HomeMy WebLinkAboutReso 17-20 91-92 assignment and DOTRESOLUTION NO. 17-20
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
ASSIGNING LEASE SITE 91-92/91W-92W TO CIHAN CORPORATION AND
CONDITIONALLY AUTHORIZING THE MAYOR TO EXECUTE DOCUMENTS
NECESSARY FOR THE ASSIGNMENT AND ASSUMPTION, A NEW LOAN FOR THE
LEASE AGREEMENT AND ACCEPTING A DEED OF TRUST RELATED THERETO
WITH PACIFIC PREMIER BANK AT LEASE SITE 91-92/91W-92W,
LOCATED AT 897 EMBARCADERO ROAD, MORRO BAY
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, for nearly 50 years, the Anderson Family and the Anderson Family
Partnership have been the lessees of Lease Site 91-92/91W-92W, located at 897
Embarcadero road; and
WHEREAS, the Anderson Family Partnership is selling the leasehold interest
and improvements to Cihan Corporation; and
WHEREAS, Anderson Family Partnership and Cihan Corporation have
satisfactorily submitted the necessary documents for the assignment and assumption
and paid the appropriate fees, and Anderson Family Partnership is a tenant in good
standing and
WHEREAS, Cihan Corporation's lender, Pacific Premier Bank, is requesting
approval of a deed of trust to secure the financing to purchase the Lease Site using the
lease agreement and improvements as security; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro
Bay, California, as follows:
1. The City Council approves assignment to and assumption by Cihan
Corporation the leasehold interest and obligations and rights pertinent
thereto.
The Mayor is hereby authorized to execute said assignment and
assumption, as approved by the City Attorney.
3. 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 Cihan Corporation.
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a
regular meeting thereof held on the 25th day of February, 2020 on the following vote:
AYES' Headding, Addis, Davis, Heller, McPherson
NOES. None
ABSENT: None
DAWN ADDIS,Mayor Pro Tem
ATTEST:
NA SWANSON, City Clerk