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AGREEMENT NOW THEREFORE, Developer, for itself and on behalf of its successors and assigns, does hereby certify and agree as follows: 1. Compliance with Approvals. This Deed Restriction is executed in compliance with Resolution No. 16-11 and the related Conditions of Approval. Absent this Deed Restriction, the Property and the Project would not satisfy City requirements related to project development and operation, and the approvals and permits for the Project would not have been granted. 2. Residential Restriction. The two (2) approved residential units that have been constructed on the fourth floor of the Project ("Residential Units") which floor area of such Residential Units is depicted on Exhibit B attached hereto, shall remain residential so long as the Project remains upon the Parcel, and Developer further agrees that short-term rentals and lodging are prohibited in the Residential Units ("Residential Restriction"). Subject to applicable law, including the Redwood City General Plan and Zoning Ordinance, the City may in the future remove or modify the Residential Restriction, which may require discretionary review and approval of the Redwood City Planning Commission and/or City Council. This Deed Restriction shall not be removed from title to the Property without express written consent from the City. 3. Term of Covenant. This Deed Restriction shall remain in effect so long as the improvements developed and constructed by Developer on the Property remain in use. 4. Default. Failure by Developer to comply with and observe any of the conditions, terms, or covenants set forth in this Deed Restriction, if such failure remains uncured within thirty (30) days after written notice of such failure from City in the manner provided herein or, with respect to a default that cannot be cured within thirty (30) days, if Developer in default fails to commence such cure within such thirty (30) day period or thereafter fails to diligently and continuously proceed with such cure to completion, shall constitute a breach and default of this 5. If, for any reason, a violation of this Deed Restriction occurs, the City may (but is not obligated to) pursue any and all legal remedies provided by law, equity, or otherwise available to the City. No City waiver of a breach or default under the approvals and/or permits for the Project or this Deed Restriction shall constitute a continuing waiver or a waiver of a subsequent breach of the same or any other provision of the approvals and/or permits for the Project or this Deed Restriction. A breach of any provision of this Deed Restriction shall not defeat or render invalid the lien of any mortgage or deed of trust made in good faith and for value as to the Property, or any part thereof, but the provisions of this Deed Restriction shall be binding and effective against any owner of the Property whose title thereto is acquired by foreclosure, trustee's sale or otherwise. 6. Notices. Any notices relating to this Deed Restriction shall be given in writing and shall be deemed sufficiently given and served for all purposes when delivered personally or by generally recognized overnight courier service, or five (5) days after deposit in the United States mail, certified or registered, return receipt requested, with postage prepaid, addressed as follows: REV: 01-23-19 PR Page 2 of 7 ATTY/AGR.2019.020/Butler Realty