HomeMy WebLinkAboutMariner's Point - 2015-12-21CITY OF HUNTINGTON BEACH'S RECOGNITION AND ACKNOWLEDGEMENT
OF WAIVER OF ASSIGNMENT OF THE STATE LANDS COMMISSION LEASE PRC
3265.1
With reference to that Agreement for Purchase and Sale of Property and Escrow Instructions
("Ageement") dated December 21, 2015 by and between the City of Huntington Beach, a municipal
corporation ("City") and Mariner's Point, a California General Partnership ("Marmer's Point"), it was
contemplated that at Close of Escrow, the State Lands Commission Lease PRC 3265 1 ("State Lands
Agreement") would be assigned to the City with the State Land Commission's consent. Pursuant to the
Agreement, the City was required to obtain the necessary consent from the State Land Commission and
deliver the necessary consent to escrow prior to the Closing Date However, State Lands Commission
preferred to terminate the lease and enter into a Dew lease agreement rather than following the assignment
process
Prior to Close of Escrow, Manner's Point executed and delivered to escrow an Assignment of Lease,
assigning the State Lands Agreement to the City. The City hereby recognizes consent to assignment was
not obtained from the State Land Commission to escrow prior to Close of Escrow. The City further
recognizes and acknowledges that it has waived the provision(s) of the Agreement that require assignment
of the State Lands Agreement The City further acknowledges and agrees that all obligations of Mariner's
Point under the Agreement to this point have been satisfied by Manner's Point or waived by the City and
the Agreement remains in full force and effect.
The undersigned represents and warrants that its signature herembelow has the power, authority and right
to execute this document on behalf of the City of Huntington Beach
IN WITNESS WHEREOF, the undersigned have executed this Recognition and
Acknowledgmept, o� Waiver of Assignment of the State Lands Comm ission Lease PRC 3 265 1 as of the
_ (�_ day of �LU _, 20 / b
THE CITY OFtll NTINGTON BEACH,
a Califo 1pal Corporation
By _
City
1719506 1