HomeMy WebLinkAboutF-2j - Request for Resicission of Beacon Bay Lease Agreements for Parcel Nos. 22 and 481a697 pr
JUL 14 1981
By *40 Ci 1, Y COUi�L
CITY OF N yypCltr i:f REACH
CITY OF NEWPORT BEACH
OFFICE OF THE CITY ATTORNEY
MEMORANDUM
Agenda Item No. n
July 14, 1981
To: Honorable Mayor & Members of the City Council
From: City Attorney
Subject:
REQUEST
The tenants at Beacon Bay Nos. 22 and 48 executed the Beacon Bay
Agreement to Lease as authorized by Resolution No. 10040. The
Agreement to Lease documents in each case were executed by the
Mayor and City Clerk and approved as to form by the City
Attorney's office.
Thereafter, and prior to July 1, 1981, the tenants on each parcel
requested that the City rescind the execution of the Agreement to
Lease pending the transfer of their leasehold interest to a
family trust. After the transfer is completed, both parties
agree that they will execute the Agreement to Lease in the new
leasehold format. The execution of the Lease after July 1, 1981
will cause there to be additional payment made to the City, over
and above the July 1, 1981 effective date, the amount to be
determined when the documents are finally executed.
Agenda Item No
July 14, 1961
Page Two
Subject:
ON
It is recommended that the City Council approve a Resolution
authorizing the rescission of the Agreement to Lease as to Nos.
22 and 48 Beacon Bay.
DISCUSSION
The tenants in Nos. 22 and 48 Beacon Bay have executed the
Agreement to Lease and the Agreements to Lease have been executed
by the City, all prior to July 1, 1981. Prior to July 1, the
tenant on each parcel requested rescission of the Agreement, but
since the Agreement had been executed by the City, the City staff
is unable to rescind to permit recission, it required that the
City Council adopt a resolution authorizing the rescission. Once
rescission is effected, the tenant on each parcel will transfer
his or her respective interest into a family trust and
thereafter, re- execute the Agreements to Lease. The later
execution, after July 1, 1981, of the Agreements to Lease will
result in higher lease payments being made to the City,
consistent with the schedule of rents which increase on a regular
basis and an increase in the cost of living. The City will
therefore receive additional funds when these Agreements to Lease
are finally executed in their new format. No other requests will
be considered after the July 1, 1981 effective date of the Beacon
Bay Agreement to Lease.
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HRC /pr