HomeMy WebLinkAboutC-7419-14 - Beacon Bay, 41 - Lessor's Consent and Agreement 2024RECORDED AT THE REQUEST OF
CHICAGO TITLE COMPANY
RECORDING REQUESTED BY:
SDC Capital
WHEN RECORDED RETURN TO:
SDC Capital
4001 West Burbank Boulevard
Burbank, California 91505
WITH A COPY 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
II I I II II I II I II I I I I I I II I I II 124.00
*$ R 0 0 1 5 0 8 2 2 0 2$
2024000199874 9:38 am 08/05/24
9 NC-5 Al 15
0.00 0.00 0.00 0.00 42.00 0.00 0.000.0075.00 0.00
[SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY]
Loan No: 1917003721A
LESSOR'S CONSENT AND AGREEMENT
THIS LESSOR'S CONSENT AND AGREEMENT ("Lessor's Consent") is given this 3t
day of July 2024, by the CITY OF NEWPORT BEACH, a California municipal corporation
and charter city ("City" and "Lessor"), and acknowledged and agreed to by Michael G.
Todd and Jennifer B. Todd, as Trustees of The Todd Living Trust dated October 30, 2002,
("Borrower" and "Lessee"), on the terms and conditions outlined below.
RECITALS
A. On August 28, 2012, the City entered into that certain Lease Agreement
("Lease") with Michael G. Todd and Jennifer B. Todd, as Trustees of The Todd Living
Trust dated October 30, 2002, as Lessee, concerning certain real property located
generally at 41 Beacon Bay in the City of Newport Beach, California ("Property"), as
evidenced by a Memorandum of Lease recorded on November 9, 2012, as Instrument
No. 2012000692623 in the Official Records of Orange County, California, that is also
attached hereto and incorporated herein by this reference as Exhibit A, Attachment 2.
B. Borrower, referred to in this Lessor's Consent and as more particularly
described in Exhibit A, has applied for a loan from Newbridge Capital Advisors LLC, a
California limited liability company as to an undivided 50,000.00/500,000.00 interest;
Justin Chen, a single man as to an undivided 100,000.00/500,000.00 interest; RTSK
Partners LLC, a California limited liability company as to an undivided
50,000.00/500,000.00 interest; Harnsberger California Associates LP, a California limited
partnership as to an undivided 80,000.00/500,000.00 interest; John E. Crump and/or Jill
Z. Crump, Trustees of the 2019 Crump Family Trust, executed on October 9, 2019 as to
41 Beacon Bay Page 1
an undivided 75,000.00/500,000.00 interest; Marc Schwering, a married man as his sole
and separate property as to an undivided 20,000.00/500,000.00 interest; and Windward
Marketing General Partnership a California General Partnership as to an undivided
125,000.00/500,000.00 interest, its successors and assigns (collectively, "Lender") to be
secured by the leased Property, as such Property is more particularly described in Exhibit
A, Attachment 1.
CONSENT & AGREEMENT
NOW, THEREFORE, the City does hereby consent to the assignment of Lessee's
interest in and to the Lease to Lender under a Leasehold Deed of Trust, subject to the
following:
1. The Property is subject to the Lease described above and in "Exhibit A,
Attachment 1 ", attached hereto. The lease documents described in Exhibit A constitute
the entire agreement of Lessee and Lessor regarding the Property. The Lease is in full
force and effect and unmodified. All rents and other charges due have been paid, there
are no other defaults and the Lease is in good standing. Lessor has no knowledge of any
facts which now or after the passage of time or the giving notice, or both, would constitute
a default under the Lease. The payments required under the Lease are set forth in Exhibit
A. Payments and notices to Lessor are deliverable as set forth in Exhibit A. Lessor has
no claims outstanding against Lessee in connection with the Property.
2. Lessee has satisfied the provisions of Section 5 of the Lease, and Lessee
confirms that it will ensure Lender contemporaneously provides Lessor with any notices
of default and notices of foreclosure Lender sends to Lessee as a result of Lender
allowing Lessee to use Lessee's interest in the Property as collateral for the financing
obligations contemplated herein.
3. Lessee acknowledges that any leasehold mortgage now or hereafter placed
on Lessee's interest in the Property shall be subject and subordinate to any limitations in
the Tidelands Grants, Lessor's interest in the Tidelands, the Lease, and any mortgage
now in existence on the leasehold estate. Lessee shall not use, encumber or transfer this
Lease or the Property as security or collateral for any action unless directly related to the
permitted uses allowed by the Lease.
4. Lessee acknowledges this Lessor's Consent and the provisions of Section
7 (Encumbrances) of the Lease do not give any entity the right to mortgage, hypothecate,
cause a transfer of, or otherwise encumber or cause any liens to be placed against the
Lessor's ownership interest in the Property and trustee of the tidelands, nor shall anything
in this Lessor's Consent or the Lease be construed as resulting in a subordination in
whole or in part of Lessor's interests.
5. Lessor consents to the granting of a security interest in Lessee's interest in
the Lease to Lender. Lessor agrees to send concurrently to Lender copies of any notices
41 Beacon Bay Page 2
sent to Lessee pertaining to Lessee's default or Lessor's intent to terminate the Lease or
any part thereof by certified U.S. mail. Notice will be provided to Lender by certified mail
at the following address: C/O SDC Capital, 4001 West Burbank Boulevard, Burbank,
California 91505 referencing the Loan Number set forth on Exhibit A or at such other
address given to the undersigned by Lender, at the same time as the notices are sent to
Lessee.
6. Should Lessee be in default of the Lease, the Lease shall continue upon
satisfaction of the terms, conditions, requirements, and procedures set forth in Section
7.5 (Right of Lender to Cure Default) of the Lease.
7. This consent and agreement shall not operate to change or supersede the
terms & conditions of the Lease in the event of a conflict, the terms of the Lease shall
prevail.
[SIGNATURES ON FOLLOWING PAGE]
41 Beacon Bay Page 3
IN WITNESS WHEREOF, the duly authorized representatives of Lessee and City
have executed this Lessor's Consent effective as of the ),q day of t/ CC , 2024.
"Lessee"
7!
7 -
By:
Michael G. Todd
Trustee of The Todd Living Trust dated
October 30, 2002
4 By: itc. Aa)
ennifer B odd
Trustee of The Todd Living Trust dated
October 30, 2002
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 C }
On itiLq �G( , 20 before me,
Notary Public, personally appeared t•t jMArL 7VD19 j JENNfFFF- F- 7VDD , who proved
to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed
the same in his/her/their authorized capacity(ies), and that by his/her/their 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 Califomia that the
foregoing paragraph is true and correct.
WIT �SS
t ,
Signature
d and
ADRIANA PEREZ
seal. C - California rniaaryui
Q W _ Orange County
j F Commission # 2405851
My Comm. Expires May 26, 2026
s
41 Beacon Bay Page 4
IN WITNESS WHEREOF, the duly authorized representatives of Lessee and City
have executed this Lessor's Consent effective as of the Z11 day of _ ! , 2024.
"Lessee"
By:
Michael G. Todd
Trustee of The Todd Living Trust dated
October 30, 2002
By: 62. U
ennifer B., odd
Trustee of The Todd Living Trust dated
October 30, 2002
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 (7"w e }
On l u �� 2 , 20 � before me, APF-4[P4, FFZ- ,
Notary Public, personally appeared 0iGY,4Ft- • DPP � WNWFE z87PPD, who proved
to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed
the same in his/her/their authorized capacity(ies), and that by his/her/their 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.
*my
ADRIANA PEREZWITNESS m_ hand and icial seal Notary Public • California
Orange CountyCommission b 2405a51
Comm. Expires May 26, 2026
Signature sea
41 Beacon Bay Page 4
"City"
City of Newport Beach,
a California municipal corporation and charter
city
By:
K. Leung
Vvyvom
anager
ATTEST: \ �c/PpRT
Leilani I. Brow �- n
City Clerk ~ z
APPROVED AS TO FORM: gcIF:O cL
Aaron drHarp
City Att rney
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 o gA g 6, e
On JkAL`il 1 , 20 14 before me, JENw1FEQ. ANN rAW-VE'I ,
Notary Public, personally appeared GRL1(,,E 15 . LEV1 11. , who proved
to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed
the same in his/her/their authorized capacity(ies), and that by his/her/their 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.
'° ', JENNIFER ANN MULVEY
WITNESS y hand d official seal. - _ NotaryPublicCalifornia
w Orange County
�` Commission # 2375299
7_�'- My Comm. Expires Oct 12. 2025
Sign tu,e l I J, I (seal)
41 Beacon Bay Page 5
EXHIBIT "A"
LESSOR'S CONSENT AND AGREEMENT
1. Borrower's (Lessee) Name:
Michael G. Todd and Jennifer B. Todd, as Trustees of The Todd Living Trust
dated October 30, 2002
2. Property Address:
41 Beacon Bay, Newport Beach, CA 92660
3. Property Description:
See Attachment 1 — Property Description
4.
5.
6.
7.
Lease (including all amendments and dates):
See Attachment 2 - Memorandum of Lease
Borrower (Lessee's) Current Monthly Lease Payment:
$ 2,533.97
Payments are current (Yes or No): Yes
Through: June 30, 2024
Deliver notices and payments to Lessor at:
City of Newport Beach
Attn: Real Property Administrator
100 Civic Center Drive
Newport Beach, CA 92660
Term of Lease: Fifty (50) years
Expires on: August 28, 2062
Options: None
41 Beacon Bay Page A-1
EXHIBIT A
"ATTACHMENT 1"
Property Description
Lot 41 as shown on the map filed in Book 9, Pages 42 and 43, Record of Surveys in the
Office of the County Recorder, County of Orange, State of California.
Address: 41 Beacon Bay, Newport Beach, California 92660
41 Beacon Bay Page A-2
EXHIBIT A
9-1aFAll:IJil=1kikI"
Memorandum of Lease
41 Beacon Bay Page A-3
Recording Requested By
and When Recorded Return To
City of Newport Beach
3300 Newport Beach Blvd.
P.O. Box 1768
Newport Beach, California 92658-8915
Attn: City Clerk
Recorded in Official Records, Orange County
Tom Daly, Clerk -Recorder
IIII III 111�1 11111 1111 1111111111 $1111I NO FEE
*$ R 0 0 0 5 3 2 4 8 2 4$
20120006926231:25 pm 11109/12
47 406 M 11 5
0.00 0.00 0.00 0.00 12.00 0.00 0.00 0.00
(Exempt From Recording Fees Pursuant to Government Code § 27383)
(SPACE ABOVE THIS LINE FOR RECORDER'S USE)
MEMORANDUM OF LEASE
THIS LEASE is made and entered into between the City of Newport Beach, a
California municipal corporation and charter city ("Lessor") and MICHAEL G. TODD AND S P
JENNIFER B. TODD AS TRUSTEES OF THE TODD LIVING TRUST DATED OCTOBER 30 �.�
2002 ("Lessee"). n T
Lessor hereby leases to Lessee that real property located in the City of Newport
Beach, County of Orange, California, described in Exhibit 1" attached hereto
("Property"). The term of the Lease is fifty (50) years, commencing August 28, 2012,
and ending August 28, 2062.
This Lease is subject to the terms, conditions and provisions of an unrecorded
lease between the parties dated At4 L7Sf 31 ZDI? which is incorporated herein by
reference. Unless extended by a re rded amendment or supplement hereto, this
Memorandum of Lease will automatically terminate as of August 28, 2062.
APPROVED AS TO FORM:
OFFICE OF THE CITY ATTORNEY
Date: -
By: C�o�
Aaron Ha
City Attorney
ATTEST:
Date:
Leilani I. Brown
City Clerk �aE`pORj
n
U, ?
CITY OF NEWPORT BEACH,
A California municipal corporation
Date:
By. G'-
Davi
City Manager
LESSEE
Date: I--,;:/17—
�KWEI.
�..!
Todd,Michael G. Trustee
t0fer B. Todd, Trustee
3
EXHIBIT "1"
LEGAL DESCRIPTION OF THE PROPERTY
That certain real property located in the City of Newport Beach, County of
Orange, California, described as follows:
Lot 41 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,
sometimes referred to as Beacon Bay Lot 41.
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of California
County of z
On ✓I 1 2 2 before me,
Date I _- n
personally appeared
CRISTAL MCDOMALD
Commission # 1950148
Ord County
Caaaa 28.2015
Place Notary Seal Above
CML CODE $ 1189
of the
who proved to me on the basis of satisfactory
evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged
to me that he/she/they executed the same in
his/her/their authorized capacity(ies), and that by
his/her/their signature(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 and and official seal.
Signature:
Sig azure of Notary ITublic
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached Document /` (I Q C
Title or Type of Document: U1 `in Y ,^lU u M D� V1 1V&J?
Document Date:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer's Name:
❑ Corporate Officer — Title(s):
❑ Individual
El Partner — ❑ Limited ❑ General Top of thumb here
❑ Attorney in Fact
❑ Trustee
❑ Guardian or Conservator
❑ Other:
Signer Is Representing
of Pages:
Signer's Name:
❑ Corporate Officer — Title(s):
❑ Individual
❑ Partner — ❑ Limited ❑ General Top of thumb here
❑ Attorney in Fact
El Trustee
❑ Guardian or Conservator
❑ Other:
Signer Is Representing
-u
0 2010 National Notary Association - NatlonalNotary.org - 1-800-US NOTARY (1-800-876-6827) Item #59137
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of California
J
County of
On S V 16 I before me,
Date ^ �
personally appeared
CRISTAL 9511II LD
Carmiissbn 019NI48
Not" P>dbllc - CsWonMs
OMP Con*
04Cow.EWwAw2#.2015
CmL CODE § 1189
M(L&01djfft(VNh11
I-(ere,lnsert Name and TWA of the Officer
of
who proved to me on the basis of satisfactory
evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged
to me that he/she/they executed the same in
his/her/their authorized capacity(ies), and that by
his/her/their signature(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 m hand and
official seal.
Signature: I Gt(i 02yoid
Place Notary Seat Above Signature of Notary Public
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached chu�mrnt ,I n�
Title or Type of Document:�I t l �l ICU J "!
i
Document Date:
Signer(s) Other Than Named Above: —
Capacity(ies) Claimed by Signer(s)
Signer's Name:
Corporate Officer — Title(s):
El
El
11
El
171
Sig
Individual
Partner — ❑ Limited ❑ General Top of thumb here
Attorney in Fact
Trustee
Guardian or Conservator
Other:
ner Is Representing:
rjof Pages:
Signer's Name:
❑ Corporate Officer — Title(s):
❑ Individual
❑ Partner — ❑ Limited ❑ General Top of thumb here
❑ Attorney in Fact
❑ Trustee
❑ Guardian or Conservator
❑ Other:
Signer Is Representing:
m 2010 National Notary Association - NalionalNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
CIVIL CODE § 1189
State of California
County of 0 rang le, '
On l -0f-2before me, �� 1 - `\� '�. 1 `tD'C�t-ld 70L[ I (,,. ,
Date I Here Insert Na a and Title of the OKcad
personally appeared � J cd i414-
Name(s) of Signer(s)
KIM RIEFF
COMMINlon I 1 t167536
Nogryt PubNc - CWfornlat
fk"1110 County
Cahn. Jan 28 2016
who proved to me on the basis of satisfactory
evidence to be the persor4Wwhose name( is/ar,-
subscribed to the within instrument and acknowledged
to me that he/sk6/they executed the same in
gis/hef/their authorized capacity( and that by
his/b&tbeir signatureK on the instrument the
persord; or the entity upon behalf of which the
person�%Yacted, 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 d officiaal al.
Signature: 4�`11
Place Notary Seal Above OPTIONAL ry uSignature of Notabli
Though the information below is not required by law, It may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document: 2h'`Or fiJ Ub. oZ Lease_
Document Date: �1l�St 3 f o20 ( ;L Number of Pages:
Signer(s) Other Than Named Above: �)0.V t A Rz t-t
Capacity(ies) Claimed by Signer(s)
Signer's Name:
❑ Corporate Officer — Title(s):
❑ Individual
•
❑ Partner — Limited ❑ General Top of thumb here
❑ Attorney in Fact
❑ Trustee
Guardian or Conservator
Other:
Signer is Representing:
Signer's Name:
Corporate Officer — Title(s):
❑ Individual
•
❑ Partner — ❑ Limited ❑ General Top of thumb here
❑ Attorney in Fact
Di Trustee
❑ Guardian or Conservator
❑ Other:
Signer Is Representing
U 2010 National Notary Association • NatlonalNotary.org • 1-800 US NOTARY (1.800.876-6827) Hem #5907
q R 245 P+ 75 ® e
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Name:
Account Number:
Address:
Status:
Beacon Bay (41)
FV00000618
41 Beacon Bay, Michael &
Jennifer Todd, Newport Beach,
CA, 92660
Referral
Compliant with Waived
Deficiencies.
Insured
[Business Units) DBA Name Print Insured Info
Account Information
Account Number: FV00000618
Risk Type: Beacon Bay
2012
Do Not Call:
Address Updated:
Address Information
Mailing Address
Physical Address
Insured:
Beacon Bay
Michael & Jennifer Todd, Trus
(41)
Todd Living
Address 1:
41 Beacon
41 Beacon Bay
Bay
Address 2:
Michael &
Jennifer
Todd
City:
Newport
Newport Beach
Raarh