HomeMy WebLinkAbout98-39 - Approving amendment to Trust Agreement for 1997 Public Parking Refunding Project with Center Tower Associates, LLCRESOLUTION NO. 98-39
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, APPROVING AN
AMENDMENT TO THE TRUST AGREEMENT FOR 1997
PUBLIC PARKING REFUNDING PROJECT WITH CENTER
TOWER ASSOCIATES, LLC.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AS FOLLOWS:
1. The City Council of the City of Costa Mesa does hereby approve the
letter amendment to the Trust Agreement dated May 1, 1997, regarding
$11,815,000.00 Certificates of Participation (1997 Public Parking Refunding Project),
which Letter Amendment is attached hereto as Exhibit A, and incorporated herein by
this reference.
above.
2. The Mayor is authorized to sign the Letter Amendment as set forth
PASSED AND ADOPTED this 4th day of May, 1998.
Mayor of the City of t"ta esa
ATTEST:
T.
Deputy City Clof the City of Costa Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio Clerk of the City Council
of the City of Costa Mesa, hereby certify that the above and foregoing
Resolution No. 98-39 was duly and regularly passed and adopted by the said City
Council at a regular meeting thereof held on the 4th day of May, 1998.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of
the City of Costa Mesa this 5th day of May, 1998.
Deputy CityI rk and ex -officio Clerk of
the City Cou it of the City of Costa Mesa
11
32'7'
March 26, 1998
The Prudential Insurance Company
of America
Four Embarcadero Center, Suite 2700
San Francisco, California 94111-4180
Attn: William C. Grubbs, Jr.
Re: Center 'Tower Associates, LLC
Ladies and Gentlemen:
The undersigned, as all of the parties to that certain Trust Agreement dated as
of May 1, 1997 regarding $11,815,000 Certificates of Participation (1997 Public Parking
Refunding Project) (the "Trust Agreement"), hereby agree and confirm to you that the
definition of "Prudential" found in Exhibit A to the Trust Agreement is amended to read as
follows:
"`Prudential' means The Prudential Insurance Company of America, a
New Jersey corporation, as the current beneficiary under that certain Deed of
Trust, Security Agreement and Fixture Filing with Assignment of Rents and
Proceeds dated February 11, 1998, executed by Company as trustor and
recorded on February 11, 1998 as Instrument No. 98-80559 in the Official
Records of Orange County, California, as amended, and successors and
assigns of Prudential, including any subsequent holder of the Note secured by
said Deed of Trust."
The undersigned City and Company, as all of the parties to the Sublease
Agreement, also agree and confirm to you that the phrase "as of the date of this Agreement"
found in Section 6.02(c) of the Sublease Agreement is deleted. Capitalized terms used in the
foregoing sentence have the meanings given to them in the Trust Agreement. The
amendments herein are made pursuant to Section 901(2) of the Trust Agreement and Section
603(b) of the Sublease Agreement.
This letter shall supersede that certain letter dated February 11, 1998 from U.S.
Trust Company of California, N.A. to Prudential (the "Prior Letter"), which Prior Letter
shall have no further force or effect.
i
CENTER TOWER ASSOCIATES, LLC, U.S. TRUST CO ANY OF
a California limited liability company CALIFORNIA, ..A., as Trustee
By: CJ"
By: Z----�.
matiging lWember ,Aut orized Officer
By: Renee Mary and Henry T. Segerstrom CITY OF OSTA MESA
Community Property LLC, a California
limited liability company, Managing By:
Memb
By:pql MS
ATTEST:
M aging Me ber
By:
Depu City Clerk
LWOC I\78654.4
Exhibit "A"
Resolution No. 98-39
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