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Home My WebLink AboutC-7419-15 - Beacon Bay, 41 - Lessor's Consent and Agreement 2026REfRDING REQUESTED BY: C''R ey o 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 Recorded in Official Records, Orange County Hugh Nguyen, Clerk -Recorder *$ R 0 0 1 6 0 8 1 4 1 1$ 2026000059034 03:15 pm 02/26/26 868 NCOUNTY5 C34 Al2 14 0.00 0.00 0.00 0.00 39.00 0.00 0.00 0.00 0.00 0.00 Newport Beach, CA 92660 'Q�lJ \T_LLQl, xa2_k [SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY] Loan No: 2617004697A LESSOR'S CONSENT AND AGREEMENT THIS LESSOR'S CONSENT AND AGREEMENT ("Lessor's Consent") is given this _2-q day of febYvot(� 2026, 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. EMV Ode fM pK OC Z?Xtl W (1r. fM mp of RECITALS I= unr-A 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"). B. On July 31, 2024, the City and Lessee entered into a Lessor's Consent and Agreement, recorded on August 5, 2024, as Instrument No. 2024000199874 in the Official Records of Orange County, to memorialize and consent to the loan used to secure the leased Property. C. Lessee is refinancing the existing leasehold mortgage for the Property. D. Lessee, referred to in this Lessor's Consent and as more particularly described in Exhibit A, has refinanced a loan in the principal amount of Nine Hundred Thousand Dollars and 00/100 ($900,000.00), structured as a bona fide leasehold Page 1 Loan No: 2617004697A financing transaction, with the following lenders: SDC Capital Income Fund REIT LLC, a Delaware limited liability company, as to an undivided 810,000.00 / 900,000.00 interest; and Burbank Capital Funding LLC, a California limited liability company, as to an undivided 90,000.00 / 900,000.00 interest, ISAOA (collectively, the "Lender") to be secured by the leased Property. E. The City desires to memorialize and consent to the new loan terms and the new lender vesting as detailed herein. 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 and the 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", 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 and deliverable notices to Lessor under the Lease are 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 41 Beacon Bay Page 2 Loan No: 2617004697A 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 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 Loan No: 2617004697A IN WITNESS WHEREOF, the duly authorized representatives of Lessee and City have executed this Lessor's Consent effective as of the 24 day of V(%fkAavN , 2026. APPROVED AS TO FORM: CITY ATTORNEY'S OFFICE Date: 7,(/!5 1z b Aa#n C. Harp/ City Attorney �'CC��n C • � P ATTEST: Date: ; / e. By: Lena Shumway City Clerk "CITY" City of Newport Beach, a California municipal corporation a d charter city By: J-94.,� T Seimone Jurjis City Manager "LESSEE" Signed in Counterpart By: Michael G. Todd Trustee of The Todd Living Trust dated October 30, 2002 Signed in Counterpart By: Jennifer B. Todd Trustee of The Todd Living Trust dated October 30, 2002 41 Beacon Bay Page 4 Loan No: 2617004697A IN WITNESS WHEREOF, the duly authorized representatives of Lessee and City have executed this Lessor's Consent effective as of the Z`A day of F�bYytGlrU , 2026. APPROVED AS TO FORM: CITY ATTORNEYS OFFICE Date: 7%tslz 6 By: i Aa n C. Harp City Attorney ATTEST: Date: 02 12-9 12 C� Y� B �/ jwec/ /? Coan 44CITY12 City of Newport Beach, a California municipal corporation and charter city Seimone Jurjis City Manager "LESSEE" By: Michael G. Todd Trustee of The Todd Living Trust dated October 30, 2002 Lena Shumway *ofThe City Clerk J nnrusodd Living Trust dated October 30, 2002 3eo��{-e r `�- 41 Beacon Bay Page 4 Loan No: 2617004697A 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 Y 21 h ss. On �1rJJV ` ��20 b before �e, VICA& Notary Public, personally appeared i , 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, KOLE R. SAGE -RI WITNESS my hand and official seal. o' COMM. #2462640 z G/ a Notary Public • California o z • ti Orange County M Comm. Expires Sep, 10, 2027 nature 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. (seal) State of Californi Countv of Da V1 ss. , / On My V %V � �O , 20 Z-b of r me, Q\f, S �V Notary Public, personally appeared 1 V - IA. -VOCACA, proved to me on the basis of satisfac ory 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. KOLE R. SAGER �' COMM, #2462640 z °a +� Notary Public • California o Z `°� Orange County 9 My Comm. Expires Sep. 10, 2027? (seal) 41 Beacon Bay Page 5 Loan No: 2617004697A 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 DV- A►-- o6 } SS. On f9X,;,gZyA1R.-1 2q, , 20 7-W before me, Je"rilfet2. Pr J0 AnuLN'�-1 Notary Public, personally appeared Gstyvtonse JQ9-Nks , 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. JENNIF ER ANN MULVEY Notary Public • California WITNESS my hand and official seal. Orange County Commission N 2535709 My Comm. Expires Oct td, 2029 Sign re I (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 } ss. On , 20 before me, Notary Public, personally appeared 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. WITNESS my hand and official seal. Signature (seal) 41 Beacon Bay Page 5 Loan No: 2617004697A EXHIBIT "A" LESSOR'S CONSENT AND AGREEMENT 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. Lease (including all amendments and dates): See Attachment 2 - Memorandum of Lease. 5. Borrower (Lessee's) Current Monthly Lease Payment: $ 2,711.77 6. Payments are current (Yes or No): Yes Through: 7. Deliver notices and payments to Lessor at: City of Newport Beach Attn: Real Property Administrator 100 Civic Center Drive Newport Beach, CA 92660 8. Term of Lease: Fifty (50) years Expires on: Options: August 28, 2062 None. January 31,2026 41 Beacon Bay Page A-1 Loan No: 2617004697A 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 Loan No: 2617004697A EXHIBIT A "ATTACHMENT 2" 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 NO FEE II�IIRII 00 0U11153�I2 4IIA2I4�sI111I� 20120006926231:25 pm 11►09112 47 405 M11 5 0.00 0.00 0.00 0.0012.00 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 5 P JENNIFER B. TODD, AS TRUSTEES OF THE TODD LIVING TRUST DATED OCTOBER 30, 2002 ("Lessee"). Y) .r Lessor hereby leases to Lessee that real property located in the City of Newport i J 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 ALZI Mf 31 2014 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: S✓3of L T By;_4r Ctof1 Aaron Harp - City Attorney ATTEST: Date: By: awl Leilani I. Brown City Clerk CITY OF NEWPORT BEACH, A California municipal corporation Date: I'll By: G'- Davi City Manager LESSEE Date: ,i 3 1 Z- ►' 0 ... a -- Date: B'• 31-12- B: ` J fer B. dd, rrustee 3 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of On 3� Date personally appeared LeCRISTAL AACDONALD CoMMW N • 1950148 MOP �I► Coe1a� 2R 2015 CIVIL CODE § 1189 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 naraar�nh ie truc �nr� rnrrar•t 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 D (6 Y Onwam V I .6 Date personally appeared Ali CIIIISTAL MCDOMW Coraefiaabn • f 55014s Notary Facile - Califorma OnwW Coo* jW%Cw=.Ex0uALjU.2Qj5j CML CODE 5 1189 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. UWA4L::::� Signature: Place Notary Seal 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 Title or Type of I Document Date: Signer(s) Other' 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 ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: 0 2010 National Notary Association • NationalNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #6907 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 State of California County of o mnq c, On l .70t Date personally appeared Qa------------ KW RIEFF Com1111M rt s 1967536 LIS Newry Pubk - CdlbnlM O It CN* my COMM. Jan 26. 2016 who proved to me on the basis of satisfactory evidence to be the personWwhose name.0 is/arm subscribed to the within instrument and acknowledged to me that he/sl6/tiiey executed the same in Ws/her1their authorized capacity( and that by his/b6r/their signatureK on the instrument the persorlW,, or the entity upon behalf of which the person j*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 d officiaal al Signature: ?2�9 Place Notary Seat Above Signature of Not ubli 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 Title or Type of Document: "12fh0trt h J OZ tL Document Date: A A osS/-) t l 20 (;L Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: ❑ Corporate Officer — Title(s): ❑ Individual ►a K U 0. Partner — Limited ❑ General Top of thumb here Attorney in Fact ❑ Trustee El 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 Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: O 2010 National Notary Association • NationalNotary.org 1-800 US NOTARY (1-800-876-6827) hem #5907