Agmt15 Hamiilton & Winslow Properties, LLC - DDA

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1.49 Third Partv Project-Related Challen�e. "Third Party Project-Related Challenge" is defined in Section 5.1. 1.50 Title Company. "Title Company" means First American Title Insurance Company, 2755 Campus Drive, Suite 125, San Mateo, CA 94403 or some other title insurance company satisfactory to the City and Developer having equal or greater financial responsibility. 1.51 Title Policv. The title insurance policy to be issued by the Title Company pursuant to Section 2.7. 1.52 Winslow Gara�e. The Winslow Garage will be an underground garage anticipated to be developed in conjunction with the development of the Winslow Parcel. 1.53 Winslow Parcel. The Winslow Parcel is owned by the City and is currently used as a surface parking lot. The Winslow Parcel is located on the west side of Hamilton Street across from the Developer Property. 1.54 Winslow Trian�. The Winslow Triangle is a triangular parcel adjacent to the Developer Property, between Middlefield Road and Winslow Street. The Winslow Triangle is shown on the Map of the Site, Exhibit A-1 attached hereto, and described in the Legal Description of the Winslow Triangle, Exhibit A-6, attached hereto. ARTICLE 2. PROPERTY DISPOSITION. 2.1 Grant of Easements and Convevance of Sliver Parcel. The City shall grant easements in the Public Access Parcels and quitclaim its interest in the Sliver Parcel to the Developer and the Developer shall accept title to the easements and Sliver Parcel from the City, pursuant to the terms and conditions of this Agreement and the Easement and Parking Agreement. The Developer acknowledges and understands that the Public Access Parcels and Sliver Parcel will be conveyed to the Developer for purposes of development as set forth herein. Developer understands that its agreement to provide the vehicular access through the Hamilton Garage to adjacent underground garages and to undertake the ongoing obligations set forth in the Easement and Parking Agreement are a significant inducement to City to convey the Public Access Parcels and Sliver Parcel to Developer. Developer understands and agrees that it is responsible for submitting an application to City requesting a vacation of the right-of-way in the Sliver Parcel, including all documentation required by City to process such request. In addition, pursuant to Article V of Chapter 2 of the Redwood City Municipal Code, the City has determined that the interests to be conveyed in the Public Access Parcels and the Sliver Parcel to the Developer are not necessary for City use and further are not "surplus land" as defined therein. This determination is based on the following facts: l. Under Section 2.42 C.3.c., the disposition and development of the Public Access Parcels and Sliver Parcel will serve a common benefit by allowing for better and more compatible uses than their present use, and will further the purposes of the Downtown Precise ATTY/AGR/2015.146/HAMILTON-WINSLOW DDA REV:OS-18-15 VR Page 6 of 40 82483.00019\96443 66.16