9545.0017 / 02938902.1 9545.0017 / 02938893.1 9545.0001 / 02936513.1 1
TRI-PARTY AGREEMENT FOR LEASEHOLD MORTGAGE
(SALTY TURF LLC)
This Tri-Party Agreement For Leasehold Mortgage (the “Agreement”), dated as of June __, 2025 (the “Effective Date”) is made by and among the City of San Clemente, a California municipal corporation (“Lessor”), Salty Turf LLC, a Delaware limited liability company (“Lessee”) and American Business Bank, a California banking corporation (“Lender”). The signatories hereto are sometimes referred to collectively as “the Parties”. This Agreement is made with reference to the following Recitals:
RECITALS
A. Lessor and Lessee entered into a certain Agreement to Lease, dated April 1, 2024 (the “Lease”) concerning real property commonly described 987 Avenida Vista Hermosa, San Clemente, CA 92673, and more fully described in the legal description attached thereto, marked as Exhibit “A” (the “Land”); B. Lessee has applied to Lender for an SBA 7(a) Construction-to-Perm Loan (the “Loan”) for the purpose of constructing a new miniature golf course upon the Land. The Loan will be documented with various loan documents, including but not limited to, promissory note, construction loan agreement, deed of trust and assignment of rents, guaranties, assignments, plans, permits, environmental reports, title insurance policies, etc., (“the Loan Documents”). The Loan will be secured by a deed of trust, an assignment of rents, and a security agreement related to Lessee’s personal property, all of which shall constitute liens upon the Lease and the leasehold estate created by the Lease (“Leasehold Estate”); C. As a condition of Lender making the Loan to Lessee, Lender requires certain covenants and agreements be agreed to among the Parties as pre-conditions for approval of the Loan and for funding of the Loan;
D. As a further condition for the making of the Loan, Lender requires that certain assignments and collateral be given to Lender, and that an agreement be entered into concerning (1) consent to, clarification of, and protection of the secured positions of Lender; (2) Lender’s ability to realize upon such collateral in the event of any default by Lessee; and, (3) to modify the Lease to protect Lender; E. Lessor, Lessee, and Lender are agreeable to entering into this Agreement for purposes of establishing those agreements and rights among the Parties; and, F. Lessor will benefit by the Loan.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is acknowledged among the Parties hereto, the Parties agree as follows:
1. Recitals. The Recitals are incorporated herein by this reference as though set forth in full and are acknowledged as true and correct.
2. Lessor’s Consent. Without qualification and notwithstanding any contrary provisions in the Lease or any other document or agreement, Lessor expressly consents and agrees Lessee is authorized and is hereby empowered to borrow, grant, assign, transfer, and convey to Lender a lien upon the Lease and the Leasehold Estate for collateral purposes, and to have liens placed upon the Lease, Lessee’s Leasehold Estate in the Lease, and Lessee’s personal property.
Attachment 2
2 3. Notice of Lessee’s Default. Lessor shall promptly advise Lender, in writing, of any default by Lessee under the Lease.
4. Cross Defaults. The Parties agree that a default by Lessee under the provisions of the Lease shall also constitute an Event of Default under the Loan Documents entitling, but not obligating, Lender to exercise its rights and remedies under the Loan Documents.
5. Recovery and Removal of Lender’s Collateral.
A. Lessor agrees and consents, notwithstanding whether Lender cures any defaults or acquires Lessee’s rights under the Lease, that Lender shall have the right of access to the Land, upon reasonable notice and subject to Lender’s satisfying the “Removal Conditions” (as defined below), to remove any and all personal property which has been or may be pledged, mortgaged or hypothecated to Lender as security for the Loan. The “Removal Conditions” are defined as: (a) Lender’s exercising no greater rights, and assuming the same obligations, with respect to entry onto the Land as Lessee has under the Lease as though the Lender were the Lessee under the Lease, including but not limited to accomplishing any removal or restoration in good workmanlike manner, maintaining insurance, and indemnifying the Landlord and its affiliates and others; (b) Lender’s providing the Lessor at least two (2) business days’ prior written notice before entering upon the Land; and (c) Lender’s rights, and the Lessor’s obligations, under this Agreement terminating as of date of the termination or expiration of the Lease, or, if applicable, as of the end of any period during which Lender has the right to enter upon the Land (the “Removal Period”).
B. Subject to Lender’s satisfying the Removal Conditions, Lessor agrees that Lender shall have the right to remove from the Land any of Lessee’s personal property (the “Lessee’s Property”), whenever the Lender shall elect to enforce the security interests granted by Lessee. The term “Lessee’s Property” shall not include, and Lender shall not have the right to remove from the Land, any items which will cause material damage to the Land (including, without limitation, utilities, ducting, conduit, cabling, plumbing, heating, ventilating, and air conditioning systems and equipment, floor coverings, wall coverings, ceiling tiles and system, lighting, restroom fixtures, hot water heater, or any other item constituting an integral or permanent part of the structure upon the Land). If any parts of the Land, including structural areas, are damaged in connection with Lender’s removal of Lessee’s Property, then Lender shall repair such damage.
C. Lessor subordinates to Lender’s security interests in Lessee’s Property, any of Lessor’s liens, encumbrances, or other interests in Lessee’s Property which Lessor may now or hereafter have or acquire in Lessee’s Property. Notwithstanding anything to the contrary, Lessor’s encumbrances and liens against the Land shall not be subordinated to Lender’s rights under this Agreement or Lender’s security interests in Lessee’s Property.
6. Rights to Cure and Limitation on Liability.
A. Notwithstanding anything in the Agreement, Lessee shall be fully responsible for all of tenant’s obligations under the Lease.
B. Notwithstanding execution of the Loan Documents, Lender does not, and shall not, assume any obligations to Lessor, including but not limited to, payment of rents, for any other charges or fees, or for the performance of any of the covenants contained in the Lease, and Lender shall not have any liability to Lessor under the Lease except to the extent Lender occupies the Land.
C. In the event of a default by Lessee under the terms and provisions of the Lease, Lessor shall not terminate the Lease nor declare a forfeiture of the Lease without giving Lender prior written notice of the default. So long as Lender makes timely and unconditional monthly rental payments in full, Lender shall have 9545.0017 / 02938902.1 9545.0017 / 02938893.1 9545.0001 / 02936513.1 3 six (6) months to either assume the Lease and exercise Lender’s rights under section 8 below, or terminate Lender’s rights under this Agreement in which case Lender shall have no further liability under the Lease.
D. (1) The tender of any cures by Lender to Lessor shall not preclude Lender’s right to declare a default by Lessee under the terms and provisions of the Loan Documents and this Agreement for Lessee’s default(s) under the provisions of the Lease, and Lender’s exercise of Lender’s rights and remedies under the Loan Documents.
(2) Lender shall have the right to cure any curable monetary or non-monetary defaults by Lessee (and within the same cure period, if any, available to Lessee under the Lease) whether or not Lender has exercised any of its remedies under the Loan Documents. (3) Notwithstanding the right to cure any defaults, the cures of defaults, and the continued curing of defaults, Lender shall not have any liability under the Lease, including, without limitation, liability for rent, notwithstanding such cures, unless Lender (a) has exercised its rights to obtain, and has obtained, Lessee’s Leasehold Estate in the Lease under the provisions of the Loan Documents, and (b) has taken possession of the Land. Actions by Lender to safeguard the Land, remove personal property from the Land for sale, conduct a public sale of personal property on the Land, show the Land to prospective transferees, or to seek, obtain, or have installed a receiver upon the Land to safeguard the Land or to operate a business upon the Land shall not be deemed acts of, or the taking of, possession by Lender. (4) Should Lender exercise its rights under the Loan Documents, obtain Lessee’s Leasehold Estate, and taken possession of the Land (with no possession occurring as a result of the actions enumerated in this Section 5.D.(3), Lender shall make the payments due under the Lease for the periods of time in which Lender is in such possession.
(5) Lender shall have the right to transfer, assign, or sublet the Lease as provided in Section 8 below.
(6) Lender (a) may exercise its remedies at its sole discretion, (b) exercise some but not all of its remedies under one or more of the Loan Documents, or (c) elect not to exercise remedies under one or more of the Loan Documents.
7. Lessee Not to Seek Modification or Cancellation of the Lease Without Lender’s Consent.
A. Lessee agrees that Lessee, without Lender’s express written consent, shall not make any modifications to the Lease, nor agree to terminate the Lease, as long as there is any indebtedness owed by Lessee to Lender or Lender’s successor(s) in interest. Any such action by Lessee without the consent of Lender (i) shall constitute a default under the Loan Documents, (ii) shall not be binding on Lender, and (iii) shall not be accepted, or agreed to, by Lessor.
B. In the event Lender obtains knowledge that there has been a material modification or termination of the Lease, upon Lender’s declaring a default by Lessee under the Loan Documents, exercising remedies thereunder, and taking possession of the Land thereunder, Lender may demand, and Lessor shall then enter into, an addendum to reverse the material modification or enter into a new lease to reinstate the Lease, with Lender as the replacement lessee, upon the same terms and conditions as the Lease, subject to the rights of Lender and Lessor contained in this Agreement. Lessor further agrees that in the event that any liens have been placed upon the Land or the Lease between the time of the material modification or termination and the reversal of the material modification or new lease, Lessor shall use commercially reasonable efforts, at no cost to Lessor or with agreement by Lender to reimburse any costs, to obtain a subordination of such liens to the reversal or new Lease.
8. Right of Lender, Lender’s Successors, or Purchaser(s) After a Foreclosure.
In the event that Lender, or its successors or assigns, or a purchaser at a sale, pursuant to a real property foreclosure, after a judicial or nonjudicial sale, by a deed in lieu of foreclosure, or by other means (with Lender, 4 its successors or assigns, or the purchaser who acquires the Lease or Leasehold Estate at a foreclosure sale or by deed in lieu designated as the “Acquiring Party”) acquires Lessee’s Leasehold Estate or Lessee’s interest in the Lease, Lessor agrees that the Acquiring Party shall have the absolute right to transfer, sublet, or assign the Lease, notwithstanding any default by Lessee, without Lessor’s consent or approval, notwithstanding any contrary language contained in the Lease, including, but not limited to, the provisions of Article XII of the Lease.
B. Any transfer, subletting or assignment of the Lease by the Acquiring Party shall be free of, and without regard to, Lessor’s rights (1) under Article XII of the Lease, including, but not limited to, any right to elect to terminate the Lease, (2) to receive any consideration, whether from the price paid for the transfer, sublet or assignment, or from the transferee, sublessee or assignee, in excess of the rent payable under the Lease, and (3) to enforce any restrictions to such transfer, assignment, or sublet, in the Lease, except as provided in this Agreement.
C. It is expressly agreed that an assignment, subletting, or transfer by Acquiring Party shall relieve Acquiring Party of any liability, if any has arisen, under the Lease, after the date of such transfer, subletting, or assignment, except for obligations of Acquiring Party that arose prior to the date of such transfer, subletting, or assignment.
D. Acquiring Party, or the transferee, assignee, or sublessee of the Acquiring Party, upon Lessor’s prior written approval of any change in use, which approval shall be in Lessor’s sole discretion, may change the use of the Land, or the use made of the Land by Lessee, notwithstanding anything to the contrary in the Lease. Notwithstanding the generality of the foregoing, no change of the use would be allowed if the new use would constitute a violation of any recorded CC&R’s applicable to the Land or to the structures on the Land.
E. If Lender is the Acquiring Party, Lender may terminate the Lease upon thirty (30) days written notice to Lessor.
9. Assignment or Transfer by Lessee Prohibited.
Notwithstanding any other provisions in the Lease, as long as any indebtedness by Lessee to Lender exists under the terms of the Loan Documents, Lessee shall not assign or sublease Lessee’s interest in the Lease, without the prior written consent of Lender. Lessee agrees that any purported assignment or transfer by Lessee without the prior written consent of Lender shall be null and void and of no effect, and any attempt to assign or transfer Lessee’s interest in the Lease without such consent shall constitute an event of default under the Loan Documents and this Agreement, and Lender shall thereafter have the right to proceed with the exercise of Lender’s remedies.
10. Assignment by Lessor or Lender.
Lessor and Lender agree that in the event that either or both of them assigns its/their rights under the Lease, the Loan Documents, or this Agreement that its assignee shall assume the assignor’s obligations under the terms and provisions of this Agreement, with said assignee(s) or successor(s) required to agree to be fully bound by the terms and provisions hereof, upon which the Lessor or Lender, as applicable will be released from further liability. Lessor and Lender shall notify the other in the event of any assignment of its/their rights under the Lease, the Loan Documents, or this Agreement, and shall provide the other with a copy of the executed Assumption Agreement by its/their assignee(s) or successor(s).
9545.0017 / 02938902.1 9545.0017 / 02938893.1 9545.0001 / 02936513.1 5
11. Lessor’s Representations and Warranties; Estoppel Statement.
Lessor expressly represents and warrants and gives its estoppel statement as follows:
A. As of the date of this Agreement, Lessor is not aware of any default by Lessee under any of the terms or provisions of the Lease;
B. Lessor knows of no facts or conditions which, with the passage of time, would constitute or cause a default of Lessee’s obligations under the Lease;
C. The Lease is in full force and effect;
D. Lessor’s fee interest in the land is free and clear of any lease except the Lease to Lessee; E. Lender has no actual knowledge of any litigation, judicial, quasi-judicial, administrative, or other orders, injunctions, moratoria, pending or threatened against Lessor or the Land which would preclude or interfere with the use and occupancy of the Land by Lessee for Lessee’s current use; F. Lessor has all necessary power and authority to enter into this Agreement; G. Lessor has no actual knowledge of any condemnation, environmental, zoning, or land use regulation proceedings, either instituted or planned to be instituted, which would detrimentally affect the value of the Land;
H. The Lease constitutes a complete agreement between Lessor and Lessee for the Land and the Leasehold Estate, and no amendments, modifications, or assignments of the Lease, either written or oral, currently exist;
I. Lessor is the owner of the Land, with undivided fee title to the Land; and, J. The Land and Lessor’s undivided fee title to the Land, except for the lien of real property taxes that are not yet due, is unencumbered by any lien securing or seeking the recovery of any monetary obligation, including, without limitation, is not encumbered by the lien of any deed of trust, mortgage, assessment, tax lien, or judgment lien.
Lessor acknowledges that Lender is relying upon the foregoing representations, warranties, and estoppel statements in making the Loan to Lessee, and that Lender would not make the Loan to Lessee and fund the Loan but for the foregoing representations, warranties, and estoppel statements.
12. Renewal of the Lease Term.
For the purpose of exercising the renewal terms under Section 4.02 of the Lease: (a) Acquiring Party and the transferee or assignee from the Acquiring Party shall be deemed the “Tenant” under the Lease that shall have the right to be able to exercise the renewal terms under Section 4.02 of the Lease under the terms and in the manner as provided for in the Lease. Lessor recognizes and affirms that in the event Lender forecloses its lien on the Leasehold Estate, or otherwise steps into the shoes of Tenant, (i) Lender will have all the rights and remedies of Tenant under the Lease, and (ii) Lender may transfer or assign its rights as Tenant under the Lease to a third party, reasonably satisfactory to Lessor, who will then assume the rights and remedies under the Lease and thereafter Lender’s obligations as Tenant under the Lease shall cease. The subsequent transferee or assignee of the Leasehold Estate from the Acquiring Party’s transferee or assignee shall be also deemed a “Tenant”, who can exercise the renewal terms under Section 3.4 of the Lease.
13. Perfection and Additional Documentation and Memorandum for Recording Purposes.
Lessor and Lessee shall cooperate with Lender and execute such other documentation necessary to effectuate the perfection of Lender’s position and protection of its rights to the collateral, including, but not limited to, the recordation of a Memorandum of Lease or a Memorandum of this Agreement.
6 14. Hazard Insurance Proceeds.
Lender, as a condition of its loans, requires that Lessee make Lender the loss payee of any insurance policies for loss to the structures and personal property on the Land as provided in the Loan Documents. Lessor and Lessee agree that any proceeds of hazard or casualty insurance shall be payable as provided under the Loan Documents.
15. Proceeds of Condemnation.
Notwithstanding any contrary provisions in the Lease, Lender and Lessee agree that Lender shall have first right to receive the proceeds of any payments, awards, or collections for partial or complete condemnation of the structures on the Land, or any portion thereof, or the Leasehold Estate of Lessee, including, but not limited to, loss of business and goodwill attributable to Lessee’s interest in the Land up to the amount of the obligations then owed by Lessee to Lender.
16. Bankruptcy Provisions.
A. So long as any indebtedness to Lender under the Loan Documents shall remain outstanding, the right of election arising under the Bankruptcy Code to reject the Lease shall be exercised by the Lender and not by Lessee. Any exercise or attempted exercise by Lessee of such right of election in violation of the preceding sentence shall be void. If, despite the foregoing provision, Lessee rejects the Lease pursuant to the Bankruptcy Code, then, within ninety (90) days following notice to Lender of Lessee’s rejection of the Lease, Lender shall have the right to deliver written notice to Lessor requesting that Landlord inform Lender of the sums then owing by Lessee under the Lease and any and all other defaults of Lessee under the Lease, and Lessor shall, within ten (10) days following Lessor’s receipt of such notice, deliver written notice to the Lender of the sums then known by Lessor as being owed by Lessee and the other defaults of Lessee under the Lease then known by the Lessor. The Lender shall have the right, but not the obligation, to serve on the Lessor within ten (10) after service of the notice provided in the preceding sentence, a notice that the Lender elects to (i) assume the Lease, and (ii) cure all defaults outstanding thereunder.
B. If Lender serves such notice on Lessor within the above time period, then (i) the rejection and Bankruptcy termination of the Lease by Lessee shall not constitute a termination of the Lease as between the Lessor and Lender, (ii) Lender shall be deemed to have assumed the obligations of Lessee under the Lease without any instrument or assignment of transfer from Lessee, (iii) the Lease shall be deemed in full force and effect as a direct Lease between Lender and Lessor, (iv) Lender’s rights under the Lease shall be subject to the rights of parties in possession, and (v) Lender shall consummate the assumption of the Lease and the payment of the amounts payable by it to the Lessor pursuant to this Section within ten (10) days after the Lender shall have served the notice of assumption. Upon assumption of the Lease, Lender shall also have the same status and rights as the Acquiring Party under the terms of this Agreement. Based thereon, the right of transfer and assignment by an Acquiring Party as provided in Section 5 shall apply, and Lender shall be relieved of all obligations and liabilities arising from, and after, the date of such transfer or assignment.
C. If Lender does not timely elect to assume the Lease as provided above, Lender shall pay to Lessor, within ten (10) days after the expiration of the time period for Lender to make such election, an amount equal to the rent and other amounts which would have been due and owing (from Lessee to Lessor) under the Lease through thirty (30) days after the expiration of the time period for Lender to make such election.
D. Lessor hereby waives any remedy it may have, or hereafter have, to terminate, treat as terminated, reject, or cause forfeiture of the Lease under Section 365 (or any other applicable section) of the Bankruptcy Code, any comparable federal or state statute or law, or as part of any receivership, assignment for the benefit of creditors or creditor work out. Effective upon the entry of an order for relief with respect to Lessor under the Bankruptcy Code, or any comparable federal or state statute or law, Lessor hereby assigns and transfers to 9545.0017 / 02938902.1 9545.0017 / 02938893.1 9545.0001 / 02936513.1 7 Lender a non-exclusive right to apply to the Bankruptcy Court under Section 365 of the Bankruptcy Code (or any other applicable section), or any comparable federal or state statute or law, for an order extending the period during which the Lease may be rejected or assumed. In the event the terms of this Paragraph are unenforceable, Lessor agrees to refrain from exercising any right of termination it may have, under any bankruptcy or insolvency laws, or as part of any receivership, assignment for the benefit of creditors or creditor work out, prior to satisfaction of the indebtedness which is evidenced, in part, by the documentation for the Loan and the Deed Of Trust. Notwithstanding the foregoing, provided Lessor extends an offer to Lender or its assignee to lease the Land for a period no less than the remaining Lease term held by Lessee on substantially the same terms as the Lease, Lessor may exercise its right to terminate, reject, or cause forfeiture of the Lease under Section 365. As long as not unenforceable as a matter of law, if Lender accepts the offer referenced in the foregoing sentence and a new lease is consummated, Lender shall have the status of, and rights of, an Acquiring Party under this Agreement.
F. Lessee agrees to immediately notify Lender in writing should Lessor or Lessee file, or there is filed against Lessee, a petition, action, or other request for relief under the Bankruptcy Code, any comparable federal or state statute or law, or as part of any receivership, assignment for the benefit of creditors or creditor work out, and to serve Lender with copies of all notices pleadings or other documents that Lessee serves or receives in connection with any petition, action or other request for relief under the Bankruptcy Code, any comparable federal or state statute or law, or as part of any receivership, assignment for the benefit of creditors or creditor work out.
17. Notices.
Notices shall be sent to the following addresses unless a party gives notice in writing of any change of address:
To Lessor: City of San Clemente
910 Calle Negocio
San Clemente, CA 92673
Attn: City Clerk and Beaches, Parks & Recreation Director To Lessee: Salty Turf LLC
224 Avenida Del Mar, Suite C
San Clemente, CA 92672
Attn: Jeff Moore
To Lender: American Business Bank
400 S. Hope Street, Suite 300
Los Angeles, CA 90071
Attn: SBA Department
18. Conflicts in Documentation.
As between Lessor and Lender, (and their assignees and successors) it is agreed that in the event of any conflicts between the provisions of this Agreement and the terms of the Lease, the provisions contained in this Agreement shall modify and supersede the conflicting provision(s) in the Lease, and that in the event of any such conflict, the terms and provisions of this Agreement shall control. Except as specifically modified herein by the terms and provisions of this Agreement the terms and provisions of the Lease shall remain the same. 8 19. Refinance.
Lessor agrees to enter into, and to substitute an agreement for this Agreement, with similar scope and content, with regard to any loan made to generate proceeds to refinance and/or pay off the Loan which is referred to in the Loan Documents, provided neither Lessor’s obligations nor the Lessee’s rights are expanded, and the loan proceeds are used solely in connection with the business being operated from the Land, and the loan amount does not exceed the original loan amount. Lessor shall be reimbursed for all reasonable costs incurred by Lessor in complying with this Section 19.
20. Disbursements by Lender.
In making disbursements pursuant to any of the Loan Documents, Lender shall have no obligation or duty to, nor has Lender represented that it will, supervise the application of any proceeds by the person or persons to whom Lender disburses such proceeds, and any application or use of such proceeds for purposes other than those provided for in the Loan Documents shall not defeat Lessor’s covenants and agreements herein.
Further, in making disbursements pursuant to the Loan Documents, Lender may waive any and all conditions to a disbursement as contained in the Loan Documents at Lender’s sole discretion.
21. Miscellaneous Provisions.
A. No waiver, amendment, deletion or addition to any of the terms hereof shall be deemed effective unless made in writing and signed by the parties hereto.
B. This Agreement shall be binding upon any legal representatives, successors and permitted assigns of the parties.
C. This Agreement may be executed in any number of counterparts, each and all of which shall be deemed for all purposes to be one agreement. However, this Agreement shall not become effective unless and until each and every party has executed the Agreement, or a counterpart of the Agreement.
D. The parties agree to execute such additional documents as may be reasonably necessary to effectuate the provisions of this Agreement.
E. This Agreement shall be deemed to have been drafted by all of the parties hereto. The provisions of Civil Code Section 1654 and similar laws shall not apply and are expressly waived, and any ambiguity in this Agreement shall not be interpreted against one party because of the mere fact of drafting, but shall be interpreted to give full force and effect to the intent of the parties as expressed in this Agreement.
F. Lender shall provide Lessor with a copy of the Loan Documents for its files and Lessor shall keep same confidential. Lessee consents to and authorizes Lender to provide a copy of the Loan Documents to Lessor.
G. This Agreement shall be governed by the laws of the State of California.
H. Should any action be instituted to enforce or interpret this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and costs.
I. Regardless of any provision in the Lease to the contrary, Lender shall not be required to enter into any agreement whereby its interest in the Leasehold Estate is subordinated to any lien upon the fee title estate of Lessor.
J. This Agreement will terminate and be void upon full satisfaction of the Loan.
K. Notwithstanding anything to the contrary, the Lease is modified and is subject and subordinate to any of Lender’s mortgages, deeds of trust, or other encumbrances of the Land and all renewals, extensions, modifications, consolidations, and replacements of the aforementioned mortgages, deeds of trust, or other encumbrances. This subordination is self-operative, and no further instrument of subordination shall be required to make it effective. To confirm this subordination, however, Lessor and/or Lessee shall, within five (5) days 9545.0017 / 02938902.1 9545.0017 / 02938893.1 9545.0001 / 02936513.1 9 after Lender’s request, execute any further instruments or assurances in recordable form to evidence or confirm the subordination or superiority of Ledner’s mortgages, deeds of trust, or other encumbrances.
LESSOR, LESSEE, AND LENDER HAVE EXECUTED AND DELIVERED THIS AGREEMENT AS OF THE EFFECTIVE DATE.
LESSOR: CITY OF SAN CLEMENTE
By: ___________________________
Andy Hall, City Manager
LESSEE: SALTY TURF LLC
By: ________________________
Andrew Streett, Manager
By: ________________________
Marcus Vanneman, Manager
By: ________________________
Jeff Moore, Manager
LENDER: AMERICAN BUSINESS BANK
By: ________________________
Nimisha Ashtana, First Vice President
10 EXHIBIT A (LEGAL DESCRIPTION OF “The Land”)
That certain real property located in the City of San Clemente, County of Orange, State of California, described as follows:
All that certain real property situated in the County of Orange, State of California, described as follows:
A portion of the Vista Hermosa Sports Park, located within the City of San Clemente, more particularly described as follows: Commencing at a point marked by the coordinates 33°27'37.4"N latitude and 117°36'25.4"W longitude, said point being the Point of Beginning; From the Point of Beginning, proceed in a southerly direction along the western boundary of Courtney's Sandcastle Playground, a distance of 190.40 feet; Then, turning and proceeding in a southeasterly direction, a distance of 98.20 feet; Then, turning and proceeding in a westerly direction, a distance of 130.20 • feet; Then, turning and proceeding in a north western direction, a distance of 115.60 feet; Then, turning and proceeding in a westerly direction, a distance of 223.20 feet; Then, turning and proceeding in a northeasterly direction, a distance of 138.90 feet; Then, turning. and proceeding in a easterly direction, a distance of 297.90 feet, to the Point of Beginning; Containing an area of 1.2 acres, more or less; Together with all appurtenances, easements, and rights belonging thereto
APN: 678-163-01
Common description: 987 Avenida Vista Hermosa, San Clemente, California 92672.