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~ i <br /> REQUEST FOR <br /> <br /> COUNCIL ~?CTION <br /> PREPARED BY Richard E. Lay, DATE OF COl1NCIL ACTION Ll~./~. <br /> Deputy City Attorney _ <br /> DATE 3/28/78 PHONE 834-4900 t,Q,/.~ ~firc. <br /> SUBJECT RIVER VIEW GOLF - REQUEST FOR O~ <br /> CONSENT TO ASSIGNMENT OF <br /> LEASE BY TRUST DEED <br /> APP , <br /> ~ > t- <br /> DFPA R~'~~E NT HE~i~ DEPUiV ITY MANAGER ASSIST AN -CIT ANAGER CI EHK OFT E COUNCIL ~ <br /> RECUMMENDF=D TION <br /> At Council's discretion, approval of Consent to Assignment of Lease <br /> by Trust Deed. <br /> BACKGROUND: <br /> Mr. Novel James of River View Golf has requested the consent of the <br /> City of Santa Ana, as Lessor, to the assignment of River View's leasehold <br /> interest as security for a $200,000 refinancing loan from First National <br /> Bank of Orange County. The City's consent is a prerequisite for any such <br /> assignment under the terms of the lease. <br /> The original loan was made in 1975, at which time the lease between <br /> the City and River View was amended to provide the City with several addi- <br /> tional options in the event of River View's default on the loan, including <br /> the right to cure the default and take possession of the property subject <br /> to the loan obligation, the right to substitute a new tenant in place of <br /> River View, the right to bid at any foreclosure sale, and a right of first <br /> refusal in the event of acquisition and sale of the leasehold by the <br /> lender. <br /> The Consent to Assignment form has been drafted by this office to <br /> expressly reserve these same options to the City. Our recommendation of <br /> approval is based on the assumption that the Council will wish to approve <br /> this refinancing loan on the same terms and conditions as it approved the <br /> original loan in 1975. <br /> Q~~o~unoti <br /> ~ Z <br /> m , <br /> ~ 2 <br /> 2 <br /> ~ ~ <br /> `L6 ~a <br /> ~~~6_i9~6e) i a <br /> <br />