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<br />SWC:djk <br /> <br />11/20/87 (#21) <br />NOV 2 3 1987 <br /> <br />ORIGINAL <br /> <br />RES 0 L UTI 0 N <br /> <br />~ O. Ulfi8 7 <br /> <br />RESOLUTION CONSENTING TO ASSIGNMENT OF CENTRUM <br />SUBDIVISION; CONDITIONALLY AGREEING TO SUBSTITUTION OF <br />SUBDIVISION IMPROVEMENT BONDS AND INSURANCE; AND <br />CONDITIONALLY AGREEING TO SUBSTITUTION OF MAINTENANCE <br />BOND FOR COMPLETED GRADING OF SAID SUBDIVISION <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br /> <br />AS FOLLOWS: <br /> <br />1. This Council hereby consents to the assignment by <br /> <br />Campeau Corporation California ("Campeau") of all of its rights <br /> <br />and obligations under the Agreement for Improvement of Centrum <br /> <br />Subdivision, dated August 7, 1986 (the "Subdivision Agreement") <br /> <br />and the Agreement for the Grading of Centrum Office Park dated <br /> <br />February 3, 1986 (the "Grading Agreement") to Wilson Centrum <br /> <br />Partners, a California Limited Partnership ("WCP"). <br /> <br />2. This Council conditionally agrees to accept Subdivision <br /> <br />Improvement bonds and insurance from the aforesaid WCP in <br /> <br />fulfillment of its obligations as assignee of the aforesaid <br /> <br />Subdivision Agreement, and to release to Campeau the Subdivision <br /> <br />Improvement bonds heretofore filed with the City and to relieve <br /> <br />Campeau of its insurance obligations under said Subdivision <br /> <br />Agreement. <br /> <br />3. This Council further conditionally agrees to accept a <br /> <br />Maintenance bond from the aforesaid WCP in fulfillment of its <br /> <br />obligations as assignee of the aforesaid Grading Agreement, and <br /> <br />to release to Campeau the Maintenance bond heretofore filed with <br /> <br />the City for said Grading Agreement. <br /> <br />4. The acceptance and release of bonds and insurance set <br /> <br />forth in paragraphs 2 and 3 are subject to the final approval by <br /> <br />1 0 68 (1 <br />