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6.1.F. - Page 13 <br />DRAFT 5/18/2018 <br />d. The lands or interests in lands to be impressed with the Trust have a <br />monetary value equal to or greater than the monetary value of the lands or interests in lands to be <br />exchanged out of the Trust. <br />C. The Trust Termination Lands have been cut off from water access and no <br />longer are in fact tidelands or submerged lands or navigable waterways, by virtue of having been <br />filled or reclaimed, and are relatively useless for public trust purposes. <br />f. The exchange is in the best interests of the State. <br />5. Additional Findings. The City, as lead agency for the Project under the California <br />Environmental Quality Act (CEQA), determined that the Project is categorically exempt from <br />CEQA as a Class 32 project (infill development projects). The Commission hereby finds that this <br />Agreement is in settlement of title and boundary problems and therefore any exchange or lease in <br />connection with this settlement is exempt from CEQA under Public Resources Code section <br />21080.11. <br />6. Rancho Parcel. Effective upon Closing, the Commission disclaims any right, <br />title, or interest in the Rancho Parcel for the reasons set forth in Summa Corporation v. <br />California ex rel. State Lands Commission (1984) 466 U.S. 198. <br />7. Closing. <br />a. "Closing" or "Closing Date" shall mean the date that this Agreement (if <br />not previously recorded) and the conveyances described in - above are recorded in the <br />public records of the County of San Mateo. <br />b. The Closing shall be consummated through the offices of <br />(Title Company or Escrow Agent). The City shall initiate closing by <br />establishing an escrow with the Title Company and providing written notice to the Executive <br />Officer of the Commission (Closing Notice). The Closing Notice shall include a list of all <br />documents required to close escrow with required signatories indicated, and drafts of all deeds, <br />instruments, certificates of acceptance, title commitments, and other documents that are required <br />for the closing and are within the City's responsibility and control. <br />C. The Parties shall use commercially reasonable efforts to close within 60 <br />days of receipt of the Closing Notice. <br />8. Conditions Precedent to Closing. <br />a. Legal Descriptions. It is a condition precedent to a Party's obligation to <br />close escrow for the conveyance or acceptance of real property that the Party has approved the <br />legal description for the real property, which approval shall not be unreasonably withheld. For <br />the Commission, the Executive Officer may grant such approval; for the City, the City Manager <br />may grant such approval. <br />b. Commission's Closing Conditions. As a condition precedent to the <br />Commission's obligation to close escrow, the Executive Officer shall have approved: <br />0 <br />