RecDoc 2017-022478 IA_1629 Main Street_WL Butler Office Building_3.15.2017

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2017-022478 CONF 11:26 am 03/16/17 AG Fee: NO FEE RECORDING REQUESTED BY ) Count of pages 37 ) Recorded in Official Records AND WHEN RECORDED MAIL TO: County of San Mateo Mark Church City of Redwood City ) Assessor -County Clerk -Recorder 1017 Middlefield Road ) Redwood City, California 94063 ) II I I II II II I III III 1111111111 1EI 11111111 Attention: City Clerk ) R 0 0 0 2 3 6 6 6 9 0 (Space Above This Line for Recorder's Use Only) Exempt from recording fee per Gov. Code § 27383. IMPROVEMENT AGREEMENT W.L. Butler Office Building — 1629 Main St IMPROVEMENT AGREEMENT ("Agreement") is made and entered into on this Bay of 0 mpany (" 17 („Effective Date") by and among Butler Realty IIl, a California limited liability coDe eloper"), W.L. Butler Construction, Inc., a California corporation ("Contractor"), and the CITY OF REDWOOD CITY, a charter city and California municipal corporation ('City") with reference to the following facts. Developer and Contractor are collectively referred to herein as "Butler." RECITALS A. Developer is the current fee owner of that certain real property consisting of approximately 1 acre located within the City of Redwood City, County of San Mateo, State of California commonly known as 1629 Main Street and 23 Spruce Street, described in Exhibit A, attached hereto and incorporated herein by reference (the `Property"). B. On August 16, 2016, the Planning Commission of the City of Redwood City adopted, among other approvals, Resolution No. 16-11, approving the Vesting Tentative Parcel Map for the W.L. Butler Office Building ("Project"), prepared by BKF Engineers and dated July 29, 2016 (`Tentative Map"), subject to certain conditions of approval (`Conditions"), C. William L. Butler (`Principal") is the principal owner of both the Developer and the Contractor. Specifically, Principal holds (1) a 100% ownership interest in Developer (either directly or indirectly) and (2) an 80% ownership interest in Contractor. In addition, once the Project is complete, Contractor will occupy the office building as the primary tenant. The building will be the world-wide headquarters of Contractor. D. The Conditions require either (1) that certain public improvements for the Project be constructed prior to approval of the parcel map (`Parcel Map"), or (2) that Developer enter into an agreement with City providing for the future construction of such public improvements. E. The Developer has hired Contractor to construct the required public improvements on its behalf. In consideration of Developer's hiring of Contractor, Contractor has agreed to provide the required insurance and bonds and to be a party to this Agreement. F. Developer has submitted the Parcel Map and applied to City for Parcel Map approval without having completed the required public improvements and, therefore, will enter into an agreement ATTY/AGR/2017.029/1629 MAIN STREET—SUBDIVISION IMPROVEMENT REV: 02-06-17 PR Page 1 of 27