Ord. 2547 - Laserfiche WebLink

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RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO. City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attention: City Clerk Space above this line reserved for Recorder’s use Exempt from Recording Fee per Government Code section 27383 PARTIAL ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT AGREEMENT This Partial Assignment and Assumption of Development Agreement (“Partial Assignment”) dated as of ___________, 202__ is entered into by and between EL CAMINO REAL HOLDINGS JV, LLC a California limited liability company (“Assignor”) and Abode Communities, a California non-profit public benefit corporation (“Assignee”), sometimes referred hereto individually as a “Party” and collectively as “Parties.” RECITALS A. These Recitals refer to and utilize certain capitalized terms which are defined in Section 1.1 of this Partial Assignment. The Parties intend to refer to those definitions with the initial use in bold, and thereafter with capitalized terms. B. Assignor is the “Developer” under that certain Development Agreement by and between the City of Redwood City and Assignor, recorded on ______, 2025, as Instrument No. _____________ in the Official Records of the County Recorder of San Mateo County, California (“Development Agreement”). The Development Agreement relates to that certain real property consisting of approximately 901 El Camino Real, 947 El Camino Real, and 999 El Camino Real in Redwood City, California (Assessor’s Parcel Numbers 052-351-010, 052-351-020 and 052-351- 030), and related land assembly as depicted on Exhibit A in the Development Agreement. These parcels are located in the City’s downtown and includes frontages along El Camino Real, James Avenue and Winklebleck Street and are collectively referred to herein as the “901 El Camino Real Property.” C. Prior to or concurrently with entering into the Development Agreement, as indicated by City Resolution Nos. _____ and ______, in order to develop a Assignor obtained the following approvals and permits from the City: to construct a six (6) story mixed-use commercial office and research and development/laboratory project, consisting of approximately 305,225 square feet of office, approximately 6,450 square feet for a teen center/multi-purpose space, and approximately 3,900 square feet of open space area and related amenities and infrastructure as defined in the Development Agreement, which included approval of General Plan and Downtown ATTY/ORD.0002/CC ORD APPROVING DEVELOPMENT AGREEMENT (901 EL CAMINO REAL) - EXHIBIT A REV: 04-23-25 VR Page 308 of 336