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AN -21-1095 23:54 GRINOFF & FIDEIL 510 472 0635 P.02/07 C �TIIIRD AMENDMENT OF DISPOSIITON ■ AND DEVELOPMENT AGREEMENT FOR PHASE I OF THE SEQUOIA STATION PROJECT THIS THIRD AMENDMENT OF DISPOSITION AND DEVELOPMENT AGREEMENT FOR PRASE I OF THE SEQUOIA STATION PROJECT ("Third AmendmenC) is entered into as of Jute LL, 1995, by and between the REDEVELOPMENT I AGENCY OF THE QTY OF REDWOOD CITY (the "Agency-) , the CITY OF REDWOOD I CITY (the "City") and SAFEWAY INC., a Delaware corporation ("Developer`) WITNESSETH: i WHEREAS, the A the Agency. City and Sequoia Station Developers, Inc., a California corporation, entered into that certain Disposition and Development Agreement.' for ftSequoia Station Project dated as of April 10, 1990 (as amended to date, the "Phase I DDA") with respect to the development of the Project as defined and described in the Phase I DDA; and VMEREAS, Sequoia Station Developers, Inc. assigned its interest in and to the Phase I DDA to the Developer by an assignment dated March 9, 1992, and the Agency and the City approved such assignment in accordance with the provisions of the Phase I DDA; and WHEREAS, the Project Site covered by the Phase I DDA has been assembled and the Project has been constructed by the Developer and placed in operation, and the Developer has requested from the Agency the issuance of a Cettifkaw of Completion which the parties desire to be issued contemporaneously with the execution of this Third Amendment; and WHEREAS, the Agency, the City and the Developer desire to set forth in this Third Amendment all of their remaining rights and duties with respect to Phase I of the Project, as is more fully set forth in Section I below; NOW, i ., A,.zrursE, the parties bereto agree as follows: 1. PURPOSE OF AG 7r.EMFNT. The purpose of this Third Amendment is to set forth in this one writing all of the remaining rights and duties of each of the parties to the Phase I DDA with respect to Phase I of the Project, to the end and with the effect that any and all of the provisions of the Phase I DDA not covered herein are deemed either performed, replaced by the terms of this Third Amendment, or rescued and of no further force or effect. 2. SUBSID . To assist the Developer to acquire certain parcels within the Project Site of Phase I, the Agency and the City will contribute to the Developer at the end of each of fifteen consecutive years, the fust of which years shall commerce July 1, 1994, an amount not to exceed THREE HUNDRED THOUSAND DOLLARS ($300,000) provided that there has been generated sufficient funds from the following sources: (1) the Tax Increment from Phase I for the given year, plus (2) one-half of the Sales and Use Taxes paid to the City from Phase I for such year if the Tax increment is less than $300,000. In no event shall the fact that in any year there shall have been generated from the aforesaid sources a surplus above or an amount below $300,000, have any effect whatever on the amount of the payment to which the Developer is entitled for any other of the fifteen years. During such fifteen year period, the Agency and the City shall pay the Tax Increment portion of such subsidy to the Developer as and when it (or any portion thereof) is received by the Agency and the City, and on each June 30 the City shall pay any remaining amount of such subsidy (up to $300,000) from Sales and Use Taxes received by the City with respect to the THnt AUMEW TD DOA rout 21, 1995