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shall cause the grant deed and certificate of acceptance to be recorded in the Official <br /> Records of the County of San Mateo, California. <br /> c. Agency shall execute and deliver to City (i) a Certificate of Non - <br /> Foreign Status in accordance with section 1445 of the Internal Revenue Code of 1986, as <br /> amended, and the Income Tax Regulations thereunder, and (ii) satisfactory evidence that <br /> no California withholding of tax is required with respect to the sale of the Agency <br /> Property or applicable portion thereof. <br /> d. City shall pay to Agency at closing the total Transfer Price for the <br /> Agency Property, or portion thereof, in accordance with Section 6 above. <br /> 8. Closing Costs. City shall pay all owner's policy title insurance charges, <br /> including any extra charges for any required endorsements. It is anticipated that no City <br /> or County transfer taxes will be due because City is a public entity, however, to the extent <br /> such transfer taxes are due they shall be paid by City. All other closing costs, charges <br /> and fees shall be paid in accordance with County custom. <br /> 9. Prorations. All income from the Agency Property or applicable portion <br /> thereof, if any, and all current taxes, assessments, utilities, maintenance charges and <br /> similar expenses of the Agency Property or applicable portion thereof, shall be prorated <br /> between Agency and City as of the date of closing. Monthly income and expense items <br /> shall be prorated on the basis of a thirty (30) day month. <br /> 10. Terms of Exercise. Should City exercise this Option, City agrees that it <br /> will abide by the requirements of Health and Safety Code section 33220(g) and, to the <br /> extent applicable, section 33433, and will use or develop or cause to be used or <br /> developed the Agency Property, or applicable portion thereof, in accordance with the <br /> Redevelopment Plan in existence on the Effective Date. In connection therewith, City <br /> shall become obligated in accordance with Health and Safety Code section 33437 and as <br /> provided below. <br /> a. Developed Property. With respect to the Agency Property that has <br /> been redeveloped: <br /> (i) Use or cause to be used the Agency Property or portion <br /> thereof for a purpose designated in the Redevelopment Plan, as in effect on the Effective <br /> Date. <br /> (ii) Impose upon the Agency Property or portion thereof, prior <br /> to or in connection with any sale by City to a third party, such covenants, conditions, or <br /> restrictions as are necessary to prevent speculation or excess profit taking in undeveloped <br /> land, which may include a right of reverter or option to repurchase in favor of City. <br /> Covenants, conditions, and restrictions imposed by City may provide for the reasonable <br /> protection of lenders. <br /> 3 <br /> ATTY /AGR /2011.019 /REDWOOD CITY OPTION AGREEMENT BETWEEN AGENCY <br /> 030411 <br />