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T€d in Oficial Records, Orange County <br />RECORDING REQUESTED?, ND?ar' [ ' �h�N u en, Clerk -Recorder NO FEE <br />WHEN RECORDED RETURN TO: IIIIIIIIIIIIIIII'IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII <br />*� R 0 0 0 7 1 8 5 7 6 8$ <br />Office of the City Clerk G' 1400055770711:41 am 12124114 <br />City of Newport Beach r 0,4° 14,.M10 8 <br />100 Civic Center Drive 0.+5tl16.00 0.00 0.00 21.00 0.00 0.00 0.00 <br />-� I.a, <br />Newport Beach, CA 92658 <br />[Exempt from Recordation Fee — Cal. Govt. Code §§ 6103 & 27383] <br />MEMORANDUM OF OPTION AGREEMENT <br />This Memorandum of Option Agreement ("Memorandum") is datedYJtEr� , <br />2014, and is made between the City of Newport Beach, a California municipal <br />corporation and charter city ("City") and ExplorOcean, a California non-profit corporation <br />("EO"), concerning the public parking lot located generally between Palm Street and <br />Washington Stree' from Bay Avenue to Balboa Boulevard on the Balboa Peninsula <br />certain property in the City of Newport Beach that is commonly referred to as the Palm <br />Street Parking Lot ("Property"). The Property is more particularly described on Exhibit A <br />attached hereto. <br />For good and adequate consideration, City grants EO an option to lease the Property, <br />pon the satisf,aaction of certain conditions contained in the Option Agreement dated <br />2014, including without limitation provisions prohibiting assignment, <br />without the express written consent of City, all as more specifically set forth in said <br />Option Agreement, which said Option Agreement is incorporated in this Memorandum <br />by this reference. <br />The Option Agreement's term is approximately seven (7) years, ending on December <br />31, 2021, unless extended by the parties. <br />This Memorandum is not a complete summary of the Option Agreement. Provisions in <br />this Memorandum shall not be used in interpreting the Option Agreement's provisions. <br />In the event of conflict between this Memorandum and other parts of the Option <br />Agreement, the other parts shall control. Execution hereof constitutes execution of the <br />Option Agreement itself. <br />[Signatures on the next page] <br />