HomeMy WebLinkAbout5203 - Newport Bay Company Assignment of LeaseY
WWCcmec
3/28/60
RESOLUTION NO. 5 Z C 3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH APPROVING THE ASSIGNMENT OF THE LEASE
BETWEEN THE CITY AND THE NEWPORT BAY COMPANY
• WHEREAS, the City has entered into a lease with The
Newport Bay Company, a California corporation, dated March 24,
1948, which was amended April 10, 1950, and September 29, 1952,
which lease and amendments are recorded in Book 2651, at pages
126, 146, and 152, respectively, in Official Records in the County
Recorder's office of Orange County, California, and further amended
March 28, 1960, to increase the minimum annual rental to $45,000
beginning April 1, 1960, and continuing for the remainder of the
term thereof; and
WHEREAS, the lessee has requested the City to consent to
the assignment of the leasehold estate to Wrather Investment, Inc.,
a California corporation; and
WHEREAS, the City Council has considered the request and
found the same to be reasonable and the assignment to be in the
interest of the City;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Newport Beach that the City hereby consents to the
assignment of the aforesaid lease by The Newport Bay Company to
Wrather Investment, Inc., on condition that said Wrather Invest-
ment, Inc., agrees to be bound by the lease as amended and to
perform faithfully and fully all of the terms, covenants and
obligations of the lessee thereunder.
BE IT FURTHER RESOLVED that:the Mayor and City Clerk be
and are hereby authorized and directed to execute a consent to as-
' signment providing that all of the terms, conditions, provisions,
. and covenants of the lease shall remain and continue in full force
and effect, but no further assignment of said lease or any inter-
est therein shall be made without the written consent of the lessor,
and for the release of The Newport Bay Company from the obligations
and liability of the lease upon said obligations and liability being
•
assumed by Wrather Investment, Inc.
ADOPTED this 28th
ArrVOr
I City Mrk
2.
•
0
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF NEWPORT BEACH)
I, MARGERY SCHROUDER, City Clerk of the City of Newport
Beach, California, do hereby certify that according to the records
of the City of Newport Beach filed and maintained in my office,
the foregoing
Resolution
No, 5203
was duly and
regularly adopted, passed, and approved by the City Council of
the City of Newport Beach, California, at a regular meeting of
said City Council held at the regular meeting place thereof, on
the 28th day of March 19 60, by the following
vote, to wit:
AYES, COUNCILMEN: Kingsley, Atkinson, Higbie, Stoddard,
Hart, Loren; Somers
NOES, COUNCILMEN: None
ABSENT, COUNCILMEN: None
Dated this 30th day of March 19 60
City Clerk andlEx-Vtticio Clerk of t e
City Council, City of Newport Beach,
State of California,