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8.A. - Page 25 of 154
<br />4. Conveyance of Title.
<br />4.1. Timing of Exchange. Conveyance. The Close of Escrow shall occur
<br />concurrently with recordation of the Final Map, or on such later date as mutually agreed to by the
<br />Parties in writing, but in no event later than June 1, 2021.
<br />4.2. Public Right-of-Wgy Right-of-Wayand Public Service Easement and Ma le Street
<br />Quitclaim Deed. At Closing: (A) the Public Right -of -Way and Public Service Easement shall be
<br />conveyed to City via the City's execution and acknowledgement of the "City Clerk's Statement"
<br />on the Final Map ("Acceptance of Irrevocable Offer") and the recordation in the Official
<br />Records of San Mateo County of the Final Map. At the time of City's Acceptance of Irrevocable
<br />Offer, the Public Right -of -Way and Public Service Easement Area shall be free and clear of all
<br />recorded liens, encumbrances, assessments, easements, leases and taxes, except (i) the lien for
<br />current real property taxes not yet due and payable; (ii) any existing easements over the Public
<br />Right -of -Way and Public Service Easement Area for public utilities; (iii) exceptions 3, 4, 5, 6, 7,
<br />7a, 8., 9 and 11 listed on the Preliminary Title Report No. 0131-615910-CTY, dated November 3,
<br />2020, ("Blomquist Developer Title Report") issued by first American Title Company ("Title
<br />Company") with respect to the Public Right -of -Way and Public Service Easement Area; (iv)
<br />matters created by, through or under City; and (v) such other matters, if any, as may be approved
<br />by City in its discretion (collectively, "City's Permitted Exceptions"); and (B) City shall convey
<br />to Developer, City's right, title and interest in and to the Maple Street Vacation Area by quitclaim
<br />deed substantially in the form attached hereto as Attachment 5 ("Maple Street Quitclaim Deed"),
<br />free and clear of all recorded and unrecorded liens, encumbrances, assessments, easements,
<br />leases, and taxes except (i) the lien for current real property taxes not yet due and payable; (ii) any
<br />existing easements over the Maple Street Vacation Area for public utilities; (iii) exceptions 3, 4,
<br />5, 6, 7, 7a, 8, 9, and 10. and listed on the Preliminary Title Report No. 0131-618910-STR, dated
<br />November 3, 2020, ("Maple Street Title Report") issued by the Title Company with respect to
<br />the Maple Street Vacation Area; (iv) matters created by, through or under Developer; and (v) such
<br />other matters, if any, as may be approved by Developer in its discretion (collectively,
<br />"Developer's Permitted Exceptions"). Neither Developer nor the City shall voluntarily create
<br />any new exceptions to title on the Public Right -of -Way and Public Service Easement Area or the
<br />Maple Street Vacation Area, respectively, following the Effective Date.
<br />5. Title Insurance Policies. Following recordation of the Maple Street Quitclaim
<br />Deed and the Acceptance of Irrevocable Offer, Escrow Agent shall provide Developer with an
<br />ALTA or CLTA, at Developer's discretion, owner's policy of title insurance, in an amount to be
<br />determined by the Parties, issued by the Title Company, together with any endorsements that
<br />Developer may reasonably request, showing fee simple title to the Maple Street Vacation Area
<br />vested in Developer, subject only to Developer's Permitted Exceptions and the printed exceptions
<br />and stipulations in the policy. City, at its option, may request, and if City so requests, Escrow
<br />Agent shall provide City with an ALTA or CLTA, at City discretion, owner's policy of title
<br />insurance, in an amount determined by the Parties, issued by the Title Company, together with
<br />any endorsements that City may reasonably request, showing the Public Right -of -Way and Public
<br />Service Easement vested in City, subject only to City's Permitted Exceptions and the printed
<br />exceptions and stipulations in the policy. City and Developer shall each pay the title policy
<br />premium for its respective title insurance policy and any amounts necessary for all requested
<br />endorsements.
<br />5.1. Other Documents. City and Developer agree to deposit with Escrow Agent
<br />any additional documents as may be necessary to complete this transaction.
<br />REV: 01-21-20201 PR
<br />ATTYIAGR.2021.01111548 Maple LLC (Page 3 of 25) 237
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