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At the next OC Board of Supervisors meeting there is an item on the consent calendar to approve a Ground Lessor's Consent, Estoppel Certificate and Agreement to Citizens Business Bank to facilitate DPHP in acquiring a $60 million loan to build the parking structure and Phase 5 through 7 of the marina. The loan will be secured by a trust deed encumbering the DHHP’s leasehold interest in the harbor. Click here for a link to the agenda item #11 and documents.
Our legal adviser has reviewed the documents and advised this is a standard document used by lenders. An estoppel certificate establishes the current status of the lease terms for a third party. Generally, the certificate requests that the Landlord/Lessor (OC) and the Lessee/Tenant (DPHP) verify that the rent is current, that neither party are in default, and the Tenant has no potential claims against the Landlord. It is a legally binding document.
As part of DPBA’s due diligence in reviewing the document we requested two items.
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A copy of the two letter agreements referenced in paragraph three of the two estoppel certificates. We have requested Supervisor Foley’s office obtain a copy and email it to us for review. We have not yet received copies of the letters.
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We asked the Supervisor’s office to confirm DPHP is current on their rent as noted in the Estoppel Certificates. Mat Miller, Chief Real Estate officer of Orange County, confirmed with the Supervisor’s office that DPHP is current on their rent.
As of this writing, DPBA, is not opposing the Board of Supervisors approval of these documents. DPBA will write a letter to the Board of Supervisors asking them for confirmation that DPHP is not in default on any terms of the agreement including rent payments to the County.
All citizens are free to make comments to the Board of Supervisors. Click here for a link on how to do so or click here to submit your eComments.
The second topic we would like to discuss is fundraising. As you are aware, the Plaintiffs’ attorneys are working on the appeal and fees will soon be due. We cannot stress enough how important it is to keep the legal trust account funded so that the attorneys can meet deadlines and pay the appropriate court fees when due. We know during the holiday season discretionary funds aren’t as readily available as other times of the year, but we are asking each boater to contribute before year end. We are so thankful for your generous donations over the past two years, but we need your continued support. We thank you in advance for doing so!
#dpboaters
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