HomeMy WebLinkAboutReso 92-20 Anderson Assignment & Deed of TrustRESOLUTION NO. 92-20
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
APPROVING THE ASSIGNMENT OF LEASE SITE 91-92/91W-92W TO ANDERSON
INN LLC; CONDITIONALLY AUTHORIZING THE MAYOR TO EXECUTE
DOCUMENTS NECESSARY FOR THE ASSIGNMENT AND ASSUMPTION, AND
ACCEPTING NEW DEEDS OF TRUST FOR FINANCING ON THE PROPERTY
RELATED THERETO AT LEASE SITE 91-92/91W-92W,
LOCATED AT 897 EMBARCADERO ROAD, MORRO BAY; AND RESCINDING
RESOLUTIONS NO. 17-20 AND 76-20
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, first in February, 2020 and again in August, 2020 the Anderson
Family Partnership previously attempted to sell their leasehold interest and
improvements, as approved by the City Council in Resolution Nos. 17-20 and 76-20, but
those sales fell out of escrow and were not consummated; and
WHEREAS, the Anderson Family Partnership now desires to sell those
leasehold interest and improvements to Anderson Inn LLC; and
WHEREAS, Anderson Family Partnership and Anderson Inn LLC have
satisfactorily submitted the necessary documents for the assignment and assumption,
and the Anderson Family Partnership is a tenant in excellent standing: and
WHEREAS, Anderson Inn LLC is financing the purchase of the leasehold and
improvements with a loan from Pacific Premier Bank, as well as a loan from the
Anderson's for part of the purchase price, 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. Resolutions No. 17-20 and 76-20 are hereby rescinded.
2. The City Council approves assignment and assumption of the
leasehold interest to Anderson Inn LLC' provided, that all standard
stipulations for assignment are met per the City's assignment
application form and Anderson Inn LLC is officially formed and
registered to do business in California and the City .
The Mayor is hereby authorized to execute said assignment and
assumption, as approved by the City Attorney.
4. The Mayor is hereby directed to execute, as necessary, any and all
documents, as approved by the City Attorney, necessary to
consummate the lending deeds of trust desired by Anderson Inn LLC
PASSED AND ADOPTED by the City Council of the City of Morro Bay at a
regular meeting thereof held on the 27th day of October, 2020 on the following vote:
AYES- Headding, Addis, Davis, Heller, McPherson
NOES' None
ABSENT: None
John Heading, Mayor
ATTEST:
Dana Swanson, City Clerk