RecDoc 2019-026563 Option DDA - Laserfiche WebLink

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No fee per GC27388.1; recorded in connection with concurrent transfer subject to imposition of documentary transfer tax Recorded at the Request of Old Republic Title Company - Oakland Ill10I (e7161 Recording Requested by and when Recorded, return to: City Of Redwood City 1017 Middlefield Road Redwood City, Ca 94063 Attn: City Clerk EXEMPT FROM RECORDING FEES PER GOVERNMENT CODE §§6103.27383 2019-026563 1:53 pm 04/12/19 OP AG Fee: NO FEE Count of Pages 6 Recorded in Official Records County of San Mateo Mark Church III IIII II rll 11111 it IIIII 111$111111111111111111 *$ R 0 0 0 2 6 8 6 6 1 7$* (SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) MEMORANDUM OF OPTION AND DISPOSITION AND DEVELOPMENT �� AGREEMENT This Memorandum of Option _and Disposition and Development Agreement (this "Memorandum"), dated as of �buY li/ , 2019, is entered into by and between the City of Redwood City, a charter city and municipal corporation ("City") and MP Bradford Associates, L.P., a California limited partnership ("Developer"). City and Developer are hereinafter collectively referred to as the "Parties." 1. Agreement; Conveyance. Pursuant to that certain Disposition and Development Agreement (the "Agreement") dated as of October 3, 2017, executed by and between City and Developer, the City has agreed to convey to Developer and Developer has agreed to develop certain real property located within the City of Redwood City on Bradford Street between Main Street and Jefferson Avenue, and more particularly described in Exhibit A attached hereto and incorporated herein by this reference (the "Property"). 2. Schedule for Construction. Among other conditions, the Agreement provides that unless such dates are extended by mutual agreement of the Parties, by not later than May 12, 2019, Developer shall have commenced, and by not later than May 11, 2021, Developer shall have completed, construction of an affordable senior housing project (the "Project") on the Property (provided however, pursuant to the Estoppel Certificate described in Section 8 below, the deadline for completion of construction has been extended to May 11, 2022). The Project will be subject to rent restrictions pursuant to an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants ("Regulatory Agreement") that shall be executed by the Parties and recorded in the Official Records of San Mateo County substantially concurrently herewith. 3. City Option to Repurchase; Power of Termination. The Agreement further provides that the City has the right to enter upon and retake the Property or to purchase the Property pursuant to certain option rights as more particularly described in the Agreement upon the occurrence of certain events, including without limitation Developer's failure to commence or complete construction of the Project within the time periods set forth in Section 2 above, Developer's transfer of the Property in violation of the Agreement, and ATTY/AGR/2017.218.2/BRADFORD DDA- EXHIBIT C - MEMORANDUM OF OPTION & DDA REV: 04-03-19 VR Page 1 of 6