HomeMy WebLinkAbout9444 - Balboa Bay Club Sub-LeaseRESOLUTION NO. 9444
• 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 (BRETT- WALKER NEWPORT)
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 considera-
tion thereof, the City Council wishes to approve,
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. The City Council hereby approves the following
proposed sublease:
A sublease between the International Bay Clubs,
Inc., lessor, and Eagle American, a California corpora-
tion, dba Brett - Walker Newport, lessee, for a term of
• five (5) years. The purpose for which the premises is
subleases is the operation of a jewelry shop.
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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:
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 10th
ATTEST:
6Cle C
CERTWIED T"E OR*I�L
CITY CLERK OF THE CIN OP M a.1"
DATE
OCT 1 2 1978
day of October
1978.
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DDO /kb
10/4/78