HomeMy WebLinkAbout6596 - Assignment of Leasehold EstateTHS • m
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RESOLUTION NO. 6596
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT, BEACH.APPROVING AN ASSIGNMENT OF A
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LEASEHOLD.ESTATE BY_A DEED OF TRUST AkrD.AUTHO-
ING THE ECUTION OF_A CONSENT TO 3U30H
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ASSIGNMENT
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6MREAS, the City of Newport Beach has entered into a
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lease dated March 24, 1948, with the Balboa Bay Club, Inc., a
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California corporation, which lease has since been amended by
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instruments dated April 10, 1950, September 29, 1952, and March 28,
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1960, covering the premises in the City of Newport Beach more
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particularly described in said lease, as amended, which is re-
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ferred to in the consent to assignment authorized hereby as the
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"Main Lease"; and
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WHEREAS, one of the provisions of said lease provides
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that said lease may not be assigned without the consent of the
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City of Newport Beach; and
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WHEREAS, the Balboa Bay Club, Inc. desires to assign a
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portion of its leasehold estate under said lease by a deed of
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trust to secure a certain indebtedness, which deed of trust is
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more particularly described as follows:
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Deed of Trust to be given by*Balboa Bay Club, Inc.,
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a California corporation, as Trustor, in favor of
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Equitable Savings and Loan Association, a California
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corporation, as Trustee and Beneficiary, as security
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for the payment of an indebtedness not to exceed the sum
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of $2,500,000, which deed of trust is referred to in the
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above mentioned consent as the "Subsequent Deed of Trust ".
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An unexecuted copy of the Subsequent Deed of Trust in sub -
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stantially the form in which it will be executed by the
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parties thereto is attached to the consent, marked Exhibit
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A, and by reference incorporated in the consent for identifi-
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cation;
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21 i I*ZREAS, it appears to be in the best interests of the
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3 citizens of the City of Newport Beach that the City consent to
4 such assignment by the deed of trust described above;
5j NOW, THEREFORE, BE IT RESOLVED that the City Council of
6 the City of Newport Beach hereby consents to the above described
7 assignment by deed of trust subject to all of the terms and
81 conditions set forth in the consent to assignment and hereby
9I authorizes the Mayor and City Clerk to execute said consent to
10 assignment on behalf of the City.
11 ADOPTED this 26th day of June , 1967.
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Mayor pro Tem
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City C e
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STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF NEWPORT BEACH )
I, LAURA LAGIOS, City Clerk of the City of Newport Beach, California,
do hereby certify that according to the records of the City of Newport Beach
filed and maintained in my office, the foregoing Resolution No. 6596 was
duly and regularly adopted, passed, and approved by the City Council of the
City of Newport Beach, California, at a regular meeting of said City Council
held at the regular meeting place thereof, on the 26th day of June , 1967,
by the following vote, to wit:
AYES, COUNCILMEN: Engerc, parcnna� Manchall , ('�k, Fj gi ±r Shelton
NOES, COUNCILMEN: None
ABSENT, COUNCILMEN: Gruber
Dated this 27th day of June 1967.
e,
City Clerk ad ER-Of#kio Clerk of the
City Council, City of Newport Beach,
State of California