AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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8.A. - Page 24 of 154 E. In accordance with Section 6.3 of the Development Agreement, City and Developer now desire to enter into this Agreement providing for the City's exchange of it right, title and interest in and to the Maple Street Vacation Area for a Public Right -of -Way and Public Service Easement on, under, through and across the Public Right -of -Way and Public Service Easement Area (the "Exchange") subject to and on the terms set forth herein. G. Concurrently herewith, City and Developer are entering into a Subdivision Improvement Agreement dated , 2021, and recorded in the Official Records as Instrument No. ("Public Improvement Agreement") pursuant to which Developer has agreed, subject to certain contingencies, conditions and credits, to construct and install, at its expense, the Blomquist Street Extension and, upon the completion of the Blomquist Street Extension to the City's satisfaction, to dedicate to City the street improvements comprising the Blomquist — City Segment, the Blomquist - County Segment and the Blomquist --- Developer Segment. AGREEMENT NOW THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is hereby mutually agreed between the Parties as follows: 1. Agreement to Exchange. Subject to the terms and conditions hereof, including satisfaction of the conditions precedent set forth in Section 8 below, City shall convey the entirety of its right, title and interest in and to the Maple Street Vacation Area to Developer and, in exchange, Developer shall convey to City the Public Right -of -Way and Public Service Easement with respect to the Blomquist - Developer Segment through a dedication on the Final Map. 2. Exchange Value. City and Developer agree that the value of City's right, title and interest in and to the Maple Street Vacation Area to be conveyed to Developer is approximately equal to the value of the Public Right -of -Way and Public Service Easement to be conveyed to City, and that subject to the obligations of each Party as expressly set forth in this Agreement, neither Party shall be obligated to pay further consideration to the other Party in connection with the conveyance of the Maple Street Vacation Area and the Public Right -of -Way and Public Service Easement. 3. Escrow. Upon the Effective Date, Developer and City shall open an escrow (the "Escrow") with First American Title Insurance Company, 4750 Willow Road, #100, Pleasanton, CA 94588, Attention: Tammi Buna (TBuna@firstam.com; 925.201.6674) ("Escrow Agent") by delivering a fully executed copy of this Agreement to Escrow Agent. Escrow Agent will execute copies of this Agreement and return fully executed copies to City and Developer. This Agreement, together with any supplemental escrow instructions prepared by Escrow Agent, City and/or Developer and executed by Escrow Agent, City and Developer, constitutes the joint escrow instructions of City and Developer, and Escrow Agent to whom these instructions are delivered is hereby empowered to act under this Agreement. The term "Close of Escrow" or "Closing", if and where written in these instructions, shall mean the date the Acceptance of Irrevocable Offer (defined below) and the Maple Street Quitclaim Deed (defined below) are recorded in the office of the San Mateo County Recorder. REV: 01-21-20201 PR ATiYIAGR.2021.011/1548 Maple LLC (Page 2 of 25) 236