HomeMy WebLinkAboutReso 59-17 Authorizing execution loan docs 71-77 7W-77WRESOLUTION NU. 59-17
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
CONDITIONALLY AUTHORZING THE MAYOR TO EXECUTE DOCUMENTS
NECESSARY FOR A NEW LOAN FOR THE LEASE AGREEMENT AT LEASE SITES
71-74/71W=74W AND 75=77/75W=77W WITH MORRO BAY MARINA, LLC LOCATED
AT 601=699 EMBARCADERO ROAD, MORRO BAY AND ACCEPTING A DEED OF
TRUST RELATED THERETO
THE CITY COUNCIL
City of Morro Bay, California
WHEREAS, the City of Morro Bay is the lessor of certain properties on the Morro
Bay Waterfront described as City Tidelands leases and properties; and
WHEREAS, since 1991, Stan Trapp, Morro Bay Marina, LLC has been the
lessee of Lease Sites 71 -74/71W -74W and 75J7/75WJ7W, located at 601-699
Embarcadero; and
WHEREAS, Morro Bay Marina, LLC, has satisfactorily submitted the necessary
documents for a new loan and Morro Bay Marina, LLC is a tenant in good standing: and
WHEREAS, Morro Bay Marina, LLC's lender, Premier Valley Bank, is requesting
approval of a deed of trust to secure the Financing using the lease as security; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro
Bay, California, as follows:
1. The Mayor is hereby directed to execute, as necessary, any and all
documents, as approved by the City Attorney, necessary to
consummate the deed of trust desired by Morro Bay Marina, LLC.
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a
regular meeting thereof held on the 24th day of October 2017 on the following vote:
AYES:
NOES:
ABSENT:
ATTEST:
Irons, Davis, Headding, Makowetski, McPherson
None
None
Swanson, City Clerk