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Purchase Agreement
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Seaport Centre Owner's Association - Purchase Agreement
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Purchase Agreement
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Last modified
11/18/2025 4:05:57 PM
Creation date
11/18/2025 4:00:50 PM
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Agreement
Contractor Name
HCP LS Redwood City, LLC Metropolitan Life Insurance Company Seaport Centre Owner's Association
RMP File Number
304
Date
10/23/2025
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`y5v nM3sat <br />�"' tt',S�' 1gi,�fllr~`1'"tf✓r�t.>i< <br />ex <br />SEVERABLE IMPROVEMENTS <br />ENDORSEMENT <br />Issued by <br />First American Title Insurance Company <br />Attached to Policy No.: <br />File No.: NCS-1156441-CHI2 <br />1. As used in this endorsement, "Severable Improvement" means property affixed to the Land on or <br />after Date of Policy that by law does not constitute real property because: <br />(a) of its character and manner of attachment to the Land and <br />(b) it can be severed from the Land without causing material damage to it or to the Land. <br />2. In the event of a loss by reason of a defect, lien, encumbrance, or other matter covered by this <br />Policy ("Defect"), the calculation of the loss shall include (but not to the extent that these items of <br />loss are included in the valuation of the Title determined pursuant to Section 8 of the Conditions or <br />any other endorsement to the Policy): <br />(a) the diminution in value of the Insured's interest in any Severable Improvement resulting from the <br />Defect, reduced by the salvage value of the Severable Improvement; and <br />(b) the reasonable cost actually incurred by the Insured in connection with the removal or relocation <br />of the Severable Improvement resulting from the Defect and the cost of transportation of that <br />Severable Improvement for the initial one hundred miles incurred in connection with the <br />relocation. <br />3. This endorsement relates solely to the calculation of the Insured's loss resulting from a claim based <br />on a defect, lien, encumbrance or other matter otherwise insured against by the Policy. This Policy <br />does not insure against loss or damage (and the Company will not pay any costs, attorneys' fees or <br />expenses) relating to: <br />(a) the attachment, perfection or priority of any security interest in the Severable Improvement; <br />(b) the vesting or ownership of title to or rights in any Severable Improvement; <br />(c) any defect in or lien or encumbrance on the title to any Severable Improvement; or <br />(d) the determination of whether any specific property is real or personal in nature. <br />This endorsement is issued as part of the policy. Except as it expressly states, it does not (i) modify any <br />of the terms and provisions of the policy, (ii) modify any prior endorsements, (iii) extend the Date of <br />Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous <br />endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. <br />Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior <br />endorsements. <br />Date: <br />* Copyright 2025 First American Financial Corporation. All rights reserved. <br />All information, data, and material created or compiled by or on behalf of First American Financial Corporation is restricted and may <br />not be copied or used for derivative products/services without the prior express written permission of First American Financial <br />Corporation. <br />Form 50-10689 (7-1-14) Page 22 of 33 ALTA 31-06 Severable Improvements (2-3-11) <br />'J02�Ty Y `iSil ffpRT PURCHASE AGREEMENT`t 3 ti° X ; : Ix?j /N. <br />REV: 10-15-25 VR <br />
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