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EXHIBIT `B" RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: Executive Director Redwood City Redevelopment Agency 1017 Middlefield Road Redwood City, CA 94063 MEMORANDUM OF OPTION This Memorandum of Option Agreement ( "Memorandum ") is made and entered into as of (Y)Q rch "9- , 2011, by and between the Redwood City Redevelopment Agency ( "Agency ") and the City of Redwood City ( "City "). 1. Agency hereby grants to City an option (the "Option") to acquire the real property and improvements described in Schedule "1" attached hereto (collectively, the "Optioned Property") on the terms and conditions set forth in that certain Option Agreement of even date herewith between Agency and City, and as more specifically set forth therein (the "Option Agreement "). Capitalized terms not expressly defined herein shall have the meaning set forth in the Option Agreement. 2. City shall have the right to exercise the Option on one or more occasions in the manner provided in the Option Agreement at any time during the Option Period (as defined in the Option Agreement). 3. The parties have executed and recorded this instrument to give notice of the Option Agreement and the respective rights and obligations of City and Agency. The price and other terms are in the unrecorded Option Agreement, which is incorporated by reference in its entirety in this Memorandum. In the event of any inconsistency between this Memorandum and the Option Agreement, the Option Agreement shall control. This Memorandum and the Option Agreement shall bind and inure to the benefit of the parties and their respective heirs, successors, and assigns, subject, however, to the provisions of the Option Agreement on assignment. 4. This Memorandum and the Option Agreement are governed by California law. Exhibit "B"