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2. Grant of Option. Agency grants to City the exclusive right and option <br /> ( "Option ") to acquire the Agency Property, or any portion of the Agency Property, at the <br /> Transfer Price and on the terms and conditions set forth in this Agreement. A <br /> Memorandum of Option in the form of Exhibit "B" hereto will be recorded concurrently <br /> with execution of this Agreement. During the Option Period, as defined in Section 3 <br /> below, Agency shall not encumber or otherwise divest its interest in the Agency Property. <br /> 3. Option Period. The Option will commence on the Effective Date and will <br /> remain in effect and continue for a period of one (1) year thereafter ( "Option Period "). <br /> City may extend the Option Period for an additional one (1) year upon written notice to <br /> Agency delivered no later than the expiration date of the initial Option Period, and <br /> payment of Ten Dollars ($10) ( "Extension Price ") to Agency. <br /> 4. Consideration. The Option is granted in consideration of City's payment <br /> to Agency of the sum of Ten Dollars ($10) ( "Option Price "), receipt of which is hereby <br /> acknowledged by Agency. <br /> 5. Retention of Option Price. If the Option is not exercised in accordance <br /> with the terms of this Agreement, then the Option Price, and if applicable the Extension <br /> Price, will be retained by Agency in consideration of the granting of this Option. <br /> 6. Method of Exercise. City may exercise this Option as to the entirety of <br /> the Agency Property or as to any individual parcel constituting the Agency Property by <br /> giving written notice to Agency ( "Exercise Notice "). The Exercise Notice shall specify <br /> the specific parcels that City desires to acquire and shall be accompanied by the sum of <br /> Ten Dollars ($10) ( "Transfer Price ") for each parcel of Agency Property to be acquired <br /> pursuant to the Exercise Notice. The foregoing shall not be construed to disallow the <br /> making of multiple Exercise Notices if City determines that it is best served by <br /> purchasing one (1) or more of the parcels constituting the Agency Property at different <br /> times during the term of the Option Period. <br /> 7. Closing. In the event City exercises the Option as provided for herein, <br /> Agency shall convey and City shall accept conveyance of fee title to the Agency <br /> Property, or such portion thereof denoted in the Exercise Notice, within ten (10) days of <br /> receipt of City's Exercise Notice. Agency shall be obligated to convey fee title to the <br /> Agency Property, or applicable portion thereof, free and clear of all liens and <br /> encumbrances, other than the lien for current non - delinquent taxes, if applicable, and <br /> such additional exceptions to title in existence on the Effective Date. To effectuate such <br /> conveyance: <br /> a. Agency shall execute, acknowledge and deliver to City a title <br /> company form grant deed, incorporating such additional covenants running with land as <br /> may be required by the CRL. <br /> b. City shall execute and acknowledge a certificate of acceptance <br /> acknowledging acceptance of the Agency Property, or applicable portion thereof, and <br /> 2 <br /> ATTY /AGR/2011.019 /REDWOOD CITY OPTION AGREEMENT BETWEEN AGENCY <br /> 030411 <br />