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AGREEMENT FOR PURCHASE AND SALE OF REMNANT PROPERTIES THIS AGREEMENT FOR PURCHASE AND SALE OF REMNANT PROPERTIES ("Agreement") is made by and between BUTLER REALTY III, LLC, a California limited liability company ('Buyer"), and the CITY OF REDWOOD CITY, a charter city and municipal corporation ("City'), as of the Execution Date indicated under the City's signature block, below (each a 'Party" and collectively the "Parties"). RECITALS A. City owns certain underutilized real property located in the City of Redwood City, County of San Mateo, State of California, comprising four separate parcels totaling approximately 6,219 square feet, as shown and more particularly described in Exhibit A attached hereto and incorporated herein by reference ("City Property'). The first City Property parcel ("Parcel 1") is an approximately 1,064 square foot triangular remnant area located within the Spruce Street right-of-way; the second City Property parcel ('Parcel 2") is an approximately 731 square foot remnant area located within the Hancock Street right-of-way; the third City Property parcel ('Parcel 3") is an approximately 3,466 square foot remnant area located within the Hancock Street right-of-way; and the fourth City Property parcel ('Parcel 4") is an approximately 958 square foot triangular remnant created when Main Street was re -aligned more than 100 years ago. B. Parcel 4 was donated to the City by Geo. R. Williams in 1905 for the purposes of a municipal park, with the provision that "should said block of land ever be used for other than park purposes, then the title to the same shall revert to me, my heirs, executors and assigns." Transcription of the Deed appears in Exhibit C. Parcel 4 has never been used as a park. Buyer has acquired a majority interest in this reversionary right from the heirs of Geo. R. Williams. C. Buyer owns certain real property located at 1629 Main Street, City of Redwood City, County of San Mateo, State of California, designated as Assessor Parcel Numbers 053-341-010 and 053-341-040, as more particularly described in Exhibit D attached hereto and incorporated by reference herein ("Buyer Property'). D. Buyer has submitted an application proposing to construct on the Buyer Property a mixed-use building with approximately 25,000 square feet of commercial and 2,138 square feet of residential space ("Development') and to incorporate the City Property as part of the Development. E. In order for Buyer to incorporate Parcel 1, Parcel 2, and Parcel 3 into its Development, Buyer has applied for, concurrent with this Agreement the vacation of the public rights-of-way on Parcel 1, Parcel 2, and Parcel 3 ("Vacation") in conformity with California Streets and Highway Code Section 8300 et. seq. OAK #4848-2211-8201 v3 Page 1 of 29 ATN/AGR/2016.297/BUTLER MAIN STREET PURCHASE & SALE AGREEMENT FOR 4 REMNANT PROPERTIES REV: 10-10-16 VR