HomeMy WebLinkAboutReso 36-1997 RESOLUTION NO. 36-97
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE
AN AGREEMENT OF GROUND LESSOR RELATED TO THE OYSTER
POINT MARINA INN (415 MARINA BLVD.) AND OYSTER POINT
VILLAGE (360 OYSTER POINT BLVD. AND 401 MARINA BLVD.)
PROPERTIES
RECITALS
Whereas, John E. King, dba Oyster Point Village has previously acquired
the ground lease and improvements related to Oyster Point Marina Inn located
at 415 Marina Boulevard and has recently acquired the ground lease and
improvements commonly known as Oyster Point Village office complex located at
401 Marina Boulevard and 360 Oyster Point Boulevard;
Whereas, King has applied for and received a loan from Allied Capital
Commerce related to both of the above-referenced properties;
Whereas Allied has requested that the City, the Recreation and Park
District, and the San Mateo County Harbor District approve an Agreement of
Ground Lessor;
NOW, THEREFORE, the City Council of the City of South San Francisco does
hereby resolve as follows:
The City Council hereby approves the Agreement of Ground Lessor, a copy
of which is attached hereto as Exhibit A and further authorizes the City
Manager to execute the agreement.
I hereby certify that the foregoing Resolution was regularly introduced and
adopted by the City Council of the City of South San Francisco at a
r~gl]]ar meeting held on the 23rd day of April ,
1997 by the following vote:
AYES:
Councilmembers Jim Datzman. Eugene R. Mullin, John R. Penna,
Robert Yee and Mayor Joseph A. Fernekes
NOES: None
ABSTAIN: None
ABSENT: None
A: \CITYRESO. 423
ATTEST:
RPR-18-97 FRI 08:45
B4/1~/1~? I?:03 '
liEYERS, NAVE, RIBAOK&SILV.
EXHIBIT A TO
FAX NO. 510 351 4481
KIN~VENTUR[$
RESOLUTION NO. 36-97
P, 02/05
Charl~ 1'. M,r~dl,
Pm~'w$ & Kur~
1601 Elm $lre~
4400 Th~.~ivi~ Tower
Dales, Tex~s 7~201
AGREEMENT OF GROUND LESSOR
Lnsn No.
MATEO COUNTY ~1~, DIgTRICT, · p~lttimd subdivisien of th~ S~at~ of California ("ls~ whose addross
is ~1 Jol2nson Pt~t, Hall' Moon Bay, Califo~la 9401.), for d~= ~ of ALLIED CAPITAL COMMRKClAL
CORPORATION, a Ms. Iud coq~mion C'l~nd~'3 (whose addre~ for purposes hereof is I ~6 K Street, N.W., ~
Floor, Washington, D.C. 2000~, and for th~ l~n~it of O¥$TEP. POINT ~A llNlq, · California corporagon
("~*) wl~se address for pur~os~ hmvof Lt 290 Pi~mo Strc~t, San ~ Objspo, C~llfomia*)34 } O.
B. A ~py ~f ~ Lease (im,tudins all amendments and mod~eatlons tb.reto) is stt~.~ her*to
and .a~ted h~i~ by ~ ~m~u~; and
C. As an accommodsfioe ~o L~s~e, Lessor hms ~ to execnlt~ this A.~m~ f~r g~ bee~it Of
tom (m~ "Lmsa") m ~ to be secured, in Fan, ~ a lien sranted ~ ~ upon L~'s ri~ and
interests in and under the Lease.
NOW, THEIqI~PO~ for and in t~ ofth~ prml~s~ and for ibc ~m often Dollars ($10.00) and
mher good and vatuabte m~dmlioo, ~ ~ and sufficiency of which eonsiderstioa is hereby acknowlsdssd and
1. lessor consmts to ~he execution mai delivery by Lessee to Lend~ of a Deed of Trust, Assil~mmt
nf P,~ats md Lessas, Sex~ri~y A~*nement and Fbtm~ FIIh~ (lbo ."S~,,~:y I~,~IM~I~'3 ooverin8 Lesaeo's leasshoM
li~.
AO~ OF GROUND LE$SOR- P~ I
APR-18-97 FRI 08:46 HEYERS,NAVE,RIBRCK&SILV, FAX NO, 510 35I 4481 P, 04/05
:3, In tt~ cvcnt af my default or evem ~deC-nult ~ Lessee under ~he t.easo, or in tho ~vent ~ shall
fail to perform or observe any 0f~ilc terms, ¢ondit~ns Or sSreements is the lens, lessor shall give wriucn notic~
thereof to Lender at the ~rl~ indicated above (~r SLF. h OdMa' adcke~ as l,ender may indicate by notice ~ to
Lc~o[ b} writmS) and Lendo~ s~mll h~v~ the fisht O~ rto~ the obli6~on) to c~e such de~ult or f&ilure w~in ~hirty
GO) days following Lender's receip~ of such no,ce; end L]Sso~ slull not take an7 action w~h ~c~*~ ~ su~ hilur~
~Jer the Lease, includ~ without limitation may action inl~rlded to terminate, rc$cilld or ~Yoid t~e L~a~ or Lessee's
tzoan~ or poesceelon ,hereunder, ~or such period of' thirty (;0) days a~r Lender's receipt of such written notice:
pmvkh~d, however, mat in {he case oteJy nonmonetary defauk which cannot with diliscnce be cured within aid ~O-day
period as may be necenar~ to comptete the curin~ of such failur~ with diligence and conthtuiW. Without llmixin8 the
fore~in~, lessor a~Tees that no deflutlt and no termination of the t,eue in conn~ti~ ~ ~ be ~ m~
notice shall fu~t have beet ~ivert to t, muter in aecordaltce widt tho ~ 0fl~lis A~'oeffje~ ~ l~ther a~Ize$ thax
wtn~c my defimlt und~thc ~ is not cepeblc of or subject to c~re, or in the event of ~ bmnkml~cY or ir~olvency
of Losses, Lender sbmli bay. thc option (upou ,.v~en no~ice m Lusor) m enter in~ = r~w r, rm~! le~5~: wlth bon~ on
sutmantially the mune terms ss b Lease for the then renmining term of the Lease following the terminnti~ of the Lease
'by ~ or the re~ection oftJ~e Lemse by a ~nla, up~cy uus~ under ~pliceble hws.
4. Lessor couse~ts to the exercise by L~c 0f ~y ~d att ~ ~d ~tes ~ un~r ~e
~j~ of 3~h ~ti~ l~ ~ ~ ~ ~ ~ ~ may ~ a~le ~ L~r, ~ ~e ~t of a
dc~ or e~ of ~ ~ ~ ~. F~ ~ ~ ~ ~ ~i~ ~e ~u~, ~v~
~or h~ Wen ~ ~ ~, ~t ~ ~ d~ ~ ~t~ a ~ or ~t ot dt~ult ~ &e ~.
5. In the event Lender shall ever become the owner of tim riShts and imerests of Lessee in and to the
Property an~ Lease ~ reum of]udgial'fo~ec~osu~, nunjmtls~ tnm~'s sale or othor ia~cccdinGs brousht br tender
to enforce its r:.~s under the Security Instmmen~ or throua~: any othe~ means or marmm' in connection w~ the Loan,
$}ml b~ bound to Lender m~ler all of the roms, cow. mrna md c~tions of the Leue for th~ balaace oflhe term uhereof
effective and bindiaf upon lessor. Provided, however, that Lender or mdtrect mcccssors or ar, sl~n~ shall not be
(1) liabte br m:y past due reu o~ other ~ due from ~ under the Lesse. (ii) liable for any action or ~
(which coment shall not be unreuonabl7 withheld.
AGI~II~T OF GROLqqD LBS~OR- ~ :2
RPR-18-97 FRI 08:46 HEYERS, NRVE, RIBROK&SILV. FRX NO. 510 351 4481 P. 03/05
7. The LeL~ shall not t~ mmmd~ or modl.qe~ in any manner or respect w~out ~c prior wnttan ~t
of Lender and any purport~i amendement or consent made wi~ou~ such consent shall be ineffective mhd void es to
Lender. Lessor and Lessee w'arrant and repees~t that the copy of the Le~se sad mh~r writwn docum~mts e~mcbed b~t~to
a~ ~-~j~/f {} arc true, correct nd complete copies or,he Lea-~ and ~at ~ ~ b 1: foil force ~ effect erst ~as not
~ ameaded or t~fjftud ~t~,~ as discJos~d m ;~/t ~ altached hereto and i~c~ herein by this reference.
Ot~er then the i. ease (and an), amendments thereto es are described herei:), ~ere are no other ~ents, writt~ or
Oral, between I.,e~or mind L¢$se~ regamding th~ l~,~ or the Property. The Le~sor has not a,ms~gn~l th¢ Lca~ m-
otberw~ tnmfferred any interest in or under the Letme.
For purposes of this A~'eomc~ thc term "~ shall includ~ ~ ~uccessors and essiSns includln$.
but nat t~mttect to, any person who acquires Less~e's tn~..3t under ute Lur~ pursuant to · fon~tosurc of the 5c~;urity
Instn2ment All references herein to Lessor ~td Lessee shall likewise include the resl}ecgve personal represe~atives,
h~ir~, su~ceesot~ end u~i~n$ for ~ such pa~ (inc~dins, without limitation, ~y lxersou, P~T or ~Mity to whom
eiiber Lossm'$ and/or Lesseo's rasp~gve rishts and intm~su in sad uacta ~tm lease m~ be assigned). This ASrccmcm
shall accordingly bo b~ upoa md stroll in~*e to the ben~t of ~he 3~fl~e~ hereto and ~heir Fespective ho~ legal
repr~,~t~tiver~ suceesso~ and tsdsns. Without limiting the foregoing, Les~or agrees that nmwithstnd~n~ any
provision hi thc L~as~ tv th~ ~-imhar,/, if Lend~ becomes ~hc tesscc under thc t.~ac, Lender ~hall h~ve the right to
anise its intereS in an0 to ~e Lease wilttout ~he consent oft,e~Sor, lxovi~d, Aowever, Land~ ~all give Lessor prompt
wrlnen notice of any such essianment
9. Lessor rell~tse~ mid watre2ts to Leflder ttlst ttmre is no It~n ~cumbertn8 Lessor's fcc interest in the
estate encun,.he~ b~. d~ Lease and ~ no eee,~nt or joinde~ of any odin' part~ i~ re.~d~t to l.~sso~'3 execucom
of thi,~ Asrecment
10. This A~reem~ may not {~ withdrawn, ~mead~i or modified ~xce~ut W a writnmm agr~ment ~d
both Lessor and Ls~br.
i 1. Ail notices, requests, consents, demands and other communi~ttous ~ to ~is ASreement et
~*mmd Lessor shall 5e in writi~ smd shall be &mined sufficiently ~iven if(a) sent by ~'tified or t,~g~t~ ma~l wid~
poo~qc prc~id~ ~ ~i~ r~queot~d, properly Iddrossed ~o 6o appliesble pm*t~ at the a~MM~t te~ retie below; (b)
delivered-tn person to the aclclt~s m foflh below for me party to wtmm thc nat~e is gtven; (c) deposited into the
custody ora nationally mcosnized overnight ~ 3e~vice such n Fedend Express Coqxnfion, Emery, or Airborne
addmued to s~ :~ par~ at dxc ~ specified blow; or (d) sero 5y facsimile, telepam or telex provided that ~ecelpt
of such fa~mil~, miegram or minx i$ ve~fled by Rte sandm' and t'ollowed by a notic~ ~nt ~ nccorda~t~ wi~ one of
d~e other provisions set fo~ above. Not~ shah be effective mt ti~ dat~ of delivery or r~, m', it-dettve~ ~ stat
accept, d, on ttm ~atli~ of the dnt~ that d~livery is ~ed m five (S) d~ at, er tht dnt~ fha nmict is mailed. For
~ of thi~ ~:tion, thc md~ of thc parties for atl noti~.~ n~c a~ set forth 5~ow (unts~ chm-,~ed by s~mflar
notice tn wrtti~ ~tvon by the pa~mgar pm~on whose a~ is to be c~). From time to ~ any pa~. may
ct~ignate anotl~ .aa,~n for alt putpes~ 5y sivins tim other pa~e~ no,ce of s~ citange of addr~s.
Allled C. ap~t Cou~me~ciai Corpora*ion
1~56 K Such, N.W., 9~h Floor
Wnhinm~n, D,C, 2OOO6
With r, Ol~' to:
Andrcw~ & KUrttt L,L.P.
1601 Elm SW~t~ Suite 4400
D~, T~ 7~201
AGKt~MENT OF GROUND
RPR-18-97 FRI 08:47 MEYERS, NRVE, RIBROK&SILV. FRX NO. 510 351 448! P. 06/05
Sen I.,uis Obispo, CA 9~401
ci~ ~fs~h ~ Pnme~o
l'O BOX?II
Sou~ sm Frlmr~ 'CA
F.,X~C~ m of tl~ d~ ~ m fo~
SAN MATEO COUNTY HARBOR DI~"IKfCT,
a poihi~sl n~llvlsion o~t~ Stats ~Cal~fon~
OYSTER POIl'Cr MARINA lb'H,
CAPITAL COMMI~CIAL CO~20RAT~OI~,
AF.~~ OF GROL'ND LESSOI~ - ~ 4