Agmt17 MP Bradford Associates, LP - DDA

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THIS FIRST AMENDMENT TO DISPOSITION AND DEVELOPMENT AGREEMENT ("First Amendment") is made as of , 2021 by and between the CITY OF REDWOOD CITY, a charter city and California municipal corporation ("City") and MP Bradford Associates, L.P., a California limited partnership ("Developer"). RECITALS A. On October 3, 2017, City and Developer entered into a Disposition and Development Agreement dated October 3, 2017 ("DDA") for the purchase by Developer of certain property owned by the City ("City Property"). On April 12, 2019, the City conveyed fee title to the City Property to Developer. The City Property includes three parcels described as "Fee Parcel Al", "Fee Parcel A2," and the "Tideline Parcel" (the "Site"), as described in the DDA. Subject to City review and approval of plans and conditions set forth in the DDA, the Developer shall develop the Site as a mixed-use project that will include at least 117 apartments that will be rented to low-income senior households at affordable rents, one manager's unit, ground floor commercial space designed for use as a childcare center, 59 residential parking spaces, at least 15 commercial parking spaces, a car sharing parking space, and a publically accessible Creekside trail (the "Project"). B. City and Developer wish to amend certain terms as set forth in the DDA. C. Any capitalized term not defined in this First Amendment has the meaning given to that term in the DDA. THEREFORE, in consideration of the mutual covenants of the parties herein contained and other valuable consideration, the parties agree as follows: AGREEEMENT 1. Sections 10.2(b) and 10.2(e) of the DDA are hereby amended by the following additions (indicated by double underlining) and deletions (indicated by double strikethroughs): (b) Developer (and until issuance of the final certificate of occupancy or equivalent for the Project all contractors working on behalf of Developer on the Project) shall maintain a comprehensive automobile liability coverage in the amount of One Million Dollars ($1,000,000), combined single limit including coverage for owned and non -owned vehicles. Automobile liability policies shall name the Indemnitees as additional insureds. LWwever. iftlig Devetoper dQo n t own Or l ase vehicles purpQsF,snf this Agro met then no aujQmobile insurance shall be required. (e) Commencing upon completion of construction of the Project, Developer shall maintain property insurance covering all risks of loss (other than earthquake and flood), insh4iog AsedT for 100% of the replacement value of the Project with deductible, if any, in an amount acceptable to City, naming City as loss payee. 1;J2on completion of construction. Develoraer shall maintain a minimum of $5.5 million of flood insurance REV: 11-09-2021 SK Page 2 of 7 ATTY/AGR.2021 - Amend No. 1/MP Bradford Associates, L.P. (Page 2 of 7)