HomeMy WebLinkAbout8365 - Assignment of Interest in Balboa Bay ClubRESOLUTION NO. 8365
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH APPROVING ASSIGNMENT OF AN
INTEREST IN THE BALBOA BAY CLUB LEASEHOLD
ESTATE BY SUPPLEMENTAL DEED OF TRUST FROM
INDEPENDENCE MORTGAGE TRUST (SUCCESSOR IN
INTEREST TO USF INVESTORS) TO CITINATIONAL
DEVELOPMENT TRUST
WHEREAS, the City of Newport Beach has entered into a
lease dated March 24, 1948 with the predecessors in interest to
International Bay Clubs, Incorporated, a California corporation,
which lease has since been amended by instruments dated April 10,
1950, September 29, 1952 and March 28, 1960, covering the premises
in the City of Newport Beach more particularly described in said
lease, as amended, which is referred to in the consent to assign-
ment authorized hereby as the "Main Lease "; and
WHEREAS, one of the provisions of the said lease pro-
vides that the lease may not be assigned without the consent of
the City of Newport Beach; and
WHEREAS, the City of Newport Beach has heretofore by
Resolution No. 7586 on December 13, 1971 authorized certain assign-
ments of portions of the leasehold estate by deeds of trust and /or
by sale lease -back of its leasehold estate and leasehold improve-
ments thereon; and
WHEREAS, pursuant to that authority, a certain deed
of trust dated February 25, 1972 between Lessee, as Trustor, USF
Investment Managers, Inc. (now Provident Realty, Inc.), a Delaware
corporation, as Trustee, and USF Investors (now Independence Mort-
gage Trust), a Georgia Business Trust, as Beneficiary, was recorded
March 16, 1972 in Book 10040, page 629 of the official records in
the office of the county recorder of Orange County, State of Cali-
fornia (herein called the "Original Deed of Trust "); and
WHEREAS, International Bay Clubs, Incorporated, successor
in interest to Balboa Bay Club, Inc., proposes to hypothecate addi-
tional portions of the leasehold estate created by the Main Lease
by a deed of trust which will be supplemental to the Original Deed
of Trust (hereinafter referred to as the "Supplemental Deed of Trust ")
which encompasses the entire leasehold estate as well as portions
-1-
thereof as more particularly described in that certain Supplemental
Deed of Trust to be given by International Bay Clubs, Incorporated,
a California corporation, as Trustor, in favor of Title Insurance
and Trust Company, a California corporation, as successor Trustee
to Provident Realty, Inc. (formerly USF Investment Managers, Inc.)
pursuant to a substitution of trustee and to Alfred Hart, Chester I.
Lappen, Raymond E. Lee, Thurston H. Ross and Robert Schultz as
Trustees of Citinational Development Trust, an unincorporated busi-
ness Trust organized under the laws of the State of California, and
their successor Trustees and assigns to secure the payment of a
Renewal, Extension and Modification Note in the principal sum of
$3,054,000.00 and certain other obligations therein described. An
unexecuted copy of such Supplemental Deed of Trust is attached to
the proposed Consent to Assignment of Leasehold Estate by Deed of
Trust and marked Exhibit "A" thereto; and
WHEREAS, it appears to be in the best interests of the
citizens of the City of Newport Beach that the City consent to
such assignments by the Supplemental Deed of Trust described above;
NOW, THEREFORE, BE IT RESOLVED, that the City Council of
the City of Newport Beach hereby consents to the above- described
assignment by Supplemental Deed of Trust subject to all of the terms
and conditions set forth in the Consent to Assignment in the form
described above or as modified, subject to the approval of the City
Attorney, and hereby authorizes the Mayor and City Clerk to execute
said consent to assignment on behalf of the City.
ADOPTED this 30th day of September 1974.
ry
ayor Pro Tempore
ATTEST:
. City Clerk
DDO/bc
c =�C FIED AS THE SI l e
!9Y CLERK OF THE CITY OF HEWPO BEACH
OCT 2 1974
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