RecDoc 2017-096259 IA_BAE-GEM Properties_10.31.2017

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2017-096259 CONF 8:24 am 10/31/17 AG Fee: NO FEE RECORDING REQUESTED BY ) Count of pages 24 AND WHEN RECORDED MAIL TO: ) Recorded in Official Records County of San Mateo Mark Church City of Redwood City ) Assessor -County Clerk -Recorder 1017 Middlefield Road ) Redwood City, California 94063 ) III I I IIIIII II VIII VIII II I VIII I III VIII III VIII VIII IIII I III III Attention: City Clerk ) *$ R 0 0 0 2 4 7 3 8 2 7 s (Space Above This Line for Recorder's Use Only) Exempt from recording fee per Gov. Code § 27383. IMPROVEMENT AGREEMENT 2075 Broadway THIS IMPROVEMENT AGREEMENT ("Agreement") is made and entered into on this _ day of - Cube- 2U. 20� 7 ("Effective Date") by and between by and between Lane — Broadway, LLC, a California limited liability company ("Lessee") and BAE-GEM PROPERTIES, LP, a California limited partnership ("Property Owner" and together with Lessee, the "Developer"), on the one hand, and the CITY OF REDWOOD CITY, a charter city and California municipal corporation ("City"), on the other hand, with reference to the following facts: RECITALS A . Property Owner is the current fee owner of that certain real property consisting of approximately 0.7 acres located within the City of Redwood City, County of San Mateo, State of California, described in Exhibit A attached hereto and incorporated herein by reference (the "Property"). B. Pursuant to that certain ground lease dated June 30, 2014 by and between Property Owner and Lessee, as amended from time to time, Lessee leased the Property from Property Owner for a term of ninety nine (99) years. C . On April 19, 2016, on appeal from the Zoning Administrator, the Planning Commission of the City of Redwood City approved Downtown Planned Community Permit No. DPC2014-04, approving the 2075 Broadway Project ("Project"), subject to certain conditions of approval ("Conditions"). D . The Conditions require that Developer enter into an agreement with City providing for the future construction of such public improvements. E. Lessee has submitted to City plans, specifications and drawin s entitled Civil Improvements 2075 Broadway Plans, prepared by Saudis and dated Ilclde!" 6+ 2011 (the "Improvement Plans"), which, in addition to other improvements, provide for certain on-site public improvements consisting of street and street light improvements, storm drain systems, domestic water systems and sanitary sewer systems for the Project (collectively, "Improvements"). F. City and Developer, pursuant to the Conditions, enter this agreement providing for the construction and installation of the Improvements in accordance with the Improvement Plans. REV: 08-31-17 PR Page 1 cf22 ATTY/AGR.2017.195/Lane - Broadway, LLC - IA