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7.A. - Page 48 of 176
<br />LEVEE FINANCING AND
<br />IMPROVEMENT AGREEMENT
<br />10/09/2020
<br />This LEVEE FINANCING AND IMPROVEMENT AGREEMENT ("Agreement")
<br />dated as of , 2020 ("Effective Date"), is entered into by and among the CITY
<br />OF REDWOOD CITY, a California charter city and municipal corporation ("City"), for itself
<br />and for the Seaport Centre Maintenance District ("Maintenance District"); HCP LS
<br />REDWOOD CITY, LLC, a Delaware limited liability company, its successors in interest and
<br />assignees ("HCP"); METROPOLITAN LIFE INSURANCE COMPANY, a New York
<br />corporation, its successors in interest and assignees ("Met Life"); and SEAPORT CENTRE
<br />OWNERS' ASSOCIATION, a California corporation ("SCOA"). HCP and Met Life are
<br />sometimes referred to collectively in this Agreement as "Owners." The parties identified above
<br />are sometimes referred to herein as the "Parties".
<br />RECITALS:
<br />A. Met Life is the fee owner of that certain property located on Seaport Peninsula
<br />known as Seaport I comprised of Assessor Parcel Numbers 054-321-010, 054-321-020, 054-321-
<br />030, 054-321-040, 054-321-050, 054-321-060, 054-321-070, 054-320-080, 054-320-090, 054-
<br />320-100, 054-320-110, 054-320-140 ("Seaport I"), that certain property located on Seaport
<br />Peninsula known as Seaport II comprised of Assessor Parcel Numbers 054-320-210, 054-320-
<br />220, 054-320-230, 054-320-240, 054-320-160, 054-320-250, 054-320-260 and 054-320-300
<br />("Seaport II"), and that certain property located on Seaport Peninsula comprised of Assessor
<br />Parcel Numbers 054-320-190 and 054-320-200 ("Parcels 19 and 20"). Seaport I, Seaport II,
<br />and Parcels 19 and 20 are depicted on the Site Map ("Site Map") attached hereto as Exhibit A
<br />and are collectively referred to herein as "Met Life Seaport Centre".
<br />B. HCP is the fee owner of that certain property located on Seaport Peninsula known
<br />as "Seaport III" comprised of Assessor Parcel Numbers 054-320-310, 054-320-320, 054-320-
<br />330, 054-320-340, 054-320-350, 054-320-360, 054-320-370, 054-320-380 and 054-320-390, and
<br />"Seaport IV" comprised of Assessor Parcel Numbers 054-320-400, 054-320-410, 054-320-420,
<br />054-320-430, 054-320-440, 054-320-450 and 054-320-460 (collectively, "HCP Seaport
<br />Centre") and that certain property located on Seaport Peninsula known as Seaport Plaza
<br />comprised of Assessor Parcel Number 054-320-540 ("Seaport Plaza") as depicted on the Site
<br />Map. For the purposes of clarification only, the Met Life Seaport Centre and the HCP Seaport
<br />Centre collectively may be referred to as "Seaport Centre". Seaport Centre and Seaport Plaza
<br />are collectively referred to in this Agreement as the "Property".
<br />C. SCOA is a nonprofit mutual benefit corporation, incorporated under the laws of
<br />the State of California, with authority to act on behalf of Met Life and HCP with regard to
<br />Seaport Centre and Seaport Plaza in accordance with the Master Declaration of Covenants,
<br />Conditions and Restrictions for Seaport Centre San Mateo County, California recorded October
<br />6, 1987 in the Official Records of San Mateo County as Instrument No. 87153374, as amended
<br />by the First Amendment to Master Declaration of Covenants, Conditions and Restrictions for
<br />Seaport Centre San Mateo County, California recorded April 30, 1990 in the Official Records of
<br />San Mateo County as Instrument No. 90057593; the Second Amendment to Master Declaration
<br />OAK #4819-4834-1908 v19 1
<br />ATTY/AGR/2020.230/SEAPORT LEVEE AGREEMENT
<br />230
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