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BEACON BAY LEASE <br />THIS BEACON BAY LEASE ("Lease") is entered into as of the )Ugday of <br />October, 2016 ("Effective Date"), by and between the City of Newport Beach, a <br />California municipal corporation, tidelands trustee, and charter city ("Lessor' or "City'), <br />and Gregory Joseph Skjonsby and Mary Johanna Skjonsby, Trustees of The Skjonsby <br />Family Trust dated July 16, 2001 ("Lessee"). Lessor and Lessee are sometimes <br />individually referred to herein as "Party" and collectively as the "Parties." <br />RECITALS <br />A. Lessor, by virtue of a 1978 legislative grant found in Chapter 74 of the <br />Statutes of 1978, as amended ("Beacon Bay Bill"), holds the right, title, and interest to <br />certain tidelands and uplands commonly known as Beacon Bay and generally depicted <br />in Exhibit "A" attached hereto and incorporated by reference. <br />B. The Beacon Bay Bill frees the 'Westerly portion" of the filled tidelands <br />from the public trust and specifically authorizes the lease of the property for residential <br />purposes subject to certain express statutory conditions. <br />C. As required by the Beacon Bay Bill, the consideration to be received by <br />the City for the residential leases is the fair market rental value of such lots as finished <br />subdivided lots with streets constructed and all utilities installed. <br />D. On November 3, 1987, a majority of the electors in the City approved a <br />measure authorizing the City Council to enter into residential leases in Beacon Bay for a <br />period not to exceed fifty (50) years. <br />E. On November 3, 1992, a majority of the electors in the City approved <br />Measure M authorizing the City Council to lease tidelands and waterfront property <br />consistent with the provisions of state law. <br />F. The City Council, pursuant to the authority conferred by the electors and <br />the Beacon Bay Bill, leased out the residential lots within Beacon Bay for fifty (50) year <br />terms. <br />G. Lessor and Lessee desire a new residential lease for Beacon Bay with a <br />new fifty (50) year term and new provisions that are reflective of current conditions. <br />H. City has determined this Lease is consistent with the Beacon Bay Bill, the <br />City's Charter, General Plan, Zoning Ordinances, and all other applicable state and <br />local laws. <br />I. The California State Lands Commission reviewed the form of this Lease <br />and the range of consideration to be received by the City and determined that the Lease <br />is in conformance with the provisions in the Beacon Bay Bill. <br />