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<br />o <br /> <br />FXS : d:; <br /> <br />3,t.Q/94 (016/36) <br />U <br /> <br />-,I <br /> <br />RES 0 L UTI 0 N N O. P- 1423 <br /> <br />---------- <br /> <br />RESOLUTION. APPROVING AND AUTHORIZING THE TRANSFER OF <br />LEASE OF PORTS IDE PHASE II DEVELOPMENT TO PACIFIC <br />WESTERN BANK <br /> <br />WHEREAS, the City of Redwood City, acting by an through its <br /> <br />Board of Port Commissioners ("Port") entered into a lease <br /> <br />agreement on October 26, 198,8, entitled, "Agreement 3(b) Lease <br />Agreement" (the "Lease") with Portside Phase II Development (the <br /> <br />"Lessee"); 'and <br /> <br />WHEREAS, Pacific Western Bank was, until June 29, 1993, <br /> <br />holder of a deed of trust on the Lessee's leasehold interest; and <br /> <br />WHEREAS, Pacific Western Bank foreclosed on the Lessee's <br /> <br />interest on June 29, 1993; and <br /> <br />WHEREAS, Pacific Western Bank ("Transferee") must obtain <br /> <br />Port authorization for and approval of the transfer; <br /> <br />NOW, THEREFORE; <br />BE IT RESOLVED BY THE BOARD OF PORT COMMISSIONERS OF THE <br /> <br />CITY OF' REDWOOD CITY, AS FOLLOWS: <br /> <br />1. The Board hereby approves the transfer of the lease to <br /> <br />Transferee. <br /> <br />2. This resolution shall be effective upon its adoption. <br /> <br />* <br /> <br />* <br /> <br />* <br />