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THS • m <br />0/417 (12) <br />I <br />11 <br />RESOLUTION NO. 6596 <br />2i <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF NEWPORT, BEACH.APPROVING AN ASSIGNMENT OF A <br />3I <br />LEASEHOLD.ESTATE BY_A DEED OF TRUST AkrD.AUTHO- <br />ING THE ECUTION OF_A CONSENT TO 3U30H <br />RI% � <br />4I <br />ASSIGNMENT <br />51 <br />61 <br />6MREAS, the City of Newport Beach has entered into a <br />71 <br />lease dated March 24, 1948, with the Balboa Bay Club, Inc., a <br />8I <br />California corporation, which lease has since been amended by <br />9 <br />instruments dated April 10, 1950, September 29, 1952, and March 28, <br />10 <br />1960, covering the premises in the City of Newport Beach more <br />ill <br />particularly described in said lease, as amended, which is re- <br />12 <br />ferred to in the consent to assignment authorized hereby as the <br />13 <br />"Main Lease"; and <br />14 <br />WHEREAS, one of the provisions of said lease provides <br />15 <br />that said lease may not be assigned without the consent of the <br />16 <br />City of Newport Beach; and <br />17 <br />WHEREAS, the Balboa Bay Club, Inc. desires to assign a <br />18 <br />portion of its leasehold estate under said lease by a deed of <br />19 <br />trust to secure a certain indebtedness, which deed of trust is <br />20 <br />more particularly described as follows: <br />21 <br />Deed of Trust to be given by*Balboa Bay Club, Inc., <br />22, <br />a California corporation, as Trustor, in favor of <br />23 <br />I <br />Equitable Savings and Loan Association, a California <br />24 <br />corporation, as Trustee and Beneficiary, as security <br />25 <br />for the payment of an indebtedness not to exceed the sum <br />26 <br />of $2,500,000, which deed of trust is referred to in the <br />27 <br />above mentioned consent as the "Subsequent Deed of Trust ". <br />28 <br />An unexecuted copy of the Subsequent Deed of Trust in sub - <br />29 <br />stantially the form in which it will be executed by the <br />�. <br />30 <br />parties thereto is attached to the consent, marked Exhibit <br />31 <br />A, and by reference incorporated in the consent for identifi- <br />32 <br />cation; <br />