Form of Memorandum of Option Agreement
WHEN RECORDED, MAIL TO:
LGW Investments, LLC
2500 Via Cabrillo Marina, Suite 306
San Pedro, CA 90731
Attention: R. Kevin Ketchum
APN:
MEMORANDUM OF OPTION AGREEMENT
This Memorandum of Option Agreement (this "Memorandum") is made effective as of February 18, 2025 (the "Effective Date"), between the City of Redondo Beach, a California charter city and municipal corporation (Optionor"), and LGW Investments, LLC, a California limited liability company ("Optionee").
WHEREAS, Optionor is the owner of certain premises located within Basin Two of the Harbor commonly known as Port Royal Marina, in the City of Redondo Beach, California (the "Premises"), more particularly described on Schedule 1 attached hereto; WHEREAS, Optionor and Optionee have entered into that certain unrecorded Option Agreement dated February 18, 2025 (the "Option Agreement"), pursuant to which Optionor has granted to Optionee an exclusive option to lease the Premises on the terms and conditions set forth in the Option Agreement (the "Option").
WHEREAS, Optionor and Optionee desire to execute this Memorandum and cause the same to be recorded in the Official Records of the County of Los Angeles, California for the purpose of providing constructive notice to third parties of the Option and the Option Agreement.
NOW THEREFORE, Optionor and Optionee agree as follows:
1. Pursuant to the Option Agreement, Optionor has granted to Optionee an exclusive option to lease the Property on the terms and conditions set forth in the Option Agreement.
2. The Option granted by the Option Agreement is exercisable for a period commencing on February 18, 2025 and ending on April 16, 2031 (the "Option Term"), unless sooner expired or terminated in accordance with the terms of the Option Agreement.
3. This Memorandum is for the purpose of providing record notice of the Option Agreement only, and in no way modifies the provisions of the Option Agreement. Nothing herein shall be deemed to modify, amend or otherwise affect the terms and conditions of the Option Agreement, and in the event of any inconsistency between the provisions of this Memorandum and the Option Agreement, the provisions of the Option Agreement shall prevail.
IN WITNESS WHEREOF, Optionor and Optionee have executed this Memorandum as of the date referred to above.
OPTIONOR:
By
ATTEST:
Eleanor Manzano, City Clerk
APPROVED AS TO FORM:
Michael W. Webb, City Attorney
OPTIONEE:
LGW Investments, LLC,
a California limited liability company
Gerald L. Thomas, Manager
SCHEDULE 1
Legal Description of the Premises
[attached]
..at
AREA A
PORT ROYAL MARINA LEASEHOLD
LEGAL DESCRIPTION
That certain parcel of land, in the City of Redondo
Beach, County of Los Augeles, State of California, nore particalarly described as follows:
Commencing at a point on au official Los Angeles
County surveyor'd Transit Line which line 1a de-
#cIlbed In Los Angeles County Surveyor's Fleld Book
2100 page 21 and 22 and which point 18 designated as
9-12, a point on sald Iranait Line; thence North
20"45'03" West, 261.37 feet to a point on said
Transit Line; thence North 17° 23' 54" East, 200.97
feet to a point, which point 1s designated H-1, said
H-1 alao belug South 65° 43' 19" East, 46.82 feet from
the Intersection of the center line of Hermosa Avenue
DESCRIPTION APPROVED 1.17
and the center Iine of Tenth Street, as said Inter-
section is showa on the map of Iract No. 1326 recorded
in book 18 page 67 of Maps, records of said county and
aE said Intersection is shown In Los Angeles County
Surveyor's Field Book No. 1589 page 134, in the office
of the County Engineer of said county; thence South
24" 59' 36" EaBt, 516.87 feet; thence South 24° 24' 43" East, 509.95 feet to i point, which point 1s designated H-2; thence North 79° 57' 33" West, 39.19 feet to a
point, which point is the intersection of the center
Iine of Hermosa Avenue and the center line of Sixth
Street, as said intersection 1a shova on the nap of
the Ocean Beach Subdivlaion recorded in book 2, page
35 of Maps, records of said County; thence South
24" 37' 24" East, 256,89 feet; thence South 65° 22' 36" Weat, 39.00 feet to a point, said last mentioned point
being the true point of beginning of this description;
DESCRIPTION APPROVED
1. 2. KX.
Robert D. Moucy
Schedule 1 - Legal Description of the Premises Page 1 of 4 "ald last MentIoned polat elsa being the beginning
of a non-tangent curve concave northeasterly and
having a radiue of 1989.00 feet, « radial line of
said curve to said last mentioned point bears South
65° 22' 35" Went; thence fron said true point of
beginning southeasterly along said curve through a
central angle of 05° 08' 56", an are distance of
178.74 feet; thence tangent to said curve South
29° 46" 20"' Bast, 109.94 feet; thence South 73°
'18' 24" Wast, 198.50 feet; thence South 16° 41' 36"
East; 532.24 feet; theace South 27° 06' 42" East,
17.55 feet; thence North 73° 18' 24" East, 71.41
faet; thence South 29° 46' 20" East, 284.62 feet;
thence North 60° 13' 40" Eat, 41.98 feet; thence
South 54° 40' 12" East, 18.75 feet to the beginning
of • non-tangent curve concave easterly having a
radius of 178.00 feet; thence southerly along said
curve through a central angle of 18° 47' 40", an aro
distance of 58.38 feet; thence South 13° 18' 54"
West, 163.92 feet; thence south 73° 21' 10" West,
385.71 feet; thence North 16° 38' 40" West, 45.00
feet; thence North 73° 21' 10" East, 50.00 feet;
thence North 16° 39' 50" West, 1060.87 feet; thence
forth. 03" 49' 45" East, 210.82 feet; thence North
73° 21! 28" Bast, 329.45 feet; thence souch 24" 371
24" East, 1.67 feet to said true point of beginning•
Containing therein approximately 108,250 square feet of land area and approximately 331, 290 square ieer of water.
5/2/80 Page 2
Schedule 1 - Legal Description of the Premises Page 2 of 4 AREA B
PORT ROYAL MARINA LEASEHOLD
LEGAL DESCRIPTION
That certain parcel of land, in the City of Redondo
Beach, County of Los Angeles, State of California, more particularly described ae follows:
Commencing at a point on an official los Angeles
Cousty Surveyor'a Iransit Iine which line is described
II los Angeles County Surveyor's Fleld Book 2100
pages
21 and 22 and which point la designated as S-12, a
point on said Iransit Line; thence North 20° 45' 03"
Hest; 261.37 feet to a point on said Iransit Line;
thence North 77° 23' 54" East, 200,97 feet to a point,
which point 1s designated H-1, said H-I also being
Souch 65° 43' 19" East, 46.82 feet from the Inter-
section of the center line of Hermosa Avenue and the
center line of Tenth Street, as said Intersection 18
shown on the map of Iract No. 1326 recorded in book
18 page 67 of Mata, records of said county and as said
Intersection 16 shown in Los Angeles County Surveyor's
Field Book No. 1589 page 134, in the office of the
County Engineer of said county; thence south 24° 59' DESCRIFTION APPROVED 36" East, 516.87 feet; thence South 24° 24' 43" East,
509.95 feet to a point, which point is designated H-2;
thence North 79° 57' 33" West, 39.19 feet to a point,
which PolIt is the intersection of the center line of
Hermosa Avenua and the center line of Sixth Street, as
said intersection 1s shown on the map of the Ocean Beach Subdivision recorded in book 2 page 35 of Maps, records of said County; thence South 24° 37' 24" East, 256.89
feet; thence South 65° 22' 36" West, 39,00 feet to a
point, sa1d point being the beginning of a non-tangent
curve concave northeasterly and having a radius of
1989.00 feet, a radial line of said curve to said last
DESCRIPTION APPROVED
1.12- xX;
Robert D. Moudy
Schedule 1 - Legal Description of the Premises Page 3 of 4 neationed polat bents South 65° 22' 36" West; thence
from said point southeasterly along said curve through
• central engle of 05° 08' 56", an aIc distance of
178.74 feeti thence tangent to said curve South
29° 46' 20" East, 757,32 feut to the beginning of a
tangent curve concave southwesterly and having a radius of 2795.68 feet; thance southeasterly along said last
mentioned curve through a central angle of 0" 23' 53"
an are distance of 19.43 feet to a point, said last
mentioned point being the true point of beginning;
thence from said true point of begiuning southeasterly
along sald last neationed curve through 8 central angle of 2° 06 ' 18"; an arc distance of 102.70 feet; thence
southerly along a tangent curve concave gorthwesterly,
having a central angle of 87° 29' 49" and a radius of
19.18 feet, an arc distance of 29.30 feet; thence South 60° 13" 40" West, 45.17 feet; thence North 29° 46' 20"
West; 121.00 feet; thence North 60 ° 13' 40" East,
66.95 feet to the true point of beginning.
Containing thereia approximately 8,020 square feet of land area. --- -kyme
5/2/80
Paze 2
Schedule 1 - Legal Description of the Premises Page 4 of 4 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA
) 8
County of Los Angeles
on Feb. 10, 2025 → before me, Cathy Bunk low
No me opule basis of sals actay evidence to be the person whose names) islare subscribed to. Notary Public, personally appeared the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct
WITNESS my hand and official seal.
Cathe , Burbeber
Signature of Notary
(Affix seal here)
CATHY BUMBALOW
Notary Public • California
Los Angeles County
Commission # 2458287
ay Comm. Expires Aug 25, 2027
5425638.5