HomeMy WebLinkAbout9437 - Balboa Bay Club Sub-LeaseRESOLUTION NO. _9437
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AUTHORIZING INTERNATIONAL BAY
CLUBS, INC., TO SUBLET CERTAIN PORTIONS OF THE
BALBOA BAY CLUB PREMISES AND ESTABLISHING THE
RATE OF RENTAL PAYMENTS TO THE CITY FOR SUB-
LEASES OF THE BALBOA BAY CLUB PREMISES FOR
COMMERCIAL PURPOSES FOR TERMS IN EXCESS OF ONE
YEAR
WHEREAS, the City of Newport Beach has entered into a
lease dated March 24, 1948, with the predecessors in interest
to International Bay Clubs, Inc., of certain City -owned real
property generally referred to as the Balboa Bay Club site; and
WHEREAS, said lease provides that International Bay
Clubs, Inc., shall not sublet the premises described in said lease,
or any part thereof, for the purpose of operating and conducting
any business enterprise at, in or about the same for a term in
excess of the period of one year without the written consent of
the City first had and obtained; and
WHEREAS, International Bay Clubs, Inc., has requested
that the City Council approve a sublease which, after consideration
thereof, the City Council wishes to approve,
NOW, THEREFORE, BE IT RESOLVED as follows:
1. The City Council hereby approves the following
proposed sublease:
0 A. A sublease between the International Bay Clubs,
Inc., lessor, and Seligman and Latz of Newport Beach, Inc.,
lessee, for a term of seven (7) years. The purposes for
r,_,
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which the premises are subleased are the operation of
a women's beauty parlor and for the sale of cosmetics
and beauty accessories incidental thereto.
2. It is mutually agreed between the City and International
Bay Clubs, Inc., that the consideration to be paid to the City for
all subrentals received by International Bay Clubs, Inc., from any
and all subtenants carrying on and conducting a business on any
part or portion of the leased premises under any sublease or
subleases providing for a term of more than one year shall be
based upon the following formula:
ATTEST:
2 -1/2% of the first $1,000 of gross sales
per month;
2% of the second $1,000 of gross sales per
month; and
1 -1/2% of the balance of gross sales per
month.
ADOPTED this 25th day of September , 1978.
VA
Mayor
'MIFIED AS T 2 C `NAL
9ffV B{iK YH: CITY OR NcV /FONT B1
9/25/78
SEP 2 7 1978
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