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HomeMy WebLinkAboutResolution No. 6470 RESOLUTION NO. 647 0 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA APPROVING ASSIGNMENT OF SITE LEASE, LEASE -PURCHASE AGREEMENT AND TRUST AGREEMENT AND AUTHORIZING THE EXECUTION THEREOF NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Azusa (the "Agency"), as follows: WHEREAS, the City of Azusa (the "City") and E. M. Leasing Corporation (the "Leasing Company") have entered into a Site Lease dated as of August 1, 1985 (the "Site Lease"), whereby City has agreed to lease to the Leasing Company the real property described in Exhibit A attached hereto (the "Site"), including any buildings, structures or improvements thereon; WHEREAS, the City and the Leasing Company have entered into a Lease -Purchase Agreement dated as August 1, 1985 (the "Lease - Purchase Agreement"), whereby Leasing Company has agreed to construct on the respective parcels of land constituting the Site certain Senior Citizen Facilities and improvements (the "Senior Citizen Facilities Project" or the "Project"), and to lease the Project and to sublease the Site to the City, and the City has agreed to lease the Project and to sublease the Site from the Leasing Company, in the manner and on the terms set forth in the Lease -Purchase Agreement; WHEREAS, the City, the Leasing Company and First Interstate Bank of California, as trustee (the "Trustee") have entered into a Trust Agreement dated as of August 1, 1985 (the "Trust Agreement"), whereby the Trustee has agreed to execute and deliver certificates of participation (the "Certificates"), each evidencing a proportionate interest of the holder thereof in the lease payments to be made by the City under the Lease -Purchase Agreement, to provide the moneys required to be deposited by the Leasing Company pursuant to the Trust Agreement; WHEREAS, Section 9.1 of the Lease -Purchase Agreement provides that if the City shall so direct the Leasing Company in writing to assign the Lease -Purchase agreement, the Site Lease and the Trust Agreement, and all its rights, duties and obligations under the Lease -Purchase Agreement, under the Site Lease and under the Trust Agreement, to the Agency, the Leasing Company shall promptly execute all documents necessary or convenient to accomplish such assignment, any such assignment to be subject to the rights of the Trustee pursuant to the Trust Agreement and the Assignment Agreement dated as of the date hereof (the "Assignment Agreement"), by and between the Leasing Company and the Trustee; WHEREAS, the City has directed the Leasing Company in writing to assign the Lease -Purchase Agreement, the Site Lease and the Trust Agreement, insofar as the Lease -Purchase Agreement, Site Lease and Trust Agreement pertain to the Senior Citizen Facility and the improvements to be made thereto and the portion of the Site underlying the Senior Citizen Facility, and all its rights, duties and obligations with respect to the Senior Citizen Facility of the City and the improvements to be made thereto and the portion of the Site underlying the Senior Citizen Facility under the Lease -Purchase Agreement, the Site Lease and the Trust Agreement, to the Agency, and it is necessary and desirable at this time that the Leasing Company assign the Lease -Purchase Agreement, the Site Lease and the Trust Agreement, and its rights, duties, and obligations thereunder, to the limited extent set forth therein, pursuant to that certain Assignment of Site Lease, Lease -Purchase Agreement and Trust Agreement (the "Assignment of Site Lease"), dated as of August 1, 1985, a copy of which is on file with the Secretary of the Agency; and WHEREAS, the form of such Assignment opsite Lease has been presented to and reviewed by this Agency with the aid of its staff; NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Azusa as follows: Section 1. That the Assignment of Site Lease, Lease - Purchase Agreement and Trust Agreement (Senior Citizen Facility) is hereby approved for execution by the Redevelopment Agency of the City of Azusa and the Chairman of the Agency shall execute such Assignment of Site Lease on behalf of the Agency and the Secretary of the Agency shall attest his signature thereto and shall affix thereto the corporate seal of the Agency. Section 2. This Resolution shall be effective immediately upon passage and adoption. ADOPTED AND APPROVED this 6th day November , 1989. Eu ne F. Moses, Chairman I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Board of Directors of the City of Azusa, at a regular meeting thereof held on the 6th day of November , 1989. AYES: DIRECTORS: AVILA, STEMRICH, NARANJO, LATTA, MOSES NOES: DIRECTORS: NONE ABSENT: DIRECTORS: NONE 0 0 EXHIBIT A LEGAL DESCRIPTION OF THE PROPERTY Lots 22 through 24; and a portion of Lot 22 beginning at the northeast corner of Lot 22, thence north 61.40 feet to the beginning of a curve concave southeast having a radius of 5,659.65, then south westerly an arc distance of 154.59 and delta of 1 degree 33' 54" to the easterly line of Dalton Avenue, 80 feet wide thence south to the northwest corner of said Lot 22 thence northeasterly along the north line of said Lot 22 to the point of beginning; and a portion of Lot 24 beginning at the southeast corner of Lot 24 thence west 150.00 feet thence south 60.00 feet, thence east 150.00 feet, thence north 60.00'feet to the point of beginning, in Block 18 of Azusa, in the City of Azusa, County of Los Angeles, State of California, as per map recorded in Book 15, Pages 93 through 96 inclusive, of Miscellaneous Records, in the office of the County Recorder of said County; and Lots 12, 14 and 15, and a portion of Lot 13 consisting of the north 10.00 feet and the south 40.00 feet of Lot 13, in Block 31 of Azusa, in the City of Azusa, County of Los Angeles, State of California, as per map recorded in Book 15, Pages 93 through 96 inclusive, of Miscellaneous Records, in the office of the County Recorder of said County.