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054-320-370, 054-320-380, 054-320-390, 054-320-400, 054-320-410, 054-320-420, 054-320-
<br />430, 054-320-440, 054-320-450, 054-320-460 ("HCP Seaport Centre") and that certain
<br />property located on Seaport Peninsula known as SeaportPlaza comprised of Assessor Parcel
<br />Number 054-320-540 ("Seaport Plaza") as depicted on the Site Map and more fully described in
<br />Attachment 3 attached hereto and incorporated herein. Met Life Seaport Centre and HCP
<br />Seaport Centre collectively may be referred to as "Seaport Centre". Met Life Seaport Centre,
<br />the HCP Seaport Centre and Seaport Plaza are collectively referred to herein as the "Property".
<br />3. SCOA. SCOA is a nonprofit mutual benefit corporation, incorporated under the
<br />laws of the State of California, with authority to act on behalf of Met Life and HCP with regard
<br />to 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 />of Covenants, Conditions and Restrictions for Seaport Centre San Mateo County, California
<br />recorded December 22, 1997 in the Official Records of San Mateo County as Instrument No. 97-
<br />168756; and the Supplemental Declaration and Third Amendment to Master Declaration of
<br />Covenants, Conditions and Restrictions for Seaport Centre San Mateo County, California
<br />recorded May 3, 2017 in the Official Records of San Mateo County as Instrument No. 2017-
<br />038386 (collectively, "CC&R's").
<br />4. Levee Financing. and Improvement Agreement. City, HCP, Met Life and SCOA
<br />are parties to that certain Levee Financing and Improvement Agreement dated October 27, 2020
<br />("Levee Agreement"), which Levee Agreement provides among other things for: (a) SCOA's
<br />design and construction of (i) a levee and related flood protection facilities along the perimeter of
<br />Seaport Plaza facing Redwood Creek ("Seaport Plaza Levee Improvements"), (ii)
<br />improvements to (and, where necessary, replacement of) the existing Seaport Centre Levee
<br />(except for the inboard boundary with'Seaport Plaza) ("Seaport Centre Levee Improvements"
<br />and, collectively with the Seaport Plaza Levee Improvements, the "Levee Improvements"); and
<br />(iii) SCOA's application for, processing and final accreditation by FEMA of the Seaport Centre
<br />Levee as improved and enlarged by the Levee Improvements (collectively, the "New Levee");
<br />(b) City's acquisition of the Levee Improvements, following SCOA's satisfactory completion
<br />thereof, pursuant to a Purchase Contract in the form attached to the Levee Agreement as Exhibit
<br />C; (c) the establishment of a community facilities district ("CFD") under the authority of the
<br />City's Special Tax Financing Law ("Code"), the boundaries of which would include all real
<br />property within the area of the New Levee, for the purpose of levying a special tax on all
<br />nonexempt real property within the area of the New Levee pursuant to Article XIIIC, Section
<br />2(d) of the California Constitution and the Code, to finance: (i) the City's acquisition of the
<br />Levee Improvements from HCP and Met Life or their successors, (ii) the maintenance and
<br />operation of the Levee Improvements, and (iii) the continued maintenance and operation of the
<br />Seaport Centre Levee and Seaport Centre Wet Utilities currently being funded by the
<br />Maintenance District, not otherwise being funded under (ii) above; and (d) pursuant to the
<br />Improvement Act of 1911 (Division 7, Part 3, Chap. 26 of the Streets and Highways Code)
<br />(including without limitation Government Code Sections 5848 et seq.), the dissolution of the
<br />OAK #4847-4342-3183 Q
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