AgdaPkt 2018-05-21 Joint SA PFA - Laserfiche WebLink

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OAK #4843-3885-9090 v10 Exhibit F-63 ATTY/AGR/2018.094/STRADA DOCKTOWN DEVELOPMENT AGREEMENT REV: 05-03-18 PR Page 63 of 93 E. In accordance with Section 6.3 of the Development Agreement, City and Strada now desire to enter into this Agreement providing for the City’s exchange of a fee interest in the Maple Street Vacation Area for a Public Right-of-Way and Public Service Easement on, under, through and across the Public Right-of-Way and Public Service Easement Area (the “Exchange”) subject to and on the terms set forth herein. G. Concurrently herewith, City and Strada are entering into a Public Improvement Agreement dated ____________, 201_, and recorded in the Official Records as Instrument No. ______________ (“Public Improvement Agreement”) pursuant to which Strada has agreed, subject to certain contingencies, conditions and credits, to construct and install, at its expense, the Blomquist Street Extension and, upon the completion of the Blomquist Street Extension to the City’s satisfaction, to dedicate to City the street improvements comprising the Blomquist – City Segment, the Blomquist - County Segment and the Blomquist – Developer Segment. A G R E E M E N T NOW THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is hereby mutually agreed between the Parties as follows: 1. Agreement to Exchange. Subject to the terms and conditions hereof, including satisfaction of the conditions precedent set forth in Section 8 below, City shall convey a fee interest in the Maple Street Vacation Area to Strada and, in exchange, Strada shall convey to City the Public Right-of-Way and Public Service Easement with respect to the Blomquist - Developer Segment. 2. Exchange Value. City and Strada agree that the value of the fee interest in the Maple Street Vacation Area to be conveyed to Strada is approximately equal to the value of the Public Right-of-Way and Public Service Easement to be conveyed to City, and that subject to the obligations of each Party as expressly set forth in this Agreement, neither Party shall be obligated to pay further consideration to the other Party in connection with the conveyance of the Maple Street Vacation Area and the Public Right-of-Way and Public Service Easement. 3. Escrow. Upon the Effective Date, Strada and City shall open an escrow (the “Escrow”) with _______________, located at ________________________ Attn: ________________ (“Escrow Agent”) by delivering a fully executed copy of this Agreement to Escrow Agent. Escrow Agent will execute copies of this Agreement and return fully executed copies to City and Strada. This Agreement, together with any supplemental escrow instructions prepared by Escrow Agent, City and/or Strada and executed by Escrow Agent, City and Strada, constitutes the joint escrow instructions of City and Strada, and Escrow Agent to whom these instructions are delivered is hereby empowered to act under this Agreement. The term “Close of Escrow” or “Closing”, if and where written in these instructions, shall mean the date the Acceptance of Irrevocable Offer (defined below) and the Maple Street Grant Deed (defined below) are recorded in the office of the San Mateo County Recorder. 4. Conveyance of Title. 6.4.B. - Page 88