HomeMy WebLinkAboutResolution 90-306 08/27/1990^s
~es®lUtlOrl No. 9U-306 N.C.S.
of the City of Petaluma, California
RESOLUTION APPROVING SUBDIVIDED GROUND LEASES
FOR PETALUMA MARINA. PROJECT
WHEREAS, the City of Petaluma, as landlord, and Marina Office
Park Associates, a California limited partnership ("MOPA"), as tenant,
have entered into that certain Ground Lease recorded October 3, 1985 as
Instrument No. 85-065899 (the "Ground Lease"); and
WHEREAS, the Ground Lease covers that certain real property (the
"Premises") situated in the City of Petaluma, County of Sonoma, State of
California, more particularly known as Lots 1,2,3,4,5 and 6 of Parcel Map
No. 247, filed in the Office of the County Recorder on February 27, 1990 in
Book 454 of Maps, pages 9 and 10, Sonoma County Records (the "Map");
and
WHEREAS, the Ground Lease contemplates that the Map would be
recorded at some time after the recordation of the Ground Lease; and
WHEREAS, Paragraph 1.3 of the Ground Lease provides that upon
recordation of the Map, MOPA shall have the right to require that the City
of Petaluma enter into new subdivided ground leases for each of the legal
parcels created on the Premises (the "Subdivided Ground Leases") which
Subdivided Ground Leases collectively shall supplant the Ground Lease
and shall cover the entire Premises; and
WHEREAS, MOPA has obtained, at its expense, an accurate survey
of Lot 1, Lot 2, Lot 3, Lot 4, Lot 5 and Lot 6 (each herein so individually
called) as shown on the Map which Lots collectively comprise the entire
Premises.; and
WHEREAS, MOPA has prepared and submitted a Subdivided
Ground Lease in the form attached hereto as Exhibit "A"which is
appropriate for Lot 1, Lot 2 and Lot 3; and ~ ~' ~"~~" ° °~
WHEREAS, MOPA has prepared and submitted a Subdivided
Ground Lease in the form attached hereto as Exhibit "B"which is
appropriate for Lot 4; and
WHEREAS, MOPA has prepared and submitted a Subdivided
Ground Lease in the form attached hereto as Exhibit "C", which is
appropriate for Lot 5 and Lot 6; and
WHEREAS, Exhibit "A", Exhibit "B" and Exhibit "C" substantially
conform to the provisions of the Ground Lease and carry out the original
purposes of the Ground Lease; and
Res. No. ...~. ~. .`.~. ~.~__..... N.C.S.
WHEREAS, MOPA has informed the City of Petaluma that MOPA
has entered into a contract to sell Lot 4 to Kirkham L. Lok, Cynthia Lok,
Lawrence Lok, Frances Lok, Alec Lok and Daisy Maria Lok or to a
partnership in which they are among the partners (hereinafter called
"Loks") and as a part of said sales transaction MOPA will accept a
promissory note to be secured by a deed. of trust against Lot 4 (the "Lok
Mortgage"); and
THEREFORE BE IT RESOLVED, by the City Council of the City of
Petaluma hereby approves of the subdivided Ground Leases attached
hereto as Exhibit "A", Exhibit "B" and Exhibit "C" and agrees to replace the
Ground Lease with said component Subdivided Ground Leases and hereby
consents to the assignment of the Subdivided Ground Lease to Lot 4 from
MOPA to the Loks and to the Lok Mortgage and hereby authorizes the City
Manager of the City of Petaluma to execute any and all documents,
instruments and instructions necessary to evidence the cancellation of the
Ground Lease and the execution, acknowledgment and recordation of each
of the subdivided Ground Leases for Lot 1, Lot 2, Lot 3, Lot 4, Lot 5, and
Lot 6 and the assignment of the Subdivided Ground Lease for Lot 4 from
MOPA to Loks if and when Loks may acquire the Subdivided Ground Lease
for Lot 4 from MOPA.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the`^~~~ ~.pp~
Council of the City of Petaluma at a (Regular) (Adjourned) ~~) meeting fO
on the .27th ............... day of _.............August......-..............-......., 19.9-~--~ by the ~ ~
following vote: ...-...-.---- -•----•----...
City Attorn
AYES: Balshaw, Sobel, Davis, Woolsey, Tenter, Vice Mayor Cavanagh, Mayor Hilligoss ~")
NOES : 0
ABSENT:0
ATTEST: .....- .... .. .... .. ..................................
CA 10-85
City C1e~E~UT~ I Y CLERK
until Fila ...................................
aes. N~...9.0.-3.0.6.......... N.cs
.•-.
Mayor