HomeMy WebLinkAbout18232 - RESOLUTIONS - 11/17/1993 RESOLUTION NO. 18232
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS,APPROVING ASSIGNMENTS OF LEASE
AGREEMENTS #2528, #2529 AND #2636 TO
JOHN APOSTLE AND HELEN APOSTLE, AS
TRUSTEES OF THE APOSTLE FAMILY TRUST, r
DATED JULY 6, 1984, ACCEPTING THE JOHN
AND HELEN APOSTLE GUARANTY OF LEASE
AND APPROVING AMENDMENTS TO EACH OF
THE LEASE AGREEMENTS SUBJECT TO CITY
ATTORNEY FINAL WORDING APPROVAL.
WHEREAS Airport Park Plaza is a three parcel office complex most recently held by Peacock
Financial via Lease Agreements #2528, #2529 and #2636; and
WHEREAS Peacock Financial has delivered a leasehold interest deed in Ilieu of foreclosure to V I,
Mr. John Apostle in an attempt to cure serious financial difficulties; and
WHEREAS Lease Assignment and Assumption Agreements have been executed by Peacock
Financial and Mr. John Apostle; and
WHEREAS Topa Thrift and Loan, a financial institution holding loan encumbrances on Lease
Agreements #2528 and #2529, has consented to the Assignment and has assigned the loans
to Mr. Apostle; and
WHEREAS Mr. Apostle has agreed to Lease Amendments on all three leases to tie the: leases }
together, to restate deferred rent and to establish a payment schedule for delinquent rent,
NOW 'THEREFORE BE IT RESOLVED as follows: ,.
Section 1. Assignment and Assumption of Lease Agreements #2529, #2528 and #2636
from Peacock Financial to John and Helen Apostle, as Trustees of The Apostle
Family Trust are hereby approved.
Section 2. The Guaranty of Lease document executed by John and Helen Apostle is
hereby accepted.
Section 3. Second Amendments to Lease Agreements #2529, #2528 and #2636 are
hereby approved subject to City Attorney final wording approval.
ADOPTED this 17th day of November 1993.
AYES: Councilmembers Hodges, Lyons, Reller-Spurgin,Schlendorf & Mayor Maryanov
NOES: None
ABSENT: None
ATTEST: CIT OF PALM SPRIII g1ALIFORNIA
'
Byrd
-City Clerk rt onager
REVIEWED & APPROVED