INSTRUCTIONS TO SELL/ASSIGN YOUR BOAT SLIP

Transcription

1 INSTRUCTIONS TO SELL/ASSIGN YOUR BOAT SLIP 1. Enter into a separate sale-purchase agreement between yourself as seller and the buyer setting forth the agreed terms of the sale. Remember the sale of your slip will require the assignment of your Boat Slip Lease with the Association, and the sale of the personal property constituting the Boat Slip. 2. Notify the Manager of the Association of your intent to sell and the name of the proposed buyer. The Association will be pleased to assist in helping you with the transfer and recommending a qualified Title Company to process the paperwork. 3. It is highly preferable to engage the services of a qualified Title Company to provide a Preliminary Title report as to the leasehold interest and/or personal property liens, to provide title insurance if required by the buyer, and to handle the escrow and recordation of documents effectuating the transfer. Also, remember you are responsible for paying any assessment due to the association as of the date of the transfer, which can be prorated between you and the buyer through escrow as of the closing date. 4. The following boat slips are subject to California State Lands Commission ( CSLC ) Lease No. PRC : A6 through A20; B7 through B24; E1 through E30; and F1 through F27. The following slips are partially covered under Lease No. PRC : A5; A21; and D17 through D31. The foregoing slips require approval by CSLC staff prior to their sale/transfer, in accordance with the procedures provided below. Prior to the transfer, you must submit to CSLC a fully completed Sublease Assignment, Acceptance, and Approval form, a copy of which is attached hereto, along with a $500 processing fee. CSLC staff must act on such application (approve or deny) within sixty (60) days of receipt of the complete application and processing fees. All purchasers/transferees must agree to be bound by the terms and provisions of Lease No. PRC Boat slips not subject to CSLC Lease No. PRC do not have to complete the CSLC Sublease Assignment, Acceptance, and Approval form. 5. Upon closing the purchase transaction, it is essential that a Memorandum of Assignment of Lease in the form of the attached (modified if needed to include anything unique to your sale-purchase transaction) be properly executed, notarized, and recorded with the Placer County Recorder. Copy and use this form to complete your transfer/assignment of tis Boat Slip lease. Pursuant to your Lease Agreement with the Association, the transfer becomes effective on the date of recordation. Also be sure to provide a copy of the fullyexecuted Memorandum of Assignment of Lease to the Association s Manager. The Memorandum of Assignment of Lease must be executed and recorded for any transfer, regardless of whether the boat slip is subject to CSLC Lease No. PRC Upon closing, the buyer should receive from you the original of the full Lease and Novation Agreement, which together with the executed and recorded Memorandum of Assignment of Lease and your separate Purchase Agreement, evidence the transfer of the slip to that buyer.

2 7. Upon closing, have the buyer contact the Association s manager to be briefed on the Association s procedures, obtain a copy of the current Association Rules & Regulations, sign-up for Gate Entry Codes, and related matters applicable to the buyer s membership in the Association. Note: If you have questions on how properly to effectuate the sale/transfer of your Boat Slip, please contact the Association s Manager or President of the Board of Directors.

3 STATE OF CALIFORNIA STATE LANDS COMMISSION STATE LEASE No. PRC SUBLEASE ASSIGNMENT, ACCEPTANCE, AND APPROVAL The undersigned ASSIGNOR, whose address is set forth below, hereby assigns to ASSIGNEE all its right, title and interest in a sublease of State Land underlying Boatslip, under State Lease No. PRC , which lease was issued by the State for a period of years commencing on the day of. The effective date of this assignment shall be, in order to coincide with ASSIGNEE S purchase of the personal property constituting the physical improvements on State Land. [ASSIGNOR S Name] Date Address The undersigned, ASSIGNEE, whose address is set forth below, hereby accepts the assignment of a sublease of State Land underlying Boatslip, under State Lease No. PRC as of. ASSIGNEE agrees to perform the conditions, covenants, and agreements therein contained, and further agrees to be bound by the terms of said lease to the same extent as if such ASSIGNEE were the original sublessee, any conditions in any assignment agreement to the contrary notwithstanding. ASSIGNEE acknowledges: 1) That ASSIGNEE has received a copy of State Lease No. PRC ) That State Lease No. PRC , and any sublease thereunder, expires on January 13, 2038, unless otherwise extended by written agreement with the State Lands Commission.

4 3) That neither State Lease No. PRC , nor any sublease thereunder transfers any rights beyond the expiration date of the lease, unless otherwise extended by written agreement with the State Lands Commission. 4) That neither State Lease No. PRC , nor any sublease thereunder transfers any ownership interest in the State Land underlying the lease premises. [ASSIGNEE S Name] Date Address The undersigned State Lands Commission of the State of California, acting by and through its Executive Officer or his or her designee, hereby consents and approves the herein assignment of a Sublease of State Land underlying Boatslip under State Lease No. PRC by and between ASSIGNOR and ASSIGNEE. This consent shall be valid only upon execution by all parties. Such consent is made upon the express condition that ASSIGNEE shall be bound by the terms of said lease to the same extent as if such ASSIGNEE were the original sublessee, any conditions in any assignment agreement to the contrary notwithstanding. STATE OF CALIFORNIA STATE LANDS COMMISSION By: Dated:

5 RECORDING REQUESTED BY AND AFTER RECORDING MAIL TO: Tahoe Boat Company Owners Association P.O. Box 330 Tahoe City, CA MAIL TAX STATEMENTS TO: The undersigned grantor(s) declare(s): Documentary Transfer Tax: $0.00 Computed on full value of property conveyed SPACE ABOVE THIS LINE F MEMORANDUM OF ASSIGNMENT OF LEASE AND TRANSFER OF BOAT SLIP NO. This MEMORANDUM OF ASSIGNMENT OF LEASE AND TRANSFER OF BOAT SLIP NO. is entered into this day of,, by and between Seller, and Buyer. By separate purchase and transfer agreement, Seller has agreed to assign to Buyer all its right, title and interest in that above-referenced Boat Slip located in the Tahoe City Boat Company Harbor more particularly described below. The parties hereby memorialize that assignment and transfer to Buyer of all of Seller s rights, title and interest under and pursuant to that certain LEASE AND NOVATION AGREEMENT effective, entered into between the TAHOE BOAT COMPANY OWNERS ASSOCIATION as Lessor, and Seller (the Slipholder under that Agreement), or its predecessor in interest. All terms, conditions, and provisions of that LEASE AND NOVATION AGREEMNT are made a part hereof as though fully set forth herein, including, without limitation, the provisions of paragraph 19 thereof which restate the effect of that certain Security Agreement previously entered into by the predecessors in interest of the parties to secure the performance of the Slipholder s obligations under that LEASE AND NOVATION AGREEMENT, which Security Agreement remains fully effective and binding upon Buyer. The Assignment of Lease and Transfer of Boat Slip referred to herein shall be deemed effective on the date of Recordation of the Memorandum of Assignment. The interest being conveyed in Boat Slip No. is an interest in physical improvements/personal property in a boat slip, as well as a sublease and the right to utilize the water upon which the slip sits, created in part by that certain Declaration of Tahoe Boat Company Harbor Protective Restrictions recorded on December 28, 1982 at Vol. 2552, Page 577 of the Official Records of Placer County; and further clarified and declared in that certain Judgment Pursuant to Stipulation entered on May 3, 1997 by the Placer County Superior Court in that Quiet Title action entitled Gibb Trust, et. Al. v. Tahoe Marina Investment Group, et. al., Case No. SCV-3458, as well as the LEASE AND NOVATION AGREEMENT.

6 The Leased Premises which are the subject of this Memorandum of Assignment of Lease and Transfer of Boat Slip include those submerged lands underlying that certain Boat Slip located in the Tahoe Boat Company Harbor (now known as the Tahoe City Marina), in Tahoe City, County of Placer, State of California, and more specifically described in the Legal Description attached hereto. IN WITNESS WHEREOF, Buyer and Seller have executed this Memorandum as of the date set forth above. SELLER/ASSIGNOR: By: Print Name: BUYER/ASSIGNEE: By: Print Name:

7 CERTIFICATE OF ACKNOWLEDGEMENT 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 County of On, 201_ before me,, Notary Public, personally appeared, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to 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. Signature of Notary Public (Notary Seal)

8 LEGAL DESCRIPTION Boat Slip No. as shown on that map attached as Exhibit B attached to Lease No. PRC by and between the State of California, acting by and through the State Lands Commission, as Lessor, and the Tahoe Boat Company Owners Association, as Lessee, recorded on April 10, 2018 in the Office of the County Recorder of Placer County as Instrument No ; and as further shown in that map attached as Exhibit A-2 to that Master Lease of Submerged Harbor Lands by and between the Gibb 1992 Trust u/d/t Dated August 25, 1992, acting through its trustees, Clyde R. Gibb & Donna Joan Gibb, the Lessors, and the Tahoe Boat Company Owners Association as Lessee, recorded on May 1, 1997 in the Office of the County Recorder of Placer County as Instrument No , as amended by that Addendum to Master Lease of Submerged Harbor Lands Lease, dated April 9, The lands which are the subject of said State Lands Lease No. PRC (recorded as Instr. No ) are more particularly described as follows: The lands which are the subject of said Master Lease of Submerged Harbor Lands (recorded as Instr. No ) are more particularly described as follows:

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10 The legal description of the low water line of the Master Lease of Submerged Harbor Lands is as amended by that Addendum to Master Lease of Submerged Harbor Lands Lease, dated April 9, 2018, which provides that the low water line, for purposes of depicting and describing the Leased Premises of the Master Lease, shall be that low water line shown on Exhibit B to the State Lands Lease No. PRC