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5.A. - Page 263 of 302 <br />RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br />City of Redwood City <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />Attention: City Clerk <br />No fee for recording pursuant to <br />Government Code Section 27383 and 27388.1 <br />OPTION TO PURCHASE AGREEMENT <br />(13 04 El Camino Real- Building F) <br />This Option to Purchase Agreement (the "Agreement") is entered into as of <br />, 20_ (the "Effective Date"), by and between the City of Redwood City, <br />a charter city and municipal corporation (the "City"), and Greystar GP II, LLC, a Delaware limited <br />liability company (the "Owner"). <br />RECITALS <br />A. Capitalized terms used in these Recitals are defined in Section 1 of this Agreement. <br />B. Prior to the Effective Date, the Parties entered into the Purchase Agreement <br />regarding certain real property located in the City of Redwood City, California. As of the Effective <br />Date, Owner owns the Property as more particularly described in Exhibit A, and is obligated to <br />construct the Replacement Housing Units on the Property in accordance with the Purchase <br />Agreement. <br />C. Subject to the terms and conditions of this Agreement, the Owner has agreed to <br />grant the Option to the City in accordance with Section 8.3.5 of the Purchase Agreement. The City <br />may only exercise the Option upon a default by the Owner under Section 13.1 of the Purchase <br />Agreement to Substantially Complete the construction of the Replacement Housing Units by the <br />Replacement Unit Completion Date, as more particularly set forth below. <br />NOW, THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, THE <br />ADEQUACY AND RECEIPT OF WHICH IS HEREBY ACKNOWLEDGED, THE PARTIES <br />AGREE AS FOLLOWS: <br />ATTY/AGR/2020.257/REDWOOD CITY GREYSTAR PURCHASE & SALE AGREEMENT 1306 MAIN ST <br />REV: 11-05-2020 VR <br />1199\1 1\2925009.5 <br />19 <br />266 <br />