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JAH:djm 03/06/90R (REDEV) JAH:djm 03/19/90R JAH:djm 04/04/90R DISPOSITION AND DEVELOPMENT AGREEMENT THIS AGREEMENT is entered into as of the IDS day of 1990, by and between the REDEVELOPMENT AGENCY OF THf CITY OF REDWOOD CITY, California (the "Agency"), and SEQUOIA STATION DEVELOPERS, INC., a California corporation (the "Developer"). Agency and Developer hereby agree as follows: Article 1. SUBJECT OF AGREEMENT §101 Definitions Attachment No. 1 sets forth the definitions of certain words and terms intended for use in this Agreement. Whenever a word or term that is defined in Attachment No. 1 appears in the text of this Agreement with its initial letter or letters capitalized, the definition of that word or term set forth in Attachment No. 1 shall apply. For convenience, Attachment No. 1 also sets forth the respective section numbers where other words and terms are defined, as to which the method of identification by the capitalization of initial letters also shall apply. §102 Purpose of Agreement The purpose of this Agreement is to effectuate the Redevelopment Plan by providing for the development of a portion of the Project Area and to provide for the effective assembly and transfer to the Developer of the existing parcels of real property which comprise the Project Site. This Agreement is entered into for the purpose of developing the Project Site and not for the purpose of speculation in land holding. §103 The Redevelopment Plan This Agreement is subject to the provisions of the Redevelopment Plan as adopted by Ordinance No. 1862 and as amended by Ordinance No. 1911 and Ordinance No. 2007 of the City of Redwood City ("Redevelopment Plan") which is incorporated herein by reference and made a part hereof as though fully set forth herein. The Agency agrees that prior to the issuance of the Certificate of Completion, no amendment of the Redevelopment Plan which changes the uses or development permitted on the Project Site or changes the restrictions or controls that apply to the Project Site shall be made or become effective without the prior written consent of the Developer. Amendments to the Redevelopment Plan applying to other property in the Project Area shall not require the consent of the Developer. §104 The Project Area The Project Area is located in the City of Redwood City,