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Exhibit C <br /> FORM OF MEMORANDUM OF OPTION AND DDA <br /> Recording Requested by <br /> and when Recorded, return to: <br /> City Of Redwood City <br /> 1017 Middlefield Road <br /> Redwood City, Ca 94063 <br /> Attn: City Clerk <br /> EXEMPT FROM RECORDING FEES PER <br /> GOVERNMENT CODE §§6103, 27383 <br /> (SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) <br /> MEMORANDUM OF OPTION AND DISPOSITION AND DEVELOPMENT <br /> AGREEMENT <br /> This Memorandum of Option and Disposition and Development Agreement (this <br /> "Memorandum") , dated as of , 20_, is entered into by and between <br /> the City of Redwood City, a charter city and municipal corporation ("City") and MP <br /> Bradford Associates, L. P . , a California limited partnership ("Developer"). City and <br /> Developer are hereinafter collectively referred to as the "Parties." <br /> 1 . Agreement; Conveyance. Pursuant to that certain Disposition and Development <br /> Agreement (the "Agreement") dated as of , 2017, executed by and <br /> between City and Developer, the City has agreed to convey to Developer and <br /> Developer has agreed to develop certain real property located within the City of <br /> Redwood City on Bradford Street between Main Street and Jefferson Avenue, and more <br /> particularly described in Exhibit A attached hereto and incorporated herein by this <br /> reference (the "Property") . <br /> 2 . Schedule for Construction. Among other conditions, the Agreement provides that <br /> unless such dates are extended by mutual agreement of the Parties, by not later than <br /> 20 , Developer shall have commenced , and by not later than <br /> , 20 , Developer shall have completed , construction of an <br /> affordable senior housing project (the "Project") on the Property which will be subject <br /> to rent restrictions pursuant to an Affordable Housing Regulatory Agreement and <br /> Declaration of Restrictive Covenants ("Regulatory Agreement") that shall be executed <br /> by the Parties and recorded in the Official Records of San Mateo County substantially <br /> concurrently herewith . <br /> 3. City Option to Repurchase; Power of Termination . The Agreement further <br /> provides that the City has the right to enter upon and retake the Property or to purchase <br /> the Property pursuant to certain option rights as more particularly described in the <br /> Agreement upon the occurrence of certain events, including without limitation <br /> ATY/AGR/2017.218/RWC - BRADFORD - DDA <br /> REV: 09-18-17 VR <br /> Page 57 of 94 <br />