HomeMy WebLinkAboutPARKING AUTHORITY - 1970-03-17 1
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A G R E E M E N T
THIS AGREEMENT, entered into by and between the CITY
OF HUNTINGTON BEACH, a municipal corporation, hereinafter
called CITY, and the HUNTINGTON BEACH' PARKING AUTHORITY,
hereinafter called AUTHORITY:
W I T N E S S E T H:
WHEREAS, AUTHORITY has sold bonds for the construction
of parking facilities and related and incidental facilities
f! in the Parking Authority Project in CITY, and said facilities
have been constructed, and a portion of the remaining money
in the acquisition and construction fund of AUTHORITY are
not necessary to be transferred to the reserve fund of
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AUTHORITY, and AUTHORITY desires to use such funds for future
improvements of the project as permitted by Resolution No . 5
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of said AUTHORITY, and AUTHORITY needs administrative office
space and the Director of Harbors , Beaches and Development of
f. CITY is responsible for the operation of the project , and it
is desirable that. such, office space be constructed in con-
I junction with the office space occupied by said Director of
Harbors ,. Beaches and Development , and the estimated cost of
providing administrative office space .for AUTHORITY is Thirty
Thousand and No/100 Dollars ($30,000.00) .
NOW, THEREFORE, CITY and AUTHORITY do hereby mutually
agree as follows :
1. CITY hereby agrees to construct additional office
facilities of approximately 1200 square feet .at the Harbors '.
Beaches and Development office located adjacent to the
AUTHORITY'S project,; said, ,office facilities to be used for
the administration of the AUTHORITY'_S project .
t 2... AUTHORITY shall pay' to CITY the amount of Thirty.
.Thousand and No/100 Dollars :($30,000.00) upon execution of
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this agreement . Said amount shall be used by CITY for con-
struction of facility . CITY shall own such facilities ; how-
ever, CITY gives AUTHORITY the right to use said office fa-
cilities for a period of twenty-five (25 ) years from and
after date of final completion of construction of such fa-
cilities .
3 . CITY shall provide at its sole cost and expense all
insurance and utilities including water for said additional
office. space used by AUTHORITY.
Ik. 4 . CITY agrees to commence the necessary proceedings
for construction of said office facilities upon execution of
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this agreement ,. and agrees to complete such construction with
due diligence.
EXECUTED this 1 ;7 day of 1970 .
y HUNTINGTON BEACH PARKING AUTHORITY
By
Chairman
ATTEST:
Secre ry
CITY OF HUNTINGTON BEACH, a
municipal corporation
By 111L V_
l/
Mayor
ATTEST:
DON P. BONFA, City Attorney
ATTEST:
By . A-z.s
Assistant City Attorney
City Orerk
City of Huntington Beach
.S
O,'
DESCRIPTION OF LEASE AREA FOR
L.
' THE PARKING AUTHORITY OF THE CITY °OF HUNTINGTON BEACH
That portion of fractional Section 14, Township 6, South Range 11, West San Bernardino
Base and Meridian as shown on a map recorded in Book 51, Page 14 of Miscellaneous Maps
Records 'of Orange County, California described as follows:
Beginning at the southerly corner of Block 104 of Huntington Beach Tract in °the City
of Huntington Beach, County of Orange, State of California as shown on a map recorded
in Book 3, Page 36 of Miscellaneous maps Records of Orange County; thence south 41° 38'
18" west 103.00 feet along the southwesterly prolongation of the southeasterly line of
said Block 104 to the True Point of Beginning said point Lies on the southwesterly
=t4 right of way line ,of the Pacific Coast Highway; thence southeasterly along the following
described southwesterly right of way of Pacific Coast Highway south 480 21' 4211 'east
1,080. 76 feet to a point on a tangent curve concave t6 the northeast having a radius
of 1,250.00 feet; thence southeasterly 107.44:feet along said curve through a central
angle of 4° 55' 28" to a point on a tangent Line; thence south 53° 17' 11" east 108.26
feet along said line to a .point on a tangent curve concave to the northeast having a
radius of 3,420.00 feet; thence southeasterly 79.87 feet along said curve through a
central angle of 10 20' 17" to a point on a tengent Line; thence south 54° 37' 28"
east 735.71 feet along said line to a point on a tangent curve concave to the northeast
;Y7 having a radius of 1,250.00 feet; thence southeasterly '101. 10 feet along said curve
;r. through a central angle of 40 38' 02" to a point on a tangent Line; thence south 590
R 15' 30" east 388.34 feet along said Line to a point on� a tangent curve concave to the
southwest having a radius of 1,150.00 feet; .thence° southeasterly 143.97 feet along said
curve through a central angle of 7010! 21" to a point. on a tangent Line; thence south
520 05' 09" east 1,753.49, feet along said Line to a point° on a tangent curve concave
to the southwest having a radius of 4,950.00' feet; thence southeasterly 123.94 feet
along said curve through a central angle of 1° 25' 56" to a point on a tangent Line;
thence south 50` 39' 13" east 227.51 feet along said line to an angle point; thence
south 490 09' 35" east 230.83 feet to an angle point; thence south 520 05' 09" east
106. 16 feet to a point on a tangent curve concave to the southwest having a' radius of
70.00 feet; thence southerly along said curve Leaving the southwesterly right of way
line of Pacific Coast Highway 64.00 feet through a central angle of 520 .22' 57" to a,
point on a tangent Line, said Line being parallel with and 36.00 feet westerly measured
at right angles to the east Line of said Section 14; thence south 00 17' 48" west
`3 172.69 feet to a point; thence north -52' 05' 09" west 265.80 feet to a point; thence
north 490 09' 35" west 50.00 feet to a point; thence south 400 50' 25" west 43.94 feet
c,Y to a point; thence north 490 09' 35" west 180.91 feet to a point; thence north 500
39' 13" west 283.42 feet to a point; thence north 520 05' 09" west 1.61.80 feet to a
point thence north 370 54' 51" east 35.00 feet to a point; thence north 520 05' 09" west
300.00 feet to a point; thence south 370 54' 51" west 35.00 feet to a point; thence
north 520 05' 09" west 690.00 feet to a point; thence north 370 54' 51" east 35.00
feet to a point; thence north 52`0 05' 09" west 260.00 feet to a point;. thence south 370
54' 51" west 35.00 feet to a point; thence north 520 05' 09" west 459.99 feet to a
point; thence north 590 15' 30" west 18.2.66 feet to a point; thence north 30.''-A4' 300
point; 0'
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east 45.00 feet to a thence north 5.9 1.5. west 41.' 30" 58 feet to a point thence
north 540 37' 28" west 208.61 feet to a ,point; thence south 350 22' 32" west 20.62
feet to a point; thence north 540 37' 28" west 731.06 feet to� a point; thence north
35° 22' 32" east 55.00 feet to a point; thence north 540 37`28'! west 119.0.0 feet to a
point thence south 350 22' 32" west 55.00 feet to a point; thence north 540 37' 28"
west 280.00 feet to a point; thence north 350 22' 32" east 70.00 feet to a point; thence
north 540 37' 28" west 163.00 feet to a point; thence north 350 22' 32" east 40.00
feet to a point; thence north 54° 37' 28" west 192.00 feet to a point; thence south
35' 22' 32" west 110.00 feet to a point; thence north 540 37' 28" west 43.23 feet to a
point; thence north 480 21' 42" west 130.14 feet to a point; thence north 410 38' 18" ;
east 55.00 feet to a point; thence north 480 21' 42" west 144.00 feet to a point;
thence south 410 38' 18" west 55.00 feet to a point; thence north 480 21' 42" west
300.71 feet to a point; thence north '410 38' 18" east 117.00 feet to a point; thence i
north 480 21' 42" west 211.00 to a °point on the southwesterly prolongation of the
southeasterly line of said Block 104; thence north 410 38' 181 - east 88.00 feet along
° said line to the True Point of Beginning.
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LEASE AGREEMENT
This Agreement made as of the 3 D day of S e p t . 1968 by'and between the Parking Authority
' of the City of Huntington Beach (hereinafter sometimes referred to as the "Authority"), a public body
' corporate and politic organized and existing under the laws of the State of California, and the City of
Huntington Beach (hereinafter sometimes called the "City"), a municipal corporation of the State of
California.
WITNESSETH :
e WHEREAS, the Authority is a public corporation created under and exercising its powers pursuant
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to the Parking Law of 1949, Part 2 of Division 18, commencing at Section 32500, of the Streets and
I Highways Code of.the State of California, and under said Law has the power to issue revenue bonds
{ for the purpose of financing public parking facilities; and
WHEREAS, the Authority proposes to acquire that:certain land in the City of Huntington Beach,
California (hereinafter sometimes called the "Site"), which is described;in Exhibit A attached hereto,
and to construct off-street parking improvements thereon, and
WHEREAS, the estimated cost and expense of said acquisition and improvement is $2,300,000; and
WHEREAS, the Authority proposes to issue revenue bonds in the principal amount of $2,300,000 for
the purpose of the acquisition, construction and financing of said public parking facilities; and
WHEREAS, under said Parking Law of 1949, and particularly Section 32957 thereof, the Authority
has the power to lease said parking facilities to the City without the necessity of inviting bids;
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Now, THEREFORE, in consideration of the mutual promises' and agreements herein contained, the
' parties hereto agree as follows:
Section 1. Issuance and Sale of Bonds.
'1 The Authority agrees that, as promptly as feasible following the date of this Agreement, it will
use its best efforts to issue and sell revenue bonds in a principal amount which, together with other
available funds, of the Authority,:is estimated to be sufficient to make the acquisition referred to in.the
recitals hereof and in Section 2 hereof together.with the improvements mentioned in Section 2 hereof;
and to pay other costs and expenses in connection with such acquisition and improvement including
interest during construction. Said bonds are hereinafter sometimes referred to as the "revenue bonds".
of the Authority.
Section 2. Acquisition and Improvement of Site.
The Authority agrees to acquire, with the proceeds of the revenue bonds and other available
funds, the Site and to clear the Site and construct improvements thereon and perform all undertakings
p : incidental or advantageous thereto so that the Site is.reasonably suitable for use for parking purposes.
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Such acquisition shall be made as promptly as feasible and the Authority agrees to use its best efforts
C to acquire the Site in sufficient time to complete the improvements thereon not later than June 15,.1969.
The City, acting on behalf of the Authority, shall construct, or cause to be constructed,`or in
conjunction with, on the Site, the off-street parking improvements including improvements for ingress
` and egress and other incidental improvements in accordance with the plans and specifications on file in
the office of the City Clerk of the City including all addenda thereto.
h The City shall be reimbursed.for advances made, if any, for site and clearing, legal,,financing
consultant and engineering fees in connection with said acquisition and improvement from the proceeds
�-- of the revenue bonds.
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The City may order changes in the work during construction without the consent of the Authority;
Yprovided, however, that unless sufficient additional funds are provided therefor (i) the cost of the
i improvements shall not exceed that which is established at the time when the revenue bonds are issued
by the Authority, and (ii) the cost of change orders shall not exceed the reserve therefor established
at such time. Authority shall take no action which extends the period of construction beyond the period
for which the Authority has funded interest on its revenue bonds unless sufficient additional funds
are provided therefor. Any moneys remaining in the Construction Fund to be established under the
Resolution after the completion of the acquisition and improvement shall be applied by the Authority
t` as provided in the Resolution.
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Section 3. Lease of Parking Facilities.
The Authority hereby leases to the City the Site together with the parking improvements con-
structed thereon. The term of the lease shall commence on the date the Project is substantially
: a completed and the Site is available for use by the City for parking purposes, or 7/1/69, whichever is
earlier, and shall terminate on the date the revenue bonds have been retired or provision for payment
made. .The City agrees to pay rental for such use in the amount of $171,500 during each fiscal year
of this Lease Agreement (hereinafter referred to as "rental").
. I Said .rentals shall be due annually in advance on July l st and shall be payable without penalty
on or before July 31 of each fiscal year. When the rental commences on a date other than July 1st,
the rental shall be prorated on a daily 365-day year basis. Rental for the period commencing with the
date the term commences and ending the following July 1st as the case may be shall be.payable within
30 days after the term commences.
Mg Section 4. Adjustment of Rent.
"•.. The annual rental above set forth is based upon. the schedule for adjustment of rental, marked
'wl Exhibit B and made a part hereof. Such schedule is used for computing the yearly rental necessary
for Authority to receive to enable it to pay the principal of and interest on:its bonds so"that they will
be serviced and retired as set forth in the Resolution and furnish the Authority with the necessary
k reserves. When the interest rate or rates on the Authority's Bonds are known, Authority and City shall
s, recompute the annual rental in the same manner, based upon said figures; and shall adjust the annual
rental upwards or downwards to the new figure so determined.
Section 5. Maintenance, Operation, Encumbrances, etc.
The City shall, at its.own expense, maintain during the term of the lease hereunder the Site and
r. all improvements thereon in good order, condition and repair and shall pay all costs and expenses of
tion to pay any cost or expense operating the same as parking facilities, it being understood and agreed that the"Authority is obligated
to provide only the Site and the improvements thereon as expressly provided herein and has no obliga-
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of any kind or character.in connection with or related to the management,
operation or maintenance of the parking facilities during the term of the lease hereunder. The City
g....,
agrees to keep the Site and the improvements thereon free and clear of all liens, charges and encum-
F ' brances. The Authority agrees rees that, at the time .the term of the lease hereunder commences, it will
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have fee title to the Site, subject to such conditions, reservations, exceptions and rights of way of
record as do not substantially interfere with the use of the Site by the City for parking purposes.
Section 6. Taxes, Assessments, Insurance, etc.
As rental in addition to and after the commencement of the rental under Section 3 (hereinafter
'., referred to as "additional rental"), the City agrees.to.pay and discharge (1) all taxes and assessments,
if any, of any type or character levied at any time during the term of the lease hereunder upon the
Site or any improvement thereon or upon the City's or the Authority's interest therein or upon the
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operation of the property leased or upon income or other revenue derived by the City or by the
Authority therefrom; (2) the insurance premiums on all insurance required or permitted on the
property leased; (3) all costs and expenses which the Authority may incur including but not limited
'.; to fiscal agent's fees, costs and expenses of maintenance and operation as a result of any default by
the City under this Agreement, including reasonable attorneys' fees and the costs and expenses of any
suit or action at law to enforce the terms and conditions of this Agreement; and (4) amounts necessary
to maintain a working capital fund of $1500 for the foregoing. The additional rental payable
hereunder shall be paid by the City within ten (10) days after notice in writing from the Authority
to the City stating the amount of additional rental then due and payable and the purpose thereof;
' provided, that the City's liability for additional rental shall be limited to the balance due after any
credits under the resolution issuing the bonds of the Authority.
Section 7. Source of Funds for Rentals.
(a) Based upon reports and other evidence submitted the parties hereto have each determined
and have agreed that the rentals payable by the City hereunder (including rentals payable under
Sections 3, 4 and 6 hereof) represent fair rental values for the Site and improvements leased here-
under. Said rentals shall be. payable year by year as specified herein for and in consideration of the
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right of use and occupancy from year to year as granted by this Agreement and in consideration of the
t.s continued quiet use and enjoyment thereof during the term specified herein.
ht (b) The City hereby agrees to take such actions as may be necessary to include and maintain
4"r in its budget for each fiscal year all rentals payable by the City during such fiscal year, to make the
necessary appropriations for all such rentals and to provide the funds necessary to meet such appro-
priations, it being understood that the Authority will pledge the rentals due hereunder for the payment
and security of the revenue bonds, and the interest thereon, issued as specified in Section 1 hereof.
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4 Section 8. Additions and Improvements.
.' The City shall have the right during the term specified in this Agreement, at its own expense, to
;.,.. make any additions to or imporvements of the Site and improvements leased hereunder which do not
impair the utility thereof as parking places, to attach fixtures, structures or signs thereto, and to affix
any personal property to the improvements on the Site. Title to all personal property so affixed shall
u remain in the City.
> Section 9. Insurance.
Authority shall, during the term of this Agreement, keep or cause to be kept a policy or policies
'= of insurance against loss or damage to the Site and the improvements thereon resulting from fire,
lightning, vandalism, malicious mischief, riot and civil commotion and such perils ordinarily defined
as "extended coverage" and other perils as Authority and City may agree should be insured against
on forms and in amounts satisfactory to each. City and Authority, as the case may be, shall be named
as an additional insured under such policies of insurance as the building contractor may be required.
by Authority to carry during the construction of the improvements. Nothing herein shall be construed
to require the Authority to carry insurance with respect to equipment or fixtures of the property leased
4Y hereunder not provided by the Authority pursuant to the plans and specifications for construction of
ng'z' the improvements.
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During the term of this Agreement, Authority shall keep or cause to be kept public liability and
property. damage policies protecting both Authority and City on forms and in amounts satisfactory to
each.
'.` The Authority may also carry or cause to be carried such other insurance as is required by the
resolution providing for the issuance of the revenue bonds.
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All premiums and charges paid by Authority for all of the aforesaid.insurance shall be paid to the
1 Authority in accordance with the provisions of Section 6. Any such premium for a, period partly
within such period shall be prorated.
At the.option of the, City any insurance required by Authority hereunder may be provided by
the City.
{ Notwithstanding the generality of the foregoing, the Authority shall not be required to maintain
or cause to be maintained any insurance which is not available from reputable insurers on the open
market or more insurance than is specifically referred to above.
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Section 10. Abatement of Rental.
The rentals hereunder shall abate during any period in which by reason of any damage or
destruction there is a substantial interference with the use and occupancy by the City. If only a portion
' of the parking facilities is rendered so untenantable, the rental shall abate in the proportion which the
parking capacity of such portion bears to the total parking capacity of the facilities immediately prior
to such damage or destruction. Such abatement shall continue for the period commencing with such
destruction or damage and ending with the substantial completion by the Authority of the work or
repair or reconstruction. In the event of any such damage or destruction, this Agreement shall continue
in full force and effect and the City waives any right to terminate this Agreement by reason of any such
.,,. damage or destruction.
1 Section 11. City's Obligation to Operate.
d:') The City shall be obligated to so use and operate the parking facilities leased so as to afford to the
}. public the benefits contemplated by this Agreement and to permit the Authority to carry out its covenants
a to its bondholders.
Section 12. Assignment and Sublease.
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Neither this Agreement nor any interest of the-City herein shall, at any time after the date hereof,
' without the prior written consent of the Authority, be mortgaged, pledged, assigned or transferred by the
City by voluntary act or by operation of law, or otherwise, except as specifically provided herein. The
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City shall at all times remain liable for the performance of the covenants and conditions on its part
to be.performed, notwithstanding any assigning, transferring or subletting which may be made. The
' City shall have the right to sublease or permit the use by others of all or any part of the facilities leased;
but nothing herein contained shall be construed to'relieve the City from its obligation to pay rentals
as provided in this Agreement or relieve the City from any other obligations contained herein. The
`h Authority may issue its revenue bonds as contemplated by Section I hereof, may pledge to the payment
of said bonds and the interest thereon the rentals to be received hereunder, and may make all necessary
..'', covenants for the protection and security of the bondholders.
Section 13. Eminent Domain.
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If the whole of the Site together with any improvements thereon, or so much thereof as to render
:.3 the remainder unusuable for parking purposes, shall be taken under the power of eminent domain,
t then this Agreement shall terminate. In such event the rent provided herein shall abate. If less than
the whole of the Site, together with any improvements.thereon, shall be taken under the power of
eminent domain, and the remainder is usuable for parking purposes, then this Agreement shall con
tinue in full force and effect as to such remainder and the parties waive the benefit of any law to the
:. contrary. In such event there shall be a partial abatement of the rent hereunder in an amount
equivalent to that portion of the rent hereunder for the portion taken which the parking capacity of
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! the portion taken bears to the total previous parking capacity of the Site and the improvements thereon.
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Any award made in eminent domain proceedings for the taking or damaging of the Site or the
improvements thereon in whole or in part shall be paid to the Authority for the benefit of the holders
of the outstanding revenue bonds of the Authority and shall be used as provided in the resolution under
which the revenue bonds are issued. The City shall have no interest in or thereto and shall not be
entitled to any part of such award.
Section 14. Surrender of Leased Premises.
Upon the expiration of this Agreement the City agrees that it shall surrender to the Authority all
property then under lease hereunder, together with any improvements thereon, in good order and
condition and in a state of repair that is consistent with prudent use and conscientious maintenance
except for reasonable wear and tear.
Section 15. )(tight of Entry.
The Authority and its designated representatives shall have the right to enter upon the leased
,i property during reasonable business hours (and in emergencies at all times), (i) to inspect the same,
(ii) for any purpose connected with the City's.rights or obligations under this Agreement, and (iii) for
all other lawful purposes.
Section 16. Liens.
The City agrees to pay, when due, all sums'of money that may become due for, or purporting to
`sl be for, any labor, services, materials, supplies or equipment alleged to have been furnished or to be
r'4 furnished to or for the City in, upon or about the leased property and which may be secured by any
E?- mechanics', materialmen's or other lien against the leased property, and/or the Authority's interest
therein, and will cause each such lien to be fully discharged and released at the time the performance
of any obligation secured by any such lien matures and/or becomes due, provided, however, that if
the City desires to contest any such lien, it may do so, but notwithstanding any such contest, if any;
,i such lien shall be reduced to final judgment and such judgment or such process as may be issued for
the enforcement thereof is not-promptly stayed, or if so stayed and said stay thereafter expires, then
and in any such event the City shall forthwith pay and discharge said judgment.
Section 17. Taxes.
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The parties understand that the leased property constitutes public property free and exempt from
all taxation; however, the Authority agrees to take .whatever steps may be necessary, upon written
i'` request by the City, to contest any proposed tax or assessment, or to take steps necessary to recover any
tax or assessment paid. The City agrees to reimburse the Authority for any and all costs and expenses
thus incurred by the Authority.
j` Section 18. Quiet Enjoyment.
r The parties hereto mutually covenant and agree that the City, by keeping and performing the
} covenants and agreements herein contained, shall at all times during the several terms, peaceably and
@ - quietly have, hold, and enjoy the leased property, without suit, trouble or hindrance from the Authority.
k'.
Section 19. Law Governing.
This Agreement shall be governed exclusively by the provisions hereof and by the laws of the
State of California, subject to the waivers, exclusions and provisions herein contained.
Section 20. Notices.
All notices, statements, demands, requests, consents, approvals, authorizations, offers, agreements,
s appointments-or designations hereunder by either party to the other shall be in writing and shall be
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9/23/68
sufficiently given and served upon the other party, if sent by United States registered mail, return
receipt requested, postage prepaid and addressed as follows:
City—City Clerk, City Hall, Huntington Beach, California.
Authority—Clerk of the Authority—At such address as Authority shall designate for
such purpose.
Section 21. Waiver.
i The waiver of the Authority of any breach by the City of any term, covenant or condition hereof
shall not operate as a waiver of any subsequent breach of the same or any other term, covenant or
condition hereof.
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'1 Section 22. Default by City.
i If (a) the City shall fail to pay any rental payable hereunder within fifteen days from the date such
rental is payable,. or (b) the City shall fail to keep any such other terms, covenants or conditions
contained herein for a period of twenty-five days after written notice thereof from the Authority to the
City, or (c) the City shall abandon or vacate the premises, or (d) the City's interest in this Agreement
or any part thereof shall be assigned or transferred without the written consent of the Authority,
'. either voluntarily or by operation of law, or (e) the City shall file any petition or institute any pro-
ceedings where or whereby the City asks or seeks'or prays to be adjudicated a bankrupt, or to be
discharged from any or all,of its debts or obligations, or offers to the City's creditors to effect a
composition or extension of time to pay the City's debts, or asks, seeks or prays fora reorganization
„r or to effect a plan of reorganization, or for a readjustment of the City's debts, or for any other similar
relief, or (f) any such petition or any such proceedings of. the same or similar kind or character shall
:.i be filed, instituted or taken against the City, then and in any, of such events the City shall be deemed
to be in default hereunder.
If the City should, after notice of such default, fail to remedy any default with all reasonable
dispatch, in. not exceeding thirty days, then the Authority shall have the right, at its option, without
any further demand or notice (i) to terminate this Agreement, if such termination is then permitted
under the provisions of the resolution under which the revenue bonds are issued,.and to re-enter the
`i leased property and eject all parties in possession thereof therefrom, using all necessary force so to
do, or (ii).'to re-enter the leased property and eject all parties .therefrom, using all necessary force so
FY4 to do, and, without terminating this,Agreement, re-let the leased property, or any part thereof, as the agent
and for the account of the City upon such terms and conditions as the Authority may deem advisable,
in which event the rent received on such re-letting shall be applied first to the expenses of re-letting and
collection, including necessary renovation and alteration of the leased property, a reasonable attorney's
fee, and any real estate commissions actually paid, and thereafter toward payment of all sums due
or to become due to the Authority hereunder, and if a sufficient sum shall not be thus realized to pay
}' such sums and other charges, the City shall pay the Authority semiannually any cumulative net deficiency
existing on the date when rentals are due hereunder. The foregoing remedies of Authority are in
addition to and not exclusive of any other remedy of Authority. Any such re-entry shall be allowed by
the City without let or hindrance and the Authority shall not be liable in damages for any such re-
entry or be guilty of trespass.
The term "re-let" or "re-letting" as used in this Section shall include, but not be limited to, re-letting
by means of the operation by the Authority of the parking facilities and the collection of fees and
,.. charges for parking therein.
Section 23: Net Lease.
This Agreement shall be deemed and construed to be a "net-net lease" and the City hereby
. agrees that the rentals provided for therein shall be an absolute net return to the Authority, free and
:l clear of any expenses, charges or set=offs whatsoever.
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j Section 24. Execution.
n This Agreement may be simultaneously executed in any number of counterparts, each of which
° when so executed shall be deemed to be an original, but all, together shall. constitute but one and the
same Agreement, and it is also understood and agreed that separate counterparts of this Agreement
may be separately executed by the Authority and the City, all with the same full force and effect as
though the same counterpart had been executed simultaneously- by both the Authority and the City:
1 Section 25. Validity.
If any-one or more of the terms, provisions, promises, covenants or conditions of this Agreement
shall.to any extent be adjudged invalid, unenforceable, void or voidable for any reason whatsoever by
a court of competent jurisdiction,each-and all of the remaining terms, provisions, promises, covenants
and conditions of this Agreement shall not be affected thereby and shall be valid and enforceable to the
fullest. extent permitted by law.
If for any reason this Agreement shall be held by.a court of competent jurisdiction void, voidable,
or unenforceable by the Authority or by the City, or if for any reason it is held by such.a court that
the covenants and conditions of. the City hereunder, including the covenants to pay rents hereunder, is
unenforceable for the full terms hereunder, then and in such event for and in consideration of the
right of the City to possess, occupy and use the leased property, which right. in such event is hereby
!: granted, this Agreement shall thereupon become, and shall be deemed to be, a lease from year to year
under which the annual rentals herein specified will be paid by. the City.
+ IN WITNESS WHEREOF, the parties hereto have caused this Agreement 'to be executed. and
attested by their proper officers thereunto duly authorized, and their official seals to be, hereto affixed,
e0 as of the day and year first above written.
-� CITY OF H TINGT N BE C
. By V
Attest: Mayor
Assistant' City
` (SEAL)
PARKING AUTHORITY OF THE
CITY UNTINGTON BEA
By
��
A Attest: Chairman
1
Acting etary
(SEAL)
t �e
`} I HEREBY APPROVE the form and legality of the foregoing Agreement this9 day of
+ . 1968.
City Attorney and ex officio
Attorney for the Parking Authority
of the City of Huntington Beach
_f 7
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a
9/23/68
STATE OF CALIFORNIA
COUNTY OF ORANGE ss.
r On this 3------ day of October, in the year 1968, before me, Lou p Ann M.... l�Notary
' Public, State of California, duly commissioned and sworn, 'personally appeared __Alvin M. Coen
Ernestina DiFabio ''� r
known to me to be the Mayor, and ___________________I known to me to be the!( ity ( terk,
respectively, of the CITY OF HUNTINGTON BEACH, a municipal corporation that executed the within
instrument, and known to me to be the persons who executed the within instrument on behalf of said
municipal corporation therein named, and acknowledged to me that such municipal corporation
t
executed the within instrument pursuant to a resolution of the City Council of said City of Huntington
Beach.
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal on the
day and year in this certificate first above written.
X
Notar Public State of California
nnuuunom nra.,w:unuu;wj:uunuunuuuu:::•:•,:,n❑iu:;:::, .ar,.,gn:!ni,Ium
( (NOTARIAL SEAL) ;7`
:. uc CALIF@RNlQ
f :.�`j(�,I- ,` .F�i•:;,.;I'r=Ai. uGiiGE !f� c
r OliAi{GE COUNTY
My coMFnirsion €xpifq lope
�Nyp4N�weuUluluyuuuu,uippnnuuunnurgwimnuwUi�+n:`u �ll1r1�1�4ii`u
1
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STATE OF CALIFORNIA
COUNTY OF ORANGE ss.
S
On this 3------ day of Qq- ober in the year 1968, before me, Lou -Ann- Marshall Notary
Public, State of California; duly commissioned and warn ersonally appeared Alvin Ni. Coen
Di ab1ko #qt respectively,
known to me to be the Chairman and rllel$-t_ ll�............... nown to me to be t ie respectively,
of the Parking Authority of the City of Huntington Beach, a public corporation that executed the within
s�. instrument, and known to me to be the persons who executed the within instrument on behalf of said
public corporation therein named, and acknowledged to me that such public corporation executed the
within instrument.pursuant to a resolution of said Authority.
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal on the
day and year in this certificate first above written.
., off•-�C/ Q�.�-t�rlr i����2��GG-�
Notary Public,.State of California
. •uwnuuwu...... ununn:n..... uuuimuu uvuuu..... �°muununwuunru
(NOTARIAL SEAL LOU ANN MARSHALL
'i NOTARY PUBLIC CALIFORNIA
PRINCIPAL OFFICE IN e
ORANGE COUNTY
1 My,Commission Expires June 28, 1971
jii �rwrwrawuwwunuuuumm,uuununuunmrmmmunuunuuurmrurnrnnnuuam:� .
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9/23/68
EXHIBIT B
I „
,a
PARKING AUTHORITY OF THE CITY OF HUNTINGTON BEACH
Schedule for Adjustment of Rental
Estimated total Project cost-------------------------------------------------------------------- $2,090,718
Estimated interest during construction*-.----------.---------- $120,750
Estimated Reserve Fund...... ....... 88,532
Sub-Total----------------------- ------ --------------------------------------------------- 209,282
Estimated. Required Bond Issue----..--------------------------------:------ $2,300,000
* Subject to adjustment under Section 4 for the purpose of adjusting the Rental. Interest on the bonds during their
life has been estimated at 5�/4% and shall be adjusted pursuant to Section 4. Said adjustment may take into con-
sideration the need to adjust the Schedule of Rental payments to fit the financial program of the City and shall be
subject to approval of the City; provided the Schedule of Rental payments (which may vary from year to year)
shall be in any case at least sufficient to pay the principal and interest on the Bonds in any succeeding year in
accordance with the Resolution.
. i
[EXHIBIT A ATTACHED TO ORIGINAL ONLY]
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REVISI0NS
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PREPARED UN(7EF THE. SUPERVISION Ol DAIE
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—— ---- CHECKED
RECOMMENDED
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PV-PARJM,.N1 OF r 1)FiI.JC:- bVfX-..KS DATE
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