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Recorded at the Request of <br />Old Republic Title Company - <br />11 I-�aey L1 &a6 <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 />2022-011757 <br />5:00 pm 02/08/22 OP AG Fee: NO FEE <br />Count of Pages 18 <br />Recorded in Official Records <br />County of San Mateo <br />Mark Church <br />er <br />IIPI1!11111IIIIIIA=Illi) 11111 11I11I1�1IIIIIr-County �IIIIIIIIIIIIIII <br />No fee per GC27388.1; recorded in <br />connection with concurrent transfer <br />subject to imposition of OPTION TO PURCHASE AGREEMENT <br />documentary transfer tax <br />(13 04 El Camino Real - Building F) <br />This Option to Purchase Agreement (the "Agreement") is entered into as of §imrii��� <br />2022 (the "Effective Date"), by and between the City of Redwood City, a charter city and <br />municipal corporation (the "City"), and GS HIP 1304 ECR, LP, a California limited partnership <br />(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 City and Greystar entered into the Purchase <br />Agreement regarding certain real property located in the City of Redwood City, California. As of <br />the Effective Date, Owner owns the Property as more particularly described in Exhibit A. and is <br />obligated to construct the Replacement Housing Units on the Property in accordance with the <br />Purchase 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 Greystar 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 />REV: 01-24-2022 5K <br />ATTY/AGR.2022.011/GS HIP 1304 ECR, LP (Page 1 of 15) <br />