HomeMy WebLinkAboutReso 18-20 90-90W assignment and DOTRESOLUTION NO. 18-20
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF MORRO BAY, CALIFORNIA
ASSIGNING LEASE SITE 90/90W TO SMITH LIVESTOCK, LLC 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 FAIR SKY PROPERTIES, LLC AT LEASE SITE 90/90W,
LOCATED AT 885 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, since 2017, Fair Sky Properties, LLC has been the lessee of Lease
Site 90/90W, located at 885 Embarcadero road; and
WHEREAS, Fair Sky Properties, LLC is selling the leasehold interest and
improvements to Smith Livestock, LLC, the owner/operator of the Port House Restaurant
located on the Lease Site; and
WHEREAS, Fair Sky Properties, LLC and Smith Livestock, LLC have
satisfactorily submitted the necessary documents for the assignment and assumption
and paid the appropriate fees, and both are tenants in good standing: and
WHEREAS, Smith Livestock LLC's lender, Fair Sky Properties, LLC, 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 Smith
Livestock, LLC 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 Smith Livestock, LLC.
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
IISPcklADQIS, Mayor Pro Tem
ATTEST:
ANA SWANSON, City Clerk