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E. City and Owner desire to enter into this Agreement to set forth an exception to
<br />Special Provision No. 10 of the Encroachment Permit. In addition, City and Owner desire to set
<br />forth the agreement between the Parties with respect to Owner's obligations regarding the
<br />Improvements to be abandoned in place, including the portions of Owner's Improvements that
<br />must be removed, Owner's waiver, release and hold harmless, and the costs of removal.
<br />AGREEMENT
<br />NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are
<br />hereby acknowledged, City and Owner hereby agree as follows:
<br />1. Removal of Improvements. Upon completion of the construction of the building
<br />located at 1401 Broadway, and prior to issuance of a Certificate of Completion, Owner shall
<br />remove all Improvements, including piles, CSM panels, and tieback anchors installed or placed in
<br />the Right -of -Way within the Removal Depth.
<br />2. Im rovements to Retrain in Right -of -Way. Notwithstanding Special Provision No.
<br />10 of the Encroachment Permit, but subject to the terms and conditions herein, Owner may
<br />abandon in place only those Improvements located deeper than the Removal Depth, and in no
<br />event shall Owner be required to de -tension any anchors entering the Right -of -Way at or below 15
<br />feet below grade.
<br />3. Reimbursement for Costs of Future Removal. Owner agrees and acknowledges
<br />that a portion of any Improvements abandoned pursuant to Section 2 will remain and be located
<br />within the Right -of -Way and that City may, from time to time, perform work and maintenance
<br />within the Right -of -Way, which work or maintenance may require the removal of the remaining
<br />Improvements. Prior to issuance of the Encroachment Permit, Owner shall pay to the City a lump
<br />sum payment of One Hundred Eighty -Three Thousand, Seven Hundred Fifty Dollars ($183,750)
<br />("Maintenance/Removal Fee") to compensate City for potential future removal of the
<br />Improvements, including anchors. Notwithstanding anything to the contrary, City hereby agrees
<br />and acknowledges that the Maintenance/Removal Fee shall be the sole consideration due by Owner
<br />in connection with respect to the Improvements, and in no event shall Owner owe City additional
<br />amounts even if the Maintenance/Removal Fee is diminished.
<br />4. Waiver and Release. Owner agrees and acknowledges that a portion of the
<br />Improvements will remain and be located within the Right -of -Way and that City may, from time
<br />to time, perform work and maintenance within the Right -of -Way, which work or maintenance may
<br />damage buildings and structures located on the property adjacent to the Improvements. To the
<br />fullest extent provided by law, Owner, for itself, its assigns and successors in interest, hereby fully
<br />waives, releases and discharges the City of Redwood City, and its officers, officials, employees,
<br />volunteers, agents, consultants, attorneys, and representatives ("City Parties"), from any and all
<br />claims, liens, demands, causes of action, actions, debts, damages and liabilities, including
<br />attorneys' fees and costs ("Claims") related to, caused by or arising from the removal of the
<br />Improvements or the presence of the Improvements during work within the Right -of -Way
<br />performed by City or its contractors. Such Claims include without limitation damage to
<br />waterproofing or the foundation of any structure on the Property. This waiver and release includes
<br />all Claims whether at this time known or unknown, anticipated or unanticipated, direct or indirect,
<br />REV: 12-06-2022 SK
<br />ATTY/AGR.2022.416/Broadway Plaza - Broadway Block (Page 2 of 5)
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