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Exhibit B-1 <br />CITY'S CONSENT TO PARTIAL ASSIGNMENT AND ASSUMPTION <br />OF DEVELOPMENT AGREEMENT <br />The City of Redwood City, a California charter city ("City") hereby consents to the Partial <br />Assignment and Assumption of the Development Agreement between the City and 1900 <br />Broadway Owner LLC as Assignor and as Assignee <br />("Partial Assignment"), to which this Consent to Partial Assignment is attached. Accordingly, <br />pursuant to Section 2.2(C) of the Development Agreement, the City Manager is authorized to <br />sign this Consent, and from and after the Effective Date of this Partial Assignment, Assignor <br />shall be relieved of its obligations in the Development Agreement specifically applicable to the <br />development of the Affordable Site and construction of the Affordable Housing Project in <br />accordance with the Affordable Housing Project Approvals (except to the extent of any default <br />by Assignor in respect of the Assignor Obligations which accrued prior to the Effective Date of <br />the Partial Assignment). City acknowledges and agrees that Assignee shall not be responsible <br />for any default by Assignor under the Development Agreement prior to the Effective Date. In <br />addition, the City confirms that from and after the Effective Date, a default by Assignor under <br />the Development Agreement shall not constitute a default by Assignee under the Development <br />and shall not entitle the City to exercise any remedy against Assignee. Upon the City's issuance <br />of a Certificate of Occupancy for the Affordable Housing Project, at the request of Assignee, the <br />City Manager shall be authorized to take all actions as may reasonably be necessary to confirm <br />that Assignee's obligation hereunder has been fulfilled and record a termination or release of <br />agreement or other document as applicable to remove this cloud on the title of the Affordable <br />Site. City acknowledges that Assignor intends to further transfer the Affordable Site to an affiliate <br />of Assignor to develop the Affordable Housing Project as provided for in Section 5.4 of the <br />Development Agreement. <br />[Signature Page Follows] <br />ATTY/AGR/2024.193—GATEKEEPER DA -1900 BROADWAY- EXHIBIT G- PARTIAL ASSIGNMENT AND ASSUMPTION <br />REV: 10-22-24 VR <br />Page 9 of 10 <br />