HomeMy WebLinkAboutC-9714-5 - East Balboa Boulevard, 301 - Assignment of Lease 2024T
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ASSIGNMENT OF LEASES
THIS ASSIGNMENT OF LEASES ("Assignment") is made this day of
December, 2024 ("Assignment Date") by and between Bobby Hanada and Linda
Hanada, husband and wife as joint tenants ("Assignor"), and City of Newport Beach, a
California municipal corporation and charter city ("Assignee'). Assignor and Assignee
are sometimes hereinafter individually referred to as a "Party" and collectively as the
"Parties" to this Assignment.
WIT NESSETH:
A. Assignor and Assignee entered into that certain Agreement for Purchase
and Sale of Real Property and Escrow Instructions, dated as of September 5, 2024 (as
amended, collectively, the "Agreemen#"), respecting the sale of the Property (as defined
in the Agreement). Concurrently with the delivery of this Assignment, Assignor has
conveyed to Assignee all of Assignor's interest in the real Property. Capitalized terms
used herein and not separately defined have the meanings ascribed to them in the
Agreement.
B. Under the Agreement, Assignor is obligated to assign to Assignee all of
Assignor's right, title and interest in and to the Leases for which Assignee has agreed to
assume, which are listed on Exhibit "A" attached hereto.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1. Assignment of Contracts. Effective as of the Assignment Date, Assignor
hereby assigns, sells, transfers, conveys, sets over and delivers unto Assignee all of
Assignor's estate, right, title and interest in and to the Leases and Assignee hereby
accepts such assignment. Notwithstanding the foregoing or anything to the contrary
contained herein, Assignor shall retain all rights, title and interest in and to all rentals and
other amounts payable by tenants under the Leases, and other rights and claims against
any parties under the Leases, for the period of time prior to the Assignment Date.
2. Assumption. Assignee hereby accepts the foregoing assignment of the
Leases included on Exhibit "A" and assumes the Leases and agrees to timely keep,
perform and discharge all of the terms, covenants and conditions imposed upon Assignor
as landlord under the Leases accruing or arising on or after the Assignment Date.
3, 6ssignment Date, The Assignment Date of this Assignment shall be the
date that Assignee acquires the Property, as evidenced by the recordation of a grant deed
to Assignee.
4. No Attorne 's Fees. In the event of the bringing of any action or suit by a
party hereto against another party hereunder by reason of any breach of any of the
covenants, conditions, agreements or provisions on the part of the other party arising out
of this Assignment, then in that event the prevailing party shall not be entitled to have and
Assignment of Leases --- 301 E Balboa Blvd. Page 9
recover of and from the other party any costs and expenses of the action or suit, nor
attorneys' fees.
5. Counterparts. This Assignment may be executed in counterparts (including
facsimile and electronic copies), each of which shall be deemed an original, but all of
which, together, shall constitute one and the same instrument.
E. Successors and Assigns. This Assignment shall be binding upon and inure
to the benefit of the successors, assignees, personal representatives, heirs and legatees
of all the respective parties hereto.
7. Governing Law. This Assignment shall be governed by, interpreted under,
and construed and enforceable in accordance with, the laws of the State of California.
8. SeveraUjly. If any terms or provisions of this Assignment is, to any extent,
held to be invalid or unenforceable, the remainder of this Assignment will not be affected,
and each term or provision of this Assignment will be valid and be enforced to the fullest
extent permitted by law.
5. The provisions of Sections 10.2 of the Agreement are incorporated by
reference into this Assignment as if fully set forth herein.
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Assignment of Leases — 301 E Balboa Blvd. Page 2
IN WITNESS WHEREOF, Assignor and Assignee have executed and delivered
this Assignment as of the day and year hereinabove written.
ASSIGNOR: Bobby Hanada and Linda Hanada, husband and wife as
joint tenants
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By: /�_ L�
Name: t2 N��� �9 ph
Title:
ASSIGNEE: CITY OF NEWPORT BEACH, a California municipal
corporation and charter city
By:
Name:
Title:
ATTEST:
Leilani I. Brown, City Clerk
APPROVED AS TO FORM:
CITY ATTORNEY'S OFFICE
4_
Aar C. Harp, City Attorney
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Assignment of Leases — 301 E Balboa Blvd, Page 3
IN WITNESS WHEREOF, Assignor and Assignee have executed and delivered
this Assignment as of the day and year hereinabove written.
ASSIGNOR: Bobby Hanada and Linda Hanada, husband and wife as
joint tenants
By:
Name:
Title:
By:
Name:
Title:
ASSIGNEE: CITY OF NEWPORT BEACH, a California municipal
corporation and charter city
ATTEST:
APPROVED AS TO FORM:
CITY ATTORNEY'S OFFICE
i
torn
Aar n C. Harp, City A ey
-7/A
Assignment of Leases - 301 E Balboa Blvd. Page 3
Exhibit "A"
LIST OF ASSIGNED LEASES
Lease for Unit 1 by and between Bobby and Linda Hanada, husband and wife as
joint tenants (d.b.a. Beach House Apartments) (as Owner) and named tenant Lara
Radl (as Resident), dated May 15, 2020, as amended
Lease for Unit 3 by and between Bobby and Linda Hanada, husband and wife as
joint tenants (d.b.a. Beach House Apartments) (as Owner) and named tenant
Travis Renner (as Resident), dated March 3, 2018, as amended
Assignment of Leases — 301 E Balboa Blvd. Page 4