Resolution - 8299RESOLUTION NO. 8299
• A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA APPROVING, AUTHORIZING AND DIRECTING EXECU-
TION OF AN AMENDMENT TO A LEASE AGREEMENT, A SUB-
LEASE AGREEMENT AND AN OPERATING AGREEMENT RELATING
TO THE LAKES PUBLIC PARKING PROJECT, AND DIRECTING
CERTAIN ACTIONS WITH RESPECT THERETO
RESOLVED, by the City Council of the City of West Covina (the
"City");
WHEREAS, the Redevelopment Agency of the City of West Covina (the
"Agency") has, pursuant to that certain Lease Agreement, dated as of
August 1, 1988, between the City and the Agency (the "Lease") agreed to
lease that certain project described in Exhibit B to the Lease (the
"Project") from the City and, pursuant to the Lease,' the City has
agreed to lease the Project to the Agency; and
WHEREAS, the City has subleased a portion of the Site (as herein-
after defined) and the Project to Watt Investment Properties, Inc., a
California corporation (the "Developer"), pursuant to the Agreement for
Sublease of Portion of Parking Facilities, dated as of August 1, 1988
(the "Sublease Agreement"), and has entered into an Operating Agreement
for Portion of Parking Facilities, dated as of August 1, 1988 (the
"Operating Agreement"), with the Developer with respect to the remain-
ing portion of the Site and the Project; and
WHEREAS, the Agency has determined that provisions of the Lease,
the Sublease Agreement and the Operating Agreement relating to the
legal description of the site upon which the Project will be located
described in Exhibit A to each such document (the "Site") are
defective; and
WHEREAS, the Agency desires to correct such defective provisions by
amending the Lease, the Sublease Agreement and the Operating Agreement
pursuant to the terms thereof; and
WHEREAS, the Agency has determined that the provisions of the Sub-
lease Agreement and the Operating Agreement providing for its agree-
ments relating thereto and incorporated therein require amendment to
provide for the extension of certain nondisturbance and attornment
provisions to the Subleasehold Mortgagee and the Operator Mortgagee (as
such terms are defined in the Sublease Agreement and the Operating
Agreement, respectively); and
WHEREAS, the Agency has determined that the provisions of the
Lease, Sublease, Operating and Option to Purchase Agreements require
amendment to provide for the intention of these documents to be sub-
ordinate to the lien of that certain Construction, Operating and
Reciprocal Easement Agreement, dated September 26, 1988, among the
Developer, the City, the Agency and Interstate Hotels Corporation; and
WHEREAS, the City desires to approve such amendments.
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• NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
SECTION 1. An amendment to the Lease, in the form on file in the
office of the Assistant Executive Director, be and the same is hereby
approved, and the Mayor, City Manager, Assistant City Manager, or
Finance Director is hereby authorized and directed to execute said
amendment, with such changes, insertions and omissions as may be
approved by such official, and the City Clerk is hereby authorized and
directed to attest to such official's signature.
SECTION 2. An amendment to the Sublease Agreement, in the form on
file in the office of the Assistant Executive Director, be and the same
is hereby approved, and the Mayor, City Manager, Assistant City
Manager, or Finance Director is hereby authorized and directed to
execute said amendment, with such changes, insertions and omissions as
may be approved by such official, and the City Clerk is hereby author-
ized and directed to attest to such official's signature.
SECTION 3. An amendment to the Operating Agreement, in the form on
file in the office of the Assistant Executive Director, be and the same
is hereby approved, and the Mayor, City Manager, Assistant City
Manager, or Finance Director is hereby authorized and directed to
execute said amendment, with such changes, insertions and omissions as
may be approved by such official, and the City Clerk is hereby author-
ized and directed to attest to such official's signature.
SECTION 4. The Mayor, City Manager, Assistant City Manager,
Finance Director, City Clerk and other officials of the City are hereby
authorized and directed to execute such other agreements, documents and
certificates as may be necessary to effect the purposes of this
resolution.
SECTION 5. The City Clerk shall certify to the adoption of this
resolution.
APPROVED AND ADOPTED this 6th day of February 1989.
Mayor
ATTEST:
City Clerb
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I HEREBY CERTIFY that the foregoing Resolution No. 8299 was duly
Is regular
by the City Council of the City of West Covina at an adjournec
regular meeting thereof held on the 6th day of February
1989, by the following vote:
AYES: Councilmember: Tarozzi,
NOES: Councilmember: None
ABSENT: Councilmember: McFadden
ABSTAIN: Councilmember: None
APPROVED AS TO FORM:
F r Jones, H 1, Hill & White,
a Professional Law Corporation,
as Special Counsel
LAK288KJ
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Lewis, Bacon, Manners
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City Clerr, :--.i