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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 RECQRDER'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 />