HomeMy WebLinkAboutC-7298-5 - Beacon Bay, 33 - Assignment and Assumption of Lease 202410/23/24, 4:18 PM
Batch 18226062 Confirmation
Recording Requested By
and When Recorded Return To
City of Newport Beach
City Clerk's Office
100 Civic Center Drive
Newport Beach, CA 92660
Recorded in Official Records, Orange County
Hugh Nguyen, Clerk -Recorder
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2024000276893 3:44 pm 10/23124
434 503A A38 A34 6
0.00 0.00 0.00 0.00 15.00 0.00 0.000.000.00 0.00
THIS SPACE FOR RECORDER'S USE ONLY
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ASSIGNMENT AND ASSUMPTION OF LEASE
THIS ASSIGNMENT AND ASSUMPTION OF LEASE ("Assignment") is made and
entered into as of this � day of DCr'Mt-,k,Q , 2024 ("Effective Date"), by and
between the City of Newport Beach, a California municipal corporation and charter city
("Lessor" or "City"), Timothy Hodges, Trustee of The Hodges Family Trust dated June 15,
1981, as amended ("Assignor"), and Timothy Hodges, a married man as his sole and
separate property ("Assignee"). Lessor, Assignor and Assignee are sometimes
individually referred to herein as "Party" and collectively as the "Parties."
RECITALS
A. On July 13, 1994, Lessor and Robert V. Hodges and Marilyn W. Hodges, Trustees
of the Hodges Family Trust dated June 15, 1981, entered into a lease commencing
July 1, 1994, and ending July 1, 2044 ("Lease") for the real property commonly
known as Beacon Bay Lot 33, and legally described as:
Lot 33 as shown on the map filed in Book 9, Pages 42 and 43 of
Record of Surveys, in the Office of the County Recorder, County of
Orange, State of California ("Property").
B. The Lease was evidenced by a Memorandum of Lease recorded on December 7,
1994, as. Instrument No. 94-0701496 in the Official Records of Orange County.
C. On October 12, 2016, Robert V. Hodges died, as evidenced by an Affidavit — Death
of Trustee, recorded on October 17, 2017, as Instrument No. 2017000440803 in
the Official Records of Orange County. Upon the death of Robert V. Hodges,
without notice to the City, the leasehold transferred to Marilyn W. Hodges, as the
sole surviving trustee of the Hodges Family Trust dated June 15, 1981, as
amended.
D. Thereafter, the leasehold transferred, without notice to the City, to Marilyn W.
Hodges, as sole trustee of the Hodges Survivors Trust, created from the Hodges
Family Trust Established June 15, 1981, as amended, as evidenced by a Quitclaim
https://gs.secure-erds.com/Batch/Confirmation/18226062 2/5
Recording Requested By
and When Recorded Return To:
City of Newport Beach
City Clerk's Office
100 Civic Center Drive
Newport Beach, CA 92660
an
THIS SPACE FOR RECORDER'S USE ONLY
ees rursu
ASSIGNMENT AND ASSUMPTION OF LEASE
THIS ASSIGNMENT AND ASSUMPTION OF LEASE ("Assignment") is made and
entered into as of this day of 2024 ("Effective Date"), by and
between the City of Newport Beach, a California municipal corporation and charter city
("Lessor" or "City"), Timothy Hodges, Trustee of The Hodges Family Trust dated June 15,
1981, as amended ("Assignor"), and Timothy Hodges, a married man as his sole and
separate property ("Assignee"). Lessor, Assignor and Assignee are sometimes
individually referred to herein as "Party" and collectively as the "Parties."
RECITALS
A. On July 13, 1994, Lessor and Robert V. Hodges and Marilyn W. Hodges, Trustees
of the Hodges Family Trust dated June 15, 1981, entered into a lease commencing
July 1, 1994, and ending July 1, 2044 ("Lease") for the real property commonly
known as Beacon Bay Lot 33, and legally described as:
Lot 33 as shown on the map filed in Book 9, Pages 42 and 43 of
Record of Surveys, in the Office of the County Recorder, County of
Orange, State of California ("Property").
B. The Lease was evidenced by a Memorandum of Lease recorded on December 7,
1994, as Instrument No. 94-0701496 in the Official Records of Orange County.
C. On October 12, 2016, Robert V. Hodges died, as evidenced by an Affidavit — Death
of Trustee, recorded on October 17, 2017, as Instrument No. 2017000440803 in
the Official Records of Orange County. Upon the death of Robert V. Hodges,
without notice to the City, the leasehold transferred to Marilyn W. Hodges, as the
sole surviving trustee of the Hodges Family Trust dated June 15, 1981, as
amended.
D. Thereafter, the leasehold transferred, without notice to the City, to Marilyn W.
Hodges, as sole trustee of the Hodges Survivors Trust, created from the Hodges
Family Trust Established June 15, 1981, as amended, as evidenced by a Quitclaim
Deed recorded on October 17, 2017, as Instrument No. 2017000440802 in the
Official Records of Orange County.
E. On April 14, 2018, Assignor was appointed an additional trustee of the Hodges
Family Trust dated June 15, 1981.
F. On May 14, 2022, Lessor and Marilyn W. Hodges, as sole trustee of the Hodges
Survivors Trust, entered into an Amendment No. One to Lease to amend the name
of Lessee as referenced in the Lease to be Marilyn W. Hodges, Trustee of the
Hodges Survivors Trust created from the Hodges Family Trust Dtd 6-15-81, as
amended, and to amend the insurance requirements as set forth in the Lease.
G. On February 27, 2024, Marilyn W. Hodges died, as evidenced by an Affidavit —
Death of Trustee, recorded on April 5, 2024, as Instrument No. 2024000085031 in
the Official Records of Orange County. Upon the death of Marilyn W. Hodges, the
leasehold transferred to Assignor.
H. Assignee desires to accept and assume from Assignor, and Assignor desires to
transfer, convey, assign, and set over to Assignee, all of the right, title, and interest
of Assignor as tenant in, to, and under the Lease.
NOW, THEREFORE, in consideration of the foregoing of the mutual covenants of
Parties hereto and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, it is hereby agreed as follows:
1. Assignment. As of the Effective Date, Assignor hereby assigns, transfers
and sets over unto Assignee, his successors and permitted assigns, all of the right, title
and interest of Assignor as tenant in, to and under the Lease. This assignment shall be
subject to each and all of the covenants, conditions and restrictions set forth in the Lease
and shall be subject to all rights and interests of the City thereunder, except as herein
otherwise provided.
2. Assumption. As of the Effective Date, Assignee, for himself and his
successors and permitted assigns, hereby accepts and assumes the Lease and agrees
to timely pay, perform, observe and discharge all of the covenants, conditions,
agreements, terms and obligations to be performed as tenant under the Lease. Assignor
shall have no liability for any obligations arising under the Lease as of the Effective Date.
3. Consent. The City does hereby consent to the assignment of Assignor's
interest in and to the Lease to Assignee, subject to the terms and conditions of this
Assignment.
4. Indemnity. Assignor and Assignee shall defend, indemnify and hold the City
harmless from all costs, expenses, claims, causes of action or damages (including,
without limitation, reasonable attorney fees and costs), which may arise out of or in
connection with this Assignment.
Assignment and Assumption of Lease (Lot 33) Page 2
5. Assignee Status. Annual rent, deferred rent, and period adjustments shall
be based upon Assignee being a "Subsequent Lessee" pursuant to Section 3(13)(2)(d),
and the Property being "Transferred" pursuant to Section 3(A)(11) of the Lease.
6. Annual Rent. Pursuant to Section 3(B)(2)(d) of the Lease, Assignee's
annual rent is equal to the Average Actual sales Value Rent calculated as of February 27,
2024 ("Date of Transfer") in accordance with the provisions of Section 3(A)(2) of the
Lease. Accordingly, Assignee shall pay annual rent in the sum of Fifty Three Thousand
Seven Hundred Fifty Dollars and 00/100 ($53,750.00), payable at the rate of Four
Thousand Four Hundred Seventy Nine Dollars and 17/100 ($4,479.17) per month.
7. Deferred Rent. Assignee shall also pay deferred rent in the sum of
Qh0v,*V-,d0lne W cct tie,n, o� 0 11 l Z )upon execution of this Assignment.
8. Rent Adiustments. Annual rent shall be adjusted every seven (7) years after
the date of transfer in accordance with the provisions of Section 3(B)(4) of the Lease.
9. Binding Effect. This Assignment and all provisions hereof shall be binding
upon and inure to the benefit of the Parties hereto and their respective successors and
permitted assigns.
10. Waiver. A waiver by either party of any breach, of any term, covenant or
condition contained herein shall not be deemed to be a waiver of any subsequent breach
of the same or any other term, covenant or condition contained herein, whether of the
same or a different character.
11. Entire Agreement. This Assignment represents the full and complete
understanding of every kind or nature whatsoever between the parties hereto, and all
preliminary negotiations and agreements of whatsoever kind or nature are merged herein.
No verbal agreement or implied covenant shall be held to vary the provisions herein. The
Recitals set forth above are incorporated herein by this reference.
12. Interpretation. The terms of this Assignment shall be construed in
accordance with the meaning of the language used and shall not be construed for or
against either party by reason of the authorship of the Assignment or any other rule of
construction which might otherwise apply.
13. Amendments. This Assignment may be modified or amended only by a
written document executed by the Parties approved as to form by the City Attorney.
14. Severability. If any term or portion of this Assignment is held to be invalid,
illegal, or otherwise unenforceable by a court of competent jurisdiction, the remaining
provisions of this Assignment shall continue in full force and effect.
15. Controlling Law and Venue. The laws of the State of California shall govern
this Assignment and all matters relating to it and any action brought relating to this
Assignment shall be adjudicated in a court of competent jurisdiction in the County of
Orange, State of California.
Assignment and Assumption of Lease (Lot 33) Page 3
16. No Attorneys' Fees. In the event of any dispute or legal action arising under
this Assignment or the Lease, the prevailing party shall not be entitled to attorneys' fees.
17. Counterparts. This Assignment may be executed in two (2) or more
counterparts, each of which shall be deemed an original and all of which together shall
constitute one (1) and the same instrument.
[SIGNATURES ON NEXT PAGE]
Assignment and Assumption of Lease (Lot 33) Page 4
IN WITNESS WHEREOF, the parties have caused this Assignment to be executed
on the dates written below.
APPROVED AS TO FORM: CITY: CITY OF NEWPORT BEACH,
CITY ATTORNEY'S OFFICE a California municipal corporation and
charter city
Date: , 1AIN Date: 1*6 (J-ge;-o
n
By. �� M o By:
on C. Harp -71181Q I"bLr ce K. Leung
ty Attorney ity Manager
ATTEST:
Date:
Brown
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ASSIGNOR: TIMOTHY HODGES,
Trustee of the Hodges Family Trust dated
June 15, 1981, as amended
Date: I 0 // % 17,124
"FRIM—Wir M, )l om 0, fdnA
ASSIGNEE: TIMOTHY HODGES, a
married man as his sole and separate
property
Date: o
By: ;��0),
Timothy Hodges
[END OF SIGNATURES]
Assignor and Assignee must sign in the presence of a notary public
Assignment and Assumption of Lease (Lot 33) Page 5
ACKNOWLEDGMENT
A notary public or other officer completing this certificate
verifies only the identity of the individual who signed the
document to which this certificate is attached, and not the
truthfulness, accuracy, or validity of that document.
State of California
County of o9-o mac } ss.
On cc:-toP�,,Q I , 207-1 before me, 3 C-Nc. ER A+yN r"�j—yV -1 ,
Notary Public, personally appeared 11yyn0 'Tl-1 y I+0DC' E S , who
proved to me on the basis of satisfactory evidence to be the person(s-) whose names) is/are
subscribed to the within instrument and acknowledged to me that he/sho they executed the same in
hishiWA.heir- authorized capacity(ies), and that by his/he4their signatures(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.
WITNESS my hand and official seal.
• >y JENNIFER ANN MULVEY
..
Notary Pubiic - California
Orange County
Z = Commission.42375299
` ••"'�MY Comm. Expires Oct 12, 2025
(seal)
ACKNOWLEDGMENT
A notary public or other officer completing this certificate
verifies only the identity of the individual who signed the
document to which this certificate is attached, and not the
truthfulness, accuracy, or validity of that document.
State of California
County of 0R-At l(vE } SS.
On d)(-T 22 , 20 Z-4 before me, jt=Mt ftfea ANN my`-�4,H,
Notary Public, personally appeared GRAc—c K . LEvr l(,
proved to me on the basis of satisfactory evidence to be the person(s} whose name(s) is/a�r-e
subscribed to the within instrument and acknowledged to me that ha/she/they executed the same in
histher/their authorized capacity{ies), and that by his/her/their signatures(s) on the instrument the
person(&), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.
WITNE,S-T�y hand and official seal.
Sig
W „" r - JENNIFER ANN MULVEY 4�
„ Notary Pubtic - California
r,c '' Orange County
Commission a 2375299
_•"� My Comm. Expires Oct 12, 2025
(seal)