AgdaPkt 2014-10-06 Closed and Joint with SA

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7.3.B. - Page 16 shall be retained as part of the Liquidated Damages Amount thereunder, and the remainder of the Down Payment shall be refunded to Developer. The Developer acknowledges and understands that the Site will be conveyed to the Developer for purposes of development and not for speculation in undeveloped land. In addition, pursuant to Article V of Chapter 2 of the Redwood City Municipal Code, the City has determined that the City Property to be sold to the Developer is not necessary for City use and further is not "surplus land," as defined therein. This determination is based on the following facts: 1. Under Section 2.42 C.2.c. of the Municipal Code, the disposition and development of the City Property in combination with the Developer Property serves a common benefit by allowing for a better and more compatible use than its present use and will further the purposes of the Downtown Precise Plan, building transit- oriented housing, removing ongoing maintenance obligations associated with remnant parcels, and the provision of community benefits, also thereby implementing General Plan goals and policies. 2. Under Section 2.42 C.2.a. of the Municipal Code, the disposition of the City Property will secure certain community benefits. In addition to the Purchase Price, Developer is required to deposit into escrow for payment to the City ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000.00) as a "Community Benefit Payment." The Community Benefit Payment shall be equally divided and deposited by City into three separate community benefit funds for (i) education; (ii) public safety; and (iii) economic development, to be used in City's sole discretion. 202. Escrow The City agrees to open an escrow (the "Escrow ") with First American Title Insurance Company at 2755 Campus Drive, Suite 125, San Mateo, CA 94403, Attention: Shelly Siegman, Senior Escrow Officer, or any other escrow company approved by the City and the Developer, as escrow agent (the "Escrow Agent "), within the time established for the opening of the Escrow in the Schedule of Performance (Attachment No. 3). This Agreement constitutes the joint escrow instructions of the City and the Developer, and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of Escrow. The City and the Developer shall provide such additional escrow instructions as shall be necessary and consistent with this Agreement. The Escrow Agent hereby is empowered to act under this Agreement and, upon indicating its acceptance of the provisions of this Section 202 in writing, delivered to the City and to the Developer within five (5) days after the opening of the Escrow, shall carry out its duties as Escrow Agent hereunder. The Developer shall deposit with the Escrow Agent the Purchase Price for the City Property and the Community Benefit Payment in accordance with the provisions of Section 207 of this Agreement. ATTY /AGR /2014.197/RDW GREYSTAR PDA REV: 10 -01 -14 PT & VR 82483.00017\9102745.13 5