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MEMORANDUM OF LEASE

Lease Agreement

MEMORANDUM OF LEASE | Document Parties: MISSION COMMUNITY BANCORP | WALTER BROS. CONSTRUCTION CO., INC You are currently viewing:
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MISSION COMMUNITY BANCORP | WALTER BROS. CONSTRUCTION CO., INC

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Title: MEMORANDUM OF LEASE
Date: 9/25/2006

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Exhibit 10.2

WHEN RECORDED MAIL TO:

MISSION COMMUNITY BANK
P. O. Box 789
San Luis Obispo, California 93406

MEMORANDUM OF LEASE

THIS MEMORANDUM OF LEASE (“Memorandum”) dated as of September 21, 2006 is entered into between WALTER BROS. CONSTRUCTION CO., INC., a California corporation (“Landlord”) and MISSION COMMUNITY BANK, a California banking corporation (“Tenant”).

RECITALS

A.       On or about September 21, 2006, Landlord and Tenant entered into Ground Lease [Private] (Lease), pursuant to which Landlord leased to Tenant and Tenant leased from Landlord real property, more particularly described in attached Exhibit A and incorporated by reference (“Premises”).

B.       Landlord and Tenant desire to execute this Memorandum to provide constructive notice of Tenant’s rights under the Lease to all third parties.

NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

1.             Term.   Landlord leases the Premises to Tenant for a term of fifty (50) years, beginning October 1, 2006 (“Commencement Date”), and ending at midnight on September 30, 2056.

2.             Lease Terms. This lease of the Premises to Tenant is pursuant to the Lease, which is incorporated in this Memorandum by reference.

3.             Leasehold Deed of Trust. Landlord agrees to allow Tenant to obtain one or more loans for improvements on the Premises secured by a leasehold deed of trust. Landlord has agreed to give the beneficiary under this leasehold deed of trust notice of any default by Tenant under the Lease and the right to cure this default within thirty (30) of written notice to the beneficiary. Landlord also agrees to recognize the purchaser of the leasehold interest at the foreclosure sale as

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the tenant under the Lease, whether this purchaser is the beneficiary under the leasehold deed of trust or a third party.

4.              Right of First Refusal .   Subject to the rights set forth in the Lease, Landlord has granted Tenant rights of first refusal as to offers to purchase the Premises during the term, or any portion of its interest in the Premises.

5.              Successors and Assigns. This Memorandum and the Lease shall bind and inure to the benefit of the parties and their respective heirs, successors, and assigns, subject, however, to the provisions of the Lease on assignment.

6.              Governing Law.   This Memorandum and the Lease are governed by California law.

Executed as of the date first written above.

TENANT :

 

LANDLORD :

MISSION COMMUNITY BANK

 

WALTER BROS. CONSTRUCTION CO., INC.,

 

 

 

By:

/s/ Anita Robinson

 

 

By:

/s/ Donald C. Walter

 

Name:

Anita Robinson

 

Name:

DONALD C. WALTER

 

Its:

President

 

Its:

President

 

 

 

 

 

 

 

 

 

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ACKNOWLEDGEMENT

STATE OF CALIFORNIA

)

 

) ss.

COUNTY OF SAN LUIS OBISPO

)

 

On September 21, 2006, before me personally appeared, Anita Robinson , who is personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name [ is] subscribed to the within instrument and acknowledged to me that [ she] executed the same in [ her] authorized capacity, and that by [she] signature on the instrument the person, or the entit


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