender of Premises. Upon the expiration or termination of this Lease, Lessee agrees to peaceably deliver possession of, and agrees to vacate without contest, legal or otherwise, the Leased Land. Lessor, at its sole discretion, may record a document evidencing the expiration or termination of the leasehold interest. Lessee waives any right to receive relocation assistance or similar form of payment. B. Removal of Improvements. Upon the expiration of the term of this Lease, and on condition that Lessee is not then in default of any of the provisions of this Lease, Lessee shall have the right to remove from the Leased Land all buildings and improvements built or installed on the Leased Land. Removal of any building or improvement shall be at the sole cost and expense of Lessee and removal must be complete no later than ninety (90) days after expiration of the term of this Lease. Lessee shall fill all excavations and remove all foundations, debris and other parts of the buildings or improvements remaining after removal and surrender possession of the Premises to Lessor in a clean and orderly condition. In the event any of the buildings and improvements are not removed within the time provided in this Paragraph 15.6, they shall become the property of Lessor without the payment of any consideration. 14 16. EMINENT DOMAIN. A. Definitions of Terms. (1) The term "total taking" as used in this Section 16 shall mean the taking of the entire Premises under the power of eminent domain or the taking of so much of the Leased Land as to prevent or substantially impair the use thereof by Lessee for the residential purposes. (2) The term "partial taking" shall mean the taking of a portion only of the Premises which does not constitute a total taking as defined above. (3) The term "taking" shall include a voluntary conveyance by Lessor to an agency, authority or public utility under threat of a taking under the power of eminent domain in lieu of formal proceedings. (4) The term "date of taking" shall be the date upon which title to the Premises or portion thereof passes to and vests in the condemnor. B. Effect of Taking. If, during the term hereof, there shall be a total taking or partial taking under the power of eminent domain, then the leasehold estate of the Lessee in and to the Leased Land or the portion thereof taken shall cease and terminate as of the date of taking of said Leased Land. If this Lease is so terminated in whole or in part, all rentals and other charges payable by Lessee to Lessor hereunder and attributable to the Leased Land or portion thereof taken shall be paid by Lessee up to the date of taking by the condemnor, and the parties shall thereupon be released from all further liability in relation thereto. C. Allocation of Award - Total Taking. All compensation and damages awarded for the total taking of the Premises and Lessee's leasehold interest therein shall be allocated as follows: (1) The Lessor shall be entitled to an amount equal to the sum of the following: (a) The fair market value of the Premises as improved (exclusive of the dwelling and appurtenances to such dwelling) as of the date of taking, discounted by multiplying such fair market value by the factor for the present worth of one dollar ($1.00) at nine percent (9%) per annum compound interest for the number of years remaining from the date of taking to the date of the expiration of the term of this Lease; and (b) The present worth of rents due during the period from the date of taking to the date of the expiration of the term of this Lease, computed by multiplying the annual rent then payable by the factor for the present worth of one dollar ($1.00) per annum at nine percent (9%) per annum compound interest (Inwood Coefficient) for the number of years in such period. (2) The Lessee shall be entitled to the amount remaining of the total award after deducting therefrom the sums to be paid to Lessor as hereinafter provided. D. Allocation of Award - Partial Taking. All compensation and damages awarded for the taking of a portion of the Leased Premises shall be allocated and divided as follows: (1) The Lessor shall be entitled to an amount equal to the sum of the following: (a) The proportionate reduction of the fair market value of the Premises as improved (exclusive of the dwelling and appurtenances to such dwelling) as of the date of taking, discounted by multiplying such proportionate reduction in fair market value by the factor for the present worth of one dollar ($1.00) at nine percent (9%) per annum compound interest for the number of years remaining from the date of taking to the date of expiration of the term of this Lease; and 15 (b) The present worth of the amount by which the rent is reduced computed by multiplying the amount by which the annual rent is reduced by the factor for the present worth of $1.00 per annum at 9% per annum compound interest (Inwood Coefficient) for the number of years remaining from the date of taking to the date of expiration of the term of this Lease. (2) The Lessee shall be entitled to the amount remaining of the total award after deducting therefrom the sums to be paid to Lessor as hereinabove provided. E. Reduction of Rent on Partial Taking. In the event of a partial taking, the rent payable by Lessee hereunder shall be adjusted from the date of taking to the date of the expiration of the term of this Lease. Such rental adjustment will be made by reducing the basic rental payable by Lessee in the ratio that the Fair Market Rental Value of the Premises at the date of taking bears to the Fair Market Rental Value of the Premises immediately thereafter. 17. ATTORNEYS' FEES Should either party be required to employ counsel to enforce the terms, conditions and covenants of this Lease, the prevailing party shall recover all reasonable attorneys' fees and charges (and court costs if applicable) incurred therein, whether or not court proceedings were commenced. 18. REMEDIES CUMULATIVE. The rights, powers, elections and remedies of the Lessor or Lessee contained in this Lease shall be construed as cumulative and no one of them shall be considered exclusive of the other or exclusive of any rights or remedies allowed by law, and the exercise of one or more rights, powers, elections or remedies shall not impair or be deemed a waiver of Lessor's or Lessee's rights to exercise any other. 19. NO WAIVER. No delay or omission of either party to exercise any right or power arising from any omission, neglect or default of the other party shall impair any such right or power or shall be construed as a waiver of any such omission, neglect or default on the part of the other party or any acquiescence therein. No waiver of any breach of any of the terms, covenants, agreements, restrictions or conditions of this Lease shall be construed as a waiver of any succeeding breach of the same or of any of the terms, covenants, agreements, restrictions or conditions of this Lease. 20. COMPLIANCE WITH LAWS. Lessee covenants and agrees to comply with all rules, regulations, statutes, ordinances and laws of the State of California, County of Orange, City of Newport Beach, or any other governmental body or agency having lawful jurisdiction over the Leased Land. 21. NOTICES. Any notice or notices provided for by this Lease or by law, to be given or served by Lessee, may be given or served by mail, registered or certified, with postage prepaid, on the City of Newport Beach, addressed to the Mayor, City Manager, or City Clerk, 3300 Newport Boulevard, P.O. Box 1768, Newport Beach, California 92659-1768, or at such other address as may be hereafter furnished to Lessee in writing. If notice is intended to be served by Lessor on Lessee, it may be served either: A. By delivering a copy to the Lessee personally; or B. By depositing the Notice in the United States Mail, registered or certified, with postage prepaid, to the residence or business address furnished by Lessee; or 16 C. If the Lessee is absent from the Leased Land by leaving a copy with some person of suitable age and discretion who may be occupying the Leased Land; or D. If no one can be found, then by affixing a copy of the notice in a conspicuous place on the Premises and also sending a copy through the mail addressed to the Lessee. Such service upon Lessor or Lessee shall be deemed complete upon the earlier of (i) actual delivery, or (ii) the expiration of seventy-two (72) hours from and after the deposit in the United States mail of such notice, demand or communication. 22. HOLDING OVER. This Lease shall terminate and become null and void without further notice upon the expiration of the term of this Lease. Any holding over by Lessee after expiration of the term shall not constitute a renewal of this Lease or give Lessee any rights in or to the Premises except as expressly provided in this Section. The parties agree this Lease cannot be renewed, extended, or in any manner modified except in a writing signed by all parties. However, if Lessee, or anyone claiming under Lessee, shall remain in possession of the Premises after expiration of the term of this Lease without any agreement in writing between the parties and Lessor accepts rent from Lessee, then Lessee shall be deemed a tenant from month-to-month subject to the provisions of this Lease insofar as they may be applicable to a month-to-month tendency. The month-to-month tendency may be terminated by Lessor or Lessee upon thirty (30) days' prior written notice to the other. 23. QUIET ENJOYMENT Lessor covenants and agrees that Lessee, upon paying the rent set forth herein and observing and keeping all covenants and agreements to be observed or kept by Lessor hereunder, shall quietly have and enjoy the Leased Land during the term of this Lease without hindrance or molestation by anyone claiming by or through Lessor. 24. SEVERABILITY. If any term or provision of this Lease shall, to any extent be invalid or unenforceable, the remainder of this Lease shall not be affected thereby, and each term and provision of this Lease shall remain valid and enforceable to the fullest extent permitted by law. 25. MISCELLANEOUS. A. Representations. Lessee agrees that no representations as to the Premises have been made by Lessor or by any person or agent acting for Lessor. Lessor and Lessee agrees and acknowledges that this document contains the entire agreement of the parties, that there are no verbal agreements" representations, warranties or other understandings affecting this agreement, and Lessor and Lessee, as a material part of the consideration of this Lease, waives all claims against the other for recision, damages, or otherwise by reason of any alleged covenant, agreement or understanding not contained in this Lease. B. Inurement. Each and all of the covenants, conditions and agreements herein contained shall,' in accordance with the context, inure to the benefit of Lessor and Lessee and apply to and bind Lessor and Lessee, as the case may be, their respective heirs, legatees, devisees, executors and administrators, successors, assigns, licensees, permittees, or any person who may come into possession or occupancy of said Leased Land or any part thereof in any manner whatsoever. Nothing in this paragraph shall in any way alter the provisions herein contained against assignment or subletting. C. Joint Several Liability. If Lessee consists of more than one person, the covenants, obligations and liabilities of Lessee pursuant to this Lease shall be the joint and several covenants, obligations and liabilities of such persons. 17 D. Captions. The section and paragraph captions used in this Lease are for the convenience of the parties and shall not be considered in the construction or interpretation of any provision. E. Gender. In this Lease, the masculine gender includes the feminine and neuter and the singular number includes the plural whenever the context so requires. IN WITNESS WHEREOF, the parties have caused this Lease to be executed as of the date first above written. CITY OF NEWPORT BEACH, By: �i u Titl6:, UTY MANAGER LESSEE: Nti�l Harris APPROVED AS TO FORM: _"�...... CITY ATTORNEY 18 e � �i� .F •y QO &• � o® r m $ 9 ,,. �°`� ' � r ' % .- ✓s �•9'��+2. •Lbuy,na F ---t CL IiLl C r �• u rl.e •qa '( a �4 0 o s, a (V .44 � � � \ , ti � �� �°° Cit°%'. y �, ¢pP (,, � �• h e 1 Y .! L! !1 n �• 0 IL!! /L/• RpA 1 / •O m �'+ / / ��� .IJS•. y NM1L.s Da B pR ! 3 _ %r / ! HAR y! G C /�\ Exhibit A EXHIBIT B Beacon Bay Lot 48 described as follows: Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. SUNt1AARY OF SALLENT FACTS AND CONCLUSIONS - continued SUMMARY OF VALUE INDICATIONS: Existing (lstyear) Unencumbered Fair Market Contract Effective Lot No. Fee Lot Value Rental Value Rent Net Rent Water Front Lots A $1,330,000 $48,520 $23,125.08 $31,940.00 B $1,200,000 $43,320 $12,506.85 $22,270.00 C $1,031,000 $37,560 $16,625.04 $22,480.00 1 $947,000 $34,200 $8,020.80 $15,030.00 2 $1,131,000 $41,640 $8,825.40 $17,950.00 3 $1,263,000 $46,920 $24,250.08 $31,560.00 4 $1,318,000 $49,120 $10,458.96 $21,260.00 5 $1,341,000 $50,120 $20,012.04 $28,840.00 6 $1,386,000 $51,680 $25,000.00 $34,260.00 7 $1,210,000 $44,800 $24,999.96 $31,870.00 8 $1,177,000 $43,480 $43,750.00 $43,480.00 9 $1,298,000 $47,840 $42,500.04 $44,350.00 10 $1,342,000 $49,600 $24,999.96 $33,540.00 11 $1,122,000 $41,280 $9,020.52 $17,020.00 12 $1,100,000 $40,400 $14,250.00 $22,190.00 13 $1,100,000 $40,400 $23,625.00 $29,450.00 14 $1,243,000 $45,640 $10,312.56 $19,690.00 15 $1,265,000 $46,520 $10,836.47 $20,240.00 16 $1,067,000 $39,080 $8,508.48 $16,480.00 17 $1,067,000 $39,080 $16,250.04 $21,750.00 18 $1,067,000 $39,080 $8,508.48 $16,480.00 19 $1,243,000 $45,640 $10,020.02 $19,500.00 20 $1,147,000 $42,320 $8,727.84 $17,910.00 21 $1,058,000 $38,760 $20,224.50 $26,660.00 22 $1,036,000 $37,880 $41,250.00 $37,880.00 ES 1 $1,037,000 $37,880 $28,749.96 $31,920.00 ES 2 $1,037,000 $37,880 $24,625.00 $29,220.00 Subtotals: $31,563,000 $1,160,640 $519,983.08 $705,220.00 Exhibit C - Page 1 SUMMARY OF SALIENT FACTS AND CONCLUSIONS - continued v Exhibit C - Page 2 Existing (lstyear) Unencumbered Fair Market Contract Effective Lot No. Fee Lot Value Rental Value Rent Net Rent Interior Lots 23 $478,000 $14,497 $2,782.32 $6,297.00 24 $501,000 $15,237 $6,125.04 $8,897.00 25 $509,000 $15,537 $3,399.12 $6,977.00 26 $511,000 $15,612 $3,417.72 $6,942.00 27 $519,000 $15,912 $3,436.44 $7,102.00 28 $542,000 $16,775 $4,137.72 $7,785.00 29 $518,000 $15,650 $15,375.00 $15,470.00 30 $510,000 $15,462 $3,551.16 $7,102.00 31 $517,000 $15,725 $8,750.00 $10,515.00 32 $520,000 $15,837 $3,588.48 $7,217.00 33 $528,000 $16,137 $3,607.08 $7,307.00 34 $589,000 $18,200 $4,454.64 $8,490.00 35 $559,000 $17,000 $3,776.28 $7,780.00 36 $548,000 $16,662 $3,795.00 $7,672.00 37 $517,000 $15,725 $14,625.00 $15,005.00 38 $520,000 $15,837 $3,780.36 $7,967.00 39 $528,000 $16,137 $9,125.04 $11,557.00 40 $588,000 $18,162 $11,133.60 $13,572.00 41 $513,000 $15,500 $3,719.64 $7,300.00 42 $548,000 $16,662 $3,795.00 $7,672.00 43 $556,000 $16,962 $11,250.00 $13,232.00 44 $558,000 $17,037 $3,832.20 $7,787.00 45 $565,000 $17,300 $4,056.84 $7,990.00 46 $588,000 $18,162 $4,454.64 $8,492.00 47 $539,000 $16,475 $3,459.36 $7,365.00 48 $551,000 $16,775 $6,249.96 $9,305.00 49 $520,000 $15,837 $3,551.16 $7,197.00 50 $523,000 $15,950 $3,569.76 $7,240.00 51 $520,000 $15,937 $3,780.36 $7,857.00 52 $528,000 $16,137 $12,750.00 $13,927.00 53 $588,000 $18,162 $4,479.00 $8,492.00 54 $530,000 $15,987 $3,344.88 $7,227.00 55 $559,000 $17,075 $10,625.04 $12,865.00 56 $567,000 $17,375 $3,603.96 $7,915.00 57 $546,000 $16,737 $3,551.16 $7,427.00 58 $528,000 $16,137 $6,750,00 $10,007.00 59 $525,000 $16,025 $10,125.00 $12,175.00 60 $533,000 $16,325 $3,533.88 $7,315.00 Exhibit C - Page 2 SLTQZARY OF SALIENT FACTS AND CONCLUSIONS - continued V Exhibit C - Page 3 Existing (Is tyear) Unencumbered Fair Market Contract Effective Lot No. Fee Lot Value Rental Value Rent Net Rent Interior Lots - continued 61 $588,000 $18,162 $4,436.16 $8,482.00 ES 3 $474,000 $14,225 $8,750.04 $10,325.00 ES 4 $467,000 $13,962 $3,021.96 $6,322.00 ES 5 $470,000 $14,075 $10,000.08 $11,415.00 ES 6 $468,000 $14,000 $2,982.96 $6,310.00 ES 7 $461,000 $13,737 $2,966.04 $6,057.00 ES 8 $471,000 $13,925 $3,118.08 $6,455.00 Subtotal Int,: $23,786,000 $724,637 $254,617.16 $397,807.00 Subtotal W.F.: $31,563,000 $1,160,640 $519,983.08 $705,220.00 Grand Totals: $55,349,000 $1,885,277 $774,600.24 $1,103,027.00 Exhibit C - Page 3 Distribution of Rents and Tax Advantage between Tidelands and Uplands* Beacon Bay 616/94 - Page 1 Exhibit D - Page 1 (1st year) Proportionate Proportionate Annual Amort. Tidelands Effective % % Rent Rent of PV of Tax Tax Lot No. Net Rent Tidelands Uplands Tidelands Uplands Advantage Advantage 'aterfront Lots A $31,940.00 100% 0% $31,940 $0 $0 $0 B $22,270.00 10090 0% $22,270 $0 $930 $930 C $22,480.00 100% 090 $22,480 $0 $1,410 $1,410 1 $15,030.00 100% 0% $15,030 $0 $2,080 $2,080 2 $17,950.00 100% 090 $17,950 $0 $2,260 $2,260 3 $31,560.00 100% 00/0 $31,560 $0 .$560 $560 4 $21,260.00 100% 0%a $21,260 $0 $2,610 $2,610 5 $28,840.00 100% 0% $28,840 $0 $1,620 $1,620 6 $34,260.00 100% 0% $34,260 $0 $0 $0 7 $31,870.00 95% 5% $30,276 $1,594 $0 $0 8 $43,480.00 501YO 50% $21,740 $21,740 $0 $0 9 $44,350.00 5% 95% $2,217 $42,132 $0 $0 10 $33,540.00 090 100% $0 $33,540 $0 $0 11 $17,020.00 0% 100% $0 $17,020 $3,200 $0 12 $22,190.00 0% 100% $0 $22,190 $1,130 $0 13 $29,450.00 0% 100% $0 $29,450 $0 $0 a 14 $19,690.00 0% 10090 $0 $19,690 $2,880 $0 15 $20,240.00 20% 80% $4,048 $16,192 $2,980 $596 16 $16,480.00 95% 5010 $15,656 $824 $2,640 $2,508 17 $21,750.00 100% 0% $21,750 $0 $2,420 $2,420 18 $16,480.00 100% 0% $16,480 $0 $2,640 $2,640 19 $19,500.00 10090 0% $19,500 $0 $2,880 $2,880 20 $17,910.00 100% 0% $17,910 $0 $2,470 $2,470 21 $26,660.00 100% 0% $26,660 $0 $0 $0 22 $37,880.00 100% 0% $37,880 $0 $0 $0 ES 1 $31,920.00 100% 0% $31,920 $0 $0 $0 ES 2 $29,220.00 100% 0% $29,220 $0 $0 $0 Vaterfront ;ubtotal: $705,220.00 $500,848 $204,372 $34,710 $24,984 Beacon Bay 616/94 - Page 1 Exhibit D - Page 1 Distribution of Rents and Tax Advantage between Tidelands and Uplands* Beacon Bay 6/6194 - Page 2 Exhibit D - Page 2 (istyear) Proportionate Proportionate Annual Amort Tidelands Effective % % Rent Rent of PV of Tax Tax Lot No. Net Rent Tidelands Uplands Tidelands Uplands Advantage Advantage erior Lots 23 $6,297.00 0% 100% $0 $6,297 $550 $0 24 $8,897.00 0% 100% $0 $8,897 $390 $o 25 $6,977.00 5% 95% $349 $6,628 $630 $31 26 $6,942.00 99% 1% $6,873 $69 $710 $703 27 $7,102.00 100% 090 $7,102 $0 $660 $660 28 $7,785.00 100% 0% $7,785 $0 $740 $740 29 $15,470.00 095 100% $0 $15,470 $0 $0 30 $7,102.00 0% 100% $0 $7,102 $580 $0 31 $10,515.00 30% 70% $3,154 $7,361 $660 $198 32 $7,217.00 100% 090 $7,217 $0 $620 $620 33 $7,307.00 100% 0% $7,307 $0 $650 $650 34 $8,490.00 100% 0% $8,490 $0 $730 $730 35 $7,780.00 0% 100% $0 $7,780 $580 $0 36 $7,672.00 0% 100% $0 $7,672 $590 $0 37 $15,005.00 5% 95% $750 $14,255 $0 $0 38 $7,967.00 99% 1% $7,887 $80 $0 $0 39 a $11,557.00 100% 0% $11,557 $0 $0 $0 40 $13,572.00 100% 0% $13,572 $0 $0 $0 41 $7,300.00 0% 100% $0 $7,300 $510 $0 42 $7,672.00 0% 100% $0 $7,672 $590 $0 43 $13,232.00 0% 100% $0 $13,232 $o $0 44 $7,787.00 0% 100% $0 $7,787 $630 $0 45 $7,990.00 15% 8S% $1,198 $6,792 $660 $99 46 $8,492.00 0% 100% $0 $8,492 $720 $0 47 $7,365.00 0% 100% $0 $7,365 $610 $0 48 $9,305.00 0% 100% $0 $9,305 $600 $0 49 $7,197.00 0% 100% $0 $7,197 $620 $0 50 $7,240.00 0% 100% $0 $7,240 $630 $0 51 $7,857.00 0% 100% $0 $7,857 $110 $0 52 $13,927.00 090 100% $0 $13,927 $0 $0 53 $8,492.00 0% 100% $0 $8,492 $730 $0 54 $7,227.00 0% 100% $0 $7,227 $500 $0 55 $12,865.00 0% 100% $0 $12,865 $0 $0 56 $7,915.00 0% 100% $0 0,915 $470 $0 57 $7,427.00 090 100% $0 $7,427 $700 $0 58 $10,007.00 0% 100% $0 $10,007 $0 $0 59 $12,175.00 0% 100% $0 $12,175 $0 $0 60 $7,315.00 0% 100% $0 $7,315 $660 $0 Beacon Bay 6/6194 - Page 2 Exhibit D - Page 2 Distribution of Rents and Tax Advantage between Tidelands and Uplands* of Total: 100% V Proportionate (1st year) Annual Amort. Effective Lot No. Net Rent tenor Lots - continued 6I $8,482.00 ES 3 $10,325.00 ES 4 $6,322.00 ES 5 $11,415.00 ES 6 $6,310.00 ES 7 $6,057.00 ES 8 $6,455.00 !erior Lots $0 ibtotal: $397,807.00 A Waterfront $705,220.00 -and Total: $1,103,027.00 of Total: 100% V Proportionate Proportionate Annual Amort. Tidelands % % Rent Rent of PV of Tax Tax Tidelands Uplands Tidelands Uplands Advantage Advantage 0% 100% $0 $8,482 $720 100% 095 $10,325 $0 $320 100% 090 $6,322 $0 $500 8S% 150/0 $9,703 $1,712 $0 0% 100% $0 $6,310 $500 0% 100% $0 $6,057 1650 0% 10090 $0 $6,455 $410 $109,592 $288,215 $19,930 $500,848 $204,372 $34,710 $610,440 $492,587 $54,640 55% 45% 10090 if fective Net Rents consider tax advantage. Discount rate for present value of annual vantage is 6%. Rate for amortization of advantage is 7%. Rent and advantage ;ores are from 10/8/93 appraisal. Lots 3, 7, and 21 have been adjusted for new contract rent real estate taxes. $0 $320 $500 $0 $0 $0 $0 $5,251 $24,984 $30,235 55% Beacon Bay 6/6/94 - Page 3 Exhibit D - Page 3 DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS BEACON BAY COMMUNITY ASSOCIATION Table of Contents Article Page I DEFINITIONS 2 1 - Architectural Committee 2 - Articles and Bylaws 3 - Assessments 4 - Association 5 - Association Rules 6 - Board 7 - City 8 - Common Expenses 9 - Common Area 10- Covered Property 1.1- Declarant 12- Exhibit 13- Member 14- Lessee 15- Residence 16- Setback II MEMBERSHIP 5 1 - Membership 5 2 - Transfer 5 3 - Voting Rights 5 4 - Classes of Voting Membership 5 5 - Approval of Members 5 III COVENANT FOR MAINTENANCE ASSESSMENTS 6 l - Creation of the Lien and Personal Obligation of Assessments 6 2 - Purpose of Assessments 6 3 - Regular Assessments 6 4 - Uniform Assessment 6 5 - Special Assessments 6 6 - No Offsets 6 7 - Reserves 7 IV NONPAYMENT OF ASSESSMENTS 7 1 - Delinquency 7 - Notice of Lien 8 3 - Foreclosure Sale 8 (i) Exhibit E 4 - Relationship with Mortgage Liens 8 5 - Curing of Default 9 V ARCHITECTURAL CONTROL 9 1 - Appointment of Architectural Committee 9 2 - General Provisions 9 3 - Approval and Conformity of Plans 10 4 - Nonliability for Approval of Plans 10 VI DUTIES AND POWERS OF THE ASSOCIATION 10 1 - General Duties and Powers 10 2 - General Duties of the Association 11 3 - General Powers of the Associationon 11 4 - Association Rules 11 VII REPAIR AND MAINTENANCE 12 1 - Repair and Maintenance by Association 12 2 - Repair and Maintenance by Lessee 12 3 - Maintenance of' Public Utilities 12 VIII USE RESTRICTIONS 12 1 - Commercial Use 12 2 - Signs 13 3 - Nuisance 13 4 - Animals 13 5 - California Vehicle Code 13 IX RIGHTS OF ENJOYMENT 13 1 - Members' Right of Enjoyment 13 2 - Delegation of Use 14 3 - Waiver of Use 14 X GENERAL PROVISIONS 14 1 - Enforcement 14 2 - No Waiver 15 3 - Cumulative Remedies 15 4 - Severability 15 5 - Covenants to Run with the Land; Term 15 6 Heading 15 7 - Singular Includes Plural 15 8 - Attorneys' Fees 16 9 - Notices 16 10- Effect of Declaration 16 11- Persona). Covenant 16 12- Nonliability of Officials 17 !I- Subleases 17 14- Amendments 17 DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS BEACON BAY COMMUNITY ASSOCIATION ORANGE COUNTY, CALIFORNIA THIS DECLARATION is made this day of by the City of Newport Beach a chartered municipal corporation. Said corporation, its successors and assigns, shall hereafter be referred to as "Declarant." A. Declarant is described in Exhibit the Covered Property Declaration is being Property. R E C I T A L S the fee owner of the real property A to this Declaration, which shall be under this Declaration. This imposed by Declarant upon the Covered B. Declarant has deemed it desirable to establish covenants, conditions and restrictions upon the Covered Property and each and every portion thereof, which will constitute a general scheme for the management of the Covered.Property, and for the use, occupancy and enjoyment thereof, all for the purpose of enhancing and protecting the value, desirability and attractiveness of the Covered Property and enhancing the quality of life within the Covered Property. C. It is desirable for the efficient management of the Covered Property and the preservation of the value, desirability and attractiveness of the Covered Property to delegate and assigned the powers of managing the Covered Prope.t_:, maintaining and administering the Common Area and administering and enforcing these covenants, conditions and restrictions and collecting and disbursing funds nu:suant to the assessment and charges hereinafter create_ emd referred to and to perform such other acts as shall generally benefit the Covered Property to the Beacon Bay C m-,_nity Assocation, a California nonprofit cornu ation. D. Declarant will. hereafter hold title to and lease all of ", Covered Property subject to certain protective covenants, conditions and restrictions hereafter set forth. Beacon :;v 9/20/79 Rev. 9/29/79 NOW, THEREFORE, Declarant hereby covenants, agrees and declares that all of its interest as the same may from time to time appear in the Covered Property shall be held and conveyed subject to the following covenants, conditions, restrictions and easements which are hereby declared to be for the benefit of said interests in the Covered Property, and the owners of said interests, their successors and assigns. These covenants, conditions, restrictions and easements shall run with said interests and shall be binding upon all parties having or acquiring any right or title in said interests or any part thereof, and shall inure to the benefit of each owner thereof and are imposed upon said interests and every part thereof as a servitude in favor of each and every of said interests as the dominant tenement or tenements. ARTICLE I DEFINITIONS Unless the context clearly indicates otherwise, the following terms used in this Declaration are defined as follows: Section 1. "Architectural Committee" shall mean and refer to the committee or committees provided for in the Article hereof entitled "Architectural Control". Section 2. "Articles" and "Bylaws" shall mean and refer to the Articles of Incorporation and Bylaws of the Association as the same may from time to time be duly amended. Section 3. "Assessments:" The following meanings shall be given to the Assessments hereinafter defined: "Regular Assessment" shall mean the amount which is to be paid by each Member of the Association for Common Expenses. "Sr:c_al Assessment" shall mean a charge against a particular Lessee and his Residence, directly attributable to the Lessee, to reimburse the Association for costs ir,casrod in bringing the Lessee and his Residence into with the provisions of this Declaration, the Articles, Bylaws or Association Rules, or any other charge designated as a Special Assessment, together with att;;--Nays' fees and other charges payable, plus interest thefcon as provided for in this Declaration. Beaccn Bay 9/20/79 2 Rev. 9/24/79 Section 4. "Association" shall mean and refer to Beacon Bay Community Assocation, a nonprofit corporation, incorporated under the laws of the State of California, its successors and assigns. Section 5. "Association Rules" shall mean rules adopted by the Association pursuant to the Article hereof entitled "Duties and Powers of the Association." Section 6. "Board" shall mean the Board of Directors of the Association. , Section 7. "City" shall mean and refer to the City of Newport Beach, California, a municipal corporation of the State of California. Section 8. "Common Expenses" shall mean and refer to the actual and estimated costs of: (a) maintenance, management, operation, repair and replacement of the Common Area, and all other areas on the Covered Property which are maintained by the Association; (b) maintenance by the Association of areas within the public right-of-way of public streets in the vicinity of the Covered Property as provided in this Declaration or pursuant to agreements with the City; (c) costs of management and administration of the Association, including, but not limited to, compensation paid by the Association to managers, accountants, attorneys and employees; (d) the costs of utilities, gardening and other services which generally benefit and enhance the value and desirability of. the Community Facilities; (e) the costs of fire, casualty, liability, workmen's compensation and other insurance covering the Common Area; (f`) the costs of any other insurance obtained by the Association; (g) reasonable reserves as deemed appropriate by the Board; (h) the costs of bonding of the members of the Board, any professional managing agent or any other person handling the funds of the Association; Beacon. Bay 9/20/79 3 Rev. 9/24/79 (i) taxes paid by the Association; (j) amounts paid by the Association for discharge of any lien or encumbrance levied against the Common Area or portions thereof; . (k) costs incurred by the Architectural Committee or other committee established by the Board; and (1) other expenses incurred by the Association for any reason whatsoever in connection with the Commo: Area, or the costs of any other item or items designated y this Declaration, the Articles, Bylaws or Association Rules, or in furtherance of the purposes of the. Association or in the discharge of any duties or powers of the Association. Section 9. "Common Area" shall mean all streets, beaches, walkways, tennis courts, docks, piers, and common landscaped areas, including but not limited to Lots A through J inclusive as shown on Exhibit ''ki". Section 10. "Covered Property" shall mean and refer to all the real property described on Exhibit "I". Section 11. "Declarant" shall mean and refer to the City of Piet•:port Beach. Section 12. "Exhibit" shall mean and refer to those documents so designated herein and attached hereto and eaclI of such Exhibits is by this reference incorporate::: in this Declaration. Section 13. "Member"' shall mean and refer to every person or entity who qualifies for membership pursuant to the Article of this Declaration entitled "membership." Section 14. "Lessee" shall mean and refer to one or more peracns or entities who are alone or collectively the lessers of a Residence. Sec:`_on 15. "Residence" shall. mean and refer to a lot shovin on the Record of Survey Map of Beacon Bay recorder] in Book 9, pages 42 and 43, Rec_�-cs of Survey, on file in the Office of the County Rec*e'er, Orange County, California; provided, however, shall not include any Common Area. shall .include the residential dwelling unit BCC-":`. bay 9/2C,/ 4 Rev. 9/24/79 together with garages, structures and other improvements on the same lot or parcel. Section 16. "Setback" shall mean and refer to those internal distances from the property line of each lot as shown on Exhibit "II". ARTICLE II MEMBERSHIP Section 1 - Membership. Every Lessee shall be a Member but there shall be only one Membership per Residence. The term and provisions set forth in this Declaration, which are binding upon all Lessees are not exclusive, as Lessees shall, in addition, be subject to the terms and provisions of the Articles, Bylaws and Association Rules to the extent the provisions thereof are not in conflict with this Declaration. Membership of Lessees shall be appurtenant to and may not be separated from the interest of such Lessee in any Residence. Ownership of a Residence shall be the sole qualification for membership; provided, however, a Member's voting rights may be regulated or suspended as provided in this Declaration, the Bylaws or the Association Rules. Section 2 - Transfer. The membership held by any Lessee shall not be transferred, pledged or alienated in any way, except that such membership shall automatically be transferred to the transferee of the interest required for memt;ership. Any attempt•. to make a prohibited transfer is void and will not be reflected upon the books and records of the Association. The Association shall. have the right to record the transfer upon the books of the Association without any further action or consent by the transferring Lessee. Section 3 - Voting Rights. All voting right shall be subject to the restrictions and limitations provided herein. and in the Articles, Bylaws and Association Rules. Sec`_io_-: 4_- Classes of Voting Membership. The Association scall ;.ave one. (1) class 'of voting membership. Sec'c_en S - Approval of Members. Unless elsewhere o •=r.,i�e specifically provided in this Declaration or the Bl__•.:.s, any provision of. this Declaration or the Bylaws Beacon Ly 9/20/%y Rev. 9/7.4/79 which requires the vote or written assent of the voting power of the Association shall be deemed satisfied by the following: (a) The vote in person or by proxy of the specified percentage at a meeting duly called and noticed pursuant to the provisions of the Bylaws dealing with annual or special meetings of the Members. (b) Written consents signed by the specified percentage of Members as provided in the Bylaws. ARTICLE III COVENANT FOR MAINTENANCE ASSESSMENTS Deccion i - creation or cne Lien ano eersonai uoilgarion of Assessments. Each Lessee is deemed to covenant and agree to pay to the Association: Regular and Special Assessments, such Assessments to be fixed, established and collected from time to time as provided in this Declaration. The Assessments, together with interest thereon, late charges, attorneys' fees and court costs, and other costs of collection thereof, as hereinafter provided, shall be a continuing lien upon the Residence against which each such Assessment is made and shall also be the personal obligation of the Lessee of such Residence at the time when the Assessment becomes due. Notwithstanding the foregoing; the Assessment lien shall not affect the priority of any other existing liens. Section 2 - PUrDOse of Assessments. The Assessments levied by the Association shall be used exclusively to defray Common Expenses. Section 3 - Regular Assessments. Each year the Board shall determine the amount of the Regular Assessment to be paid by each Member. The Regular Assessment shall be due and payable on such dates as the Board may establish. Each -ember shall be sent written notice of the Regular Assn=s-ment and shall thereafter pay the Association in insc:'_'ments as established by the Board. Section 4 - Uniform Assessment. Regular Assessments shall be fixed at an equal amount for each Residence. Section S - Special Assessments. Special Assessments may be levied by the Board from time to time. Beacci flay 9/20/79 6 Rev. 9/24/79 Section 6 - No Offsets. All Assessments shall be payable in the amount specified by the Assessment and no offsets against such amount shall be permitted for any reason, including, without limitation, a claim that (i) the Association is not properly exercising its duties and powers as provided in this Declaration; or (ii) a Member has made and elects to make no use of the Common Areas. Section 7 - Reserves. The Regular Assessments may include reasonable amounts as determined by the Board collected as reserves for the future periodic maintenance, repair or replacement of all or a portion of the Common Area, or any other purpose as determined by the Board. All amounts collected as reserves, whether pursuant to this Section or otherwise, shall be deposited by the Board in a separate bank account to be held in trust for the purposes for which they are collected and are to be segregated from and not commingled with any other funds of the Association. Such reserves shall be deemed a contribution to the capital account of the Association by the Member. ARTICLE IV NONPAYMENT OF ASSESSMENTS Section 1 - Delinquency. Any assessment provided for in this Declaration which is not paid when due shall be delinquent on said date (the "delinquency date"). If any such Assessment is not paid within ten (10) days after delivery of notice of such delinquency from the Association, a late charge as established by the Board shall be levied and the Assessment shall bear interest from the delinquency date at the rate of ten percent (10%) per annum. The Association may at its option, and without waiving the right to judicially foreclose its lien against the Residence, pursue any available remedies, including, without limitation, bringing an action at law against the Member personally obligated to pay the same, and/or upon compliance with the notice provisions set forth in the Section entitled "Notice of Lien" of this Article to foreclose the lien against the Residence. If action is co=.:,nced, there shall be added to the amount of such Ascr sant the late charge, interest, the costs of such actio.n., and attorneys' fees incurred in connection with suc,-. action; and in the event a judgment is obtained, such judg;;•ent shall include said late charge, interest and a re�zonable attorney's fee, together with the costs of action. Each Member vests in the Association, or its assigns, the right and power to bring all actions at law Beac•:-,n Bay 9/20%79 7 Rev. 9/24/79 or lien foreclosure against such Member or other Members for the collection of such delinquent Assessments. Section 2 - Notice of Lien. No action shall be brought to foreclose said Assessment lien or to proceed under the power of sale herein provided until thirty (30) days after the date a notice of claim of lien is deposited in the United States mail, certified or registered, postage prepaid, to the Lessee of said Residence, and a copy thereof is recorded by the Association in the office of the County Recorder of the County; said notice of claim of lien must recite a good and sufficient legal description of any such Residence, the record Lessee or reputed Lessee thereof, the amount claimed which shall include interest on the unpaid Assessment at the rate of ten percent (108) per annum, a late charge as established by the Board, plus reasonable attorneys' fees and expenses of collection in connection with the debt secured by said lien, and the name and address of the claimant. Section 3 - Foreclosure Sale. Said Assessment lien may be enforced by sale by the Association, its attorney or any other person authorized by the Board to make the sale after failure of the Lessee to make the payments specified in the notice of claim of lien within said thirty (30) day period. Any such sale provided for above is to be conducted in accordance with the provisions of Sections 2924, 2924b, 2924c, 2924f, 2924g and 2924h of the Civil. Code of the State of California as said statutes may from time to time be amended, applicable to the exercise of powers of sale in mortgages and deeds of trust, or in any other manner permitted or provided by law. Upon the affirmative vote of a majority of the voting power of the Association, the Association, through its duly authorized agents, shall have the power to bid on the Residence, uaing Association funds, or funds borrowed for such purpose, at the sale, and to acquire and hold, lease, mortgage and convey the same. Section 4 - Relationship with Mortgage Liens. (a) The lien provided for in the Article hereof entity] "Nonpayment of Assessments" for the payment of Assess,,7i:ts shall be subordinate to the lien of any Hortcage which was recorded prior to the date any such Assets-:e ;t becomes due. (b) If any Residence subject to a monetary .lien creatxcd .`,; any provision hereof shall be subject to the lien of a Mortgage: (1) the foreclosure of any lien crear_r_ anything set forth in this Declaration shall Beacon Bay 9/20/79 8 Rev. 9/24/79 not operate to affect or impair the lien of such Mortgage; and (2) the foreclosure of the lien of said Mortgage, or the sale under a power of sale included in such Mortgage (such events being hereinafter referred to as "Events of Foreclosure") shall not operate to affect or impair the lien hereof, except that any persons who obtain an interest through any of the Events of Foreclosure, and the successors in interest, shall take title free of the lien hereof or any personal obligation for said charges as shall have accrued up to the time of any of the Events of Foreclosure, but subject to the lien hereof for all said charges that shall accrue subsequent to the Events of Foreclosure. Section 5 - Curing of Default. Upon the timely payment or other satisfaction of. (a) all delinquent Assessments specified in the notice of claim of lien, (b) all other Assessments which have become due and payable with respect to the Residence as to which such notice of claim of lien was recorded, and (c) interest, late charges, attorneys' fees and other costs of collection pursuant to this Declaration and the notice of claim of lien which have accrued, officers of the Association or any other persons designated by the Board are hereby authorized to file or record, as the case may be, an appropriate release of such notice, upon payment by the defaulting Lessee of a fee, to be determined by the Association, but not to exceed Fifty Dol.lars'($50.00) to cover the costs of preparing and filing or recording such release. ARTICLE V ARCHITECTURAL CONTROL Section 1 -__Appointment of Architectural Committee. The Architectural Committee shall consist of not less than three (3) nor more than five (5) persons as fixed from time to time by resolution of the Board. The Eoa-d shall have the right to appoint the members of the Arc:-itectural Committee. Persons appointed by the Board to the Architectural Committee, however, must be Member. Sectio- 2 - General Provisions. (a) The Architectural Committee may establish reasonable procedural rules and assess a fee in connection with review of plans and specifications including, without limitaticn, the number of sets of plans to be submitted; Beacon Bay 9/20/79 9 Rev. 9/24/79 however, the Architectural Committee may delegate its plan review responsibilites to one or more members of such Architectural Committee. Upon such delegation, the approval or disapproval of plans and specifications by such persons shall be equivalent to approval or disapproval by the entire Architectural Committee. (b) In the event the Architectural Committee fails to approve or disapprove such plans and specifications within thirty (30) days after the same have been submitted in accordance with any rules regarding such submission adopted by the Architectural Committee, such plans and specifications will be deemed approved. (c) Nothing in this Declaration or in the Association's Articles, Bylaws or Rules shall be construed or amended to allow the Architectural Committee to modify or eliminate the Setback requirements shown on the Beacon Bay Subdivision Survey Map, and any attempt to do so shall have no effect. Section 3 - Approval and Conformity of Plans. No building, fence wall or other structure shall be commenced, erected or maintained upon the Covered Property, nor shall there be any addition to or change to the exterior of any Residence, structure or other improvement except in compliance with plans and specifications therefor which have been submitted to and approved by the Architectural Committee as to harmony of external design and location in relation to surrounding structures and topography. Section 4 - idonliability for Approval of Plans. Plans and specifications shall be for by the Architectural Committee as to style, exterior design, appearance and location, and are not approved for engineering design or for compliance with zoning and building ordinances, and by approving such plans and specifications neither the Architectural Committee, the members thereof, the Association, the Members, the Board nor Declarant assumes liability or responsibility therefor, or for any defect in any structure constructed from such plans and specifications. ARTICLE VI DUTIES AND POWERS OF THE ASSOCIATION Section 1 - General Duties and Powers. In addition to the duties F,, powers enumerated in its Articles and Bylaws, Beacon Bay 9/20/79 10 Rev. 9/24/79 or elsewhere provided for herein, and without limiting the generality thereof, the Association shall have the specific duties and powers specified in this Article. Section 2 - General Duties of the Association_. The Association through the Board shall have the duty and obligation to: (a) enforce the provisions of this Declaration, the Articles, Bylaws, and Association Rules, by appropriate means and carry out the obligations of the Association hereunder; (b) maintain and otherwise manage the Common Area; (c) pay any real and personal property taxes and other charges assessed to or payable by the Association; and (d) obtain and continue in effect during the term of of the lease, in its own name a comprehensive policy of public liability insurance proving coverage for the common area, and a policy of fire and casualty insurance with coverage as the Board deems appropriate. Section 3 - General Powers c Association through the Boar the obligation to: (a) employ a manager or with independent contractors all or any part of the duties Asso:iation; he Association. The hall have the power but not other persons and contract or managing agents to perform and responsibilities of the (b) borrow money as may be needed in connection with the discharge of the Association's powers and duties; and (c) establish and maintain a working capital and continge-.cy fund in an amount to be determined by the Board. Said fund shall be used by the Board as it deems fit to carry out the objectives and purposes of the Asso i Sect:cn.: - Association Rules. The Board shall have the po`°,a _ :%?opt, a=+enci, and repeal such rules and regcl>__'.,as as it deems reasonable (the "Association Rule: In the 1 --vent of any conflict between any such Assoc_:::)n Rule; and any other provisions of this or tine Articles or. Bylaers, the provisions of thC- ;.: 9ti.h, Rules shall he deemed to be superseded by the :sign: of this Declaration, the Articles or the Bylaws. the extent of any such conflict. Beaco.-. _ _ 9/20/7:• ll. Rev. 9/29/79 5/9/81 ARTICLE VII REPAIR AND MAINTENANCE ection 1 - Repair and Maintenance by Association. The ssociation shall have the. dutv to: (a) maintain, repair, restore, replace and make necessary improvements to the Common Area; (b) maintain all other facilities, equipment, services or aesthetic components of whatsoever nature as may from time to time be requested by the vote or written consent of a majority of the voting power of the Members; (c) pay out of the general funds of the Association the costs of any maintenance and repair made pursuant to this section, except as otherwise herein specified as payable by particular Lessees. Section 2 - Repair and Maintenance by Lessee. Except as the Association shall be obligated to maintain and repair as may be provided in this Declaration, every Lessee shall: (a) maintain all portions of the exterior of his Residence, including without limitation, the walls, fences and roof of such Residence in good condition and repair; and (b) install and thereafter maintain in attractive condition yard landscaping in accordance with the provisions of this Article. Section 3 - Maintenance of Public Utilities. Nothing contained herein shall require or obligate the Association to maintain, replace or restore the underground facilities or public utilities which are located within easements in the Common Area owned by such public utilities. However, the Association shall take such steps as are necessary or convenient to ensure that such facilities are properly maintained, replaced or restored by such public utilities. ARTICLE VIII USE RESTRICTIONS Sect:^n l - Commercial Use. No part of a Residence shall be us^d For any business, commercial, or nonresidential purposes. Beacon, 3a_v 9/20/79 12 Rev. 9/24/79 Section 2 - Si ns. No sign or billboard of any kind shall be displayed to the public view on any portion of the Covered Property; provided, however, that a Member may display on his Residence, a sign advertising its sale or lease so long as such sign shall comply with any customary and reasonable standards promulgated by the Board. Section 3 - Nuisance. No noxious or offensive activity shall be carried on upon any Residence, or any part of the Covered Property nor shall anything be done thereon which may be, or may become an annoyance or nuisance to the neighborhood, or which shall in any way interfere with the quiet enjoyment of each of the Lessees of his respective Residence. Section 4 - Animals. No animals, livestock or poultry of any kind shall be raised, bred or kept upon the Covered Property, except that dogs, cats or other household pets may be kept on the Residences, provided they are not kept, bred or maintained for any commercial purpose, or in numbers deemed unreasonable by the Board. Notwithstanding the foregoing, no animals or fowl may be kept on the Residences which in the good faith judgment of the Board or a committee selected by the Board for this purpose, result in any annoyance or are obnoxious to residents in the vicinity. All animals except cats permitted to be kept by this Section shall be kept on a leash when on any portion of the Covered Property except within a Residence. Section 5 --California Vehicle Code. The City may be allowed to impose and enforce all provisions of the applicable California Vehicle Code sections on any private streets within the Covered Property. ARTICLE IX RIGHTS OF ENJOYMENT Section 1 - Members' Right of Enjoyment. Every Member shall hate nonexclusive easement for use and enjoyment in and to the Common•Area and such right shall be appurtenant to and shall pass with the interest required to be a Lessee to every Residence, subject to all of the easements, covenants, conditions, restrictions and other provisions contained in this Declaration, including, without limitation, the follo,aing provisions: Beacon Bav 9/20/79 13 Rev. 9/24/79 (a) The right of the Association to limit the number of guests of Members and to limit the use of the Common Area by persons not in possession of a Residence, but owning a portion of the interest in a Residence required for membership. .(b) The right of the Association to establish reasonable rules and regulations pertaining to the use of the Common Area. Section 2 - Delegation of Use. Any Member may delegate Tis right of enjoyment to the Common Areas to the members of his family or his tenants who reside on his Residence, or to his guests, subject to the rules and regulations adopted by the Board. In the event and for so long as a Lessee delegates said rights of enjoyment to his tenants, said Lessee shall not be entitled to said rights unless both he and the tenant reside on the Residence in separate dwelling units which conform to all applicable municipal laws and regulations. Section 3 - Waiver of Use. No member may exempt himself from personal liability for assessments duly levied by the Association, or release the Residence owned by him from the liens, charges and other provisions of this Declaration, the Articles, Bylaws and Association Rules, by waiver of the use and enjoyment of the Common Area, or the abandonment of his Residence. ARTICLE X GENERAL PROVISIONS Section 1 - Enforcement. The Association, or any Lessee, shall have the right to enforce by proceedings at law or in equity, all restrictions•, conditions, covenants and reservations, now or hereafter imposed by the provisions of this Declaration or any amendment thereto, including the right to prevent the violation of such restrictions, conditions, covenants, or reservations and the right to recover damages or other dues for such violation.. The Association or any Lessee shall also have the right to enforce by proceedings at law or in equity the provisions of the Articles or Bylaws and any amendments thereto. With rezpect to architectural control and Association Rules, :he Association shall have the exclusive right to the enforcement thereof unless the Association refuses or is un�ble to effectuate such enforcement, in which case any Lessee who otherwise has standing shall have the right to undertake such enforcement. With respect to Assessment Beacon Ol,v 9/20/79 14 Rev. 9/24/79 Liens, the Association shall have the exclusive right to the enforcement thereof. Section 2 - No Waiver. Failure by the Association or by any Member t enforce any covenant, condition, or restriction herein contained, or the Articles, Bylaws or Association Rules, in any certain instance or on any particular occasion shall not be deemed a waiver of such right on any such future breach of the same or any other covenant, condition or restriction. Section 3 - Cumulative Remedies. All rights, options and remedies of Declarant, the Association, or the Lessees under this Declaration are cumulative, and no one of them shall be exclusive of any other, and Declarant, the Association, and the Lessees shall have the right to pursue any one or all of such rights, options and remedies or any other remedy or relief which may be provided by law, whether or not stated in this Declaration. Section 4 - Severability. Invalidation of any one or a portion of these covenants, conditions or restrictions by judgment or court order shall in no way affect any other provisions which shall remain in full force and effect. Section 5 - Covenants to Run with the Land; Term. The covenants, conditions and restrictions of this Declaration shall run with and bind the Covered Property and shall inure to the benefit of and be enforceable by the Association or any Lessee, their respective legal representatives, heirs, successors and assigns, for a term of twenty five (25) years from the date this Declaration is recorded, after which time said covenants, conditions and restrictions shall be automatically extended for successive periods of ten (10) years, unless an instrument, signed by the Declarant and a majority of the then Lessees, has been recorded at least one (1) year prior to the end of any such period, agreeing to change said covenants, conditions and restrictions in whole or in part. Section 5= Heading. The Article and Section headings have been inserted for convenience only, and shall not be considered or referred to in resolving questions of interpretation or construction. Section. 7 - Sin�ular Includes Plural. Whenever the content c this Declaration requires same, the singular shall inc:tude the plural and the masculine shall include the feminine and the neuter. Beacon Bav 9/20/79 15 Rev. 9/24/79 Section 8 - Attorneys' Fees. In the event action is instituted to enforce any of the provisions contained in this Declaration, the party prevailing in such action shall be entitled to recover from the other party thereto as part of the judgment, reasonable attorneys' fees and costs of such suit. Section 9 - Notices. Any notice to be given hereunder shall be in writing and may be delivered as follows: (a) Notice to a Lessee shall be deemed to have been properly delivered when delivered to the Lessee's Residence, or placed in the first class United States mail, postage prepaid, to the most recent address furnished by such Lessee in writing to the Association for the purpose of giving notice, or if no such address shall have been furnished, then to the street address of such Lessee's Residence. Any notice so deposited in the mail within the City shall be deemed delivered forty-eight (48) hours after such deposit. In the case of co -Lessees any such notice may be delivered or sent to any one of the co -Lessees on behalf of all co -Lessees and shall be deemed delivery on all such co -Lessees. (b) Notice to the Association shall be deemed to have been properly delivered when placed in the first class United States nail, postage prepaid, to the address furnished by the Association or the address of its principal place of business. (c) The affidavit of an officer or authorized agent of the Association declaring under penalty of perjury that a notice has been mailed to any Lessee or Lessees, or to all Members, to the address or addresses shown on the records of the Association, shall be deemed conclusive proof of such mailing, whether or not such notices are actually received. Section 10 - Effect of Declaration. This Declaration is made for the purposes set forth in the Recitals to this Declaration and Declarant makes no warranties or representations, express or implied as to the binding effect or enforceability of all or any portion of this Declaration, or as to the compliance of any of these Provisions with public laws, ordinances and regulations applicable thereto. Section '-1 - Personal Covenant. To the extent the acceptance or conveyance of a Residence creates a personal covenant between the Lessee of such Residence and Declarant or other Lessees, such personal covenant shall Beacon Bay 9/20/79 16 Rev. 9/24/79 terminate and be of no further force or effect from or after the date when a person or entity ceases to be an Lessee except to the extent this Declaration may provide otherwise with respect to the payment of money to the Association. Section 12 - Nonliability of Officials. To the fullest extent permitted by law, neither the Board, the Architectural Committee, and other committees of the Association or any member of such Board or committee shall be liable to any Member or the Association for any damage, loss or prejudice suffered or claimed on account of any decision, approval or disapproval of plans or specifications (whether or not defective), course of action, act, omission, error, negligence or the like made in good faith within which such Board, committees or persons reasonably believed to be the scope of their duties. Section 13 - Subleases. Any agreement for the subleasing or rental of Residence (hereinafter in this Section referred to as a "lease") shall provide that the terms of such lease shall be subject in all respects to the provisions of this Declaration, the Articles, the Bylaws and the Association Rules. Said lease shall further provide that any failure by the lessee thereunder to comply with the terms of the foregoing documents shall be a default under the lease. All leases shall be in writing. Any Lessee who shall lease his Residence shall be responsible for assuring compliance by such Lessee's lessee with this Declaration, the Articles, the Bylaws and the Association Rules. Section 14 - Amendments. Subject to the other provisions of this Declaration, this Declaration may be amended as follows: (a) Any amendment or modification of the Articles hereof. entitled "Covenant for Maintenance Assessments," "Nonpay-ent of Assessments," "Architectural Control," and "Repair and Maintenance," or of this Section shall require the affirmative vote or written approval of not less than sixty percent (60%) of the Members. (b) Any amendment or modification of any Article other than those specified in subparagraph (a) above shall require the affirmative vote or written approval of a majority of the members. (c) An amendment or modification that requires the vote and written assent of the Members as hereinabove Beacon Bay 9/20/79 17 Rev. 9/24/79 provided shall be effective when executed by the President and Secretary of the Association who shall certify that the amendment or modification has been approved as hereinabove provided, and when recorded in the Official Records of the County. The notarized signatures of the Members shall not be required to effectuate an Amendment of this Declaration. (d) Notwithstanding the foregoing, any provision of this Declaration, or the Articles, Bylaws or Association Rules which expressly requires the approval of a specified percentage of the voting power of the Association for action to be taken under said provision can be amended only with the affirmative vote or written assent of not less than the same percentage of the Voting Power of the Association. IN WITNESS WHEREOF, Declarant has executed this instrument the day and year first herein above written. ATTEST: CITY OF NEWPORT BEACH, a chartered municipal corporation By: City Clerk APPROVED AS TO FORM: City Attorney Mayor Beacon Bay 9/20/79 18 Rev. 9/24/79 STATE OF ) COUNTY OF ) ss. On , 19 , before me the undersigned, Notary Public in and for said State, personally appeared , known to me to be the of the corporation that executed the within Instrument, known to me to be the person executed the within Instrument on behalf of the corporation therein named, and acknowledged to me that such corporation executed the within instrument pursuant to its bylaws or a resolution of its board of directors. WITNESS my hand and official seal. Notary Public (Seal) Beacon. B;y 9/20/79 19 Rev. 9/29/79 -1 who 3 I1 I II 11.: I 0101 (.'.AOJ U3113xs GW) r(VA07VI•d v �I •� i v 'j r".' I' I I 0101 OVOU NrOL3.Y ± % jl 11 ill.i..ljl �' Ij �I it i1 III �, " • 1 i' L_L.J jl I I •I- I.t�_J 1 Z I m I I r 11 n l l^ 11'n 11 $ l i m I i _�1-i OJOI (J'O11 1MVG i i i.__.I 1 i'Li I I I I 1 I L 1 i I 1 t I I 111 1 p 1 ,i• !li � I 1 � i , I ,1 I... il,. I 'I ' l I Il O J 101 01.09 1:11V %w) AVMJ/7Vm l U -_t_. -.-1 •..... 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S.3 - ' EXHIBIT "D" 2 of 2 Pages mg la e m m e e e C; m e e e XI %% X K K X X X K K% K m K% e X .� . . . . . . . . . . . . . < e e e e m e e e e e e e o e e 4 X X1. X X%% N N% .t % O N N i 6 '�I n nnnnnnnnnnnnn � 9 - �Xm 6 m6 R % X X N X K X X X N% X% N K% 5 2�5 �U,j s e n n m m EXHIBIT "D" 2 of 2 Pages RECORDING REQUESTED BY TICOR TITLE TUSTIN-GRAN E CO. BRANCH a6a1s-1-2 RECORDING REQUESTED BY `ND WHEN RECORDED RETURN TO: City Manager's Office City of Newport Reach 3300 Ne% , r,t Boulevard Newport Beach, CA 92663 This Document was electronically recorded by Zang Recording Services GG_B Recorded in Official Records, Orange County Tom Daly, Clerk -Recorder 2010000311344 04:30pm 06/30/10 93 401 M11 5 07 555.50 555.50 0.00 0.00 12.00 0.00 0.00 0.00 G j{ y oF NewPOrE MEMORANDUM OF LEASE "r�� vc � �ivoo THIS MEMORANDUM OF LEASE is made and entered into by and between THE CITY OF NEWPORT BEACH, a chartered municipal corporation, herein called "Lessor", and JEFFERY MICHAEL HARRIS, a single man, herein called "Lessee", to witness that: Lessor hereby leases to Lessee, commencing on jUlle �5. �di(y and ending on July 1, 2044, on the terms and conditions set forth in that certain lease by and between the parties hereto dated dbft ;,3 1010 , all the terms and conditions of which lease are made a part hereof as though full set forth herein, all those certain premises in the County of Orange, State of California, described as follows: l,'et) q ` A 4jac-Y,_aA " C y -c O Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. EXECUTED on ]Wti a3 ���Q , 21@46, at Newport Beach, Orange County, California ATTEST: LESSOR THE CITY OF NEWPORT BEACH ka% 4yn 1q�►�,: APPROVED AS TO FORM: CITY ATTORNEY 2 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California 1 County of i wv� L Ji On before me,"r4`j�i/II(6CDII� il�f�lo� �UIJ�� C ie Here Insetl Name n Tllle of the OHicer personally appeared lac, Vt fT • 61 T Narrate) of Sionerls) L. WASHINGTON Commission #r 1840150 ZWLN!!� Notary Public - Calkil laOrange CountyComm. Ex fires Mar 12 2013 who proved to me on the basis of satisfactory evidence to be the persons) whose name(&) is/are subscribed to the within instrument and acknowledged to me that he/eheA*ey executed the same in hisfHeMheir authorized capacity(ies), and that by hiskl ertftir signatures) on the instrument the person(&), or the entity upon behalf of which the person(e) 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 h nd official seal. Sig ure: !� Place Notary Seal and/or Stamp Above Signature of Not ry Public OPTION Ll Though the information below is not required bylaw, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Dqcument Title or Type of Document: NILNAOY Ll iriAUVK 01 "U and Document Date: _*N ID Number of Pages: Signer(s) Other Than Named Above: Capacity(les) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer— Title(s): ❑ Individual ❑ Partner— ❑Limited [-]General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing RIGHT THUMBPRINT OF SIGNER Im Signer's Name: ❑ Corporate Officer — Title(s): ❑ Individual ❑ Partner — ❑ Limited ❑ General Top of thumb here ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Be Soto Ave., P.O. Box 2402- Chatsworh, CA 91313-2402•w .NationalNotaycrg lar 8890] Reortler. Call Toll -Free 1-8008]6-882] CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT STATE OF CALIFORNIA III��� } S.S. COUNTY OF �rCt,* } On __T(.e na e. I S, as t r, before said state, personally appeared .11-c .6c" Li ^, a Notary Public in and for cL«I fl�rr,-r 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 signature(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. 1611111nnuunnnuWITNESS my hand and official seal. t. R, WAUN comm.M188M u Signature w Np PLM-CWmw 0PANGECOUNI, +�unw uuoff uuumuuuuw This area for official notarial seal. OPTIONAL SECTION CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document. [ ] INDIVIDUAL [ ] CORPORATE OFFICER(S) TITLE(S) [ ] PARTNER(S) — [ ] LIMITED [ ] GENERAL [ ] ATTORNEY-IN-FACT [ ] TRUSTEE(S) [ ] GUARDIAN/CONSERVATOR [] OTHER SIGNER IS REPRESENTING: Name of Person or Entity Name of Person or Entity OPTIONAL SECTION THIS CERTIFICATE MUST BE ATTACHED TO THE DOCUMENT DESCRIBED BELOW TITLE OR TYPE OF DOCUMENT: NUMBER OF PAGES DATE OF DOCUMENT SIGNER(S) OTHER THAN NAMED ABOVE LEGAL DESCRIPTION THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF ORANGE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: LOT 48 OF BEACON BAY SUBDIVISION, IN THE CITY OF NEWPORT BEACH, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 9, PAGE(S) 42 AND 43 OF RECORD OF SURVEYS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. RECORDING ICOR T QUESTED BY TUSTTIINN-OR �E I BRANCH RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City Manager's Office City of Newport Beach 3300 Newport Boulevard Newport Beach, CA 92663 This Document was electronically recorded by Zang Recording Services GG_B Recorded in Official Records, Orange County Tom Daly, Clerk -Recorder 1111111111111111111111111111111111111111111111111111111111111111118.00 2010000311343 04:30pm 06/30/10 93 401 T01 5 0.00 0.00 0.00 0.00 12.00 0.00 0.00 0.00 TERMINATION OF LEASEHOLD This agreement is made this 2 &J day of UN e 2010, by and between the CITY OF NEWPORT BEACH, hereinafter called "Lessor", and Thomas H. Grimstad and Valerie Grimstad, husband and wife as joint tenants, hereinafter called "Lessee". RECITALS A. Lessor and Lessee executed a lease on August 31, 2007, and subsequently recorded August 31, 2007, by the County Recorder of Orange County, California as Instrument No. 2007000542246. By the terms of the lease, the following described property was leased to Lessee until July 1, 2044. 52e g1}gcV�t�i 12�­X tJescx-op � t/I8 f thsVuWn oryfhe nSap'filed' in B9r �; es A'l�l onyta eyerFd 6f �rlryrrfh Ice f the un Rec r, C unty Or g Stat of of nia. B. Lessee desires to terminate said lease and all rights to the possession of the lease premises and to release Lessor from its obligations under the lease, and Lessor desires to accept said termination and to release Lessee from their obligations under the lease. AGREEMENT Lessee agrees to terminate the lease and vacate the premises as described herein above as of0- Jfa. 90/0 , and Lessor agrees to accept such termination and the premises, and Lessor and Le see agree to discharge and release each other from all obligations under the lease as of said date. Executed at Newport Beach, California, on the day and year first above written. CITY OF NEWPORT BEACH BY: C,.. Lessor: Cio Manager BY: igz21�%r2'l �filysG�i� Lessor: Thomas H. Grimstad BY: Loj� t""' Lessee: Valerie Grimstad CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of rm ti On before me, (o L)LCAn1 WA64AI r� NUAP-Y FL&A L Dalle Here Insect Name and AM. of the Officer personally appeared �a�id fit{ ae"WoL. WASHINGTON Commf+slon N 1840150 Notary Pillarge • C+tHornl Onn" County COMM.UV 2.20 E+ .. Um t Place Notary Seal and/or Stamp Above OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. who proved to me on the basis of satisfactory evidence to be the person(e) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/herkheir authorized capacity(ies), and that by his/heAheir signature(e) on the instrument the person(e), or the entity upon behalf of which the persori 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. WITNESSmy ha d ffi/cial seal. Signature: Signature of Notary Public Description of Attached Title or Type of Document:,_ Document Date: Signer(s) Other Than Named Above: A Number of Pages: Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: ❑ Corporate Officer — Title(s): ❑ Individual ❑ Partner— ❑ Limited ❑ General Top of thumb here ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: ❑ Corporate Officer — Title(s): ❑ Individual ❑ Partner — ❑ Limited ❑ General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: RIGHT THUMBPRINT OF SIGNER I- 020()8 National Notary Association • 9350 Be Solo Ave., P.O. Box 2402 • Chaa north, CA 9131 W402 • vm v.Naliona1Nolary.org Item #590] Reorder: Call Tall -Free 1-800-8]6-682] CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT STATE OF CALIFORNIA } ^ } S.S. COUNTY OF V {( On A r Q -I L ) 6 dD1a before me, P' Wq t 1 ^ a Notary Public in and for said state, personally appeared —1 ar H. 6;; -.s-u q G a Vg/CM Z L r''sf�dp , 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 signature(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 LP— WaAA.L- =1 III1Make I I It 011111 MI IMM". S L. R WALIN _. COMM. #1682353 <� ' OPANX COUNTY 1a Mr Cm Eq),k9 123.2D13: �n1-•...•--.tnlonelnn•re...� ..,,IP OPTIONAL SECTION CAPACITY CLAIMED BY SIGNER This area for official notarial seal. Though statute does not require the Notary to fill in the data below, doing so may prove invaluable to persons relying on the document. [ ] INDIVIDUAL [ ] CORPORATE OFFICER(S) TITLE(S) [ ] PARTNER(S) — [ ] LIMITED [ ] GENERAL [ ] ATTORNEY-IN-FACT [ ] TRUSTEE(S) [] GUARDIAN/CONSERVATOR [] OTHER SIGNER IS REPRESENTING: Name of Person or Entity Name of Person or Entity OPTIONAL SECTION THIS CERTIFICATE MUST BE ATTACHED TO THE DOCUMENT DESCRIBED BELOW TITLE OR TYPE OF DOCUMENT: NUMBER OF PAGES DATE OF DOCUMENT SIGNER(S) OTHER THAN NAMED ABOVE LEGAL DESCRIPTION THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF ORANGE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: LOT 48 OF BEACON BAY SUBDIVISION, IN THE CITY OF NEWPORT BEACH, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 9, PAGE(S) 42 AND 43 OF RECORD OF SURVEYS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. LEASE THIS LEASE is made and entered into as of the 3i�Tday of U S 2007, by and between the CITY OF NEWPORT BEACH, a Charter City and municipal corporation (' essor"), and Thomas H. Grimstad and Valerie Grimstad, husband and wife as joint tenants ("Lessee"), regarding the real property commonly referred to as Beacon Bay Lot 48. RECITALS A. The City of Newport Beach, by virtue of a 1978 legislative grant found in Chapter 74 of the Statutes of 1978 (the "Beacon Bay Bill"), holds the right, title and interest to certain tidelands and uplands commonly known as Beacon Bay and generally described in Exhibit A attached hereto and incorporated by reference. B. The Beacon Bay Bill frees the "Westerly portion" of the filled tidelands from the public trust and specifically authorizes the lease of the property for residential purposes subject to certain express statutory conditions. C. Beacon Bay, including the "Westerly Portion" thereof, has been divided into individual lots, with each lot leased by the City for residential purposes until December 31, 2005. D. On November 3, 1987, a majority of electors of the City approved a measure which authorized the City Council to enter into new leases of residential lots in Beacon Bay for a period not to exceed fifty (50) years. E. On November 3, 1992, a majority of electors of the City approved Measure M which authorized the City Council to lease tidelands and waterfront property consistent with the provisions of state law. F. The City Council, pursuant to the authority conferred by the electors, entered into negotiations with current lessees and the parties have agreed on the terms and conditions of a new lease with a fifty (50) year term, provision for adjustments in lease payments to reflect changes in the value of Beacon Bay leaseholds, and a recalculation of lease payments in the event of a transfer of the Lease by the Current Lessee or any Subsequent Lessee (as defined herein). G. Lessee acknowledges that the terms and conditions of this Lease may result in Lessee paying substantially more or less than another Lessee for similar property depending upon the date this Lease is executed, the date of any subsequent transfer, and the consideration paid for transfers of similarly situated property. H. Lessee acknowledges that accurate and complete reporting to the City of all consideration paid for the transfer of this Lease is vitally important to the City in that failure to fully report all consideration could materially reduce the amount of rent received by the City from other Beacon Bay Lessees. I. Lessor and Lessee acknowledge that the City has agreed to a fifty (50) year term and limited lease payment increases in consideration of provisions which require payment of rent approximating fair market rental value, without regard to any advantage maintained by Current Lessees, upon transfer by Current Lessees and payment of deferred rent in the event the Lease is not signed on or before the Effective Date (as defined herein). J. The California State Lands Commission has reviewed the form of this Lease and determined that it is in conformance with the provisions of relevant statutes, rules and regulations, including, without limitation, the Beacon Bay Bill. K. Lessor has determined that this Lease is consistent with provisions of the Beacon Bay Bill, the Charter, General Plan and Zoning Ordinance of the City of Newport Beach, and of all other applicable state and local laws. NB1-187371.V20524194 L. Lessor has determined it is in the best interests of the citizens of Newport Beach to maintain the residential character of Beacon Bay and to enter into new leases with Current Lessees under the terms and conditions specified in this agreement. NOW, THEREFORE, in consideration of the foregoing recitals and the covenants in this lease, the parties agree as follows: LEASED LAND. Lessor hereby leases to Lessee the real property commonly known as Beacon Bay Lot 48 (the "Leased Land"), which is more particularly described in Exhibit B, and generally depicted on Exhibit A, each attached hereto and incorporated by reference, subject to the limitations on use specified in Section 6. As used in this Lease, the term "Premises" shall refer to the Leased Land and any improvements constructed thereon. Lessor expressly reserves all oil, oil rights, gas, minerals, mineral rights, natural gas rights and other hydrocarbon substances in and under the Leased Land and the right to grant and transfer the same, together with all necessary and convenient rights to explore for, develop, produce and extract and take the same, subject to the express limitation that any and all operations for the exploration, development, production, extraction and taking of any such substance shall be carried on at levels below the depth of five hundred feet (500') from the surface of the land by means of wells, derricks and other equipment from surface locations on adjoining or neighboring land, and subject further to all restrictions and regulations concerning the drilling for, and production of, oil, gas, minerals, petroleum and other hydrocarbon substances specified in the Newport Beach City Charter or the Newport Beach Municipal Code. 2. TERM. The term of this Lease shall commence on the Execution Date, but in no event prior to the Effective Date, and shall expire on the date fifty (50) years following the Effective Date, unless earlier terminated as provided in this Lease. 3. RENTAL A. Definitions. For the purposes of this Lease, the following terms shall be defined as specified in this paragraph. In certain cases, the definition of the term contains operative language that affects the rights of the parties: (1) "Actual Sales Value" shall mean the total of all consideration paid for the non-exempt transfer of this Lease or the Pre-existing Lease, including the improvements on the Leased Land, from the Current Lessee, or Subsequent Lessee, to another person, excluding any consideration paid for the transfer of personal property in connection with such transaction. (2) "Average Actual Sales Value Rent" shall mean two and one-half percent (2.5 %) of the mean of the Actual Sales Value of the non-exempt transfer of a similarly situated (waterfront or interior) Beacon Bay parcels as specified in this subparagraph. Average Actual Sales Value Rent shall be the mean of the Actual Sales Value of the three similarly situated parcels most recently transferred. Exempt transfers, as defined in Paragraph 3.13(3), shall not be used to calculate Average Actual Sales Value rent. (3) "CPI" shall mean the Consumer Price Index - Los Angeles -Anaheim -Riverside Area, All Urban Consumers, All Items, published by the United States Department of Labor, Bureau of Labor Statistics (1982-1984=100). If the 1982-1984 base of said Consumer Price Index should hereafter be changed, then the new base shall be converted to the 1982-1984 base and the base as so converted shall be used. In the event that the Consumer Price Index, as now compiled and published, shall cease to be published, then the successor index shall be used provided that an appropriate conversion from the old index to the new index can feasibly be made. If such conversion cannot be made, or if no such index is published, then another index most nearly comparable thereto recognized as authoritative shall be substituted by agreement. (4) "Current Lessee" shall mean the person or persons who, as of April 1, 1994 (the "Cut-off Date"), was or were the Lessee under the Pre-existing Lease. (5) "Deferred Rent" shall mean the total rent that a Current Lessee would have paid had this Lease been executed on the Effective Date, through and including the date on which this Lease was first executed, less the rent actually paid pursuant to the Pre- existing Lease, together with interest at the rate of eight percent (8%) per annum calculated on the balance due at the end of each Lease Year or portion thereof. (6) "Effective Date" shall mean July 1, 1994. (7) "Execution Date" shall mean the date when this Lease is executed by Lessee. (8) "Initial Rent' shall mean the effective net rent for the Leased Land as determined by the appraisal of George Hamilton Jones, with due consideration to the leasehold advantage created by the Pre-existing Lease, all as shown on Exhibit C attached hereto and incorporated herein by reference. (9) 'Person" shall mean any natural person or natural person(s) and does not include any corporation, association, or business entity in any form except a financial institution or other bona fide lender acting in the capacity of a lender or an inter vivos or living trust. (10) 'Pre-existing Lease" shall mean the Lease for the Leased Land which was effective on January 1, 1988, and would, absent this Lease, expire on July 1, 2006. (11) 'Transferred" shall mean any sale, assignment, sublease or other transaction, other than an exempt transfer as defined in Paragraph 3.13(3), pursuant to which the right to possession of the premises and the right to sign a new lease identical to this Lease is transferred to another person. B. Rental Payments. Lessee shall pay annual rent in the sum of Thirty thousand and 00/100s ($30,000), payable at the rate of Two thousand five hundred and 00/100s ($2,500.00) per month. Lessee shall also pay, if applicable, deferred rent in the sum of ($N/A) upon execution of this Lease. Rent shall be adjusted every seven (7) years after the date of transfer in accordance with the provisions of Paragraph 3.B(4). Annual rent, deferred rent, and periodic adjustments are based upon the following: (1) Execution Before Effective Date. In the event this Lease is executed by the Lessee on or before the Effective Date, Rent shall be paid as follows: (a) Current Lessee: Current Lessee shall pay annual rent equal to Initial Rent as specified in Exhibit C. Thereafter, so long as there has been no transfer of this Lease by the Current Lessee (other than an exempt transfer as set forth in Paragraph 3.B(3), rent shall remain as specified in this subparagraph notwithstanding the provisions of Paragraph 3.13(4). (b) In the event of any transfer of this Lease to a Subsequent Lessee, the Subsequent Lessee shall pay annual rent equal to two and one-half percent (2.5%) of the Actual Sales Value determined as of the date of the transfer in accordance with the provisions of paragraph 3.A(1). Thereafter, rent shall be 3 adjusted every seven years after the date of the transfer in accordance with the provisions of paragraph 3.13(4). (c) In the event of any transfer of this Lease to a Subsequent Lessee in a transaction other than an arm's length assignment of this Lease, and sale of the improvements on the Leased Land, if any, such as a gift or transfer by inheritance other than an exempt transfer under Paragraph 3.13(3), the Subsequent Lessee shall pay annual rent equal to the Average Actual Sales Value Rent calculated as of the date of the transfer in accordance with the provisions of Paragraph 3.A(2). (2) Execution After the Effective Date. In the event this Lease is first executed after the Effective Date, rent shall be determined and paid as follows: (a) Current Lessee/Within Five Years After Effective Date: In the event this Lease is executed by the Current Lessee within five (5) years after the Effective Date, the Current Lessee shall pay annual rent equal to Initial Rent plus a sum calculated by multiplying the difference between Initial Rent and Average Actual Sales Value Rent by a fraction equal to the number of months between the Effective Date and Execution Date, divided by sixty. The Current Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. Thereafter, so long as there has been no transfer of this Lease by the Current Lessee, rent shall remain as specified in this subparagraph, notwithstanding the provisions of Paragraph 3.13(4). (b) Current Lessee/More Than Five Years After Effective Date: In the event this Lease is executed by the Current Lessee more than five (5) years after the Effective Date, the Current Lessee shall pay annual rent equal to Average Actual Sales Value Rent calculated as of the date of execution in accordance with the provisions of Paragraph 3.A(2). The Current Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. Thereafter, rent shall be adjusted every seven (7) years after the date of execution in accordance with the provisions of Paragraph 3.13(4). (c) Subsequent Lessee: In the event the Current Lessee transfers the Pre- existing Lease to a Subsequent Lessee who wishes to sign this Lease after the Cut-off Date, the Subsequent Lessee shall pay annual rent equal to two and one-half percent (2.5%) of Actual Sales Value determined as of the date of execution and in accordance with Paragraph 3.A(1). The Subsequent Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. The annual rent shall be adjusted every seven (7) years following the Execution Date in accordance with the provisions of Paragraph 3.13(4). (d) Subsequent Lessee: In the event of any transfer of this Lease to a Subsequent Lessee who wished to sign this Lease after the Cut-off Date in a transaction other than an arm's length assignment of this Lease, and sale of the improvements on the Leased Land, if any, such as a gift or transfer by inheritance other than an exempt transfer under Paragraph 3.13(3), the Subsequent Lessee shall pay annual rent equal to the Average Actual Sales Value Rent calculated as of the date of the transfer in accordance with the provisions of Paragraph 3.A(2). The Subsequent Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. The annual rent shall be adjusted every seven (7) years following the Execution Date in accordance with the provisions of Paragraph 3.13(4). (3) Exempt Transfers. The provisions of Paragraph 3.13 regarding transfers shall not operate to increase rent if: 4 (a) Lessee is assigning an interest in this Lease to a trustee under a deed of trust for the benefit of a lender; (b) the transfer is caused by the death of a spouse and the full interest of the deceased spouse is transferred to a surviving spouse; (c) the transfer of an interest in this Lease is between or among tenants in common or joint tenants in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests in this Lease simultaneously; (d) the transfer or assignment is by a bona fide lender acquiring title by foreclosure or deed in lieu of foreclosure of a trust deed; or (e) the transfer is a sublease of the premises for three years or less; provided, however, that in determining the term of a sublease, any options or rights to renew or extend the sublease shall be considered part of the term whether or not exercised; (f) the transfer is caused by the dissolution of the marriage of Lessee and the full interest of one of the spouses is transferred to the other spouse; (g) the transfer is to an inter vivos trust, living trust or other similar estate planning arrangement of Lessee; provided, however, that the provisions of Paragraph 3.0 shall apply upon the death of such Lessee if the beneficiary of such trust or other arrangement is other than the surviving spouse or a tenant in common or joint tenant in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests in this Lease simultaneously; or (h) the transfer is to a guardian or custodian of Lessee appointed due to the physical or mental incapacity of Lessee; provided, however, that the provisions of Paragraph 3.0 shall apply upon the death of such Lessee unless the transferee is the surviving spouse or a tenant in common or joint tenant in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests in this Lease simultaneously. (4) Rent Adjustments. (a) Except as provided in Paragraphs 3.B(I)(a), 3.B(2)(a) and 3.B(3), on the seventh (7th) anniversary of the Execution Date of this Lease, or the seventh (7th) anniversary of the date of any transfer of this Lease by any Current or Subsequent Lessee, rent shall be adjusted to reflect any increase or decrease in the cost of living, which adjustment shall be determined as set forth hereinafter. The most recently published CPI figure shall be determined as of the date ninety (90) days prior to the adjustment date, and rent payable during the ensuing seven (7) year period shall be determined by increasing or decreasing the then current rent by a percentage equal to the percentage increase or decrease, if any, in the CPI as of the Execution Date, or the date of the most recent rental adjustment, or the date of any transfer of this Lease by any Current or Subsequent Lessee, whichever is later. In no event shall rent be increased or decreased by a sum greater than forty percent (40%) of the rent paid by Lessee as of the later of (i) the Execution Date, or (ii) the last rental adjustment date. Lessor shall endeavor to notify Lessee of rental adjustments at least forty-five (45) days prior to the end of each seventh (7th) lease year; provided, however, failure of Lessor to give forty-five (45) days' notice does not relieve Lessee from the obligation to pay increased rent or the right to pay less rent in the event of a decrease in the CPI; and, provided further, that Lessee shall have no obligation to pay rent increases which apply to any period greater than ninety (90) days prior to the receipt by Lessee of Lessor's notice of an increase in rent. (b) In the event Lessee is two or more persons owning the leasehold estate created hereby as tenants in common or joint tenants, and less than all of such persons transfer their interest in this Lease to a person other than to an existing tenant in common or joint tenant, the rent adjustment shall be prorated to reflect the percentage interest being transferred to a third party. For example, if two persons are the Lessee as tenants in common as to equal one-half interests, and one of such persons transfers his/her 50% interest to a third party, the rent shall be adjusted as provided in Paragraph 3.13(2)(c), and thereafter as provided in Paragraph 3.6(4)(a), and the resultant rental increase multiplied by the percentage transferred (50%) to determine the rental increase; provided, however, that any subsequent transfer of an interest in this Lease to such third party shall not be exempt under subparagraph 3.B(3). (5) Installment Payments/Grace Period. Lessee shall pay rent in equal monthly installments, in advance, with payment due on or before the first day of the month for which rent is paid. Rent shall be prorated during any month when a transaction which increases rent becomes effective other than the first day of that month. No late payment charge applies to payments received by Lessor on or before 5:00 P.M. on the fifteenth (15th) day of the month for which the payment is made ("Grace Period") . If a rent payment, or any portion thereof, is received by Lessor after expiration of the Grace Period, Lessee shall pay Lessor a late payment charge equal to four percent (4%) of each late payment, or portion thereof. Rent payments shall be payable to the City of Newport Beach and sent, or delivered, to the Finance Director at the address specified for service of notices. Rent shall be payable by Lessee to Lessor in such coin or currency to the United States as at the time of payment is legal tender for public and private debts. Lessor and Lessee agree that late charges specified in this paragraph represent a fair and reasonable estimate of the cost Lessor will incur by reason of any late payment by Lessee. Any late or missed payment of rent constitutes a default pursuant to paragraph 13 of this Lease. Any failure by Lessor to declare a default and initiate termination of this Lease due to a late or missed payment shall not be considered a waiver of the right of Lessor to do so for that or any other late or missed payment. C. Credit to Tidelands Fund. In calculating Initial Rent under this Lease, a credit was given to certain of the Current Lessees equal to the annual amortization of the present value of the additional property tax to be paid by such lessees during the remaining period of the Pre-existing Lease. This credit, commonly referred to as the "tax advantage", is shown on Exhibit D for each affected lot. This credit was extended by Lessor to Current Lessees as consideration for entering into this Lease. As a consideration in its approval of this Lease, the California State Lands Commission required Lessor to credit its State supervised Tidelands Trust Fund by an amount equivalent to the tax advantage derived from those lots in Beacon Bay comprising tidelands. This amount is shown on Exhibit D for each affected lot comprising tidelands. Accordingly, Lessor has unilaterally agreed to annually calculate the amount of such tax advantage derived from the tidelands parcels in Beacon Bay and to credit an equivalent amount as revenue to the State supervised Tidelands Trust Fund. This provision is included in this Lease to acknowledge the agreement of Lessor with the California State Lands Commission, and does not affect the rights and obligations of Lessor or Lessee under this Lease. 4. TRANSFERS. A. Conditions Precedent to Transfer. Lessee may transfer this Lease subject to the prior written consent of Lessor, which consent shall not be unreasonably withheld, delayed or conditioned. Lessor shall consent to any transfer when Lessee and the proposed transferee have complied with the following: (1) Lessee shall furnish Lessor with executed copies of each and every document used to effect the transfer. (2) Lessee or the proposed transferee shall pay to Lessor a transfer fee of one hundred dollars ($100.00); (3) Lessee shall execute a "Termination of Leasehold Interest" for recordation; and (4) The proposed transferee shall execute a new lease and execute a "Memorandum of Lease" for recordation, which lease shall be identical to this Lease and have a term equal to the remaining term of this Lease at the time of the transfer. B. Transfer Information. The parties to any non-exempt transfer of this Lease shall provide Lessor with all information relevant to a determination of the total consideration paid for the transfer, as well as all documents which are relevant to the total consideration paid for the transfer. Lessee and the proposed transferee shall provide this information not later than forty- five (45) days prior to the proposed effective date of the transfer of this Lease. Lessor shall have the right, at its sole discretion, to commission an appraisal of the fair market value of this Lease and improvements thereon as of the date of transfer. Any such appraisal shall be completed not later than thirty (30) days after receipt by Lessor of the aforementioned information from the Lessee. If the value determined by the appraiser commissioned by Lessor exceeds the stated total consideration to be paid based on the information received from the Lessee by more than ten percent (10%), Lessor shall so notify the Lessee and provide Lessee with a full copy of such appraisal report, and said value shall be deemed the Actual Sales Value for purposes of calculating Average Actual Sales Value Rent and rental payments unless within fifteen (15) days after receiving such notice and the report the Lessee notifies Lessor that Lessee elects to cause an appraisal of the fair market value of this Lease and improvements thereon as of the date of transfer to be conducted by an independent appraiser. In such event, Lessee cause such appraisal to be completed no later than thirty (30) days after the notice to Lessor and shall provide Lessor with a full copy of the appraisal upon completion. The Actual Sales Value for purposes of calculating Average Actual Sales Value Rent and rental payments shall be the greater of (i) the stated consideration for the transfer, or (ii) the average of the two appraisals. Any appraisal commissioned by Lessor or Lessee under this Paragraph 4.13 shall be conducted by an MAI appraiser licensed to conduct business in the State of California and experienced in residential appraisals in Southern California. C. Exempt Transfer Information. Lessor's consent is not required for the "exempt transfers" referenced in Paragraph 3.B(3); provided, however, Lessee shall furnish Lessor with copies of all documents used to effect any exempt transfer. D. Audit of Subleases. It is the intent of the parties that transfers referred to in Section 3.B(3)(e) shall only be exempt from the further provisions of Paragraph 3.13 (in respect of rental adjustments) if such subleases are not substantially equivalent to, do not have substantially the same economic effect as, or are intended to disguise, a transfer by the then Lessee of all or substantially all of his/her interest in this Lease to the putative sublessee. Lessor shall at all times have the right, upon written request to the Lessee, to receive copies of all written agreements, and to be advised in full of all oral agreements, between the Lessee and any sublessee of the Leased Land. Any purported sublease of the premises which is determined to be substantially equivalent to, or have substantially the same economic effect as, or is intended to disguise, a transfer by the then Lessee of all or substantially all of his/her interest in this Lease to the putative sublessee shall be void and of no force or effect, and such attempted or purported sublease shall, at the option of Lessor, (i) be an event of default by the Lessee under this Lease, or (ii) permit Lessor to treat such sublease as a transfer of this Lease subject to the provisions of Section 3.13. ENCUMBRANCES. A. Right to Encumber. Lessee may encumber this Lease by deed of trust, mortgage, or similar instrument, in favor of any bona fide lender ("Lender") in a bona fide loan transaction for any purpose without the consent of Lessor. To determine whether a loan is a bona fide lending transaction, and not an arrangement for transfer of the possession or title to the Premises to the putative lender, Lessee and the lender agree to provide Lessor with all documentation executed between Lessee and the lender concerning the loan upon request of Lessor. Neither Lessee nor Lessor shall have the power to encumber Lessor's interest in the Leased Land. Any encumbrance shall be subject to all covenants, conditions and restrictions in this Lease and to all rights and interests of Lessor except as otherwise expressly provided in this Lease. Lessee shall give Lessor prior written notice of any encumbrance. B. Notice to Lender. Lessor shall have no obligation to give any Lender any written notice pursuant to this Lease unless the Lender has given Lessor written notice of its name, address, and nature of encumbrance ("Complying Lender") . Lessor shall give all Complying Lenders a copy of any written notice of default, notice of termination or other notice which may affect Lessee's rights under this Lease. Notice shall be deemed given by Lessor to Lender five (5) days following deposit in the United States mail, certified and return receipt requested, postage prepaid, and sent to Lender at the address furnished in writing by Lender. C. Modification. Lessor and Lessee agree that they will not modify, surrender or cancel this Lease by mutual agreement without the prior written consent of Lender. D. Rights of Lender. Any Lender holding or the beneficiary of a security interest or lien on this Lease and the leasehold estate created hereby shall have the right, during the term of the Lease, to: (1) perform any act required of Lessee pursuant to this Lease; (2) transfer this Lease to the purchaser at any foreclosure sale, the assignee in the event of an assignment in lieu of foreclosure, or to acquire the interest of Lessee pursuant to foreclosure or assignment and thereafter transfer this Lease to the Lender's successor. Lender shall have no right to transfer this Lease unless and until Lender has cured all defaults requiring the payment or expenditure of money by Lessee. E. Right of Lender to Cure Default. Lessor shall give written notice of any default or breach of this Lease by Lessee to Lender and afford Lender the opportunity, after notice, to: (1) cure the breach or default within ten (10) days after expiration of the time period granted to Lessee for curing the default if the default can be cured by payment of money; (2) cure the breach or default within thirty (30) days after expiration of the time period granted to Lessee for curing the default when the breach or default can be cured within that period of time; or (3) cure the breach or default in a reasonable time when something other than money is required to cure the breach or default and cannot be performed within thirty (30) days after expiration of the time period granted to Lessee for curing the default, provided the acts necessary to cure the breach are commenced within thirty (30) days and thereafter diligently pursued to completion by Lender. F. Foreclosure in Lieu of Cure. Lender may forestall termination of this Lease for a default or breach by Lessee by commencing foreclosure proceedings subject to strict compliance with the following: (1) proceedings are commenced within thirty (30) days after the later of (i) expiration of the time period granted to Lessee for curing the default, or (ii) service on Lender of the notice describing the breach or default; (2) the proceedings are diligently pursued to completion in the manner authorized by law; and (3) Lender performs all of the terms, covenants and conditions of this Lease requiring the payment or expenditure of money by Lessee until the proceedings are complete or are discharged by redemption, satisfaction, payment or conveyance of this Lease to Lender. G. New Lease. Notwithstanding any other provision of this Lease, should this Lease terminate or be terminated because of any default or breach by Lessee, Lessor shall enter into a new lease with Lender as lessee provided: (1) the written request for the new lease is served on Lessor by Lender within thirty (30) days after the termination of this Lease. (2) the new lease contains the same terms and conditions as this Lease except for those which have already been fulfilled or are no longer applicable. (3) on execution of the new lease by Lessor, Lender shall pay any and all sums that would be due upon execution of the new lease, but for its termination, and shall fully remedy, or agree in writing to remedy, any other default or breach committed by Lessee that can reasonably be remedied by Lender. (4) Lender shall, upon execution of the new lease, pay all reasonable costs and expenses (including attorney's fees) incurred in terminating this Lease, recovering possession of the premises from Lessee, in preparing the new lease. H. Miscellaneous. The following provisions shall apply to Lessor, Lessee and any Lender: (1) Any Lender shall be liable to perform the obligations of the Lessee under this Lease only so long as the Lender holds title to this Lease; (2) Lessee shall, within ten (10) days after the recordation of any trust deed or other security instrument, record, at Lessee's sole expense, Lessor's written request for a copy of any notice of default and/or notice of sale under any deed of trust as provided by state law. 6. USE AND MAINTENANCE. A. Use of Leased Land. The Leased Land shall be solely for residential purposes. Lessee may demolish, construct, remodel, reconstruct and maintain structures on the Leased Land for residential purposes so long as the structures and construction are authorized by appropriate City permit and fully comply with all City ordinances, resolutions, regulations, policies, and plans. Lessee shall also obtain permission to construct and/or maintain structures from the California Coastal Commission and any other state agency if required by law. B. Maintenance of Improvements. Lessor shall not be required to make any changes, alterations, additions, improvements, or repairs in on or about all or part of the Premises. Lessee shall, at all times during the term of this Lease and without any cost or expense to Lessor, keep and maintain, the Premises, including, without limitation, all structures, facilities, walks, curbs, parkways and other improvements, in good order and repair and in a clean, safe, sanitary and orderly condition. Lessee shall repair or reconstruct any improvements on the Leased Land following any damage or destruction thereof, unless the improvements are being destroyed in conjunction with remodeling or reconstruction and Lessor has consented, in writing, to the damage or destruction. Lessee shall cause to be constructed, maintained and repaired all utilities, pipes, walls, sewers, drains, and other improvements on the Premises to the extent required by law or as necessary to maintain the improvement in good order and repair and safe and sanitary condition. C. Compliance with Laws. Lessee shall make, or cause to be made, any additions, alterations or repairs to any structure or improvement on the Premises which may be required by, and Lessee shall otherwise observe and comply with, any law, statute, ordinance, plan, resolution or policy applicable to the Premises. Lessee shall indemnify, defend and hold Lessor harmless from and against any loss, liability, action, claim or damage, arising out of, or in any way related, to Lessee's failure to comply with, and perform pursuant to, provisions of this subparagraph C. All repairs, additions, and alterations to the structures or improvements on the Premises shall conform to all applicable laws, ordinances, regulations, plans, policies and resolutions and all work shall be performed with reasonable diligence, completed within a reasonable time, and performed at the sole cost and expense of Lessee. D. As Is Condition of Premises. Lessee expressly accepts the Premises "as is" and acknowledges that Lessor has made no representations or warranties as to the suitability of the property or any construction or improvement. Lessee shall conduct all tests necessary to determine the suitability of the property for any proposed construction or improvement, including, without limitation, the amount and extent of any fill, and related factors. Lessee expressly acknowledges that Lessor shall not be liable for any damage or loss resulting from any subsurface or soil condition in, on, or under the Premises or adjacent property. Lessee expressly acknowledges that, while the legislature of the State of California has purportedly removed the public trust restrictions on use of the Property pursuant to the Beacon Bay Bill, the Leased Land may constitute filled tidelands, and Lessor has made no representation or warranty relative to the validity of the Beacon Bay Bill or the power of the legislature of the State of California to remove public trust restrictions on tidelands through legislation. Notwithstanding the foregoing, in the event of any challenge to the right and power of Lessor to lease the Leased Land for the purposes provided in this Lease, Lessor agrees, at its sole cost and expense, to use all reasonable efforts to resist and defend against such challenge and to seek a ruling or judgment affirming and upholding the right and power of Lessor to lease the Leased Land for the purposes provided in this Lease. TAXES AND UTILITIES. It is understood by Lessor and Lessee that this Lease shall give rise to a possessory interest tax obligation and that the execution of this Lease will constitute a reassessment event which may give rise to a material increase in the possessory interest tax currently payable by Lessee under the Pre-existing Lease. Lessee shall pay, before delinquent, all utility charges and any general and special taxes, assessments or other governmental charges, if any, which may be levied on the Leased Land, and/or any improvements, including, without limitation, any possessory interest tax. Any lien for unpaid utilities, taxes, assessments or charges shall not attach to the leasehold interest but only to improvements located on the Leased Land. 8. USE AND MAINTENANCE OF COMMON AREA. Lessee shall have the right to use the streets, beaches, walkways, tennis courts, docks, piers, and common landscaped areas in Beacon Bay (as depicted on Exhibit A) and which are leased to the Beacon Bay Community Association by Lessor in consideration of the maintenance thereof by such Association and rent to be paid by individual Lessees under their respective leases. 9. MAINTENANCE AND IMPROVEMENT OF INFRASTRUCTURE. Lessor has no obligation to install, improve, repair, or maintain streets, curbs, gutters, water lines, sewer lines, drainage facilities, street lighting or other facilities used by the residents of Beacon Bay (Infrastructure). Notwithstanding Section 8 above, Lessor reserves the right, after a five (5) year period following the Effective Date and upon approval by the Lessees representing a majority of the lots in Beacon Bay, to improve and maintain streets, curbs, gutters, water lines, sewer lines', drainage facilities, street lighting, telephone and electricity lines and other Infrastructure facilities in Beacon Bay at its initial cost and to assess Lessee for a pro rata share of such costs, and to collect such costs from Lessee in the form of rent over the remaining term of this Lease. i111�Ke]PIiilelL%II LF�YeZ�iIntl[el�` A. Membership in Association. As a material part of the consideration of this Lease, and as an express condition to the continuance of any of the rights of Lessee pursuant to this Agreement, Lessee agrees to become, and during the term of this Lease to remain, a member in good standing of the Beacon Bay Community Association. B. Compliance with Rules and Regulations. Lessee agrees to abide by the Articles of Incorporation, bylaws, and all rules and regulations of the Association, and to pay to the Association, before delinquency, all valid dues, fees, assessments and other charges properly 10 levied or assessed by the Association. Lessee's failure to comply with the provisions of Paragraph A and this Paragraph B shall constitute a material breach of this Lease. C. Lessor Maintenance of Common Areas. In addition to the rights reserved to Lessor pursuant to the provisions of Section 9, if the Community Association fails or ceases to maintain community facilities, Lessor may, at its option and without obligation, assume the obligations of the Community Association to maintain, repair, install or improve community facilities. In such event, Lessee shall pay a pro rata share of Lessor's reasonable expenses in maintaining and operating the community facilities, including a reasonable management fee or the fee charged by a management agent. Lessee's pro rata share shall be determined by dividing Lessor's costs by the number of residential lots within Beacon Bay (currently seventy-two lots) . Lessee's pro rata share of the annual costs incurred by Lessor shall be paid within thirty (30) days after written notice of the amount due, and any failure to pay shall constitute a material breach of this Lease. The costs of maintaining and operating community facilities shall be determined annually and solely from the financial records of Lessor. 11. COVENANTS, CONDITIONS AND RESTRICTIONS Lessee agrees to abide and be bound by all covenants, conditions, restrictions and reservations as contained in Exhibit E attached hereto and incorporated herein by this reference. Said covenants, conditions and restrictions shall run with the Leased Land and shall be binding on Lessee and Lessee's successors in interest. 12. INDEMNIFICATION Lessee shall indemnify, defend and hold harmless Lessor, its City Council, Boards and Commissions, officers, agents, servants and employees from and against any and all actions, causes of action, obligations, costs, damages, losses, claims, liabilities and demands of any nature whatsoever, including reasonable attorneys' fees, regardless of the merit or outcome of any such claim or suit, arising out of, or in any way related, to the condition of the Premises, or the use or possession of the Premises by Lessee, or Lessee's employees, agents, representatives, guests or invitees, as well as any activity, work or things which may be permitted or suffered by Lessee in or on the Premises. Lessee shall indemnify, defend and hold harmless Lessor, its City Council, Boards and Commissions, officers, agents, servants and employees from and against any and all actions, causes of action, obligations, costs, damages, losses, claims, liabilities, and demands of any nature whatsoever, including reasonable attorneys' fees, accruing or resulting to any and all persons, firms or corporations furnishing or supplying work, services, materials, equipment or supplies arising from or in any manner connected to the use or possession of the Premises by Lessee or from any activity, work or things which may be permitted or suffered by Lessee in or about the Premises. Without limiting the generality of the foregoing, Lessee hereby assumes all risk of damage to property or injury to persons in or about the Premises from any cause except for damage or injury resulting from the negligence or willful, fraudulent or criminal conduct by Lessor and/or its officers, employees, agents and representatives, and Lessee hereby waives all claims in respect thereof against Lessor. 13. INSURANCE. A. General Conditions. All insurance required to be carried pursuant to this Section 13 shall be obtained from reputable carriers licensed to conduct business in the State of California. Each policy required to be carried pursuant to this Section 13 shall name Lessee and Lessor as additional named insureds, and shall provide that the policy may not be surrendered, cancelled or terminated, or coverage reduced, without not less than twenty (20) days prior written notice to Lessor. B. Fire Insurance. Lessee shall, during the term of this Lease, insure all structures and improvements on the Leased Land against loss or damage by fire or other risk for residential structures. The insurance shall provide coverage to at least ninety percent (90%) of the full insurable replacement value of all improvements on the Leased Land, with the loss payable to 11 Lessee unless this Lease is terminated by Lessor for default of Lessee in which case the proceeds of insurance shall be paid to Lessor. C. Liability Insurance. Lessee shall, at Lessee's sole cost and expense, procure and maintain during the term of this Lease, a broad form comprehensive coverage policy of public liability insurance which insures Lessee and Lessor against any loss or liability caused by, or in any way related to, the condition, for Lessee's use and occupation, of the premises in amounts not less than: (1) $500,000 per occurrence for injury to, or death of, one person; (2) $100,000 for damage to or destruction of property. 14. DEFAULT. A. Events of Default. The occurrence of any one or more of the following events shall constitute a material default and breach of this Lease by Lessee: (1) the abandonment of the Premises by Lessee; (2) the failure by Lessee to make any payment of rent when due if the failure continues for three (3) days after written notice has been given to Lessee. In the event that Lessor serves Lessee with a Notice to Pay Rent or Quit pursuant to applicable unlawful detainer statutes, such Notice to Pay Rent or Quit shall also constitute the notice required by this paragraph; (3) the failure by Lessee to perform any of the provisions of this Lease and any Exhibits attached hereto to be performed by Lessee, other than described in Paragraph 14.A(2) above, if the failure to perform continues for a period of thirty (30) days after written notice thereof has been given to Lessee. If the nature of Lessee's default is such that more than thirty (30) days are reasonably required for its cure, then Lessee shall not be in default if Lessee commences the cure within said thirty (30) day period and thereafter diligently prosecutes the cure to completion; or (4) the failure of Lessee to provide Lessor with all relevant information regarding the total consideration paid in conjunction with any transfer of this Lease; (5) the making by Lessee of any general assignment, or general arrangement for the benefit of creditors; the filing by or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement of any law relating to bankruptcy unless the same is dismissed within sixty (60) days; the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets located at the Premises or of Lessee's interest in the Lease, where possession is not restored to Lessee within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Premises or of Lessee's interest in the Lease, where such seizure is not discharged within thirty (30) days. Notices given under this Paragraph 14.A shall specify the alleged default and the applicable lease provisions, and shall demand that Lessee perform the provisions of this Lease or pay the rent that is in arrears, as the case may be, within the applicable period of time. No such notice shall be deemed a forfeiture or a termination of this Lease unless Lessor so elects in the Notice. B. Landlord's Remedies. In the event of any default by Lessee as defined in Paragraph 14.A, Lessor may, in addition to any rights or remedies permitted by law, do the following: (1) Terminate Lessee's right to possession of the Leased Premises by any lawful means, in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to Lessor. In such event, Lessor shall be entitled to recover from Lessee all amounts to which Lessor is entitled pursuant to Section 1951.2 of the 12 California Civil Code, or any other provision of law, including, without limitation, the following: (a) The worth at the time of award of the amount by which the unpaid rent and additional rent for the balance of the term after the time of award exceeds the amount of the loss than Lessee proves could be reasonably avoided; and (b) any other amount necessary to compensate Lessor for all detriment proximately caused by Lessee's failure to perform obligations pursuant to this Lease or which in the ordinary course of things would be likely to result from the breach, including, without limitation, the cost of recovering possession, expenses of reletting (including necessary repair, renovation and alteration) reasonable attorneys' fees, and any other reasonable costs. The "worth at the time of award" of all rental amounts other than that referred to in clause (i) above shall be computed by allowing interest at the rate of ten percent (10%) per annum from the date amounts accrue to Lessor. The worth at the time of award of the amount referred to in clause (i) shall be computed by discounting such amount at one percentage point above the discount rate of the Federal Reserve Bank of San Francisco at the time of award. (2) Without terminating or affecting the forfeiture of this Lease or, in the absence of express written notice of Lessor's election to do so, relieving Lessee of any obligation pursuant to this Lease, Lessor may, but need not, relet all or a portion of the Premises at any time, or from time to time, and on such terms and conditions as Lessor, at its sole discretion, deems appropriate. Whether or not the Premises are relet, Lessee shall pay all amounts required by this Lease up to the date that Lessor terminates Lessee's right to possession of the Premises. Lessee shall make such payments at the time specified in the Lease and Lessor need not wait until termination of the Lease to recover sums due by legal action. If Lessor relets all or a portion of the Premises, the reletting shall not relieve Lessee of any obligation pursuant to this Lease; provided, however, Lessor shall apply the rent or other proceeds actually collected by virtue of the reletting against amounts due from Lessee. Lessor may execute any agreement reletting all or a portion of the leased premises and Lessee shall have no right to collect any proceeds due Lessor by virtue of any reletting. Lessor shall not, by any reentry or reletting or other act, be deemed to: (a) Have accepted any surrender by Lessee of this Lease or the leased premises; (b) have terminated this Lease; or (c) have relieved Lessee of any obligation pursuant to this Lease unless Lessor has given Lessee express written notice of Lessor's election to do so. (3) Lessor may terminate this Lease by express written notice to Lessee of its election to do so. The termination shall not relieve Lessee of any obligation which has accrued prior to the date of termination. In the event of termination, Lessor shall be entitled to recover the amount specified in Paragraph 14.B(1). C. Default By Lessor. Lessor shall not be in default unless Lessor fails to perform obligations required of Lessor within a reasonable time, but in no event later than thirty (30) days after written notice by Lessee to Lessor specifying wherein Lessor has failed to perform such obligation. If the nature of Lessor's obligation is such that more than thirty (30) days are required for performance, then Lessor shall not be in default if Lessor commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion. D. Stay of Obligations. Neither party shall be under any obligation to perform or comply with its obligations pursuant to this Lease after the date of any default by the other party. 13 114 1161 E. Determination of Rental Value. In any action or unlawful detainer commenced by Lessor, the reasonable rental value of the Leased Land shall be deemed to be the amount of rent and additional rent (such as reimbursement for costs of Infrastructure improvements or the payment of taxes or assessments) for the period of the unlawful detainer, unless Lessor/Lessee shall prove to the contrary by competent evidence. F. Waiver of Rights. The failure or delay of either party to exercise any right or remedy shall not be construed as a waiver of such right or remedy or any default by the other party. Lessor's acceptance of any rent shall not be considered a waiver of any preexisting breach of default by Lessee other than the failure to pay the particular rent accepted regardless of Lessor's knowledge of the preexisting breach of default at the time rent is accepted. G. Waiver of Right of Redemption. Lessee waives any right of redemption or relief from forfeiture pursuant to Code of Civil Procedure Sections 1174 and 1179 and/or pursuant to any existing or future statutory or decisional law in the event Lessee is evicted or Lessor takes possession of the Premises by reason of Lessee's default. SURRENDER OF POSSESSION UPON EXPIRATION OR TERMINATION. A. Surrender of Premises. Upon the expiration or termination of this Lease, Lessee agrees to peaceably deliver possession of, and agrees to vacate without contest, legal or otherwise, the Leased Land. Lessor, at its sole discretion, may record a document evidencing the expiration or termination of the leasehold interest. Lessee waives any right to receive relocation assistance or similar form of payment. B. Removal of Improvements. Upon the expiration of the term of this Lease, and on condition that Lessee is not then in default of any of the provisions of this Lease, Lessee shall have the right to remove from the Leased Land all buildings and improvements built or installed on the Leased Land. Removal of any building or improvement shall be at the sole cost and expense of Lessee and removal must be complete no later than ninety (90) days after expiration of the term of this Lease. Lessee shall fill all excavations and remove all foundations, debris and other parts of the buildings or improvements remaining after removal and surrender possession of the Premises to Lessor in a clean and orderly condition. In the event any of the buildings and improvements are not removed within the time provided in this Paragraph 15.13, they shall become the property of Lessor without the payment of any consideration. EMINENT DOMAIN. A. Definitions of Terms. (1) The term "total taking" as used in this Section 16 shall mean the taking of the entire Premises under the power of eminent domain or the taking of so much of the Leased Land as to prevent or substantially impair the use thereof by Lessee for the residential purposes. (2) The term "partial taking" shall mean the taking of a portion only of the Premises which does not constitute a total taking as defined above. (3) The term "taking" shall include a voluntary conveyance by Lessor to an agency, authority or public utility under threat of a taking under the power of eminent domain in lieu of formal proceedings. (4) The term "date of taking" shall be the date upon which title to the Premises or portion thereof passes to and vests in the condemnor. B. Effect of Taking. If, during the term hereof, there shall be a total taking or partial taking under the power of eminent domain, then the leasehold estate of the Lessee in and to the Leased Land or the portion thereof taken shall cease and terminate as of the date of taking of said Leased Land. If this Lease is so terminated in whole or in part, all rentals and other charges payable by Lessee to Lessor hereunder and attributable to the Leased Land or portion thereof taken shall be 14 paid by Lessee up to the date of taking by the condemnor, and the parties shall thereupon be released from all further liability in relation thereto. C. Allocation of Award - Total Taking. All compensation and damages awarded for the total taking of the Premises and Lessee's leasehold interest therein shall be allocated as follows: (1) The Lessor shall be entitled to an amount equal to the sum of the following: (a) The fair market value of the Premises as improved (exclusive of the dwelling and appurtenances to such dwelling) as of the date of taking, discounted by multiplying such fair market value by the factor for the present worth of one dollar ($1.00) at nine percent (9%) per annum compound interest for the number of years remaining from the date of taking to the date of the expiration of the term of this Lease; and (b) The present worth of rents due during the period from the date of taking to the date of the expiration of the term of this Lease, computed by multiplying the annual rent then payable by the factor for the present worth of one dollar ($1.00) per annum at nine percent (9%) per annum compound interest (Inwood Coefficient) for the number of years in such period. (2) The Lessee shall be entitled to the amount remaining of the total award after deducting therefrom the sums to be paid to Lessor as hereinafter provided. D. Allocation of Award - Partial Taking. All compensation and damages awarded for the taking of a portion of the Leased Premises shall be allocated and divided as follows: (1) The Lessor shall be entitled to an amount equal to the sum of the following: (a) The proportionate reduction of the fair market value of the Premises as improved (exclusive of the dwelling and appurtenances to such dwelling) as of the date of taking, discounted by multiplying such proportionate reduction in fair market value by the factor for the present worth of one dollar ($1.00) at nine percent (9%) per annum compound interest for the number of years remaining from the date of taking to the date of expiration of the term of this Lease; and (b) The present worth of the amount by which the rent is reduced computed by multiplying the amount by which the annual rent is reduced by the factor for the present worth of $1.00 per annum at 9% per annum compound interest (Inwood Coefficient) for the number of years remaining from the date of taking to the date of expiration of the term of this Lease. (2) The Lessee shall be entitled to the amount remaining of the total award after deducting therefrom the sums to be paid to Lessor as hereinabove provided. E. Reduction of Rent on Partial Taking. In the event of a partial taking, the rent payable by Lessee hereunder shall be adjusted from the date of taking to the date of the expiration of the term of this Lease. Such rental adjustment will be made by reducing the basic rental payable by Lessee in the ratio that the Fair Market Rental Value of the Premises at the date of taking bears to the Fair Market Rental Value of the Premises immediately thereafter. 17. ATTORNEYS' FEES. Should either party be required to employ counsel to enforce the terms, conditions and covenants of this Lease, the prevailing party shall recover all reasonable attorneys' fees and charges (and court costs if applicable) incurred therein, whether or not court proceedings were commenced. 15 18. REMEDIES CUMULATIVE. The rights, powers, elections and remedies of the Lessor or Lessee contained in this Lease shall be construed as cumulative and no one of them shall be considered exclusive of the other or exclusive of any rights or remedies allowed by law, and the exercise of one or more rights, powers, elections or remedies shall not impair or be deemed a waiver of Lessor's or Lessee's rights to exercise any other. 19. NO WAIVER. No delay or omission of either party to exercise any right or power arising from any omission, neglect or default of the other party shall impair any such right or power or shall be construed as a waiver of any such omission, neglect or default on the part of the other party or any acquiescence therein. No waiver of any breach of any of the terms, covenants, agreements, restrictions or conditions of this Lease shall be construed as a waiver of any succeeding breach of the same or of any of the terms, covenants, agreements, restrictions or conditions of this Lease. 20. COMPLIANCE WITH LAWS. Lessee covenants and agrees to comply with all rules, regulations, statutes, ordinances and laws of the State of California, County of Orange, City of Newport Beach, or any other governmental body or agency having lawful jurisdiction over the Leased Land. 21. NOTICES. Any notice or notices provided for by this Lease or by law, to be given or served by Lessee, may be given or served by mail, registered or certified, with postage prepaid, on the City of Newport Beach, addressed to the Mayor, City Manager, or City Clerk, 3300 Newport Boulevard, P.O. Box 1768, Newport Beach, California 92659-1768, or at such other address as may be hereafter furnished to Lessee in writing. If notice is intended to be served by Lessor on Lessee, it may be served either: A. By delivering a copy to the Lessee personally; or B. By depositing the Notice in the United States Mail, registered or certified, with postage prepaid, to the residence or business address furnished by Lessee; or C. If the Lessee is absent from the Leased Land by leaving a copy with some person of suitable age and discretion who may be occupying the Leased Land; or D. If no one can be found, then by affixing a copy of the notice in a conspicuous place on the Premises and also sending a copy through the mail addressed to the Lessee. Such service upon Lessor or Lessee shall be deemed (ii) the expiration of seventy-two (72) hours from and notice, demand or communication. 22. HOLDING OVER. complete upon the earlier of (i) actual delivery, or after the deposit in the United States mail of such This Lease shall terminate and become null and void without further notice upon the expiration of the term of this Lease. Any holding over by Lessee after expiration of the term shall not constitute a renewal of this Lease or give Lessee any rights in or to the Premises except as expressly provided in this Section. The parties agree this Lease cannot be renewed, extended, or in any manner modified except in a writing signed by all parties. However, if Lessee, or anyone claiming under Lessee, shall remain in possession of the Premises after expiration of the term of this Lease without any agreement in writing between the parties and Lessor accepts rent from Lessee, then Lessee shall be deemed a tenant from month-to-month subject to the provisions of this Lease insofar as they may be applicable to a month-to-month tendency. The month-to-month tendency may be terminated by Lessor or Lessee upon thirty (30) days' prior written notice to the other. 16 23. QUIET ENJOYMENT. Lessor covenants and agrees that Lessee, upon paying the rent set forth herein and observing and keeping all covenants and agreements to be observed or kept by Lessor hereunder, shall quietly have and enjoy the Leased Land during the term of this Lease without hindrance or molestation by anyone claiming by or through Lessor. 24. SEVERABILITY. If any term or provision of this Lease shall, to any extent be invalid or unenforceable, the remainder of this Lease shall not be affected thereby, and each term and provision of this Lease shall remain valid and enforceable to the fullest extent permitted by law. 25. MISCELLANEOUS A. Representations. Lessee agrees that no representations as to the Premises have been made by Lessor or by any person or agent acting for Lessor. Lessor and Lessee agrees and acknowledges that this document contains the entire agreement of the parties, that there are no verbal agreements" representations, warranties or other understandings affecting this agreement, and Lessor and Lessee, as a material part of the consideration of this Lease, waives all claims against the other for recision, damages, or otherwise by reason of any alleged covenant, agreement or understanding not contained in this Lease. B. Inurement. Each and all of the covenants, conditions and agreements herein contained shall,' in accordance with the context, inure to the benefit of Lessor and Lessee and apply to and bind Lessor and Lessee, as the case may be, their respective heirs, legatees, devisees, executors and administrators, successors, assigns, licensees, permittees, or any person who may come into possession or occupancy of said Leased Land or any part thereof in any manner whatsoever. Nothing in this paragraph shall in any way alter the provisions herein contained against assignment or subletting. C. Joint Several Liability. If Lessee consists of more than one person, the covenants, obligations and liabilities of Lessee pursuant to this Lease shall be the joint and several covenants, obligations and liabilities of such persons. D. Captions. The section and paragraph captions used in this Lease are for the convenience of the parties and shall not be considered in the construction or interpretation of any provision. E. Gender. In this Lease, the masculine gender includes the feminine and neuter and the singular number includes the plural whenever the context so requires. 17 IN WITNESS WHEREOF, the parties have caused this Lease to be executed as of the date first above written. ATTEST: CITY CLERK APPROVED AS TO FORM: L���- CITY ATTORNEY LESSOR: CITY OF NEWPORT BEACH, By: z3L� itle: CITY MANAG LESSEE: I lkk) 6A"W� TT�nas H. Grinlstad L �. - Val rie Grims ad yam '.7- ill '� \�. _—�r•r•_�!•et=• d f] d url \ y m // e LL '� •4 pP�• a -�" �. or s cl 4 -I VVI �' A ; ` •� � . `` r � O , ��ff PP � °5 � • � L4 N., a_ j6.°�q Is �svP+�• �s,� "`�L. �'r V'm �' 1� J C�l cr- pe ♦a1 �m n ,. .4 Iy .$ R t P ''t Z Z \ °• �. 1b� rDl ((pee°. °5 co• ! ° ; \ �` `T w d=N u <s QoAV°•°e- = •if°° n sss; P[i m °[G ANp e0lb .N< e4- 14� oA^ � goR Pl.a ir• � aR E Nn jS' NM1' R}- o n w T .off / SDI°p• e � �°I ° m I y f 'rf �n w • ° rf� .N��B y _, Arm � Exhibit A EXHIBIT B Beacon Bay Lot 48 described as follows: Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. SUMMARY OF SALIENT FACTS AND CONCLUSIONS - continued SUMMARY OF VALUE INDICATIONS: Existing (1st year) Unencumbered♦ Fair Market Contract Effective Lot No. Fee Lot Value Rental Value Rent Net Rent Water Front Lots A $1,330,000 $48,520 $23,125.08 $31,940.00 B $1,200,000 $43,320 $12,506.85 $22,270.00 C $1,031,000 $37,560 $16,625.04 $22,480.00 1 $947,000 $34,200 $8,020.80 $15,030.00 2 $1,131,000 $41,640 $8,825.40 $17,950.00 3 $1,263,000 $46,920 $24,250.08 $31,560.00 4 $1,318,000 $49,120 $10,458.96 $21,260.00 5 $1,341,000 $50,120 $20,012.04 $28,840.00 6 $1,386,000 $51,680 $25,000.00 $34,260.00 7 $1,210,000 $44,800 $24,999.96 $31,870.00 8 $1,177,000 $43,480 $43,750.00 $43,480.00 9 $1,298,000 $47,840 $42,500.04 $44,350.00 10 $1,342,000 $49,600 $24,999.96 $33,540.00 11 $1,122,000 $41,280 $9,020.52 $17,020.00 v 12 $1,100,000 $40,400 $14,250.00 $22,190.00 13 $1,100,000 $40,400 $23,625.00 $29,450.00 14 $1,243,000 $45,640 $10,312.56 $19,690.00 15 $1,265,000 $46,520 $10,836.47 $20,240.00 16 $1,067,000 $39,080 $8,508.48 $16,480.00 17 $1,067,000 $39,080 $16,250.04 $21,750.00 18 $1,067,000 $39,080 $8,508.48 $16,480.00 19 $1,243,000 $45,640 $10,020.02 $19,500.00 20 $1,147,000 $42,320 $8,727.84 $17,910.00 21 $1,058,000 $38,760 $20,224.50 $26,660.00 22 $1,036,000 $37,880 $41,250.00 $37,880.00 ES 1 $1,037,000 $37,880 $28,749.96 $31,920.00 ES 2 $1,037,000 $37,880 $24,625.00 $29,220.00 Subtotals: $31,563,000 $1,160,640 $519,983.08 $705,220.00 Exhibit C - Page 1 SUMMARY OF SALIENT FACTS AND CONCLUSIONS - continued V Exhibit C - Page 2 Existing (Istyear) Unencumbered Fair Market Contract Effective Lot No. Fee Lot Value Rental Value Rent Net Rent s Interior Lots 23 $478,000 $14,487 $2,782.32 $6,297.00 24 $501,000 $15,237 $6,125.04 $8,897.00 25 $509,000 $15,537 $3,399.12 $6,977.00 26 $511,000 $15,612 $3,417.72 $6,942.00 27 $519,000 $15,912 $3,436.44 $7,102.00 28 $542,000 $16,775 $4,137.72 $7,785.00 29 $518,000 $15,650 $15,375.00 $15,470.00 30 $510,000 $15,462 $3,551.16 $7,102.00 31 $517,000 $15,725 $8,750.00 $10,515.00 32 $520,000 $15,837 $3,588.48 $7,217.00 33 $528,000 $16,137 $3,607.08 $7,307.00 34 $589,000 $18,200 $4,454.64 $8,490.00 35 $559,000 $17,000 $3,776.28 $7,780.00 36 $548,000 $16,662 $3,795.00 $7,672.00 37 $517,000 $15,725 $14,625.00 $15,005.00 38 $520,000 $15,837 $3,780.36 $7,967.00 39 $528,000 $16,137 $9,125.04 $11,557.00 40 $588,000 $18,162 $11,133.60 $13,572.00 41 $513,000 $15,500 $3,719.64 $7,300.00 42 $548,000 $16,662 $3,795.00 $7,672.00 43 $556,000 $16,962 $11,250.00 $13,232.00 44 $558,000 $17,037 $3,832.20 $7,787.00 45 $565,000 $17,300 $4,056.84 $7,990.00 46 $588,000 $18,162 $4,454.64 $8,492.00 47 $539,000 $16,475 $3,459.36 $7,365.00 48 $551,000 $16,775 $6,249.96 $9,305.00 49 $520,000 $15,837 $3,551.16 $7,197.00 50 $523,000 $15,950 $3,569.76 $7,240.00 51 $520,000 $15,837 $3,780.36 $7,857.00 52 $528,000 $16,137 $12,750.00 $13,927.00 53 $588,000 $18,162 $4,479.00 $8,492.00 54 $530,000 $15,987 $3,344.88 $7,227.00 55 $559,000 $17,075 $10,625.04 $12,865.00 56 $567,000 $17,375 $3,603.96 $7,915.00 57 $546,000 $16,737 $3,551.16 $7,427.00 58 $528,000 $16,137 $6,750.00 $10,007.00 59 $525,000 $16,025 $10,125.00 $12,175.00 60 $533,000 $16,325 $3,533.88 $7,315.00 Exhibit C - Page 2 SUNQvIARY OF SALIENT FACTS AND CONCLUSIONS - continued v Exhibit C - Page 3 Existing (Istyear) Unencumbered Fair Market Contract Effective Lot No. Fee Lot Valu6 Rental Value Rent Net Rent Interior Lots - continued 61 $588,000 $18,162 $4,436.16 $8,482.00 ES 3 $474,000 $14,225 $8,750.04 $10,325.00 ES 4 $467,000 $13,962 $3,021.96 $6,322.00 ES 5 $470,000 $14,075 $10,000.08 $11,415.00 ES 6 $468,000 $14,000 $2,982.96 $6,310.00 ES 7 $461,000 $13,737 $2,966.04 $6,057.00 ES 8 $471,000 $13,925 $3,118.08 $6,455.00 Subtotal Int.: $23,786,000 $724,637 $254,617.16 $397,807.00 Subtotal W.F.: $31,563,000 $1,160,640 $519,983.08 $705,220.00 Grand Totals: $55,349,000 $1,885,277 $774,600.24 $1,103,027.00 Exhibit C - Page 3 Distribution of Rents and Tax Advantage between Tidelands and Uplands* Beacon Bay 6'6194 - Page 1 Exhibit D - Page 1 (Istyear) Proportionate Proportionate Annual Amort, Tidelands Effective % % Rent Rent of PV of Tax Tax Lot No. Net Rent Tidelands Uplands Tidelands Uplands Advantage Advantage raterfront Lots A $31,940.00 100% 0% $31,940 $0 $0 $0 B $22,270.00 10090 0% $22,270 $0 $930 $930 C $22,480.00 10090 0% $22,480 $0 $1,410 $1,410 1 $15,030.00 10090 0% $15,030 $0 $2,080 $2,080 2 $17,950.00 100% 0% $17,950 $0 $2,260 $2,260 3 $31,560.00 10070 070 $31,560 $0 $560 $560 4 $21,260.00 100% 0% $21,260 $0 $2,610 $2,610 5 $28,840.00 100% 0% $28,840 $0 $1,620 $1,620 6 $34,260.00 100% 0% $34,260 $0 $0 $0 7 $31,870.00 95% 5% $30,276 $1,594 $0 $0 8 $43,480.00 50% 50% $21,740 $21,740 $0 $0 9 $44,350.00 5% 95% $2,217 $42,132 $0 $0 10 $33,540.00 070 100% $0 $33,540 $0 $0 11 $17,020.00 0% 10090 $0 $17,020 $3,200 $0 12 $22,190.00 0% 100% $0 $22,190 $1,130 $0 13 $29,450.00 0% 100% $0 $29,450 $0 $0 14 d . $19,690.00 0% 100% $0 $19,690 $2,880 $0 15 $20,240.00 20% 8090 $4,048 $16,192 $2,980 $596 16 $16,480.00 95% 5% $15,656 $824 $2,640 $2,508 17 $21,750.00 100% 0% $21,750 $0 $2,420 $2,420 18 $16,480.00 100% 0% $16,480 $0 $2,640 $2,640 19 $19,500.00 100% 0% $19,500 $0 $2,880 $2,880 20 $17,910.00 100% 0% $17,910 $0 $2,470 $2,470 21 $26,660.00 100% 0% $26,660 $0 $0 $0 22 $37,880.00 100% 0% $37,880 $0 $0 $0 ES 1 $31,920.00 100% 0% $31,920 $0 $0 $0 ES 2 $29,220.00 100% 0% $29,220 $0 $0 $0 Vaterfront subtotal: $705,220.00 $500,848 $204,372 $34,710 $24,984 Beacon Bay 6'6194 - Page 1 Exhibit D - Page 1 Distribution of Rents and Tax Advantage between Tidelands and Uplands* Beacon Bay 616/94 - Page 2 Exhibit D -Page 2 (1styear) Proportionate Proportionate Annual Amort. Tidelands Effective % % Rent Rent of PV of Tax Tax Lot No. Net Rent Tidelands Uplands Tidelands Uplands Advantage Advantage terior Lots 23 $6,297.00 0% 100% $0 $6,297 $550 $0 24 $8,897.00 0% 100% $0 $8,897 $390 $0 25 $6,977.00 5% 95% $349 $6,628 $630 $31 26 $6,942.00 99% 1% $6,873 $69 $710 $703 27 $7,102.00 100% 0% $7,102 $0 $660 $660 28 $7,785.00 100% 0% $7,785 $0 $740 $740 29 $15,470.00 0% 100% $0 $15,470 $0 $0 30 $7,102.00 0% 100% $0 $7,102 $580 $0 31 $10,515.00 30% 70% $3,154 $7,361 $660 $198 32 $7,217.00 100% 0% $7,217 $0 $620 $620 33 $7,307.00 100% 0% $7,307 $0 $650 $650 34 $8,490.00 100% 0% $8,490 $0 $730 $730 35 $7,780.00 0% 100% $0 $7,780 $580 $0 36 $7,672.00 0% 100% $0 $7,672 $590 $0 37 $15,005.00 50/0 95% $750 $14,255 $0 $0 38 $7,967.00 99% 1% $7,887 $80 $0 $0 39 v $11,557.00 1000/0 090 $11,557 $0 $0 $0 40 $13,572.00 100% 090 $13,572 $0 $0 $0 41 $7,300.00 0% 100% $0 $7,300 $510 $0 42 $7,672.00 0% 100% $0 $7,672 $590 $0 43 $13,252.00 0% 100% $0 $13,232 $0 $0 44 $7,787.00 0% 100% $0 $7,787 $630 $0 45 $7,990.00 15% 85% $1,198 $6,792 $660 $99 46 $8,492.00 0% 100% $0 $8,492 $720 $0 47 $7,365.00 0% 100% $0 $7,365 $610 $0 48 $9,305.00 0% 100% $0 $9,305 $600 $0 49 $7,197.00 0% 100% $0 $7,197 $620 $0 50 $7,240.00 0% 100% $0 $7,240 $630 $0 51 $7,857.00 0% 100% $0 $7,857 $110 $0 52 $13,927.00 0% 100% $0 $13,927 $0 $0 53 $8,492.00 0% 100% $0 $8,492 $730 $0 54 $7,227.00 0% 100% $0 $7,227 $500 $0 55 $12,865.00 0% 100% $0 $12,865 $0 $0 56 $7,915.00 0% 100% $0 57,915 $470 $0 57 $7,427.00 090 100% $0 $7,427 $700 $0 58 $10,007.00 0% 100% $0 $10,007 $0 $0 59 $12,175.00 0% 100% $0 $12,175 $0 $0 60 $7,315.00 0% 100% $0 $7,315 $660 $0 Beacon Bay 616/94 - Page 2 Exhibit D -Page 2 Distribution of Rents and Tax Advantage between Tidelands and Uplands* U'Waterfront (1st year) -and Total: Effective Lot No. Net Rent tenor Lots - continued 61 $8,482.00 ES 3 $10,325.00 ES 4 $6,322.00 ES 5 $11,415.00 ES 6 $6,310.00 ES 7 $6,057.00 ES 8 $6,455.00 terior Lots btotal: $397,807.00 U'Waterfront $705,220.00 -and Total: $1,103,027.00 of Total: 100% 4 fective Net Rents consider tax advantage. Discount rate for present value of annual vantage is 6%. Rate for arrtortization of advantage is 7%. Rent and advantage >.ures are from 10/8/93 appraisal. Lots 3, 7, and 21 have been adjusted for new contract rent real estate taxes. Beacon Bay 616/94 - Page 3 Exhibit D - Page 3 Proportionate Proportionate Annual Amort. Tidelands % % Rent Rent of PV of Tax Tax Tidelands Uplands Tidelands Uplands Advantage Advantage s 0% 100% $0 $8,482 $720 $0 100% 0% $10,325 $0 $320 $320 100% 0% $6,322 $0 $500 $500 85% 15% $9,703 $1,712 $0 $0 0% 100% $0 $6,310 $500 $0 0% 100% $0 $6,057 '$650 $0 0% 100% $0 $6,455 $410 $0 $109,592 $288,215 $19,930 $5,251 $500,848 $204,372 $34,710 $24,984 $610,440 $492,587 $54,640 $30,235 55% 45% 100% 55% fective Net Rents consider tax advantage. Discount rate for present value of annual vantage is 6%. Rate for arrtortization of advantage is 7%. Rent and advantage >.ures are from 10/8/93 appraisal. Lots 3, 7, and 21 have been adjusted for new contract rent real estate taxes. Beacon Bay 616/94 - Page 3 Exhibit D - Page 3 RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City Manager's Office City of Newport Beach 3300 Newport Boulevard Newport Beach, CA 92663 This Document was electronically recorded by Ticor Fullerton B Recorded in Official Records, Orange County Tom Daly, Clerk -Recorder 11111111111111111111111111111111111111111111111111111111118.00 2007000542246 04:21 pm 08/31/07 105 48 M11 5 660.00 660.00 0.00 0.00 12.00 0.00 0.00 0.00 / MEMORANDUM OF LEASE / W6F4W /" �' � - /3ao, o THISj��IEMORANDUM OF LEASE is made and entered into by and between THE CITY OF NEWPORT BEACH, a chartered municipal corporation, herein called "Lessor", and THOMAS H. GRIMSTAD AND VALERIE GRIMSTAD, HUSBAND AND WIFE AS JOINT TENANTS, herein called "Lessee", to witness that: Lessor hereby leases to Lessee, commencing on Afgjusj3l Zoo -land ending on July 1, 2044, on the to ms and conditions set forth in that cer in lease by and between the parties hereto dated161 9007 0 , all the terms and conditions of which lease are made a part hereof as thdelgh full set forth herein, all those certain premises in the County of Orange, State of California, described as follows: Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. EXECUTED on U4 I Y/ 2007, at Newport Beach, Orange County, California. LESSOR THE CITY OF NEWPORT BEACH ATTEST: � Ul�/w4a Lessee: T o s H. Grimstad 00`O� I�� .�n►,� CITY CLERK Le see: Valerie Grimstad APPROVED AS TO FORM: L"� CITY ATTORNEY CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT STATE OF CALIFORNIA } )S.S. COUNTY OF OY'�M P_., } On nom ] 1p DAD I before me, l>L' 1� V 1 l_ U VA VL,jU/1 a Notar Public , personally geared koYnLLS k' c..v1d Q 2Y'f[. G-YimstA personally known to me (or 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/site/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WIT S my hand and official sea DEBORAH M. JOHNSON ��' NOTARY PUBLIC• CALIFORNIA COMMISSION i 1508138 Sign ,z ..+ ORANGE COUNTY My Comm. Exp. August T, 2008 This area for official notarial seal. OPTIONAL SECTION CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below, doing so ay prove invaluable to persons relying on the document. [ ] INDIVIDUAL [ ] CORPORATE OFFICER(S) TITLE(S) [ ] PARTNER(S) — [ ] LIMITED [ ] [ ] ATTORNEY-IN-FACT [ ] TRUSTEE(S) [ ] GUARDIAN/CO RVATOR [ ] OTHER SIGNER I PRESENTING: ame of Person or Entity Name of Person or Entity OPTIONAL SECTION Though the date requested here is not required by law, it could prevent fraudulent reattachment of this form. THIS CERTIFICATE MUST BE ATTACHED TO THE DOCUMENT DESCRIBED BELOW TITLE OR TYPE OF DOCUMENT: Yn 9,YY"\ U y -C1 n j\ X m 4, L e&s e, NUMBER OF PAGES (D DATE OF DOCUMENT SIGNER(S) OTHER THAN NAMED ABOVE GOVERNMENT CODE 27361.7 I CERTIFY UNDER PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS FOLLOWS: 1AME OF THE NOTARY: DATE COMMISSION• COUNTY WHERE BOND IS FILED: COMMISSION NUMBER: MANUFACTURER / VENDOR NUMBER: / PLACE OF EXECUTION: DATE: SIGNATURE: I CERTIFY UNDER PENALTY OF PERJURY AND THE LAWS OF THE STATE OF CALIFORNIA THAT THE ILLEGIBLE PORTION OF THIS DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS FOLLOWS: PLACE OF EXECUTION: SIGNATURE: DATE: CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of Oravlae, } ss. On Aw& 0 r o -o 1 before me, I J( [ant�• �l�(%�� '� 1 t/W����i DateNeme and Tlie M Pu Officer te.g.,'Jane Doe, Notaq lid) j� personally appeared �{�� �• � tdm Namap) of Signer(s) ,personally known to me ►_./ El proved to me on the basis of satisfactory NAPA I. 1IRO1WN ■ evidence s ConMr MMI 1633477 Ir t Nokuy R6Yo • California Orange County hlyComm.Expli aJan25,201 to be the person(ej- whose names) islace• subscribed to the within instrument and acknowledged to me that he/sheAhW executed the same in his/Jher/tpe1F authorized capacity(ies), and that by his/her/their signature(4on the instrument the persorr(s), or the entity upon behalf of which the person(a)_ acted, executed the instrument. WITN�SSlnanygnd officiol seal. ((�_J�1//(�f///)� Signature Mary Public OPTIONAL Though the information below is not required bylaw, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: ❑ Individual Top of thumb here ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Attorney -in -Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Q 1999 National Notary Association - 9350 De Soto Ave.. P.O. Box 2402 • Chatsworth, CA 91313-2402 • w oationalnotaryorg Prod. No. 5907 Reorder'. Call Toll -Free 1-800-876-5827 GOVERNMENT CODE 27361.7 I CERTIFY UNDER PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS FOLLOWS: NAME OF THE NOTARY: DATE COMMISSION EXPIRES: - -� COUNTY WHERE BOND IS FILED: Q COMMISSION NUMBER: Z�Z,' MANUFACTURER / VENDOR NUMBER: PLACE OF EXECUTION: 4n DATE: ' SIGNATURE: I CERTIFY UNDER PENALTY OF PERJURY AND THE LAWS OF THE STATE OF CALIFORNIA THAT THE ILLEGIBLE PORTION OF THIS DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS FOLLOWS: PLACE OF EXECUTION: DATE: SIGNATURE: RECORDING REQUESTED DY fIC BREABRANCIIANY RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City Manager's Office City of Newport Beach 3300 Newport Boulevard Newport Beach, CA 92663 This Document was electronically recorded by Ticor Fullerton B Recorded in Official Records, Orange County Tom Daly, Clerk -Recorder 11111111111111111111111111111111111111 15.00 2007000542245 04:21 pm 08/31/07 105 48 T03 4 0.00 0.00 0.00 0.00 9.00 0.00 0.00 0.00 `7 TERMINATION OF LEASEHOLD This agreement is made this 1� day of U U 7 2007, by and between the CITY OF NEWPORT BEACH, hereinafter called "Less ", and Michael A. Ford and Nancy G. Ford, Trustees of the Michael and Nancy Ford Trust, dated June 28, 1990, hereinafter called "Lessee". RECITALS A. Lessor and Lessee executed a lease on July 7, 2000, and subsequently recorded August 17, 2000, by the County Recorder of Orange County, California as Instrument No. 20000430865. By the terms of the lease, the following described property was leased to Lessee until July 1, 2044. Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. B. Lessee desires to terminate said lease and all rights to the possession of the lease premises and to release Lessor from its obligations under the lease, and Lessor desires to acceot said termination and to release Lessee from their obliaations under the lease. AGREEMENT Lessee agrees to terminate the lease and vacate the premises as described herein above as of 8-30--07 , and Lessor agrees to accept such termination and the premises, and Lessor and Lessee agree to discharge and release each other from all obligations under the lease as of said date. Executed at Newport Beach, California, on the day and year first above written. CITY OF NEWPORT BEACH BY:�^' Lessor: City Manag B ate' L e _ Mich I A. liford, Trustee Lessee: Nancy G. F rustee CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT STATE OF CALIFORNIA } } S.S. COUNTY OF Oy f"' } On personally known to me (or proved to me on the basis of satisfactor)' evidence) to be the person(s) whose names) 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 signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. --------------- wI E ntV hand and £ficial se DEBORAH M. JOHNSON NOTARY PUBLIC • CALIFORNIA a COMMISSION 11506136 12 Sn ORANGE COUNTY ig MY Comm. Exp. August 7, 2008 r This area for official notarial seal. OPTIONAL SECTION CAPACITY CLAIMED BY SIGNER Though statute does not require the Notary to fill in the data below, doing so prove invaluable to persons relying on the document. [ ] INDIVIDUAL [ ] CORPORATE OFFICER(S) TITLE(S) [ ] PARTNER(S) — [ ]LIMITED [ ] G [] ATTORNEY-IN-FACT [ ] TRUSTEE(S) [ ] GUARDIAN/CONS /TOR [] OTHER SIGNER IS R SENTING: NariGe of Person or Entity Name of Person or Entity OPTIONAL SECTION Though the date requested here is not required by law, it could prevent fraudulent reattachment of this form. THIS CERTIFICATE MUST BE ATTACHED TO THE DOCUMENT DESCRIBED BELOW TITLE OR TYPE OF DOCUMENT: '(ter yY\ 1 YA c1.`i"1 u V\ 0 �ec'S NUMBER OF PAGES 0 DATE OF DOCUMENT SIGNER(S) OTHER THAN NAMED ABOVE CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of Ura►�ei before me, leu lam,1.13ro1on,"r� Name and Title of OXie,(eg-'Jane Roo, yobu, Public-) personally appeared LINAM 1. MOWN Commli 11639477 2 Molary rum - California _ Onni Canty 101MY0XVIrn.ExpLilillillJon25,201 personally known to me ❑ proved to me on the basis of satisfactory evidence to be the person(e) whose name(st-is/are subscribed to the within instrument and acknowledged to me that he/she they executed the same in his/herftheir authorized capacityfielt, and that by his/herAttefr signature(sron the instrument the person(sj, or the entity upon behalf of which the person(a) acted, executed the instrument. WITNESS y hand nd official seal. Signature 4LAclau, Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer Signer's Name: , ❑ Individual Top of thumb here ❑ Corporate Officer — Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Attorney -in -Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: 01999 Nalional Notary Association - 9350 De Soto Ave., P.O. eox 2402 - Chalswonh, CA 913132402 • aww.nationalnotary.o,g Prod No, 5907 Recife, Cell Tall -Free 1 808-8768821 GOVERNMENT CODE 27361.7 I CERTIFY UNDER PENALTY OF PERJURY THAT THE NOTARY SEAL ON THE DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS FOLLOWS: Q ) NAME OF THE NOTARY: DATE COMMISSION EXPIRES: COUNTY WHERE BOND IS FILED: COMMISSION NUMBER: MANUFACTURER / VENDP4 NUMBER: PLACE OF EXECUTION DATE: a SIGNA I CERTIFY UNDER PENALTY OF PERJURY AND THE LAWS OF THE STATE OF CALIFORNIA THAT THE ILLEGIBLE PORTION OF THIS DOCUMENT TO WHICH THIS STATEMENT IS ATTACHED READS AS -FOLLOWS: PLACE OF EXECUTION: DATE: SIGNATURE: LEASE THIS LEASE is made and entered into as of the %7M day , of 2000by and between the CITY OF NEWPORT BEACH, a Charter City and municipal corporatio "Les r"), and Michael A. Ford and Nancy G. Ford. Trustees of the Michael and Nancy Ford Trust. dated June 28. 1990 ("Lessee"), regarding the real property commonly referred to as Beacon Bay Lot 48 RECITALS A. The City of Newport Beach, by virtue of a 1978 legislative grant found in Chapter 74 of the Statutes of 1978 (the "Beacon Bay Bill"), holds the right, title and interest to certain tidelands and uplands commonly known as Beacon Bay and generally described in Exhibit A attached hereto and incorporated by reference. B. The Beacon Bay Bill frees the "Westerly portion" of the filled tidelands from the public trust and specifically authorizes the lease of the property for residential purposes subject to certain express statutory conditions. C. Beacon Bay, including the "Westerly Portion" thereof, has been divided into individual lots, with each lot leased by the City for residential purposes until December 31, 2005. D. On November 3, 1987, a majority of electors of the City approved a measure which authorized the City Council to enter into new leases of residential lots in Beacon Bay for a period not to exceed fifty (50) years. E. On November 3, 1992, a majority of electors of the City approved Measure M which authorized the City Council to lease tidelands and waterfront property consistent with the provisions of state law. F. The City Council, pursuant to the authority conferred by the electors, entered into negotiations with current lessees and the parties have agreed on the terms and conditions of a new lease with a fifty (50) year term, provision for adjustments in lease payments to reflect changes in the value of Beacon Bay leaseholds, and a recalculation of lease payments in the event of a transfer of the Lease by the Current Lessee or any Subsequent Lessee (as defined herein). G. Lessee acknowledges that the terms and conditions of this Lease may result in Lessee paying substantially more or less than another Lessee for similar property depending upon the date this Lease is executed, the date of any subsequent transfer, and the consideration paid for transfers of similarly situated property. H. Lessee acknowledges that accurate and complete reporting to the City of all consideration paid for the transfer of this Lease is vitally important to the City in that failure to fully report all consideration could materially reduce the amount of rent received by the City from other Beacon Bay Lessees. I. Lessor and Lessee acknowledge that the City has agreed to a fifty (50) year term and limited lease payment increases in consideration of provisions which require payment of rent approximating fair market rental value, without regard to any advantage maintained by Current Lessees, upon transfer by Current Lessees and payment of deferred rent in the event the Lease is not signed on or before the Effective Date (as defined herein). J. The California State Lands Commission has reviewed the form of this Lease and determined that it is in conformance with the provisions of relevant statutes, rules and regulations, including, without limitation, the Beacon Bay Bill. K. Lessor has determined that this Lease is consistent with provisions of the Beacon Bay Bill, the Charter, General Plan and Zoning Ordinance of the City of Newport Beach, and of all other applicable state and local laws. N87-0 87371. V205/24/94 L. Lessor has determined it is in the best interests of the citizens of Newport Beach to maintain the residential character of Beacon Bay and to enter into new leases with Current Lessees under the terms and conditions specified in this agreement. NOW, THEREFORE, in consideration of the foregoing recitals and the covenants in this lease, the parties agree as follows: LEASED LAND. Lessor hereby leases to Lessee the real property commonly known as Beacon Bay Lot 48 (the "Leased Land"), which is more particularly described in Exhibit B, and generally depicted on Exhibit A, each attached hereto and incorporated by reference, subject to the limitations on use specified in Section 6. As used in this Lease, the term "Premises" shall refer to the Leased Land and any improvements constructed thereon. Lessor expressly reserves all oil, oil rights, gas, minerals, mineral rights, natural gas rights and other hydrocarbon substances in and under the Leased Land and the right to grant and transfer the same, together with all necessary and convenient rights to explore for, develop, produce and extract and take the same, subject to the express limitation that any and all operations for the exploration, development, production, extraction and taking of any such substance shall be carried on at levels below the depth of five hundred feet (500') from the surface of the land by means of wells, derricks and other equipment from surface locations on adjoining or neighboring land, and subject further to all restrictions and regulations concerning the drilling for, and production of, oil, gas, minerals, petroleum and other hydrocarbon substances specified in the Newport Beach City Charter or the Newport Beach Municipal Code. 2. TERM. The term of this Lease shall commence on the Execution Date, but in no event prior to the Effective Date, and shall expire on the date fifty (50) years following the Effective Date, unless earlier terminated as provided in this Lease. c�N=1k,YIFe1I A. Definitions. For the purposes of this Lease, the following terms shall be defined as specified in this paragraph. In certain cases, the definition of the term contains operative language that affects the rights of the parties: (1) "Actual Sales Value" shall mean the total of all consideration paid for the non-exempt transfer of this Lease or the Pre-existing Lease, including the improvements on the Leased Land, from the Current Lessee, or Subsequent Lessee, to another person, excluding any consideration paid for the transfer of personal property in connection with such transaction. (2) "Average Actual Sales Value Rent" shall mean two and one-half percent (2.5 %) of the mean of the Actual Sales Value of the non-exempt transfer of a similarly situated (waterfront or interior) Beacon Bay parcels as specified in this subparagraph. Average Actual Sales Value Rent shall be the mean of the Actual Sales Value of the three similarly situated parcels most recently transferred. Exempt transfers, as defined in Paragraph 3.13(3), shall not be used to calculate Average Actual Sales Value rent. (3) "CPI" shall mean the Consumer Price Index - Los Angeles -Anaheim -Riverside Area, All Urban Consumers, All Items, published by the United States Department of Labor, Bureau of Labor Statistics (1982-1984=100). If the 1982-1984 base of said Consumer Price Index should hereafter be changed, then the new base shall be converted to the 1982-1984 base and the base as so converted shall be used. In the event that the Consumer Price Index, as now compiled and published, shall cease to be published, then the successor index shall be used provided that an appropriate conversion from the old index to the new index can feasibly be made. If such conversion cannot be made, or if no such index is published, then another index most nearly comparable thereto recognized as authoritative shall be substituted by agreement. (4) "Current Lessee" shall mean the person or persons who, as of April 1, 1994 (the "Cut-off Date"), was or were the Lessee under the Pre-existing Lease. (5) "Deferred Rent" shall mean the total rent that a Current Lessee would have paid had this Lease been executed on the Effective Date, through and including the date on which this Lease was first executed, less the rent actually paid pursuant to the Pre- existing Lease, together with interest at the rate of eight percent (8%) per annum calculated on the balance due at the end of each Lease Year or portion thereof. (6) "Effective Date" shall mean July 1, 1994. (7) "Execution Date" shall mean the date when this Lease is executed by Lessee. (8) 'Initial Rent' shall mean the effective net rent for the Leased Land as determined by the appraisal of George Hamilton Jones, with due consideration to the leasehold advantage created by the Pre-existing Lease, all as shown on Exhibit C attached hereto and incorporated herein by reference. (9) 'Person" shall mean any natural person or natural person(s) and does not include any corporation, association, or business entity in any form except a financial institution or other bona fide lender acting in the capacity of a lender or an inter vivos or living trust. (10) 'Pre-existing Lease" shall mean the Lease for the Leased Land which was effective on January 1, 1988, and would, absent this Lease, expire on July 1, 2006. (11) "Transferred" shall mean any sale, assignment, sublease or other transaction, other than an exempt transfer as defined in Paragraph 3.1 pursuant to which the right to possession of the premises and the right to sign a new lease identical to this Lease is transferred to another person. B. Rental Payments. Lessee shall pay annual rent in the sum of Nine thousand three hundred five and 00/100 ($9.305.00 ), payable at the rate of Seven hundred and seventy five and 42/100 (775.42 ) per month. Lessee shall also pay, if applicable, deferred rent in the sum of ($ ) upon execution of this Lease. Rent shall all no circle one) be adjusted every seven (7) years after the date of transfer in accordance with the provisions of Paragraph 3.6(4). Annual rent, deferred rent, and periodic adjustments are based upon the following: (1) Execution Before Effective Date. In the event this Lease is executed by the Lessee on or before the Effective Date, Rent shall be paid as follows: (a) Current Lessee: Current Lessee shall pay annual rent equal to Initial Rent as specified in Exhibit C. Thereafter, so long as there has been no transfer of this Lease by the Current Lessee (other than an exempt transfer as set forth in Paragraph 3.6(3), rent shall remain as specified in this subparagraph notwithstanding the provisions of Paragraph 3.B(4). (b) In the event of any transfer of this Lease to a Subsequent Lessee, the Subsequent Lessee shall pay annual rent equal to two and one-half percent (2.5%) of the Actual Sales Value determined as of the date of the transfer in accordance with the provisions of paragraph 3.A(1). Thereafter, rent shall be adjusted every seven years after the date of the transfer in accordance with the provisions of paragraph 3.13(4). (c) In the event of any transfer of this Lease to a Subsequent Lessee in a transaction other than an arm's length assignment of this Lease, and sale of the improvements on the Leased Land, if any, such as a gift or transfer by inheritance other than an exempt transfer under Paragraph 3.B(3), the Subsequent Lessee shall pay annual rent equal to the Average Actual Sales Value Rent calculated as of the date of the transfer in accordance with the provisions of Paragraph 3.A(2). (2) Execution After the Effective Date. In the event this Lease is first executed after the Effective Date, rent shall be determined and paid as follows: (a) Current Lessee/Within Five Years After Effective Date: In the event this Lease is executed by the Current Lessee within five (5) years after the Effective Date, the Current Lessee shall pay annual rent equal to Initial Rent plus a sum calculated by multiplying the difference between Initial Rent and Average Actual Sales Value Rent by a fraction equal to the number of months between the Effective Date and Execution Date, divided by sixty. The Current Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. Thereafter, so long as there has been no transfer of this Lease by the Current Lessee, rent shall remain as specified in this subparagraph, notwithstanding the provisions of Paragraph 3.B(4). (b) Current Lessee/More Than Five Years After Effective Date: In the event this Lease is executed by the Current Lessee more than five (5) years after the Effective Date, the Current Lessee shall pay annual rent equal to Average Actual Sales Value Rent calculated as of the date of execution in accordance with the provisions of Paragraph 3.A(2). The Current Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. Thereafter, rent shall be adjusted every seven (7) years after the date of execution in accordance with the provisions of Paragraph 3.B(4). (c) Subsequent Lessee: In the event the Current Lessee transfers the Pre- existing Lease to a Subsequent Lessee who wishes to sign this Lease after the Cut-off Date, the Subsequent Lessee shall pay annual rent equal to two and one-half percent (2.5%) of Actual Sales Value determined as of the date of execution and in accordance with Paragraph 3.A(1). The Subsequent Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. The annual rent shall be adjusted every seven (7) years following the Execution Date in accordance with the provisions of Paragraph 3.B(4). (d) Subsequent Lessee: In the event of any transfer of this Lease to a Subsequent Lessee who wished to sign this Lease after the Cut-off Date in a transaction other than an arm's length assignment of this Lease, and sale of the improvements on the Leased Land, if any, such as a gift or transfer by inheritance other than an exempt transfer under Paragraph 3.6(3), the Subsequent Lessee shall pay annual rent equal to the Average Actual Sales Value Rent calculated as of the date of the transfer in accordance with the provisions of Paragraph 3.A(2). The Subsequent Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. The annual rent shall be adjusted every seven (7) years following the Execution Date in accordance with the provisions of Paragraph 3.6(4). (3) Exempt Transfers. The provisions of Paragraph 3.13 regarding transfers shall not operate to increase rent if: (a) Lessee is assigning an interest in this Lease to a trustee under a deed of trust for the benefit of a lender; (b) the transfer is caused by the death of a spouse and the full interest of the deceased spouse is transferred to a surviving spouse; (c) the transfer of an interest in this Lease is between or among tenants in common or joint tenants in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests in this Lease simultaneously; (d) the transfer or assignment is by a bona fide lender acquiring title by foreclosure or deed in lieu of foreclosure of a trust deed; or (e) the transfer is a sublease of the premises for three years or less; provided, however, that in determining the term of a sublease, any options or rights to renew or extend the sublease shall be considered part of the term whether or not exercised; (f) the transfer is caused by the dissolution of the marriage of Lessee and the full interest of one of the spouses is transferred to the other spouse; (g) the transfer is to an inter vivos trust, living trust or other similar estate planning arrangement of Lessee; provided, however, that the provisions of Paragraph 3.0 shall apply upon the death of such Lessee if the beneficiary of such trust or other arrangement is other than the surviving spouse or a tenant in common or joint tenant in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests in this Lease simultaneously; or (h) the transfer is to a guardian or custodian of Lessee appointed due to the physical or mental incapacity of Lessee; provided, however, that the provisions of Paragraph 3.0 shall apply upon the death of such Lessee unless the transferee is the surviving spouse or a tenant in common or joint tenant in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests in this Lease simultaneously. (4) Rent Adjustments. (a) Except as provided in Paragraphs 3.13(I)(a), 3.6(2)(a) and 3.B(3), on the seventh (7th) anniversary of the Execution Date of this Lease, or the seventh (7th) anniversary of the date of any transfer of this Lease by any Current or Subsequent Lessee, rent shall be adjusted to reflect any increase or decrease in the cost of living, which adjustment shall be determined as set forth hereinafter. The most recently published CPI figure shall be determined as of the date ninety (90) days prior to the adjustment date, and rent payable during the ensuing seven (7) year period shall be determined by increasing or decreasing the then current rent by a percentage equal to the percentage increase or decrease, if any, in the CPI as of the Execution Date, or the date of the most recent rental adjustment, or the date of any transfer of this Lease by any Current or Subsequent Lessee, whichever is later. In no event shall rent be increased or decreased by a sum greater than forty percent (40%) of the rent paid by Lessee as of the later of (i) the Execution Date, or (ii) the last rental adjustment date. Lessor shall endeavor to notify Lessee of rental adjustments at least forty-five (45) days prior to the end of each seventh (7th) lease year; provided, however, failure of Lessor to give forty-five (45) days' notice does not relieve Lessee from the obligation to pay increased rent or the right to pay less rent in the event of a decrease in the CPI; and, provided further, that Lessee shall have no obligation to pay rent increases which apply to any period greater than ninety (90) days prior to the receipt by Lessee of Lessor's notice of an increase in rent. (b) In the event Lessee is two or more persons owning the leasehold estate created hereby as tenants in common or joint tenants, and less than all of such persons transfer their interest in this Lease to a person other than to an existing tenant in common or joint tenant, the rent adjustment shall be prorated to reflect the percentage interest being transferred to a third party. For example, if two persons are the Lessee as tenants in common as to equal one-half interests, and one of such persons transfers his/her 50% interest to a third party, the rent shall be adjusted as provided in Paragraph 3.6(2)(c), and thereafter as provided in Paragraph 3.B(4)(a), and the resultant rental increase multiplied by the percentage transferred (50%) to determine the rental increase; provided, however, that any subsequent transfer of an interest in this Lease to such third party shall not be exempt under subparagraph 3.B(3). (5) Installment Payments/Grace Period. Lessee shall pay rent in equal monthly installments, in advance, with payment due on or before the first day of the month for which rent is paid. Rent shall be prorated during any month when a transaction which increases rent becomes effective other than the first day of that month. No late payment charge applies to payments received by Lessor on or before 5:00 P.M. on the fifteenth (15th) day of the month for which the payment is made ("Grace Period") . If a rent payment, or any portion thereof, is received by Lessor after expiration of the Grace Period, Lessee shall pay Lessor a late payment charge equal to four percent (4%) of each late payment, or portion thereof. Rent payments shall be payable to the City of Newport Beach and sent, or delivered, to the Finance Director at the address specified for service of notices. Rent shall be payable by Lessee to Lessor in such coin or currency to the United States as at the time of payment is legal tender for public and private debts. Lessor and Lessee agree that late charges specified in this paragraph represent a fair and reasonable estimate of the cost Lessor will incur by reason of any late payment by Lessee. Any late or missed payment of rent constitutes a default pursuant to paragraph 13 of this Lease. Any failure by Lessor to declare a default and initiate termination of this Lease due to a late or missed payment shall not be considered a waiver of the right of Lessor to do so for that or any other late or missed payment. C. Credit to Tidelands Fund. In calculating Initial Rent under this Lease, a credit was given to certain of the Current Lessees equal to the annual amortization of the present value of the additional property tax to be paid by such lessees during the remaining period of the Pre-existing Lease. This credit, commonly referred to as the "tax advantage", is shown on Exhibit D for each affected lot. This credit was extended by Lessor to Current Lessees as consideration for entering into this Lease. As a consideration in its approval of this Lease, the California State Lands Commission required Lessor to credit its State supervised Tidelands Trust Fund by an amount equivalent to the tax advantage derived from those lots in Beacon Bay comprising tidelands. This amount is shown on Exhibit D for each affected lot comprising tidelands. Accordingly, Lessor has unilaterally agreed to annually calculate the amount of such tax advantage derived from the tidelands parcels in Beacon Bay and to credit an equivalent amount as revenue to the State supervised Tidelands Trust Fund. This provision is included in this Lease to acknowledge the agreement of Lessor with the California State Lands Commission, and does not affect the rights and obligations of Lessor or Lessee under this Lease. 4. TRANSFERS. A. Conditions Precedent to Transfer. Lessee may transfer this Lease subject to the prior written consent of Lessor, which consent shall not be unreasonably withheld, delayed or conditioned. Lessor shall consent to any transfer when Lessee and the proposed transferee have complied with the following: (1) Lessee shall furnish Lessor with executed copies of each and every document used to effect the transfer. (2) Lessee or the proposed transferee shall pay to Lessor a transfer fee of one hundred dollars ($100.00); (3) Lessee shall execute a "Termination of Leasehold Interest" for recordation; and (4) The proposed transferee shall execute a new lease and execute a "Memorandum of Lease" for recordation, which lease shall be identical to this Lease and have a term equal to the remaining term of this Lease at the time of the transfer. B. Transfer Information. The parties to any non-exempt transfer of this Lease shall provide Lessor with all information relevant to a determination of the total consideration paid for the transfer, as well as all documents which are relevant to the total consideration paid for the transfer. Lessee and the proposed transferee shall provide this information not later than forty- five (45) days prior to the proposed effective date of the transfer of this Lease. Lessor shall have the right, at its sole discretion, to commission an appraisal of the fair market value of this Lease and improvements thereon as of the date of transfer. Any such appraisal shall be completed not later than thirty (30) days after receipt by Lessor of the aforementioned information from the Lessee. If the value determined by the appraiser commissioned by Lessor exceeds the stated total consideration to be paid based on the information received from the Lessee by more than ten percent (10%), Lessor shall so notify the Lessee and provide Lessee with a full copy of such appraisal report, and said value shall be deemed the Actual Sales Value for purposes of calculating Average Actual Sales Value Rent and rental payments unless within fifteen (15) days after receiving such notice and the report the Lessee notifies Lessor that Lessee elects to cause an appraisal of the fair market value of this Lease and improvements thereon as of the date of transfer to be conducted by an independent appraiser. In such event, Lessee cause such appraisal to be completed no later than thirty (30) days after the notice to Lessor and shall provide Lessor with a full copy of the appraisal upon completion. The Actual Sales Value for purposes of calculating Average Actual Sales Value Rent and rental payments shall be the greater of (i) the stated consideration for the transfer, or (ii) the average of the two appraisals. Any appraisal commissioned by Lessor or Lessee under this Paragraph 4.13 shall be conducted by an MAI appraiser licensed to conduct business in the State of California and experienced in residential appraisals in Southern California. C. Exempt Transfer Information. Lessor's consent is not required for the "exempt transfers" referenced in Paragraph 3.B(3); provided, however, Lessee shall furnish Lessor with copies of all documents used to effect any exempt transfer. D. Audit of Subleases. It is the intent of the parties that transfers referred to in Section 3.13(3)(e) shall only be exempt from the further provisions of Paragraph 3.13 (in respect of rental adjustments) if such subleases are not substantially equivalent to, do not have substantially the same economic effect as, or are intended to disguise, a transfer by the then Lessee of all or substantially all of his/her interest in this Lease to the putative sublessee. Lessor shall at all times have the right, upon written request to the Lessee, to receive copies of all written agreements, and to be advised in full of all oral agreements, between the Lessee and any sublessee of the Leased Land. Any purported sublease of the premises which is determined to be substantially equivalent to, or have substantially the same economic effect as, or is intended to disguise, a transfer by the then Lessee of all or substantially all of his/her interest in this Lease to the putative sublessee shall be void and of no force or effect, and such attempted or purported sublease shall, at the option of Lessor, (i) be an event of default by the Lessee under this Lease, or (ii) permit Lessor to treat such sublease as a transfer of this Lease subject to the provisions of Section 3.B. 5. ENCUMBRANCES. A. Right to Encumber. Lessee may encumber this Lease by deed of trust, mortgage, or similar instrument, in favor of any bona fide lender ("Lender") in a bona fide loan transaction for any purpose without the consent of Lessor. To determine whether a loan is a bona fide lending transaction, and not an arrangement for transfer of the possession or title to the Premises to the putative lender, Lessee and the lender agree to provide Lessor with all documentation executed between Lessee and the lender concerning the loan upon request of Lessor. Neither Lessee nor Lessor shall have the power to encumber Lessor's interest in the Leased Land. Any encumbrance shall be subject to all covenants, conditions and restrictions in this Lease and to all rights and interests of Lessor except as otherwise expressly provided in this Lease. Lessee shall give Lessor prior written notice of any encumbrance. B. Notice to Lender. Lessor shall have no obligation to give any Lender any written notice pursuant to this Lease unless the Lender has given Lessor written notice of its name, address, and nature of encumbrance ("Complying Lender") . Lessor shall give all Complying Lenders a copy of any written notice of default, notice of termination or other notice which may affect Lessee's rights under this Lease. Notice shall be deemed given by Lessor to Lender five (5) days following deposit in the United States mail, certified and return receipt requested, postage prepaid, and sent to Lender at the address furnished in writing by Lender. C. Modification. Lessor and Lessee agree that they will not modify, surrender or cancel this Lease by mutual agreement without the prior written consent of Lender. D. Rights of Lender. Any Lender holding or the beneficiary of a security interest or lien on this Lease and the leasehold estate created hereby shall have the right, during the term of the Lease, to: (1) perform any act required of Lessee pursuant to this Lease; (2) transfer this Lease to the purchaser at any foreclosure sale, the assignee in the event of an assignment in lieu of foreclosure, or to acquire the interest of Lessee pursuant to foreclosure or assignment and thereafter transfer this Lease to the Lender's successor. Lender shall have no right to transfer this Lease unless and until Lender has cured all defaults requiring the payment or expenditure of money by Lessee. E. Right of Lender to Cure Default. Lessor shall give written notice of any default or breach of this Lease by Lessee to Lender and afford Lender the opportunity, after notice, to: (1) cure the breach or default within ten (10) days after expiration of the time period granted to Lessee for curing the default if the default can be cured by payment of money; 6. (2) cure the breach or default within thirty (30) days after expiration of the time period granted to Lessee for curing the default when the breach or default can be cured within that period of time; or (3) cure the breach or default in a reasonable time when something other than money is required to cure the breach or default and cannot be performed within thirty (30) days after expiration of the time period granted to Lessee for curing the default, provided the acts necessary to cure the breach are commenced within thirty (30) days and thereafter diligently pursued to completion by Lender. F. Foreclosure in Lieu of Cure. Lender may forestall termination of this Lease for a default or breach by Lessee by commencing foreclosure proceedings subject to strict compliance with the following: (1) proceedings are commenced within thirty (30) days after the later of (i) expiration of the time period granted to Lessee for curing the default, or (ii) service on Lender of the notice describing the breach or default; (2) the proceedings are diligently pursued to completion in the manner authorized by law; and (3) Lender performs all of the terms, covenants and conditions of this Lease requiring the payment or expenditure of money by Lessee until the proceedings are complete or are discharged by redemption, satisfaction, payment or conveyance of this Lease to Lender. G. New Lease. Notwithstanding any other provision of this Lease, should this Lease terminate or be terminated because of any default or breach by Lessee, Lessor shall enter into a new lease with Lender as lessee provided: (1) the written request for the new lease is served on Lessor by Lender within thirty (30) days after the termination of this Lease. (2) the new lease contains the same terms and conditions as this Lease except for those which have already been fulfilled or are no longer applicable. (3) on execution of the new lease by Lessor, Lender shall pay any and all sums that would be due upon execution of the new lease, but for its termination, and shall fully remedy, or agree in writing to remedy, any other default or breach committed by Lessee that can reasonably be remedied by Lender. (4) Lender shall, upon execution of the new lease, pay all reasonable costs and expenses (including attorney's fees) incurred in terminating this Lease, recovering possession of the premises from Lessee, in preparing the new lease. H. Miscellaneous. The following provisions shall apply to Lessor, Lessee and any Lender: (1) Any Lender shall be liable to perform the obligations of the Lessee under this Lease only so long as the Lender holds title to this Lease; (2) Lessee shall, within ten (10) days after the recordation of any trust deed or other security instrument, record, at Lessee's sole expense, Lessor's written request for a copy of any notice of default and/or notice of sale under any deed of trust as provided by state law. USE AND MAINTENANCE. 0 A. Use of Leased Land. The Leased Land shall be solely for residential purposes. Lessee may demolish, construct, remodel, reconstruct and maintain structures on the Leased Land for residential purposes so long as the structures and construction are authorized by appropriate City permit and fully comply with all City ordinances, resolutions, regulations, policies, and plans. Lessee shall also obtain permission to construct and/or maintain structures from the California Coastal Commission and any other state agency if required by law. B. Maintenance of Improvements. Lessor shall not be required to make any changes, alterations, additions, improvements, or repairs in on or about all or part of the Premises. Lessee shall, at all times during the term of this Lease and without any cost or expense to Lessor, keep and maintain, the Premises, including, without limitation, all structures, facilities, walks, curbs, parkways and other improvements, in good order and repair and in a clean, safe, sanitary and orderly condition. Lessee shall repair or reconstruct any improvements on the Leased Land following any damage or destruction thereof, unless the improvements are being destroyed in conjunction with remodeling or reconstruction and Lessor has consented, in writing, to the damage or destruction. Lessee shall cause to be constructed, maintained and repaired all utilities, pipes, walls, sewers, drains, and other improvements on the Premises to the extent required by law or as necessary to maintain the improvement in good order and repair and safe and sanitary condition. C. Compliance with Laws. Lessee shall make, or cause to be made, any additions, alterations or repairs to any structure or improvement on the Premises which may be required by, and Lessee shall otherwise observe and comply with, any law, statute, ordinance, plan, resolution or policy applicable to the Premises. Lessee shall indemnify, defend and hold Lessor harmless from and against any loss, liability, action, claim or damage, arising out of, or in any way related, to Lessee's failure to comply with, and perform pursuant to, provisions of this subparagraph C. All repairs, additions, and alterations to the structures or improvements on the Premises shall conform to all applicable laws, ordinances, regulations, plans, policies and resolutions and all work shall be performed with reasonable diligence, completed within a reasonable time, and performed at the sole cost and expense of Lessee. D. As Is Condition of Premises. Lessee expressly accepts the Premises "as is" and acknowledges that Lessor has made no representations or warranties as to the suitability of the property or any construction or improvement. Lessee shall conduct all tests necessary to determine the suitability of the property for any proposed construction or improvement, including, without limitation, the amount and extent of any fill, and related factors. Lessee expressly acknowledges that Lessor shall not be liable for any damage or loss resulting from any subsurface or soil condition in, on, or under the Premises or adjacent property. Lessee expressly acknowledges that, while the legislature of the State of California has purportedly removed the public trust restrictions on use of the Property pursuant to the Beacon Bay Bill, the Leased Land may constitute filled tidelands, and Lessor has made no representation or warranty relative to the validity of the Beacon Bay Bill or the power of the legislature of the State of California to remove public trust restrictions on tidelands through legislation. Notwithstanding the foregoing, in the event of any challenge to the right and power of Lessor to lease the Leased Land for the purposes provided in this Lease, Lessor agrees, at its sole cost and expense, to use all reasonable efforts to resist and defend against such challenge and to seek a ruling or judgment affirming and upholding the right and power of Lessor to lease the Leased Land for the purposes provided in this Lease. TAXES AND UTILITIES. It is understood by Lessor and Lessee that this Lease shall give rise to a possessory interest tax obligation and that the execution of this Lease will constitute a reassessment event which may give rise to a material increase in the possessory interest tax currently payable by Lessee under the Pre-existing Lease. Lessee shall pay, before delinquent, all utility charges and any general and special taxes, assessments or other governmental charges, if any, which may be levied on the Leased Land, and/or any improvements, including, without limitation, any possessory interest tax. Any lien for unpaid utilities, taxes, 10 assessments or charges shall not attach to the leasehold interest but only to improvements located on the Leased Land. 8. USE AND MAINTENANCE OF COMMON AREA. Lessee shall have the right to use the streets, beaches, walkways, tennis courts, docks, piers, and common landscaped areas in Beacon Bay (as depicted on Exhibit A) and which are leased to the Beacon Bay Community Association by Lessor in consideration of the maintenance thereof by such Association and rent to be paid by individual Lessees under their respective leases. 9. MAINTENANCE AND IMPROVEMENT OF INFRASTRUCTURE. Lessor has no obligation to install, improve, repair, or maintain streets, curbs, gutters, water lines, sewer lines, drainage facilities, street lighting or other facilities used by the residents of Beacon Bay (Infrastructure). Notwithstanding Section 8 above, Lessor reserves the right, after a five (5) year period following the Effective Date and upon approval by the Lessees representing a majority of the lots in Beacon Bay, to improve and maintain streets, curbs, gutters, water lines, sewer lines', drainage facilities, street lighting, telephone and electricity lines and other Infrastructure facilities in Beacon Bay at its initial cost and to assess Lessee for a pro rata share of such costs, and to collect such costs from Lessee in the form of rent over the remaining term of this Lease. 10. COMMUNITY ASSOCIATION. A. Membership in Association. As a material part of the consideration of this Lease, and as an express condition to the continuance of any of the rights of Lessee pursuant to this Agreement, Lessee agrees to become, and during the term of this Lease to remain, a member in good standing of the Beacon Bay Community Association. B. Compliance with Rules and Regulations. Lessee agrees to abide by the Articles of Incorporation, bylaws, and all rules and regulations of the Association, and to pay to the Association, before delinquency, all valid dues, fees, assessments and other charges properly levied or assessed by the Association. Lessee's failure to comply with the provisions of Paragraph A and this Paragraph B shall constitute a material breach of this Lease. C. Lessor Maintenance of Common Areas. In addition to the rights reserved to Lessor pursuant to the provisions of Section 9, if the Community Association fails or ceases to maintain community facilities, Lessor may, at its option and without obligation, assume the obligations of the Community Association to maintain, repair, install or improve community facilities. In such event, Lessee shall pay a pro rata share of Lessor's reasonable expenses in maintaining and operating the community facilities, including a reasonable management fee or the fee charged by a management agent. Lessee's pro rata share shall be determined by dividing Lessor's costs by the number of residential lots within Beacon Bay (currently seventy-two lots) . Lessee's pro rata share of the annual costs incurred by Lessor shall be paid within thirty (30) days after written notice of the amount due, and any failure to pay shall constitute a material breach of this Lease. The costs of maintaining and operating community facilities shall be determined annually and solely from the financial records of Lessor. 11. COVENANTS, CONDITIONS AND RESTRICTIONS Lessee agrees to abide and be bound by all covenants, conditions, restrictions and reservations as contained in Exhibit D attached hereto and incorporated herein by this reference. Said covenants, conditions and restrictions shall run with the Leased Land and shall be binding on Lessee and Lessee's successors in interest. 12. INDEMNIFICATION. Lessee shall indemnify, defend and hold harmless Lessor, its City Council, Boards and Commissions, officers, agents, servants and employees from and against any and all actions, causes of action, 11 obligations, costs, damages, losses, claims, liabilities and demands of any nature whatsoever, including reasonable attorneys' fees, regardless of the merit or outcome of any such claim or suit, arising out of, or in any way related, to the condition of the Premises, or the use or possession of the Premises by Lessee, or Lessee's employees, agents, representatives, guests or invitees, as well as any activity, work or things which may be permitted or suffered by Lessee in or on the Premises. Lessee shall indemnify, defend and hold harmless Lessor, its City Council, Boards and Commissions, officers, agents, servants and employees from and against any and all actions, causes of action, obligations, costs, damages, losses, claims, liabilities, and demands of any nature whatsoever, including reasonable attorneys' fees, accruing or resulting to any and all persons, firms or corporations furnishing or supplying work, services, materials, equipment or supplies arising from or in any manner connected to the use or possession of the Premises by Lessee or from any activity, work or things which may be permitted or suffered by Lessee in or about the Premises. Without limiting the generality of the foregoing, Lessee hereby assumes all risk of damage to property or injury to persons in or about the Premises from any cause except for damage or injury resulting from the negligence or willful, fraudulent or criminal conduct by Lessor and/or its officers, employees, agents and representatives, and Lessee hereby waives all claims in respect thereof against Lessor. 13. INSURANCE. A. General Conditions. All insurance required to be carried pursuant to this Section 13 shall be obtained from reputable carriers licensed to conduct business in the State of California. Each policy required to be carried pursuant to this Section 13 shall name Lessee and Lessor as additional named insureds, and shall provide that the policy may not be surrendered, cancelled or terminated, or coverage reduced, without not less than twenty (20) days prior written notice to Lessor. B. Fire Insurance. Lessee shall, during the term of this Lease, insure all structures and improvements on the Leased Land against loss or damage by fire or other risk for residential structures. The insurance shall provide coverage to at least ninety percent (90%) of the full insurable replacement value of all improvements on the Leased Land, with the loss payable to Lessee unless this Lease is terminated by Lessor for default of Lessee in which case the proceeds of insurance shall be paid to Lessor. C. Liability Insurance. Lessee shall, at Lessee's sole cost and expense, procure and maintain during the term of this Lease, a broad form comprehensive coverage policy of public liability insurance which insures Lessee and Lessor against any loss or liability caused by, or in any way related to, the condition, for Lessee's use and occupation, of the premises in amounts not less than: (1) $500,000 per occurrence for injury to, or death of, one person; (2) $100,000 for damage to or destruction of property. 14. DEFAULT. A. Events of Default. The occurrence of any one or more of the following events shall constitute a material default and breach of this Lease by Lessee: (1) the abandonment of the Premises by Lessee; (2) the failure by Lessee to make any payment of rent when due if the failure continues for three (3) days after written notice has been given to Lessee. In the event that Lessor serves Lessee with a Notice to Pay Rent or Quit pursuant to applicable unlawful detainer statutes, such Notice to Pay Rent or Quit shall also constitute the notice required by this paragraph; (3) the failure by Lessee to perform any of the provisions of this Lease and any Exhibits attached hereto to be performed by Lessee, other than described in Paragraph 12 14.A(2) above, if the failure to perform continues for a period of thirty (30) days after written notice thereof has been given to Lessee. If the nature of Lessee's default is such that more than thirty (30) days are reasonably required for its cure, then Lessee shall not be in default if Lessee commences the cure within said thirty (30) day period and thereafter diligently prosecutes the cure to completion; or (4) the failure of Lessee to provide Lessor with all relevant information regarding the total consideration paid in conjunction with any transfer of this Lease; (5) the making by Lessee of any general assignment, or general arrangement for the benefit of creditors; the filing by or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement of any law relating to bankruptcy unless the same is dismissed within sixty (60) days; the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets located at the Premises or of Lessee's interest in the Lease, where possession is not restored to Lessee within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Premises or of Lessee's interest in the Lease, where such seizure is not discharged within thirty (30) days. Notices given under this Paragraph 14.A shall specify the alleged default and the applicable lease provisions, and shall demand that Lessee perform the provisions of this Lease or pay the rent that is in arrears, as the case may be, within the applicable period of time. No such notice shall be deemed a forfeiture or a termination of this Lease unless Lessor so elects in the Notice. B. Landlord's Remedies. In the event of any default by Lessee as defined in Paragraph 14.A, Lessor may, in addition to any rights or remedies permitted by law, do the following: (1) Terminate Lessee's right to possession of the Leased Premises by any lawful means, in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to Lessor. In such event, Lessor shall be entitled to recover from Lessee all amounts to which Lessor is entitled pursuant to Section 1951.2 of the California Civil Code, or any other provision of law, including, without limitation, the following: (a) The worth at the time of award of the amount by which the unpaid rent and additional rent for the balance of the term after the time of award exceeds the amount of the loss than Lessee proves could be reasonably avoided; and (b) any other amount necessary to compensate Lessor for all detriment proximately caused by Lessee's failure to perform obligations pursuant to this Lease or which in the ordinary course of things would be likely to result from the breach, including, without limitation, the cost of recovering possession, expenses of reletting (including necessary repair, renovation and alteration) reasonable attorneys' fees, and any other reasonable costs. The "worth at the time of award" of all rental amounts other than that referred to in clause (i) above shall be computed by allowing interest at the rate of ten percent (10%) per annum from the date amounts accrue to Lessor. The worth at the time of award of the amount referred to in clause (i) shall be computed by discounting such amount at one percentage point above the discount rate of the Federal Reserve Bank of San Francisco at the time of award. (2) Without terminating or affecting the forfeiture of this Lease or, in the absence of express written notice of Lessor's election to do so, relieving Lessee of any obligation pursuant to this Lease, Lessor may, but need not, relet all or a portion of the Premises at any time, or from time to time, and on such terms and conditions as Lessor, at its sole discretion, deems appropriate. Whether or not the Premises are relet, Lessee shall pay all amounts required by this Lease up to the date that Lessor terminates Lessee's right to 13 possession of the Premises. Lessee shall make such payments at the time specified in the Lease and Lessor need not wait until termination of the Lease to recover sums due by legal action. If Lessor relets all or a portion of the Premises, the reletting shall not relieve Lessee of any obligation pursuant to this Lease; provided, however, Lessor shall apply the rent or other proceeds actually collected by virtue of the reletting against amounts due from Lessee. Lessor may execute any agreement reletting all or a portion of the leased premises and Lessee shall have no right to collect any proceeds due Lessor by virtue of any reletting. Lessor shall not, by any reentry or reletting or other act, be deemed to: (a) Have accepted any surrender by Lessee of this Lease or the leased premises; (b) have terminated this Lease; or (c) have relieved Lessee of any obligation pursuant to this Lease unless Lessor has given Lessee express written notice of Lessor's election to do so. (3) Lessor may terminate this Lease by express written notice to Lessee of its election to do so. The termination shall not relieve Lessee of any obligation which has accrued prior to the date of termination. In the event of termination, Lessor shall be entitled to recover the amount specified in Paragraph 14.B(1). C. Default By Lessor. Lessor shall not be in default unless Lessor fails to perform obligations required of Lessor within a reasonable time, but in no event later than thirty (30) days after written notice by Lessee to Lessor specifying wherein Lessor has failed to perform such obligation. If the nature of Lessor's obligation is such that more than thirty (30) days are required for performance, then Lessor shall not be in default if Lessor commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion. D. Stay of Obligations. Neither party shall be under any obligation to perform or comply with its obligations pursuant to this Lease after the date of any default by the other party. E. Determination of Rental Value. In any action or unlawful detainer commenced by Lessor, the reasonable rental value of the Leased Land shall be deemed to be the amount of rent and additional rent (such as reimbursement for costs of Infrastructure improvements or the payment of taxes or assessments) for the period of the unlawful detainer, unless Lessor/Lessee shall prove to the contrary by competent evidence. F. Waiver of Rights. The failure or delay of either party to exercise any right or remedy shall not be construed as a waiver of such right or remedy or any default by the other party. Lessor's acceptance of any rent shall not be considered a waiver of any preexisting breach of default by Lessee other than the failure to pay the particular rent accepted regardless of Lessor's knowledge of the preexisting breach of default at the time rent is accepted. G. Waiver of Right of Redemption. Lessee waives any right of redemption or relief from forfeiture pursuant to Code of Civil Procedure Sections 1174 and 1179 and/or pursuant to any existing or future statutory or decisional law in the event Lessee is evicted or Lessor takes possession of the Premises by reason of Lessee's default. 15. SURRENDER OF POSSESSION UPON EXPIRATION OR TERMINATION. A. Surrender of Premises. Upon the expiration or termination of this Lease, Lessee agrees to peaceably deliver possession of, and agrees to vacate without contest, legal or otherwise, the Leased Land. Lessor, at its sole discretion, may record a document evidencing the expiration or termination of the leasehold interest. Lessee waives any right to receive relocation assistance or similar form of payment. 14 B. Removal of Improvements. Upon the expiration of the term of this Lease, and on condition that Lessee is not then in default of any of the provisions of this Lease, Lessee shall have the right to remove from the Leased Land all buildings and improvements built or installed on the Leased Land. Removal of any building or improvement shall be at the sole cost and expense of Lessee and removal must be complete no later than ninety (90) days after expiration of the term of this Lease. Lessee shall fill all excavations and remove all foundations, debris and other parts of the buildings or improvements remaining after removal and surrender possession of the Premises to Lessor in a clean and orderly condition. In the event any of the buildings and improvements are not removed within the time provided in this Paragraph 15.6, they shall become the property of Lessor without the payment of any consideration. 16. EMINENT DOMAIN. A. Definitions of Terms. (1) The term "total taking" as used in this Section 16 shall mean the taking of the entire Premises under the power of eminent domain or the taking of so much of the Leased Land as to prevent or substantially impair the use thereof by Lessee for the residential purposes. (2) The term "partial taking" shall mean the taking of a portion only of the Premises which does not constitute a total taking as defined above. (3) The term "taking" shall include a voluntary conveyance by Lessor to an agency, authority or public utility under threat of a taking under the power of eminent domain in lieu of formal proceedings. (4) The term "date of taking" shall be the date upon which title to the Premises or portion thereof passes to and vests in the condemnor. B. Effect of Taking. If, during the term hereof, there shall be a total taking or partial taking under the power of eminent domain, then the leasehold estate of the Lessee in and to the Leased Land or the portion thereof taken shall cease and terminate as of the date of taking of said Leased Land. If this Lease is so terminated in whole or in part, all rentals and other charges payable by Lessee to Lessor hereunder and attributable to the Leased Land or portion thereof taken shall be paid by Lessee up to the date of taking by the condemnor, and the parties shall thereupon be released from all further liability in relation thereto. C. Allocation of Award • Total Taking. All compensation and damages awarded for the total taking of the Premises and Lessee's leasehold interest therein shall be allocated as follows: (1) The Lessor shall be entitled to an amount equal to the sum of the following: (a) The fair market value of the Premises as improved (exclusive of the dwelling and appurtenances to such dwelling) as of the date of taking, discounted by multiplying such fair market value by the factor for the present worth of one dollar ($1.00) at nine percent (9%) per annum compound interest for the number of years remaining from the date of taking to the date of the expiration of the term of this Lease; and (b) The present worth of rents due during the period from the date of taking to the date of the expiration of the term of this Lease, computed by multiplying the annual rent then payable by the factor for the present worth of one dollar ($1.00) per annum at nine percent (9%) per annum compound interest (Inwood Coefficient) for the number of years in such period. (2) The Lessee shall be entitled to the amount remaining of the total award after deducting therefrom the sums to be paid to Lessor as hereinafter provided. 15 D. Allocation of Award - Partial Taking. All compensation and damages awarded for the taking of a portion of the Leased Premises shall be allocated and divided as follows: (1) The Lessor shall be entitled to an amount equal to the sum of the following: (a) The proportionate reduction of the fair market value of the Premises as improved (exclusive of the dwelling and appurtenances to such dwelling) as of the date of taking, discounted by multiplying such proportionate reduction in fair market value by the factor for the present worth of one dollar ($1.00) at nine percent (9%) per annum compound interest for the number of years remaining from the date of taking to the date of expiration of the term of this Lease; and (b) The present worth of the amount by which the rent is reduced computed by multiplying the amount by which the annual rent is reduced by the factor for the present worth of $1.00 per annum at 9% per annum compound interest (Inwood Coefficient) for the number of years remaining from the date of taking to the date of expiration of the term of this Lease. (2) The Lessee shall be entitled to the amount remaining of the total award after deducting therefrom the sums to be paid to Lessor as hereinabove provided. E. Reduction of Rent on Partial Taking. In the event of a partial taking, the rent payable by Lessee hereunder shall be adjusted from the date of taking to the date of the expiration of the term of this Lease. Such rental adjustment will be made by reducing the basic rental payable by Lessee in the ratio that the Fair Market Rental Value of the Premises at the date of taking bears to the Fair Market Rental Value of the Premises immediately thereafter. 17. ATTORNEYS' FEES. Should either party be required to employ counsel to enforce the terms, conditions and covenants of this Lease, the prevailing party shall recover all reasonable attorneys' fees and charges (and court costs if applicable) incurred therein, whether or not court proceedings were commenced. 18. REMEDIES CUMULATIVE. The rights, powers, elections and remedies of the Lessor or Lessee contained in this Lease shall be construed as cumulative and no one of them shall be considered exclusive of the other or exclusive of any rights or remedies allowed by law, and the exercise of one or more rights, powers, elections or remedies shall not impair or be deemed a waiver of Lessor's or Lessee's rights to exercise any other. 19. NO WAIVER. No delay or omission of either party to exercise any right or power arising from any omission, neglect or default of the other party shall impair any such right or power or shall be construed as a waiver of any such omission, neglect or default on the part of the other party or any acquiescence therein. No waiver of any breach of any of the terms, covenants, agreements, restrictions or conditions of this Lease shall be construed as a waiver of any succeeding breach of the same or of any of the terms, covenants, agreements, restrictions or conditions of this Lease. 20. COMPLIANCE WITH LAWS. Lessee covenants and agrees to comply with all rules, regulations, statutes, ordinances and laws of the State of California, County of Orange, City of Newport Beach, or any other governmental body or agency having lawful jurisdiction over the Leased Land. 16 Any notice or notices provided for by this Lease or by law, to be given or served by Lessee, may be given or served by mail, registered or certified, with postage prepaid, on the City of Newport Beach, addressed to the Mayor, City Manager, or City Clerk, 3300 Newport Boulevard, P.O. Box 1768, Newport Beach, California 92659-1768, or at such other address as may be hereafter furnished to Lessee in writing. If notice is intended to be served by Lessor on Lessee, it may be served either: A. By delivering a copy to the Lessee personally; or B. By depositing the Notice in the United States Mail, registered or certified, with postage prepaid, to the residence or business address furnished by Lessee; or C. If the Lessee is absent from the Leased Land by leaving a copy with some person of suitable age and discretion who may be occupying the Leased Land; or D. If no one can be found, then by affixing a copy of the notice in a conspicuous place on the Premises and also sending a copy through the mail addressed to the Lessee. Such service upon Lessor or Lessee shall be deemed complete upon the earlier of (i) actual delivery, or (ii) the expiration of seventy-two (72) hours from and after the deposit in the United States mail of such notice, demand or communication. 22. HOLDING OVER. This Lease shall terminate and become null and void without further notice upon the expiration of the term of this Lease. Any holding over by Lessee after expiration of the term shall not constitute a renewal of this Lease or give Lessee any rights in or to the Premises except as expressly provided in this Section. The parties agree this Lease cannot be renewed, extended, or in any manner modified except in a writing signed by all parties. However, if Lessee, or anyone claiming under Lessee, shall remain in possession of the Premises after expiration of the term of this Lease without any agreement in writing between the parties and Lessor accepts rent from Lessee, then Lessee shall be deemed a tenant from month-to-month subject to the provisions of this Lease insofar as they may be applicable to a month-to-month tendency. The month-to-month tendency may be terminated by Lessor or Lessor upon thirty (30) days' prior written notice to the other. 23. QUIET ENJOYMENT. Lessor covenants and agrees that Lessee, upon paying the rent set forth herein and observing and keeping all covenants and agreements to be observed or kept by Lessor hereunder, shall quietly have and enjoy the Leased Land during the term of this Lease without hindrance or molestation by anyone claiming by or through Lessor. 24. SEVERABILITY. If any term or provision of this Lease shall, to any extent be invalid or unenforceable, the remainder of this Lease shall not be affected thereby, and each term and provision of this Lease shall remain valid and enforceable to the fullest extent permitted by law. 25. MISCELLANEOUS. A. Representations. Lessee agrees that no representations as to the Premises have been made by Lessor or by any person or agent acting for Lessor. Lessor and Lessee agrees and acknowledges that this document contains the entire agreement of the parties, that there are no verbal agreements" representations, warranties or other understandings affecting this agreement, and Lessor and Lessee, as a material part of the consideration of this Lease, waives all claims 17 against the other for recision, damages, or otherwise by reason of any alleged covenant, agreement or understanding not contained in this Lease. B. Inurement. Each and all of the covenants, conditions and agreements herein contained shall,' in accordance with the context, inure to the benefit of Lessor and Lessee and apply to and bind Lessor and Lessee, as the case may be, their respective heirs, legatees, devisees, executors and administrators, successors, assigns, licensees, permittees, or any person who may come into possession or occupancy of said Leased Land or any part thereof in any manner whatsoever. Nothing in this paragraph shall in any way alter the provisions herein contained against assignment or subletting. C. Joint Several Liability. If Lessee consists of more than one person, the covenants, obligations and liabilities of Lessee pursuant to this Lease shall be the joint and several covenants, obligations and liabilities of such persons. D. Captions. The section and paragraph captions used in this Lease are for the convenience of the parties and shall not be considered in the construction or interpretation of any provision. E. Gender. In this Lease, the masculine gender includes the feminine and neuter and the singular number includes the plural whenever the context so requires. W IN WITNESS WHEREOF, the parties have caused this Lease to be executed as of the date first above written. LESSOR: CITY OF NEWPORT BEACH, By P� , Ti le: CITY MANA ER LESSEE: s� ichael A. Ford, Trustee 144 Nancy G. Ford, nlee 19 ASSIGNMENT OF LEASE THIS ASSIGNMENT OF LEASE is made and is effective as of June 12, 2000. WHEREAS, on or about July 26, 1994 MICHAEL A. FORD and NANCY G. FORD as lessee ("Lessee") and THE CITY OF NEWPORT BEACH a chartered municipal corporation as lessor ("Lessor") entered into a lease (the "Lease") of real property a memorandum of which was recorded on December 7, 1994 as instrument number 94- 0701508 in the Official Records of Orange County for those certain premises in the City of Newport Beach, County of Orange, State of California (the "Real Property") described as: Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Records of Surveys, in the Office of the County Recorder, County of Orange, State of California. WHEREAS, Lessee desires to assign all of Lessee's right, title, and interest in and to the Lease and the Real Property to MICHAEL A. FORD and NANCY G. FORD, Trustees of the MICHAEL AND NANCY FORD TRUST dated June 28, 1990 ("Assignee") and Assignee desires to accept the assignment as provided in the Lease: NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged: 1. Assignment of Lease. Lessee hereby absolutely conveys, transfers, and assigns all of Lessee's rights, titles, and interests in and to the Lease and the real property to Assignee effective as of June 12, 2000. 2. Acceptance of Lease. Assignee hereby accepts the assignment of the Lease and assumes and agrees to perform and fulfill all of the terms, covenants, conditions, and obligations required to be performed and fulfilled by Lessee under the Lease, including the making of all payments due to or payable on behalf of the Lessor under the Lease as they become due and payable. Executed at Newport Beach, California on June 12, 2000: Lessee: ;; Michael A. Ford Nancy G. Ford Assi ne : The Mich I and Nancy Ford Trust I Michael A. Ford Trustee Nancy G. Ford, T i FIRST AMENDMENT TO MICHAEL AND NANCY FORD TRUST (DECLARATION OF TRUST) Section F. of Article IV is amended to add the following un- numbered Paragraph: Trustors MICHAEL A. FORD and NANCY G. FORD have assigned all interest in and to that certain lease made and entered into on the 15th day of June, 1990, by and between the CITY OF NEWPORT BEACH, as Lessor, and MICHAEL A. FORD and NANCY G. FORD, as Lessees, to MICHAEL A. FORD and NANCY G. FCRD, Trustees of the MICHAEL AND NANCY FORD TRUST dated June 28, 1990. Upon the death of the surviving Trustor, the successor Trustee shall comply with all provisions of Paragraph 4 of said lease. IN WITNESS WHEREOF, the Trustors and the Trustees have executed this Amendment to Declaration of Trust this ±7G day of C. 1, 61 ' '_1 , 1990. P.pproved thus n, day of �r.r2 1990 "Attorney for Trustors NANCY G. FORQs FIRST AMENDMENT TO MICHAEL AND NANCY FORD TRUST (DECLARATION OF TRUST) Section F. of Article IV is amended to add the following un- numbered Paragraph: Trustors MICHAEL A. FORD and NANCY G. FORD have assigned all interest in and to that certain lease made and entered into on the 15th day of June, 1990, by and between the CITY OF NEWPORT BEACH, as Lessor, and MICHAEL A. FORD and NANCY G. FORD, as Lessees, to MICHAEL A. FORD and NANCY G. FCRD, Trustees of the MICHAEL AND NANCY FORD TRUST dated June 28, 1990. Upon the death of the surviving Trustor, the successor Trustee shall comply with all provisions of Paragraph 4 of said lease. IN WITNESS WHEREOF, the Trustors and the Trustees have executed this Amendment to Declaration of Trust this ±7G day of C. 1, 61 ' '_1 , 1990. P.pproved thus n, day of �r.r2 1990 "Attorney for Trustors NANCY G. FORQs RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO City Manager's Office City of Newport Beach 3300 Newport Boulevard Newport Beach, CA 92663 Recorded in Official Records, County of Orange Gary Granville, Clerk -Recorder 1111111 VIII VIII VIII VIII IIIiI VIII VIII Illli 11111111118.00 20000430865 03:23pm 08117100 117 27 M11 2 0.00 0.00 0.00 0.00 2.00 0.00 0.00 0.00 MEMORANDUM OF LEASE THIS MEMORANDUM OF LEASE is made and entered into by and between THE CITY OF NEWPORT BEACH, a chartered municipal corporation, herein called "Lessor", and Michael A. Ford and Nancy G. Ford, Trustees of the Michael and Nancy Ford Trust dated June 28, 1990, herein called "Lessee", to witness that: Lessor hereby leases to Lessee, commencing on —7,lft and ending on July 1, 2044, on the terms and conditions set forth in thaflcertaitf lease by and between the parties hereto dated , all the terms and conditions of which lease are made a part hereof a hou fully set forth herein, all those certain premises in the County of Orange, State of California, described as follows: Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. EXECUTED on Objm IS 2000, at Newport Beach, Orange County, California. ATTEST: LESSOR THE CITY OF NEWPORT BEACH CITY MANAGEK: **--a essee: Michael A. Ford, Trustee J Inwi . C'UIGf/2,�1/,jJ� CITY CLERK Lessee: Nancy G. F , Trustee Subscribed and Sworn to before me AS TO FORM: Thij�X dqu o UA=�200L_9_ ar u is ate Cellfornia, County of ITY ATTORNEY ' OFFICIAL SEAL LN. PLUMLEIOH JR. NOTARY PUBLIC • CALIFORNIA W COMMISSION # 1261131 C Q/ORANGE COUNTY VMy Commission Exp. May 17, 2004 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California 1 ss. County of rAN\451f_: On _ JUTA IIf IV0 , before me, 1­01-AfJI V• Data Name and Title, personally appeared LEILANI V. INES Commission # 1170960 z ,od NoraryPublic- California z Orange County My Comm. Expires Jan 25, 2002 Place Notary Seal Above ,personally known to me ❑ proved to me on the basis of satisfactory evidence to be the person(@) whose name isl4gp subscribed to the within instrument and acknowledged to me that he/she ey xecuted the same in his/he eir authorized capacit es and that y his/her eir signaturetgon the instrument the p( rt (sor the entity upon behalf of which the person(© acted, executed the instrument. WITNESS my hand and official seal. �dal,A V -A/y Signature of Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document 11 ''^_ Title or Type of Document: nn���i JAM (� ✓SASE Document Date: 1 h IOD Number of Pages: Signer(s) Other Than Named Above: IV`V�/`i L A. �t)R i)� �/V �U{ T!/�(� L, �D Capacity(ies) Claimed by Signer Signer's Name: ❑ Individual ' Top of thumb here ❑ Corporate Officer — Title(s): ❑ Partner — ❑Limited El General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: ® 1997 National Notary Association • 9350 De Solo Ave., Po. Box 2402 • Chatsworth, CA 913132402 Prod. No. 5907 Reorder: Call Toll -Free 1900-8766827 RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City Manager's Office City of Newport Beach 3300 Newport Boulevard Newport Beach, CA 92663 Recorded in Official Records, County of Orange Gary Granville, Clerk -Recorder 1111111 IIIII IIIII IIIII IIIA VIII VIII VIII VIII VIII 111118.00 20000430866 03:23pm 08117100 117 27 Al2 2 0.00 0.00 0.00 0.00 2.00 0.00 0.00 0.00 TERMINATION OF LEASEHOLD This agreement is made this 7 day of 2000, by and between the CITY OF NEWPORT BEACH, hereinafter called "Les r", and Michael A. Ford and Nancy G. Ford, hereinafter called "Lessee". RECITALS A. Lessor and Lessee executed a lease on July 26, 1994, and subsequently recorded December 7, 1994, by the County Recorder of Orange County, California as Instrument No. 94-0701508. By the terms of the lease, the following described property was leased to Lessee until July 1, 2044. Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys in the Office of the County Recorder, County of Orange, State of California. B. Lessee desires to terminate said lease and all rights to the possession of the lease premises and to release Lessor from its obligations under the lease, and Lessor desires to accept said termination and to release Lessee from their obligations under the lease. AGREEMENT Lessee ,agrees to terminate the lease and vacate the premises as described herein above as of , and Lessor agrees to accept such termination and the premises, ar07Less6r and Lessee agree to discharge and release each other from all obligations under the lease as of said date. Executed at Newport Beach, California, on the day and year first above written. Subscrib�jd and Sworn p to before ;, `7; _ dau o&1ZJ4 2a County of OFFICIAL SEAL PLUMLEIQQM JR. NOTARY pUBUC•CALIFORNIA C tll �ORANOIENCOUNTY 81 MIr Commloabn Exp. May 17, 2M CITY OF NEWPORT BEACH BY:— Lessor: City Manager BY• 1 —pesA F Michael A. Ford see.•. BY: R�\.� -n.v�4 Lessee: Nancy G. For CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California / County of V rGtV m '/ before me, 1616(11I V, IVX9 / kaq R46 , Name and Title of officer (e.g., 'Jane Doe, Notary Public") I ss. On dIAN 103W , Dale personally appeared LEILANI V. INE$ Commission # 1170960 z i No?ary Public - California Orange County My Ccmm. Expires Jan 25,2302 IX personally known to me ❑ proved to me on the basis of satisfactory evidence to be the personA whose name(g d9are subscribed to the within instrument and acknowledged tom , a he/they executed the same in Is/ er/their uthorized capacity(ij, an that by Is her/their signature* on the instrument the personw, or the entity upon behalf of which the pers6ntAX acted, executed the instrument. Vv WITNESS my hand and official seal. o�- Arli . V, �4 r(/Kw Place Notary Seal Above Signature of Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document ���I� /�� �✓) p �et/" " �� Title or Type of Document: Qr Document Date: 7 I /� 1 Number of Pages: ) Signer(s) Other Than Named Above: Mi(/i' moi A A ' I okN 97, r Vrd Capacity(ies) Claimed by Signer Signer's Name: ❑ Individual ❑ Corporate Officer — Title(s): ❑ Partner —❑ Limited ❑ General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: RIGHT THUMBPRINT OF SIGNER 0 1997 National Notary Association • 9350 De Soto Ave., P.O. Box 2402 • Chatsworth. CA 913132402 Prod. No. 5907 Reorder. Call Toll -Free 1.800.87"827 i ASSIGNMENT OF LEASE THIS ASSIGNMENT OF LEASE is made and is effective as of June 12, 2000. WHEREAS, on or about July 26, 1994 MICHAEL A. FORD and NANCY G. FORD as lessee ("Lessee") and THE CITY OF NEWPORT BEACH a chartered municipal corporation as lessor ("Lessor") entered into a lease (the "Lease") of real property a memorandum of which was recorded on December 7, 1994 as instrument number 94- 0701508 in the Official Records of Orange County for those certain premises in the City of Newport Beach, County of Orange, State of California (the "Real Property") described as: Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Records of Surveys, in the Office of the County Recorder, County of Orange, State of California. WHEREAS, Lessee desires to assign all of Lessee's right, title, and interest in and to the Lease and the Real Property to MICHAEL A. FORD and NANCY G. FORD, Trustees of the MICHAEL AND NANCY FORD TRUST dated June 28, 1990 ("Assignee") and Assignee desires to accept the assignment as provided in the Lease: NOW TH EREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged: 1. Assignment of Lease. Lessee hereby absolutely conveys, transfers, and assigns all of Lessee's rights, titles, and interests in and to the Lease and the real property to Assignee effective as of June 12, 2000. 2. Acceptance of Lease. Assignee hereby accepts the assignment of the Lease and assumes and agrees to perform and fulfill all of the terms, covenants, conditions, and obligations required to be performed and fulfilled by Lessee under the Lease, including the making of all payments due to or payable on behalf of the Lessor under the Lease as they become due and payable. Executed at Newport Beach, California on June 12, 2000: Lessee: 0 Michael A. Ford Nancy G. Ford Ass: The Mich I and Nancy Ford Trust ` Michael A. For , Trustee Nancv G. Ford, T LEASE THIS LEASE is made and entered into as of the �16 day of 1994, by and between the CITY OF NEWPORT BEACH, a Charter City and m icip corporation ("Lessor"), and M,t tiue ` A. FhVA , IV \V\I\I (7. VnvA _ ("Lessee"), regarding the real property commonly referred to as Beacon Bay Lot RECITALS A. The City of Newport Beach, by virtue of a 1978 legislative grant found in Chapter 74 of the Statutes of 1978 (the "Beacon Bay Bill'), holds the right, title and interest to certain tidelands and uplands commonly known as Beacon Bay and generally described in Exhibit A attached hereto and Incorporated by reference. B. The Beacon Bay Bill frees the "Westerly portion" of the filled tidelands from the public trust and specifically authorizes the lease of the property for residential purposes subject to certain express statutory conditions. C. Beacon Bay, including the "Westerly Portion" thereof, has been divided into individual lots, with each lot leased by the City for residential purposes until December 31, 2005. D. On November 3, 1987, a majority of electors of the City approved a measure which authorized the City Council to enter into new leases of residential lots in Beacon Bay for a period not to exceed fifty (50) years. E. On November 3, 1992, a majority of electors of the City approved Measure M which authorized the City Council to lease tidelands and waterfront property consistent with the provisions of state law. F. The City Council, pursuant to the authority conferred by the electors, entered into negotiations with current lessees and the parties have agreed on the terms and conditions of a new lease with a fifty (50) year term, provision for adjustments in lease payments to reflect changes in the value of Beacon Bay leaseholds, and a recalculation of lease payments in the event of a transfer of the Lease by the Current Lessee or any Subsequent Lessee (as defined herein). G. Lessee acknowledges that the terms and conditions of this Lease may result in Lessee paying substantially more or less than another Lessee for similar property depending upon the date this Lease is executed, the date of any subsequent transfer, and the consideration paid for transfers of similarly situated property. H. Lessee acknowledges that accurate and complete reporting to the City of all consideration paid for the transfer of this Lease is vitally Important to the City in that failure to fully report all consideration could materially reduce the amount of rent received by the City from other Beacon Bay Lessees. I. Lessor and Lessee acknowledge that the City has agreed to a fifty (50) year term and limited lease payment increases in consideration of provisions which require payment of rent approximating fair market rental value, without regard to any advantage maintained by Current Lessees, upon transfer by Current Lessees and payment of deferred rent in the event the Lease is not signed on or before the Effective Date (as defined herein). J. The California State Lands Commission has reviewed the form of this Lease and determined that it is In conformance with the provisions of relevant statutes, rules and regulations, including, without limitation, the Beacon Bay Bill. NB1-187371.V2 1 05/24/94 K. Lessor has determined that this Lease is consistent with provisions of the Beacon Bay Bill, the Charter, General Plan and Zoning Ordinance of the City of Newport Beach, and of all other applicable state and local laws. L. Lessor has determined it is in the best interests of the citizens of Newport Beach to maintain the residential character of Beacon Bay and to enter into new leases with Current Lessees under the terms and conditions specified in this agreement. NOW, THEREFORE, in consideration of the foregoing recitals and the covenants in this lease, the parties agree as follows: LEASED LAND. Lessor hereby leases to Lessee the real property commonly known as Beacon Bay Lot _ (the "Leased Land"), which is more particularly described in Exhibit B, and generally depicted on Exhibit A, each attached hereto and incorporated by reference, subject to the limitations on use specified in Section 6. As used in this Lease, the term "Premises" shall refer to the Leased Land and any improvements constructed thereon. Lessor expressly reserves all oil, oil rights, gas, minerals, mineral rights, natural gas rights and other hydrocarbon substances in and under the Leased Land and the right to grant and transfer the same, together with all necessary and convenient rights to explore for, develop, produce and extract and take the same, subject to the express limitation that any and all operations for the exploration, development, production, extraction and taking of any such substance shall be carried on at levels below the depth of five hundred feet (500') from the surface of the land by means of wells, derricks and other equipment from surface locations on adjoining or neighboring land, and subject further to all restrictions and regulations concerning the drilling for, and production of, oil, gas, minerals, petroleum and other hydrocarbon substances specified in the Newport Beach City Charter or the Newport Beach Municipal Code. 2. TERM. The term of this Lease shall commence on the Execution Date, but in no event prior to the Effective Date, and shall expire on the date fifty (50) years following the Effective Date, unless earlier terminated as provided in this Lease. 3. RENTAL. A. Definitions. For the purposes of this Lease, the following terms shall be defined as specified in this paragraph. In certain cases, the definition of the term contains operative language that affects the rights of the parties: (t) "Actual Sales Value" shall mean the total of all consideration paid for the non-exempt transfer of this Lease or the Pre-existing Lease, including the improvements on the Leased Land, from the Current Lessee, or Subsequent Lessee, to another person, excluding any consideration paid for the transfer of personal property in connection with such transaction. (2) "Average Actual Sales Value Rent" shall mean two and one-half percent (21/2%) of the mean of the Actual Sales Value of the non-exempt transfer of a similarly situated (waterfront or interior) Beacon Bay parcels as specified in this subparagraph. Average Actual Sales Value Rent shall be the mean of the Actual Sales Value of the three similarly N81 -181311.V2 4 -05/24/94 situated parcels most recently transferred. Exempt transfers, as defined in Paragraph 3.8(3), shall not be used to calculate Average Actual Sales Value rent. (3) "CPI" shall mean the Consumer Price Index - Los Angeles -Anaheim -Riverside Area, All Urban Consumers, All Items, published by the United States Department of Labor, Bureau of Labor Statistics (1982-1984=100). If the 1982-1984 base of said Consumer Price Index should hereafter be changed, then the new base shall be converted to the 1982-1984 base and the base as so converted shall be used. In the event that the Consumer Price Index, as now compiled and published, shall cease to be published, then the successor index shall be used provided that an appropriate conversion from the old index to the new index can feasibly be made. If such conversion cannot be made, or if no such index is published, then another index most nearly comparable thereto recognized as authoritative shall be substituted by agreement. (4) "Current Lessee" shall mean the person or persons who, as of April 1, 1994 (the "Cut-off Date"), was or were the Lessee under the Pre-existing Lease. (5) "Deferred Rent" shall mean the total rent that a Current Lessee would have paid had this Lease been executed on the Effective Date, through and Including the date on which this Lease was first executed, less the rent actually paid pursuant to the Pre-existing Lease, together with Interest at the rate of eight percent (8%) per annum calculated on the balance due at the end of each Lease Year or portion thereof. (6) "Effective Date" shall mean July 1, 1994. (7) "Execution Date" shall mean the date when this Lease is executed by Lessee. (8) "Initial Rent" shall mean the effective net rent for the Leased Land as determined by the appraisal of George Hamilton Jones, with due consideration to the leasehold advantage created by the Pre-existing Lease, all as shown on Exhibit C attached hereto and incorporated herein by reference. (9) "Person" shall mean any natural person or natural person(s) and does not include any corporation, association, or business entity in any form except a financial institution or other bona fide lender acting in the capacity of a lender or an inter vivos or living trust. (10) "Pre-existing Lease" shall mean the Lease for the Leased Land which was effective on January 1, 1988, and would, absent this Lease, expire on July 1, 2006. 4 (11) "Transferred" shall mean any sale, assignment, sublease or other transaction, other than an exempt transfer as defined in Paragraph 3.6(3), pursuant to which the right to possession of the premises and the right to sign a new lease identical to this Lease is transferred to another person. B. Rental Payments. Lessee shall pay annual rent ir) the sum ofAmti ��nutdnk 4vit 1,, �rla jwt,1%.($ �i 3 OS . OD ), payable at the rate of5lveK vK Y! p StYCKd �,Jc 92/mn ($ 7 75, 2 )per month. Lessee shall also pay, if applicable, deferred ren in the sum of ($ ) upon execution of this Lease. Rent shall - shall no (circle one) be adjusted every seven (7) years after the date of transfer in accordance w" t e provisions of Paragraph 3.B(4). Annual rent, deferred rent, and periodic adjustments are based upon the following: N61 -107371.V2 0 05/24/94 (1) Execution Before Effective Date. In the event this Lease is executed by the Lessee on or before the Effective Date, Rent shall be paid as follows: (a) Current Lessee: Current Lessee shall pay annual rent equal to Initial Rent as specified in Exhibit C. Thereafter, so long as there has been no. transfer of this Lease by the Current Lessee (other than an exempt transfer as set forth in Paragraph 3.13(3), rent shall remain as specified in this subparagraph notwithstanding the provisions of Paragraph 3.13(4). (b) In the event of any transfer of this Lease to a Subsequent Lessee, the Subsequent Lessee shall pay annual rent equal to two and one-half percent (21/2%) of the Actual Sales Value determined as of the date of the transfer in accordance with the provisions of paragraph 3.A(t). Thereafter, rent shall be adjusted every seven years after the date of the transfer in accordance with the provisions of paragraph 3.13(4). (c) In the event of any transfer of this Lease to a Subsequent Lessee in a transaction other than an arm's length assignment of this Lease, and sale of the improvements on the Leased Land, if any, such as a gift or transfer by inheritance other than an exempt transfer under Paragraph 3.13(3), the Subsequent Lessee shall pay annual rent equal to the Average Actual Sales Value Rent calculated as of the date of the transfer in accordance with the provisions of Paragraph 3.A(2). (2) Execution After the Effective Date. In the event this Lease is first executed after the Effective Date, rent shall be determined and paid as follows: (a) Current Lessee/Within Five Years After Effective Date: In the event this Lease is executed by the Current Lessee within five (5) years after the Effective Date, the Current Lessee shall pay annual rent equal to Initial Rent plus a sum calculated by multiplying the difference between Initial Rent and Average Actual Sales Value Rent by a fraction equal to the number of months between the Effective Date and Execution Date, divided by sixty. The Current Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. Thereafter, so long as there has been no transfer of this Lease by the Current Lessee, rent shall remain as specified in this subparagraph, notwithstanding the provisions of Paragraph 3.B(4). (b) Current Lessee/More Than, Five Years After Effective Date: In the event this Lease is executed by the Current Lessee more than five (5) years after the Effective Date, the Current Lessee shall pay annual rent equal to Average Actual Sales Value Rent calculated as of the date of execution in accordance with the provisions of Paragraph 3.A(2). The Current Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. Thereafter, rent shall be adjusted every seven (7) years after the date of execution in accordance with the provisions of Paragraph 3.B(4). (c) Subsequent Lessee: In the event the Current Lessee transfers the Pre- existing Lease to a Subsequent Lessee who wishes to sign this Lease after the Cut- NBI-187371.V2 4 05/24/94 off Date, the Subsequent Lessee shall pay annual rent equal to two and one-half percent (21/2%) of Actual Sales Value determined as of the date of execution and In accordance with Paragraph 3.A(1). The Subsequent Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. The annual rent shall be adjusted every seven (7) years following the Execution Date in accordance with the provisions of Paragraph 3.B(4). (d) Subsequent Lessee: In the event of any transfer of this Lease to a Subsequent Lessee who wished to sign this Lease after the Cut-off Date in a transaction other than an arm's length assignment of this Lease, and sale of the Improvements on the Leased Land, if any, such as a gift or transfer by Inheritance other than an exempt transfer under Paragraph 3.B(3), the Subsequent Lessee shall pay annual rent equal to the Average Actual Sales Value Rent calculated as of the date of the transfer in accordance with the provisions of Paragraph 3.A(2). The Subsequent Lessee shall also pay all Deferred Rent concurrent with the execution of this Lease. The annual rent shall be adjusted every seven (7) years following the Execution Date in accordance with the provisions of Paragraph 3.B(4). (3) Exempt Transfers. The provisions of Paragraph 3.B regarding transfers shall not operate to increase rent if: (a) Lessee is assigning an interest in this Lease to a trustee under a deed of trust for the benefit of a lender; (b) the transfer is caused by the death of a spouse and the full Interest of the deceased spouse is transferred to a surviving spouse; (c) the transfer of an interest in this Lease is between or among tenants in common or joint tenants in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests in this Lease simultaneously; (d) the transfer or assignment is by a bona fide lender acquiring title by foreclosure or deed in lieu of foreclosure of a trust deed; or (e) the transfer is a sublease of the premises for three years or less; provided, however, that in determining the term of a sublease, any options or rights to renew or extend the sublease shall be considered part of the term -.whether or not exercised; (f) the transfer is caused by the dissolution of the marriage of Lessee and the full interest of one of the spouses is transferred to the other spouse; (g) the transfer is to an inter vivos trust, living trust or other similar estate planning arrangement of Lessee; provided, however, that the provisions of Paragraph 3.0 shall apply upon the death of such Lessee if the beneficiary of such trust or other arrangement is other than the surviving spouse or a tenant in common or joint tenant in ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective interests In this Lease simultaneously; or NBl-167371.V2 i7 05/24/94 r C (h) the transfer is to a guardian or custodian of Lessee appointed due to the physical or mental incapacity of Lessee; provided, however, that the provisions of Paragraph 3.0 shall apply upon the death of such Lessee unless the transferee Is the surviving spouse or a tenant in common or joint tenant In ownership of the leasehold estate created by this Lease, and such tenants in common or joint tenants first acquired their respective Interests in this Lease simultaneously. (4) Rent Adjustments. (a) Except as provided in Paragraphs 3.B(I)(a), 3.B(2)(a) and 3.B(3), on the seventh (7th) anniversary of the Execution Date of this Lease, or the seventh (7th) anniversary of the date of any transfer of this Lease by any Current or Subsequent Lessee, rent shall be adjusted to reflect any increase or decrease in the cost of living, which adjustment shall be determined as set forth hereinafter. The most recently published CPI figure shall be determined as of the date ninety (90) days prior to the adjustment date, and rent payable during the ensuing seven (7) year period shall be determined by increasing or decreasing the then current rent by a percentage equal to the percentage increase or decrease, if any, in the CPI as of the Execution Date, or the date of the most recent rental adjustment, or the date of any transfer of this Lease by any Current or Subsequent Lessee, whichever is later. In no event shall rent be Increased or decreased by a sum greater than forty percent (40%) of the rent paid by Lessee as of the later of (i) the Execution Date, or (ii) the last rental adjustment date. Lessor shall endeavor to notify Lessee of rental adjustments at least forty-five (45) days prior to the end of each seventh (7th) lease year; provided, however, failure of Lessor to give forty-five (45) days' notice does not relieve Lessee from the obligation to pay increased rent or the right to pay less rent in the event of a decrease in the CPI; and, provided further, that Lessee shall have no obligation to pay rent increases which apply to any period greater than ninety (90) days prior to the receipt by Lessee of Lessor's notice of an increase in rent. (b) In the event Lessee is two or more persons owning the leasehold estate created hereby as tenants in common or joint tenants, and less than all of such persons transfer their interest in this Lease to a person other than to an existing tenant in common or joint tenant, the rent adjustment shall be prorated to reflect the percentage Interest being transferred to a third party. For example, if two persons are the Lessee as tenants in common as to equal one-half interests, and one of such persons transfers his/her 50% interest to a third party, the rent shall be adjusted as provided in Paragraph 33(2)(c), and thereaftereas provided in Paragraph 3.6(4)(a), and the resultant rental Increase multiplied by the percentage transferred (50%) to determine the rental increase; provided, however, that any subsequent transfer of an interest in this Lease to such third party shall not be exempt under subparagraph 3.B(3). (5) Installment Payments/Grace Period. Lessee shall pay rent in equal monthly installments, in advance, with payment due on or before the first day of the month for which rent is paid. Rent shall be prorated during any month when a transaction which Increases rent becomes effective other than the first day of that month. No late payment charge applies to payments received by Lessor on or before 5:00 P.M. on the fifteenth (15th) day of the month for which the payment is made ("Grace Period") . If a rent payment, or any portion thereof, is received by Lessor after NB1-187371.V2 O 05/29/99 expiration of the Grace Period, Lessee shall pay Lessor a late payment charge equal to four percent (4%) of each late payment, or portion thereof. Rent payments shall be payable to the City of Newport Beach and sent, or delivered, to the Finance Director at the address specified for service of notices. Rent shall be payable by Lessee to Lessor in such coin or currency to the United States as at the time of payment is legal tender for public and private debts. Lessor and Lessee agree that late charges specified in this paragraph represent a fair and reasonable estimate of the cost Lessor will incur by reason of any late payment by Lessee. Any late or missed payment of rent constitutes a default pursuant to paragraph 13 of this Lease. Any failure by Lessor to declare a default and initiate termination of this Lease due to a late or missed payment shall not be considered a waiver of the right of Lessor to do so for that or any other late or missed payment. C. Credit to Tidelands Fund. In calculating Initial Rent under this Lease, a credit was given to certain of the Current Lessees equal to the annual amortization of the present value of the additional property tax to be paid by such lessees during the remaining period of the Pre-existing Lease. This credit, commonly referred to as the 'tax advantage", is shown on Exhibit D for each affected lot. This credit was extended by Lessor to Current Lessees as consideration for entering into this Lease. As a consideration in its approval of this Lease, the California State Lands Commission required Lessor to credit Its State supervised Tidelands Trust Fund by an amount equivalent to the tax advantage derived from those lots in Beacon Bay comprising tidelands. This amount is shown on Exhibit D for each affected lot comprising tidelands. Accordingly, Lessor has unilaterally agreed to annually calculate the amount of such tax advantage derived from the tidelands parcels in Beacon Bay and to credit an equivalent amount as revenue to the State supervised Tidelands Trust Fund. This provision is included in this Lease to acknowledge the agreement of Lessor with the California State Lands Commission, and does not affect the rights and obligations of Lessor or Lessee under this Lease. 4. TRANSFERS. A. Conditions Precedent to Transfer. Lessee may transfer this Lease subject to the prior written consent of Lessor, which consent shall not be unreasonably withheld, delayed or conditioned. Lessor shall consent to any transfer when Lessee and the proposed transferee have complied with the following: (1) Lessee shall furnish Lessor with executed copies of each and every document used to effect the transfer. (2) Lessee or the proposed transferee shall pay to Lessor a transfer fee of one hundred dollars ($100.00); 'y (3) Lessee shall execute a 'Termination of Leasehold Interest" for recordation; and (4) The proposed transferee shall execute a new lease and execute a "Memorandum of Lease" for recordation, which lease shall be identical to this Lease and have a term equal to the remaining term of this Lease at the time of the transfer. B. Transfer Information. The parties to any non-exempt transfer of this Lease shall provide Lessor with all information relevant to a determination of the total consideration paid for the transfer, as well as all documents which are relevant to the total consideration paid for the transfer. Lessee and the proposed transferee shall provide this information not later than forty-five (45) days prior to the proposed effective date of the transfer of this Lease. Lessor shall have the right, at Its sole discretion, to commission an appraisal of the fair market value of this Lease and improvements NBl-18)3]1.V2 1 05/24/94 r r thereon as of the date of transfer. Any such appraisal shall be completed not later than thirty (30) days after receipt by Lessor of the aforementioned information from the Lessee. If the value determined by the appraiser commissioned by Lessor exceeds the stated total consideration to be paid based on the Information received from the Lessee by more than ten percent (10%), Lessor shall so notify the Lessee and provide Lessee with a full copy of such appraisal report, and said value shall be deemed the Actual Sales Value for purposes of calculating Average Actual Sales Value Rent and rental payments unless within fifteen (15) days after receiving such notice and the report the Lessee notifies Lessor that Lessee elects to cause an appraisal of the fair market value of this Lease and improvements thereon as of the date of transfer to be conducted by an independent appraiser. In such event, Lessee cause such appraisal to be completed no later than thirty (30) days after the notice to Lessor and shall provide Lessor with a full copy of the appraisal upon completion. The Actual Sales Value for purposes of calculating Average Actual Sales Value Rent and rental payments shall be the greater of (i) the stated consideration for the transfer, or (ii) the average of the two appraisals. Any appraisal commissioned by Lessor or Lessee under this Paragraph 4.6 shall be conducted by an MAI appraiser licensed to conduct business in the State of California and experienced in residential appraisals in Southern California. C. Exempt Transfer Information. Lessor's consent is not required for the "exempt transfers" referenced in Paragraph 3.B(3); provided, however, Lessee shall furnish Lessor with copies of all documents used to effect any exempt transfer. D. Audit of Subleases. It is the intent of the parties that transfers referred to in Section 3.13(3)(e) shall only be exempt from the further provisions of Paragraph 3.6 (in respect of rental adjustments) if such subleases are not substantially equivalent to, do not have substantially the same economic effect as, or are intended to disguise, a transfer by the then Lessee of all or substantially all of his/her interest in this Lease to the putative sublessee. Lessor shall at all times have the right, upon written request to the Lessee, to receive copies of all written agreements, and to be advised in full of all oral agreements, between the Lessee and any sublessee of the Leased Land. Any purported sublease of the premises which is determined to be substantially equivalent to, or have substantially the same economic effect as, or is intended to disguise, a transfer by the then Lessee of all or substantially all of his/her Interest in this Lease to the putative sublessee shall be void and of no force or effect, and such attempted or purported sublease shall, at the option of Lessor, (i) be an event of default by the Lessee under this Lease, or (ii) permit Lessor to treat such sublease as a transfer of this Lease subject to the provisions of Section 3.6. 5. ENCUMBRANCES. A. Right to Encumber. Lessee may encumber this Lease by deed of trust, mortgage, or similar instrument, in favor of any bona fide lender ("Lender") in a bona fide loan transaction for any purpose without the consent of Lessor. To determine whether a loan is a bona fide lending transaction, and not an arrangement for transfer of the possession or title to the Premises to the putative lender, Lessee and the lender agree to provide Lessor with all documentation executed between Lessee and the lender concerning the loan upon request of Lessor. Neither Lessee nor Lessor shall have the power to encumber Lessor's interest in the Leased Land. Any encumbrance shall be subject to all covenants, conditions and restrictions in this Lease and to all rights and interests of Lessor except as otherwise expressly provided in this Lease. Lessee shall give Lessor prior written notice of any encumbrance. B. Notice to Lender. Lessor shall have no obligation to give any Lender any written notice pursuant to this Lease unless the Lender has given Lessor written notice of its name, address, and nature of encumbrance ("Complying Lender') . Lessor shall give all Complying Lenders a copy of any written notice of default, notice of termination or other notice which may affect Lessee's rights NB1-187371.V2 0 05/24/94 under this Lease. Notice shall be deemed given by Lessor to Lender five (5) days following deposit in the United States mail, certified and return receipt requested, postage prepaid, and sent to Lender at the address furnished in writing by Lender. C. Modification. Lessor and Lessee agree that they will not modify, surrender or cancel this Lease by mutual agreement without the prior written consent of Lender. D. Rights of Lender. Any Lender holding or the beneficiary of a security Interest or lien on this Lease and the leasehold estate created hereby shall have the right, during the term of the Lease, to: (1) perform any act required of Lessee pursuant to this Lease; (2) transfer this Lease to the purchaser at any foreclosure sale, the assignee in the event of an assignment in lieu of foreclosure, or to acquire the interest of Lessee pursuant to foreclosure or assignment and thereafter transfer this Lease to the Lender's successor. Lender shall have no right to transfer this Lease unless and until Lender has cured all defaults requiring the payment or expenditure of money by Lessee. E. Right of Lender to Cure Default. Lessor shall give written notice of any default or breach of this Lease by Lessee to Lender and afford Lender the opportunity, after notice, to: (1) cure the breach or default within ten (10) days after expiration of the time period granted to Lessee for curing the default if the default can be cured by payment of money; (2) cure the breach or default within thirty (30) days after expiration of the time period granted to Lessee for curing the default when the breach or default can be cured within that period of time; or (3) cure the breach or default in a reasonable time when something other than money Is required to cure the breach or default and cannot be performed within thirty (30) days after expiration of the time period granted to Lessee for curing the default, provided the acts necessary to cure the breach are commenced within thirty (30) days and thereafter diligently pursued to completion by Lender. F. Foreclosure in Lieu of Cure. Lender may forestall termination of this Lease for a default or breach by Lessee by commencing foreclosure proceedings subject to strict compliance with the following: =y (1) proceedings are commenced within thirty (30) days after the later of (1) expiration of the time period granted to Lessee for curing the default, or (ii) service on Lender of the notice describing the breach or default; (2) the proceedings are diligently pursued to completion in the manner authorized by law; and (3) Lender performs all of the terms, covenants and conditions of this Lease requiring the payment or expenditure of money by Lessee until the proceedings are complete or are discharged by redemption, satisfaction, payment or conveyance of this Lease to Lender. NB] -187371.V2 1 05/24/94 r r, G. New Lease. Notwithstanding any other provision of this Lease, should this Lease terminate or be terminated because of any default or breach by Lessee, Lessor shall enter into a new lease with Lender as lessee provided: (1) the written request for the new lease is served on Lessor by Lender within thirty (30) days after the termination of this Lease. (2) the new lease contains the same terms and conditions as this Lease except for those which have already been fulfilled or are no longer applicable. (3) on execution of the new lease by Lessor, Lender shall pay any and all sums that would be due upon execution of the new lease, but for its termination,and shall fully remedy, or agree in writing to remedy, any other default or breach committed by Lessee that can reasonably be remedied by Lender. (4) Lender shall, upon execution of the new lease, pay all reasonable costs and expenses (including attorney's fees) incurred in terminating this Lease, recovering possession of the premises from Lessee, in preparing the new lease. H. Miscellaneous. The following provisions shall apply to Lessor, Lessee and any Lender: (i) Any Lender shall be liable to perform the obligations of the Lessee under this Lease only so long as the Lender holds title to this Lease; (2) Lessee shall, within ten (10) days after the recordation of any trust deed or other security instrument, record, at Lessee's sole expense, Lessor's written request for a copy of any notice of default and/or notice of sale under any deed of trust as provided by state law. 6. USE AND MAINTENANCE. A. Use of Leased Land. The Leased Land shall be solely for residential purposes. Lessee may demolish, construct, remodel, reconstruct and maintain structures on the Leased Land for residential purposes so long as the structures and construction are authorized by appropriate City permit and fully comply with all City ordinances, resolutions, regulations, policies, and plans. Lessee shall also obtain permission to construct and/or maintain structures from the California Coastal Commission and any other state agency if required by law. B. Maintenance of Improvements. Lessor shall not be required to make any changes, alterations, additions, improvements, or repairs in on or about all or part of the Premises. Lessee shall, at all times during the term of this Lease and without any cost or expense to Lessor, keep and maintain, the Premises, including, without limitation, all structures, facilities, walks, curbs, parkways and other improvements, in good order and repair and in a clean, safe, sanitary and orderly condition. Lessee shall repair or reconstruct any improvements on the Leased Land following any damage or destruction thereof, unless the improvements are being destroyed in conjunction with remodeling or reconstruction and Lessor has consented, in writing, to the damage or destruction. Lessee shall cause to be constructed, maintained and repaired all utilities, pipes, walls, sewers, drains, and other improvements on the Premises to the extent required by law or as necessary to maintain the improvement in good order and repair and safe and sanitary condition. C. Compliance with Laws. Lessee shall make, or cause to be made, any additions, alterations or repairs to any structure or improvement on the Premises which may be required by, and Lessee NBl-18]3]1.V2 10 05/24/94 shall otherwise observe and comply with, any law, statute, ordinance, plan, resolution or policy applicable to the Premises. Lessee shall indemnify, defend and hold Lessor harmless from and against any loss, liability, action, claim or damage, arising out of, or in any way related, to Lessee's failure to comply with, and perform pursuant to, provisions of this subparagraph C. All repairs, additions, and alterations to the structures or Improvements on the Premises shall conform to all applicable laws, ordinances, regulations, plans, policies and resolutions and all work shall be performed with reasonable diligence, completed within a reasonable time, and performed at the sole cost and expense of Lessee. D. As Is Condition of Premises. Lessee expressly accepts the Premises "as is" and acknowledges that Lessor has made no representations or warranties as to the suitability of the property or any construction or improvement. Lessee shall conduct all tests necessary to determine the suitability of the property for any proposed construction or improvement, including, without limitation, the amount and extent of any fill, and related factors. Lessee expressly acknowledges that Lessor shall not be liable for any damage or loss resulting from any subsurface or soil condition in, on, or under the Premises or adjacent property. Lessee expressly acknowledges that, while the legislature of the State of California has purportedly removed the public trust restrictions on use of the Property pursuant to the Beacon Bay Bill, the Leased Land may constitute filled tidelands, and Lessor has made no representation or warranty relative to the validity of the Beacon Bay Bill or the power of the legislature of the State of California to remove public trust restrictions on tidelands through legislation. Notwithstanding the foregoing, in the event of any challenge to the right and power of Lessor to lease the Leased Land for the purposes provided in this Lease, Lessor agrees, at Its sole cost and expense, to use all reasonable efforts to resist and defend against such challenge and to seek a ruling or judgment affirming and upholding the right and power of Lessor to lease the Leased Land for the purposes provided in this Lease. TAXES AND UTILITIES. It Is understood by Lessor and Lessee that this Lease shall give rise to a possessory Interest tax obligation and that the execution of this Lease will constitute a reassessment event which may give rise to a material increase in the possessory interest tax currently payable by Lessee under the Pre-existing Lease. Lessee shall pay, before delinquent, all utility charges and any general and special taxes, assessments or other governmental charges, If any, which may be levied on the Leased Land, and/or any improvements, including, without limitation, any possessory interest tax. Any lien for unpaid utilities, taxes, assessments or charges shall not attach to the leasehold Interest but only to improvements located on the Leased Land. 8. USE AND MAINTENANCE OF COMMON AREA. Lessee shall have the right to use the streets, beaches, walkways, tennis courts, docks, piece, and common landscaped areas in Beacon Bay (as depicted on Exhibit A) and which are leased to the Beacon Bay Community Association by Lessor in consideration of the maintenance thereof by such Association and rent to be paid by individual Lessees under their respective leases. 9. MAINTENANCE AND IMPROVEMENT OF INFRASTRUCTURE. Lessor has no obligation to Install, improve, repair, or maintain streets, curbs, gutters, water lines, sewer lines, drainage facilities, street lighting or other facilities used by the residents of Beacon Bay (Infrastructure). Notwithstanding Section 8 above, Lessor reserves the right, after a five (5) year period following the Effective Date and upon approval by the Lessees representing a majority of the lots in Beacon Bay, to Improve and maintain streets, curbs, gutters, water lines, sewer lines', drainage facilities, street lighting, telephone and electricity lines and other Infrastructure facilities in Beacon Bay at its initial cost and to assess Lessee for NBi-187371.V2 11 - 05/24/94 a pro rata share of such costs, and to collect such costs from Lessee in the form of rent over the remaining term of this Lease. 10. COMMUNITY ASSOCIATION. A. Membership in Association. As a material part of the consideration of this Lease, and as an express condition to the continuance of any of the rights of Lessee pursuant to this Agreement, Lessee agrees to become, and during the term of this Lease to remain, a member In good standing of the Beacon Bay Community Association. B. Compliance with Rules and Regulations. Lessee agrees to abide by the Articles of Incorporation, bylaws, and all rules and regulations of the Association, and to pay to the Association, before delinquency, all valid dues, fees, assessments and other charges properly levied or assessed by the Association. Lessee's failure to comply with the provisions of Paragraph A and this Paragraph B shall constitute a material breach of this Lease. C. Lessor Maintenance of Common Areas. In addition to the rights reserved to Lessor pursuant to the provisions of Section 9, if the Community Association fails or ceases to maintain community facilities, Lessor may, at its option and without obligation, assume the obligations of the Community Association to maintain, repair, install or improve community facilities. In such event, Lessee shall pay a pro rata share of Lessor's reasonable expenses in maintaining and operating the community facilities, including a reasonable management fee or the fee charged by a management agent. Lessee's pro rata share shall be determined by dividing Lessor's costs by the number of residential lots within Beacon Bay (currently seventy-two lots) . Lessee's pro rata share of the annual costs incurred by Lessor shall be paid within thirty (30) days after written notice of the amount due, and any failure to pay shall constitute a material breach of this Lease. The costs of maintaining and operating community facilities shall be determined annually and solely from the financial records of Lessor. 11. COVENANTS, CONDITIONS AND RESTRICTIONS. Lessee agrees to abide and be bound by all covenants, conditions, restrictions and reservations as contained In Exhibit D attached hereto and incorporated herein by this reference. Said covenants, conditions and restrictions shall run with the Leased Land and shall be binding on Lessee and Lessee's successors in interest. 12. INDEMNIFICATION. Lessee shall Indemnify, defend and hold harmless Lessor, its City Council, Boards ane: Commissions, officers, agents, servants and employees from and against any and all actions, causes of action, obligations, costs, damages, losses, claims, liabilities and demands of any nature whatsoever, including reasonable attorneys' fees, regardless of the merit or outcome of any such claim or suit, arising out of, or in any way related, to the condition of the Premises, or the use or possession of the Premises by Lessee, or Lessee's employees, agents, representatives, guests or invitees, as well as any activity, work or things which may be permitted or suffered by Lessee in or on the Premises. Lessee shall indemnify, defend and hold harmless Lessor, its City Council, Boards and Commissions, officers, agents, servants and employees from and against any and all actions, causes of action, obligations, costs, damages, losses, claims, liabilities, and demands of any nature whatsoever, Including reasonable attorneys' fees, accruing or resulting to any and all persons, firms or corporations furnishing or supplying work, services, materials, equipment or supplies arising from or in any manner connected to the use or possession of the Premises by Lessee or from any activity, work or things which may be permitted or suffered by Lessee in or about the Premises. Without limiting the generality of the foregoing, Lessee hereby assumes all risk of damage to property or Injury to NBl-18]3]1.V2 12 05/24/94 persons in or about the Premises from any cause except for damage or injury resulting from the negligence or willful, fraudulent or criminal conduct by Lessor and/or its officers, employees, agents and representatives, and Lessee hereby waives all claims in respect thereof against Lessor. 13. INSURANCE. A. General Conditions. All insurance required to be carried pursuant to this Section 13 shall be obtained from reputable carriers licensed to conduct business in the State of California. Each policy required to be carried pursuant to this Section 13 shall name Lessee and Lessor as additional named insureds, and shall provide that the policy may not be surrendered, cancelled or terminated, or coverage reduced, without not less than twenty (20) days prior written notice to Lessor. B. Fire Insurance. Lessee shall, during the term of this Lease, insure all structures and improvements on the Leased Land against loss or damage by fire or other risk for residential structures. The insurance shall provide coverage to at least ninety percent (90%) of the full insurable replacement value of all improvements on the Leased Land, with the loss payable to Lessee unless this Lease is terminated by Lessor for default of Lessee in which case the proceeds of Insurance shall be paid to Lessor. C. Liability Insurance. Lessee shall, at Lessee's sole cost and expense, procure and maintain during the term of this Lease, a broad form comprehensive coverage policy of public liability insurance which insures Lessee and Lessor against any loss or liability caused by, or in any way related to, the condition, for Lessee's use and occupation, of the premises in amounts not less than: (1) $500,000 per occurrence for injury to, or death of, one person; (2) $100,000 for damage to or destruction of property. 14. DEFAULT. A. Events of Default. The occurrence of any one or more of the following events shall constitute a material default and breach of this Lease by Lessee: (1) the abandonment of the Premises by Lessee; (2) the failure by Lessee to make any payment of rent when due if the failure continues for three (3) days after written notice has been given to Lessee. In the event that Lessor serves Lessee with a Notice to Pay Rent or Quit pursuant to applicable unlawful detainer statutes, such Notice to Pay Rent or Quit shall also constitute the notice gequired by this paragraph; (3) the failure by Lessee to perform any of the provisions of this Lease and any Exhibits attached hereto to be performed by Lessee, other than described in Paragraph 14.A(2) above, if the failure to perform continues for a period of thirty (30) days after written notice thereof has been given to Lessee. If the nature of Lessee's default is such that more than thirty (30) days are reasonably required for its cure, then Lessee shall not be In default if Lessee commences the cure within said thirty (30) day period and thereafter diligently prosecutes the cure to completion; or (4) the failure of Lessee to provide Lessor with all relevant Information regarding the total consideration paid in conjunction with any transfer of this Lease; N81 -187311.V2 13 05/24/94 �\ 1 (5) the making by Lessee of any general assignment, or general arrangement for the benefit of creditors; the filing by or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement of any law relating to bankruptcy unless the same is dismissed within sixty (60) days; the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets located at the Premises or of Lessee's interest in the Lease, where possession is not restored to Lessee within thirty (30) days; or the attachment, execution or other judicial seizure of substantially. all of Lessee's assets located at the Premises or of Lessee's interest in the Lease, where such seizure is not discharged within thirty (30) days. Notices given under this Paragraph 14.A shall specify the alleged default and the applicable lease provisions, and shall demand that Lessee perform the provisions of this Lease or pay the rent that is in arrears, as the case may be, within the applicable period of time. No such notice shall be deemed a forfeiture or a termination of this Lease unless Lessor so elects in the Notice. B. Landlord's Remedies. In the event of any default by Lessee as defined in Paragraph 14.A, Lessor may, in addition to any rights or remedies permitted by law, do the following: (1) Terminate Lessee's right to possession of the Leased Premises by any lawful means, in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to Lessor. In such event, Lessor shall be entitled to recover from Lessee all amounts to which Lessor is entitled pursuant to Section 1951.2 of the California Civil Code, or any other provision of law, including, without limitation, the following: (a) The worth at the time of award of the amount by which the unpaid rent and additional rent for the balance of the term after the time of award exceeds the amount of the loss than Lessee proves could be reasonably avoided; and (b) any other amount necessary to compensate Lessor for all detriment proximately caused by Lessee's failure to perform obligations pursuant to this Lease or which in the ordinary course of things would be likely to result from the breach, including, without limitation, the cost of recovering possession, expenses of reletting (Including necessary repair, renovation and alteration) reasonable attorneys' fees, and any other reasonable costs. The "worth at the time of award" of all rental amounts other than that referred to in clause (i) above shall be computed by allowing interest at the rate of ten percent (10%u) per annum from the date amounts accrue to Lessor. The worth at the time of award: of the amount referred to in clause (1) shall be computed by discounting such amount at one percentage point above the discount rate of the Federal Reserve Bank of San Francisco at the time of award. (2) Without terminating or affecting the forfeiture of this Lease or, in the absence of express written notice of Lessor's election to do so, relieving Lessee of any obligation pursuant to this Lease, Lessor may, but need not, relet all or a portion of the Premises at any time, or from time to time, and on such terms and conditions as Lessor, at its sole discretion, deems appropriate. Whether or not the Premises are relet, Lessee shall pay all amounts required by this Lease up to the date that Lessor terminates Lessee's right to possession of the Premises. Lessee shall make such payments at the time specified In the Lease and Lessor need not wait until termination of the Lease to recover sums due by legal action. If Lessor relets all or a portion of the Premises, the reletting shall not relieve Lessee NBl-I87371.V2 14 05/24/90 of any obligation pursuant to this Lease; provided, however, Lessor shall apply the rent or other proceeds actually collected by virtue of the reletting against amounts due from Lessee. Lessor may execute any agreement reletting all or a portion of the leased premises and Lessee shall have no right to collect any proceeds due Lessor by virtue of any reletting. Lessor shall not, by any reentry or reletting or other act, be deemed to: (a) Have accepted any surrender by Lessee of this Lease or the leased premises; (b) have terminated this Lease; or (c) have relieved Lessee of any obligation pursuant to this Lease unless Lessor has given Lessee express written notice of Lessor's election to do so. (3) Lessor may terminate this Lease by express written notice to Lessee of its election to do so. The termination shall not relieve Lessee of any obligation which has accrued prior to the date of termination. In the event of termination, Lessor shall be entitled to recover the amount specified in Paragraph 14.6(1). C. Default By Lessor. Lessor shall not be in default unless Lessor fails to perform obligations required of Lessor within a reasonable time, but in no event later than thirty (30) days after written notice by Lessee to Lessor specifying wherein Lessor has failed to perform such obligation. If the nature of Lessor's obligation is such that more than thirty (30) days are required for performance, then Lessor shall not be in default if Lessor commences performance within such thirty (30) day period and thereafter diligently prosecutes the same to completion. D. Stay of Obligations. Neither party shall be under any obligation to perform or comply with its obligations pursuant to this Lease after the date of any default by the other party. E. Determination of Rental Value. In any action or unlawful detainer commenced by Lessor, the reasonable rental value of the Leased Land shall be deemed to be the amount of rent and additional rent (such as reimbursement for costs of Infrastructure Improvements or the payment of taxes or assessments) for the period of the unlawful detainer, unless Lessor/Lessee shall prove to the contrary by competent evidence. F. Waiver of Rights. The failure or delay of either party to exercise any right or remedy shall not be construed as a waiver of such right or remedy or any default by the other party. Lessor's acceptance of any rent shall not be considered a waiver of any preexisting breach of default by Lessee other than the failure to pay the particular rent accepted regardless of Lemur's knowledge of the preexisting breach of default at the time rent is accepted. G. Waiver of Right of Redemption. Lessee waives any right of redemption or relief from forfeiture pursuant to Code of Civil Procedure Sections 1174 and 1179 and/or pursuant to'any existing or future statutory or decisional law in the event Lessee is evicted or Lessor takes possession of the Premises by reason of Lessee's default. 1s. SURRENDER OF POSSESSION UPON EXPIRATION OR TERMINATION. A. Surrender of Premises. Upon the expiration or termination of this Lease, Lessee agrees to peaceably deliver possession of, and agrees to vacate without contest, legal or otherwise, the Leased Land. Lessor, at its sole discretion, may record a document evidencing the expiration or NB1-187371.V2 15 05/24/94 termination of the leasehold interest. Lessee waives any right to receive relocation assistance or similar form of payment. B. Removal of Improvements. Upon the expiration of the term of this Lease, and on condition that Lessee is not then In default of any of the provisions of this Lease, Lessee shall have the right to remove from the Leased Land all buildings and improvements built or Installed on the Leased Land. Removal of any building or improvement shall be at the sole cost and expense of Lessee and removal must be complete no later than ninety (90) days after expiration of the term of this Lease. Lessee shall fill all excavations and remove all foundations, debris and other parts of the buildings or Improvements remaining after removal and surrender possession of the Premises to Lessor In a clean and orderly condition. In the event any of the buildings and improvements are not removed within the time provided in this Paragraph 15.13, they shall become the property of Lessor without the payment of any consideration. 16. EMINENT DOMAIN. A. Definitions of Terms. (1) The term "total taking" as used in this Section 16 shall mean the taking of the entire Premises under the power of eminent domain or the taking of so much of the Leased Land as to prevent or substantially Impair the use thereof by Lessee for the residential purposes. (2) The term "partial taking" shall mean the taking of a portion only of the Premises which does not constitute a total taking as defined above. (3) The term "taking" shall include a voluntary conveyance by Lessor to an agency, authority or public utility under threat of a taking under the power of eminent domain in lieu of formal proceedings. (4) The term "date of taking" shall be the date upon which title to the Premises or portion thereof passes to and vests in the condemnor. B. Effect of Taking. If, during the term hereof, there shall be a total taking or partial taking under the power of eminent domain, then the leasehold estate of the Lessee in and to the Leased Land or the portion thereof taken shall cease and terminate as of the date of taking of said Leased Land. If this Lease is so terminated in whole or in part, all rentals and other charges payable by Lessee to Lessor hereunder and attributable to the Leased Land or portion thereof taken shall be paid by Lessee up to the date of taking by the condemnor, and the parties shall thereupon be released from all further liability in relation thereto. C. Allocation of Award - Total Taking. All compensation and damages awarded for the total taking of the Premises and Lessee's leasehold interest therein shall be allocated as follows: (1) The Lessor shall be entitled to an amount equal to the sum of the following: (a) The fair market value of the Premises as improved (exclusive of the dwelling and appurtenances to such dwelling) as of the date of taking, discounted by multiplying such fair market value by the factor for the present worth of one dollar ($1.00) at nine percent (9%) per annum compound interest for the number of years remaining from the date of taking to the date of the expiration of the term of this Lease; and N81 -18)371.V2 16 05/24/94 (b) The present worth of rents due during the period from the date of taking to the date of the expiration of the term of this Lease, computed by multiplying the annual rent then payable by the factor for the present worth of one dollar ($1.00) per annum at nine percent (9%) perannum compound interest (Inwood Coefficient) for the number of years in such period. (2) The Lessee shall be entitled to the amount remaining of the total award after deducting therefrom the sums to be paid to Lessor as hereinafter provided. D. Allocation of Award - Partial Taking. All compensation and damages awarded for the taking of a portion of the Leased Premises shall be allocated and divided as follows: (1) The Lessor shall be entitled to an amount equal to the sum of the following: (a) The proportionate reduction of the fair market value of the Premises as improved (exclusive of the dwelling and appurtenances to such dwelling) as of the date of taking, discounted by multiplying such proportionate reduction in fair market value by the factor for the present worth of one dollar ($1.00) at nine percent (9%) per annum compound interest for the number of years remaining from the date of taking to the date of expiration of the term of this Lease; and (b) The present worth of the amount by which the rent is reduced computed by multiplying the amount by which the annual rent is reduced by the factor for the present worth of $1.00 per annum at 9% per annum compound interest (Inwood Coefficient) for the number of years remaining from the date of taking to the date of expiration of the term of this Lease. (2) The Lessee shall be entitled to the amount remaining of the total award after deducting therefrom the sums to be paid to Lessor as hereinabove provided. E. Reduction of Rent on Partial Taking. In the event of a partial taking, the rent payable by Lessee hereunder shall be adjusted from the date of taking to the date of the expiration of the term of this Lease. Such rental adjustment will be made by reducing the basic rental payable by Lessee in the ratio that the Fair Market Rental Value of the Premises at the date of taking bears to the Fair Market Rental Value of the Premises immediately thereafter. 17. ATTORNEYS' FEES. Should either party be required to employ counsel to enforce the terms, conditions and ggvenants of this Lease, the prevailing party shall recover all reasonable attorneys' fees and charges (and court costs if applicable) Incurred therein, whether or not court proceedings were commenced. 18. REMEDIES CUMULATIVE. The rights, powers, elections and remedies of the Lessor or Lessee contained in this Lease shall be construed as cumulative and no one of them shall be considered exclusive of the other or exclusive of any rights or remedies allowed by law, and the exercise of one or more rights, powers, elections or remedies shall not impair or be deemed a waiver of Lessor's or Lessee's rights to exercise any other. NB1-187371.V2 17 05/24/94 r 19. NO WAIVER. No delay or omission of either party to exercise any right or power arising from any omission, neglect or default of the other party shall impair any such right or power or shall be construed as a waiver of any such omission, neglect or default on the part of the other party or any acquiescence therein. No waiver of any breach of any of the terms, covenants, agreements, restrictions or conditions of this Lease shall be construed as a waiver of any succeeding breach of the same or of any of the terms, covenants, agreements, restrictions or conditions of this Lease. 20. COMPLIANCE WITH LAWS. Lessee covenants and agrees to comply with all rules, regulations, statutes, ordinances and laws of the State of California, County of Orange, City of Newport Beach, or any other governmental body or agency having lawful jurisdiction over the Leased Land. 21. NOTICES. Any notice or notices provided for by this Lease or by law, to be given or served by Lessee, may be given or served by mail, registered or certified, with postage prepaid, on the City of Newport Beach, addressed to the Mayor, City Manager, or City Clerk, 3300 Newport Boulevard, P.O. Box 1768, Newport Beach, California 92659-1768, or at such other address as may be hereafter furnished to Lessee in writing. If notice is intended to be served by Lessor on Lessee, it may be served either: A. By delivering a copy to the Lessee personally; or B. By depositing the Notice in the United States Mail, registered or certified, with postage prepaid, to the residence or business address furnished by Lessee; or C. If the Lessee is absent from the Leased Land by leaving a copy with some person of suitable age and discretion who may be occupying the Leased Land; or D. If no one can be found, then by affixing a copy of the notice in a conspicuous place on the Premises and also sending a copy through the mail addressed to the Lessee. Such service upon Lessor or Lessee shall be deemed complete upon the earlier of (i) actual delivery, or (ii) the expiration of seventy-two (72) hours from and after the deposit in the United States mail of such notice, demand or communication. 22. HOLDING OVER. This Lease shall terminate and become null and void without further notice upon the expiration of the term of this Lease. Any holding over by Lessee after expiration of the term shall not constitute a renewal of this Lease or give Lessee any rights in or to the Premises except as expressly provided in this Section. The parties agree this Lease cannot be renewed, extended, or in any manner modified except in a writing signed by all parties. However, if Lessee, or anyone claiming under Lessee, shall remain in possession of the Premises after expiration of the term of this Lease without any agreement in writing between the parties and Lessor accepts rent from Lessee, then Lessee shall be deemed a tenant from month-to-month subject to the provisions of this Lease insofar as they may be applicable to a month-to-month tendency. The month-to-month tendency may be terminated by Lessor or Lessor upon thirty (30) days' prior written notice to the other. NB1-187371.V2 18 05/24/94 23. QUIET ENJOYMENT. Lessor covenants and agrees that Lessee, upon paying the rent set forth herein and observing and keeping all covenants and agreements to be observed or kept by Lessor hereunder, shall quietly have and enjoy the Leased Land during the term of this Lease without hindrance or molestation by anyone claiming by or through Lessor. 24. SEVERABILITY. If any term or provision of this Lease shall, to any extent be invalid or unenforceable, the remainder of this Lease shall not be affected thereby, and each term and provision of this Lease shall remain valid and enforceable to the fullest extent permitted by law. 25. MISCELLANEOUS. A. Representations. Lessee agrees that no representations as to the Premises have been made by Lessor or by any person or agent acting for Lessor. Lessor and Lessee agrees and acknowledges that this document contains the entire agreement of the parties, that there are no verbal agreements" representations, warranties or other understandings affecting this agreement, and Lessor and Lessee, as a material part of the consideration of this Lease, waives all claims against the other for recision, damages, or otherwise by reason of any alleged covenant, agreement or understanding not contained in this Lease. B. Inurement. Each and all of the covenants, conditions and agreements herein contained shall,' in accordance with the context, inure to the benefit of Lessor and Lessee and apply to and bind Lessor and Lessee, as the case may be, their respective heirs, legatees, devisees, executors and administrators, successors, assigns, licensees, permittees, or any person who may come into possession or occupancy of said Leased Land or any part thereof in any manner whatsoever. Nothing in this paragraph shall in any way alter the provisions herein contained against assignment or subletting. C. Joint Several Liability. If Lessee consists of more than one person, the covenants, obligations and liabilities of Lessee pursuant to this Lease shall be the joint and several covenants, obligations and liabilities of such persons. D. Captions. The section and paragraph captions used in this Lease are for the convenience of the parties and shall not be considered in the construction or interpretation of any provision. E. Gender. In this Lease, the masculine gender includes the feminine anq neuter and the singular number Includes the plural whenever the context so requires. NBl-1873I1.V2 19 05/24/96 IN WITNESS WHEREOF, the parties have caused this Lease to be executed as of the date first above written. ATTEST: CITY CLERK APPR07D AS TO FORM: ITY ATTORNEY LESSOR: CITY OF NEWPORT BEACH, By: qTitle: MAYOR LESSEE: �1 20 05/24/94 N81 -18]3)1.V2 3NdVO -1 \^ m .a as m.r_ s 9 D ..11 CCIIL I'w i1 Y f�9 b J a R od ,i $ e J ,',( IQ v y A i d s .n=•• b ,m Opp r °„ Np 5� IS LAti s t oe BOR pR.D ti=t. n� 0tn to m �� Exhibit A Beacon Bay Lot 48 described as follows: Lot 48 as shown on the map filed in Book 9, Pages 42 and 43 of Record of Surveys, in the office of the County Recorder, County of Orange, State of California. SUMMARY OF SALIENT FACTS AND CONCLUSIONS - continued SUMMARY OF VALUE INDICATIONS: Existing (Istyear) Unencumbered Fair Market Contract Effective Lot No. Fee Lot Value Rental Value Rent Net Rent Water Front Lots A $1,330,000 $48,520 $23,125.08 $31,940.00 B $1,200,000 $43,320 $12,506.85 $22,270.00 C $1,031,000 $37,560 $16,625.04 $22,480.00 1 $947,000 $34,200 $8,020.80 $15,030.00 2 $1,131,000 $41,640 $8,825.40 $17,950.00 3 $1,263,000 $46,920 $24,250.08 $31,560.00 4 $1,318,000 $49,120 $10,458.96 $21,260.00 5 $1,341,000 $50,120 $20,012.04 $28,840.00 6 $1,386,000 $51,680 $25,000.00 $34,260.00 7 $1,210,000 $44,800 $24,999.96 $31,870.00 8 $1,177,000 $43,480 $43,750.00 $43,480.00 9 $1,298,000 $47,840 $42,500.04 $44,350.00 10 $1,342,000 $49,600 $24,999.96 $33,540.00 11 $1,122,000 $41,280 $9,020.52 $17,020.00 12 $1,100,000 $40,400 $14,250.00 $22,190.00 13 $1,100,000 $40,400 $23,625.00 $29,450.00 14 $1,243,000 $45,640 $10,312.56 $19,690.00 15 $1,265,000 $46,520 $10,836.47 $20,240.00 16 $1,067,000 $39,080 $8,508.48 $16,480.00 17 $1,067,000 $39,080 $16,250.04 $21,750.00 18 $1,067,000 $39,080 $8,508.48 $16,480.00 19 $1,243,000 $45,640 $10,020.02 $19,500.00 20 $1,147,000 $42,320 $8,727.84 $17,910.00 21 $1,058,000 $38,760 $20,224.50 $26,660.00 22 $1,036,000 $37,880 $41,250.00 $37,880.00 ES 1 $1,037,000 $37,880 $28,749.96 $31,920.00 ES 2 $1,037,000 $37,880 $24,625.00 $29,220.00 Subtotals: $31,563,000 $1,160,640 $519,983.08 $705,220.00 Exhibit C - Page 1 r SUMMARY OF SALIENT FACTS AND CONCLUSIONS - continued Exhibit C - Page 2 Existing (lstyear) Unencumbered Fair Market Contract Effective Lot No. Fee Lot Value Rental Value Rent Net Rent Interior Lots 23 $478,000 $14,487 $2,782.32 $6,297.00 24 $501,000 $15,237 $6,125.04 $8,897.00 25 $509,000 $15,537 $3,399.12 $6,977.00 26 $511,000 $15,612 $3,417.72 $6,942.00 27 $519,000 $15,912 $3,436.44 $7,102.00 28 $542,000 $16,775 $4,137.72 $7,785.00 29 $518,000 $15,650 $15,375.00 $15,470.00 30 $510,000 $15,462 $3,551.16 $7,102.00 31 $517,000 $15,725 $8,750.00 $10,515.00 32 $520,000 $15,837 $3,588.48 $7,217.00 33 $528,000 $16,137 $3,607.08 $7,307.00 34 $589,000 $18,200 $4,454.64 $8,490.00 35 $559,000 $17,000 $3,776.28 $7,780.00 36 $548,000 $16,662 $3,795.00 $7,672.00 37 $517,000 $15,725 $14,625.00 $15,005.00 38 $520,000 $15,837 $3,780.36 $7,967.00 v 39 $528,000 $16,137 $9,125.04 $11,557.00 40 $588,000 $18,162 $11,133.60 $13,572.00 41 $513,000 $15,500 $3,719.64 $7,300.00 42 $548,000 $16,662 $3,795.00 $7,672.00 43 $556,000 $16,962 $11,250.00 $13,232.00 44 $558,000 $17,037 $3,832.20 $7,787.00 45 $565,000 $17,300 $4,056.84 $7,990.00 46 $588,000 $18,162 $4,454.64 $8,492.00 47 $539,000 $16,475 $3,459.36 $7,365.00 48 $551,000 $16,775 $6,249.96 $9,305.00 49 $520,000 $15,837 $3,551.16 $7,197.00 50 $523,000 $15,950 $3,569.76 $7,240.00 51 $520,000 $15,837 $3,780.36 $7,857.00 52 $528,000 $16,137 $12,750.00 $13,927.00 53 $588,000 $18,162 $4,479.00 $8,492.00 54 $530,000 $15,987 $3,344.88 $7,227.00 55 $559,000 $17,075 $10,625.04 $12,865.00 56 $567,000 $17,375 $3,603.96 $7,915.00 57 $546,000 $16,737 $3,551.16 $7,427.00 58 $528,000 $16,137 $6,750.00 $10,007.00 59 $525,000 $16,025 $10,125.00 $12,175.00 60 $533,000 $16,325 $3,533.88 $7,315.00 Exhibit C - Page 2 SUMMARY OF SALIENT FACTS AND CONCLUSIONS - continued v Exhibit C - Page 3 Existing (Istyear) Unencumbered Fair Market Contract Effective Lot No. Fee Lot Value Rental Value Rent Net Rent Interior Lots - continued 61 $588,000 $18,162 $4,436.16 $8,482.00 ES 3 $474,000 $14,225 $8,750.04 $10,325.00 ES 4 $467,000 $13,962 $3,021.96 $6,322.00 ES 5 $470,000 $14,075 $10,000.08 $11,415.00 ES 6 $468,000 $14,000 $2,982.96 $6,310.00 ES 7 $461,000 $13,737 $2,966.04 $6,057.00 ES 8 $471,000 $13,925 $3,118.08 $6,455.00 Subtotal Int.: $23,786,000 $724,637 $254,617.16 $397,807.00 Subtotal W.F.: $31,563,000 $1,160,640 $519,983.08 $705,220.00 Grand Totals: $55,349,000 $1,885,277 $774,600.24 $1,103,027.00 Exhibit C - Page 3 Distribution of Rents and Tax Advantage between Tidelands and Uplands* Beacon Bay 6/6/94 - Page 1 Exhibit D (1st year) Proportionate Proportionate Annual Amort. Tidelands Effective % % Rent Rent of PV of Tax Tax Lot No. Net Rent Tidelands Uplands Tidelands Uplands Advantage Advantage Waterfront Lots A $31,940.00 100% 0% $31,940 $0 $0 $0 B $22,270.00 100% 0% $22,270 $0 $930 $930 C $22,480.00 100% 0% $22,480 $0 $1,410 $1,410 1 $15,030.00 100% 0% $15,030 $0 $2,080 $2,080 2 $17,950.00 100% 0% $17,950 $0 $2,260 $2,260 3 $31,560.00 100% 0% $31,560 $0 $560 $560 4 $21,260.00 100% 0% $21,260 $0 $2,610 $2,610 5 $28,840.00 100% 0% $28,840 $0 $1,620 $1,620 6 $34,260.00 100% 0% $34,260 $0 $0 $0 7 $31,870.00 95% 5% $30,276 $1,594 $0 $0 8 $43,480.00 50% 50% $21,740 $21,740 $0 $0 9 $44,350.00 5% 95% $2,217 $42,132 $0 $0 10 $33,540.00 0% 100% $0 $33,540 $0 $0 11 $17,020.00 0% 100% $0 $17,020 $3,200 $0 12 $22,190.00 0% 100% $0 $22,190 $1,130 $0 13 $29,450.00 0% 100% $0 $29,450 $0 $0 14 v $19,690.00 0% 100% $0 $19,690 $2,880 $0 15 $20,240.00 20% 80% $4,048 $16,192 $2,980 $596 16 $16,480.00 95% 5% $15,656 $824 $2,640 $2,508 17 $21,750.00 100% 0% $21,750 $0 $2,420 $2,420 18 $16,480.00 100% 0% $16,480 $0 $2,640 $2,640 19 $19,500.00 100% 0% $19,500 $0 $2,880 $2,880 20 $17,910.00 100% 0% $17,910 $0 $2,470 $2,470 21 $26,660.00 100% 0% $26,660 $0 $0 $0 22 $37,880.00 100% 0% $37,880 $0 $0 $0 ES 1 $31,920.00 100% 0% $31,920 $0 $0 $0 ES 2 $29,220.00 100% 0% $29,220 $0 $0 $0 Waterfront Subtotal: $705,220.00 $500,848 $204,372 $34,710 $24,984 Beacon Bay 6/6/94 - Page 1 Exhibit D Distribution of Rents and Tax Advantage between Tidelands and Uplands* Beacon Bay 6/6/94 • Page 2 Exhibit D (lstyear) Proportionate Proportionate Annual Amort. Tidelands Effective % % Rent Rent of PV of Tax Tax Lot No. Net Rent Tidelands Uplands Tidelands Uplands Advantage Advantage Interior Lots 23 $6,297.00 00/0 100% $0 $6,297 $550 $0 24 $8,897.00 090 100% $0 $8,897 $390 $0 25 $6,977.00 5% 95% $349 $6,628 $630 $31 26 $6,942.00 990/0 1% $6,873 $69 $710 $703 27 $7,102.00 100% 0% $7,102 $0 $660 $660 28 $7,785.00 100% 0% $7,785 $0 $740 $740 29 $15,470.00 0% 100% $0 $15,470 $0 $0 30 $7,102.00 0% 100% $0 $7,102 $580 $0 31 $10,515.00 30% 70% $3,154 $7,361 $660 $198 32 $7,217.00 100% 0% $7,217 $0 $620 $620 33 $7,307.00 100% 0% $7,307 $0 $650 $650 34 $8,490.00 100% 0% $8,490 $0 $730 $730 35 $7,780.00 0% 100% $0 $7,780 $580 $0 36 $7,672.00 0% 100% $0 $7,672 $590 $0 37 $15,005.00 5% 95% $750 $14,255 $0 $0 38 $7,967.00 99% 1% $7,887 $80 $0 $0 39 $11,557.00 100% 0% $11,557 $0 $0 $0 40 $13,572.00 100% 0% $13,572 $0 $0 $0 41 $7,300.00 0% 100% $0 $7,300 $510 $0 42 $7,672.00 0% 100% $0 $7,672 $590 $0 43 $13,232.00 0% 100% $0 $13,232 $0 $0 44 $7,787.00 0% 100% $0 $7,787 $630 $0 45 $7,990.00 15% 85% $1,198 $6,792 $660 $99 46 $8,492.00 0% 100% $0 $8,492 $720 $0 47 $7,365.00 0% 100% $0 $7,365 $610 $0 48 $9,305.00 0% 100% $0 $9,305 $600 $0 49 $7,197.00 0% 100% $0 $7,197 $620 $0 50 $7,240.00 0% 100% $0 $7,240 $630 $0 51 $7,857.00 0% 100% $0 $7,857 $110 $0 52 $13,927.00 0% 100% $0 $13,927 $0 $0 53 $8,492.00 0% 100% $0 $8,492 $730 $0 54 $7,227.00 0% 100% $0 $7,227 $500 $0 55 $12,865.00 0% 100% $0 $12,865 $0 $0 56 $7,915.00 0% 100% $0 0,915 $470 $0 57 $7,427.00 0% 100% $0 $7,427 $700 $0 58 $10,007.00 0% 100% $0 $10,007 $0 $0 59 $12,175.00 0% 100% $0 $12,175 $0 $0 60 $7,315.00 0% 100% $0 $7,315 $660 $0 Beacon Bay 6/6/94 • Page 2 Exhibit D I Distribution of Rents and Tax Advantage between Tidelands and Uplands* Add Waterfront: $705,220.00 Grand Total: $1,103,027.00 % of Total: 100% V (1st year) Proportionate Effective Lot No. Net Rent Interior Lots - continued 61 $8,482.00 ES 3 $10,325.00 ES 4 $6,322.00 ES 5 $11,415.00 ES 6 $6,310.00 ES 7 $6,057.00 ES 8 $6,455.00 Interior Lots $720 Subtotal: $397,807.00 Add Waterfront: $705,220.00 Grand Total: $1,103,027.00 % of Total: 100% V *Effective Net Rents consider tax advantage. Discount rate for present value of annual advantage is 6%. Rate for amortization of advantage is 7%. Rent and advantage figures are from 10/8/93 appraisal. Lots 3, 7, and 21 have been adjusted for new contract rent real estate taxes. Beacon Bay 6/6/94 - Page 3 Exhibit D Proportionate Proportionate Annual Amort. Tidelands % % Rent Rent of PV of Tax Tax Tidelands Uplands Tidelands Uplands Advantage Advantage 0% 100% $0 $8,482 $720 $0 100% 0% $10,325 $0 $320 $320 100% 0% $6,322 $0 $500 $500 85% 15% $9,703 $1,712 $0 $0 0% 100% $0 $6,310 $500 $0 0% 100% $0 $6,057 $650 $0 0% 100% $0 $6,455 $410 $0 $109,592 $288,215 $19,930 $5,251 $500,848 $204,372 $34,710 $24,984 $610,440 $492,587 $54,640 $30,235 55% 45% 100% 55% *Effective Net Rents consider tax advantage. Discount rate for present value of annual advantage is 6%. Rate for amortization of advantage is 7%. Rent and advantage figures are from 10/8/93 appraisal. Lots 3, 7, and 21 have been adjusted for new contract rent real estate taxes. 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Bb O I -1 95 -T Lb r 5 2/Ob/2/b'iy�� , �---------- Z ICI 0) Q rs a H H N (q H 44 x O W rl OT'6££ + PT'896'I6 = - - - x 896'16 = 006 - 61'898'Z6 006'81 x 06L6ZE'Z SB 88/T is .88Z + 68'S9S'LC = (SOSZOT'0 x ZS'Z6Z'I) + S66L68'0 x 60Z 'IP = SEL - OL'E66'Z6 = 006'81 x EZL90E'Z 68 L8/Zi ZL'LOZ + 09 *919'E£ = (SOSZOI*0 x ZS'Z6Z'T) + S66L68'0 x 80C 'LC = SEL - 6Z'E60'8£ = 006'81 x OLSL90'Z EL MT L6'OTZ + E8'E90'0£ _ (MUT*0 x ZS'Z6Z'T) + 96ZL08'0 x Z£6'9E = SEL - £9'999'LE = 006'81 x 660L60'Z ZL 98/ZI 9E'9LT+ CUT 16'9Z = (60LUT*0 x ZS'Z6Z'i) + 96ZL08'0 x 9Z0'Ef = SEL - 66'19L'EE = 006'81 x 4986E8'I 19 9811 69'661 + 69'8EI'6Z = (606ZLZ'0 x ZS'Z6Z'T) + T6SLZL'O x Z69'Z£ = SEC - ZZ'LZ6'EE = 006'81 x L699I8'T 09 S8/ZT 09'EZI + IT'LT9'IZ = (606ZLZ'O x ZS'Z6Z'I) + T63LZL'0 x LZZ'6Z = SEL - I9'196'6Z = 006'81 x 86EOZ91 66 S8/1 6E'66 + LE'9LZ'61 = (ZOIEW O x 9L'E6L) + 8689S9'0 x 0£6'82 = SEL - 96'699'6Z = 006'8T x 9ZZZ19'1 86 68/ZT 6f *8L + 60'99Z'LT = (ZOTE6E'O x 9L'E6L) + 868999*0 x 6S8'SZ = SEL - T6'69S'9Z = 006'8T x 9LOS66'I LE 68/1 LS'09 + 8T'£ZS'ST = (600906'0 x 9L'E6L) + THUS*0 x 169 'SZ = SEL - ST'9Z£'9Z = 006'81 x 69L0£6'1 9£ E8/ZI 08'£6 + S6'106 'ET = (600906'0 x 9L'E61) + THUS '0 x Z98'ZZ = SEL - SL'969'EZ = 006'81 x Z£6Z8Z'I SZ £8/I 89'62 + SE'LES 'ZI = (TSTZ96'0 x 9L'E6L) + 668L£S'0 x 8Z9'ZZ = SEL - Ii'E9E'£Z = 006 '81 x SEL69Z'i 6Z Z8/Z1 8E'SZ + L6'LZ6'IT = (ISIZ96'0 x 9L'£6L) + MICS '0 x 666'IZ = SEL - OZ'6ZZ'ZZ = 006'81 x 60180Z11 61 Z81L TZ'9I + LS'6EZ'II = (TSIZ96'O x 9L'£6L) + 668LES'O x 90Z'OZ = SEL - Z6'066'OZ = 006'81 x £609EI'I Et Z8/I 80'S + OE'8ST'Ot = (98£ZIS'0 x 9L'£6L) + 06TUW O x 866'61 = SEL - 8S'£EG'OZ = 006'81 x SZ89ZT'I ZT ISM - Z9'L99'6 = (98£ZTS'0 )c 9L'E6L) + OP19L86'O x Z66'81 = SEL - 6Z'LZL'61 = 006'81 x SCULO'T L 18/1 Z9'L99'6S 1an0 a6uey0 g H T ( 3 X ) + -TTI )X V ) SEL S ssal TeluaH palsn(pV 0"1 luaH aseH 6upun wo To 0W/8I 1) lobed luawlsn(p V 18/I/I wo13 syluoW a1PO aseal MaN ZI 101 :'I30HVd lN0HJAV9 :3'TdWVX3 103023 6trm enuuV pUe y31oM luesold pauTgwoO = I luaH 1 (luawlsn(pe Pale uowwo0) BELS - aseoI alu E IddoO x WO. Ose0 H H 3 = = tl luaH ION aATloaJJ3 = H 10• + (J -T) V = 2T :V'IfINHO3 OISVH 3SV3H0NI HV3A 'dad %ZI Q3WflSSV H.LIM 3ONVHO 311'IVA 'IVLN32I 3AI.L03333 (ZI 107 'I30HVd LNOVIAV9) ,Qin ZISIHXH 1 Q M H P4 H N m H 44 x o x W N 6£'66£ + LB'SST'Li = - - - X 9ST'LT = 006 - L8'SSO'8i = OSL'L X 06L6ZE*Z S8 88/1 68'66Z + 09'6£6'SI = (SOSZOI'0 X ST -CES) + 966L68'0 X Z6I'LT = SEL - 01'LL8'LT = OSL'L X EZL90E'Z b8 LB/ZI 08'9SZ + 9I'9LL"£i = (SOSZOi'0 X SI'E£S) + S66L68'0 X 68Z'ST = SEL - L9'EZO'9I = OSL'L X OLSL90'Z EL L8/I ZO'6IZ + 6I'LT£"ZI = (60LZ61'0 X SI'££S) + 96ZLO8'0 X OCT 'ST = SEL - ZO'S98'ST = OSL'L X 660L60'Z ZL 98/ZI Z9'681+ 8Z *696'01 = (60LZ6I'0 X S P ECS) + 96ZLOB'0 X S86'EI = SEL - 6T'OZZ'VI = OSL'L X 6986£8'I 19 98/1 £Z'SST + OS'6S8'6 = (60VZLZ*O X ST -CES) + i6SLZL'0 X PPE CI = S£L - 06'6L0'fii = OSL'L X L69918'T 09 SB/ZI £L'LZI + 66'Z6L'8 - (606ZLZ'O X SI'£ES) + I6SLZL'0 X S88'II = S£L - OL'619'ZT OSL'L X 86£8Z9'I 66 SB/T 66'ZOI+ OE'L£B'L = (ZOIE6E'O X Z6'LZ£) + 8699S9'0 X 09L'II = S£L - SL'666'ZI = OSL'L X 9ZZZI9'i 86 68/ZI S6'08 + 6£'986'9 = (ZOICK* 0 X Z6'LZE) + 8689S9'0 X 696'OT = S£L - 6E'661'IT = OSL'L X 9LOSW I LE 68/T EL'Z9 + 08'Z8Z'9 = (600906'O X Z6'LZ£) + T66£6S'O X CSCOI = SEL - 96880'TT = OWL X 69LOE6'I 9£ EMT 60'S6 + 46'66S'S = (600906'0 X Z6'LZE) + THUS '0 X 60Z'6 = S£L - SS 8£6'6 = OSL'L X Z£6Z8Z'T SZ £8/I 9L'OE + L9'960'S = (TSIZ96'O X Z6'LZE) + 668LES'0 X SOI '6 = SEL - 66'068'6 = OSL'L X S£L69Z'I 6Z Z8/Zi II'6Z + 6L'I6L'6 = (ISTZ96'0 X ZIP We ) + 6P9L£S'O X BZ9'8 = S£L - 68'Z9£'6 = OSL'L X 6018OZ'1 61 ZS/L SS'9T + S6'666'6 = ' (ISTZ96'0 X Z6'LZ£) + 668LES'0 X SBO'8 = SEL - ZZ'OZB'8 = OWL X £609CI'I EI ZVI SUS + S9'L90'6 = (98EZIS*0 X Z6'LZE) + 0619LB6'0 X 066'L = S£L - 68'ZEL'8 = OSL'L X SZ89ZT'i ZT 18/ZI 86'098'£ = (98£ZIS'0 X Z6'LZ£) + 0619LB6'0 X PLS 'L = SEL - SO'60E'B = OSL'L X S£IZLO'I L 18/1 86'098'ES JOAO(; X O ) + (;-T) X —V 1 SEL S Telua2l —1 ua2T bulpu�wo� 18/I/1 all?(] abue 4O $ ssaZ palsn(pV Oseg •o{H/$T woi,; Osea1 OWI.L - 0 103323 s4luOVi MON luounsnfpV Z£ 101 :'I30'dVd 'd0I1d3J NI :3'IdWVX3 aoloe3 bulzTTenuuV pue 4lioM luasald pauT4ujoO = ; luau loeiluoO buTlslX3 = 0 ('(PV eOJV ' WHO) SELS- OsealouI IdO X luaH aseg - V luali ION OATI08113 - ll 3O+ 0-0v = lT : V If1WH03 0ISV6 3SV3HONI HV3x Ud %ZI Q3WfISSV H.LIM 3ONVHO 3fl-IVA 'IV.LN3H 3AI.L03dd3 (ZE 101 ll0ll IN1) „Q„ ZIgIHXg a) 0 U� z ra aJ U) cn ra v -u U] a v N 1•a v �] O U Ul .bJ r rd v 1Z rU iJ M h m m v 44 • J C :1 ro ac v >14-)m r13 v v v C 44 v w E~ v aJ v +� U]4-' O v a) �+ 0mm >1 r- c m v : c o a) m ro 1 H o a z H rt a4 -)O (0 U U) o ,-q O Z -,1 -4 UFao U F:4U ra ra v O , ro m v ra V v .Q w $4 v •r -i U W E-1 H 4 . 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