RecDoc2025-070985 Assignment & Assumption Agreement 2580 El Camino Real

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Agreements, the CC&R's and the First Assignment. Assignee agrees, expressly for the benefit of the City, to comply with, perform and execute all the Obligations, it being the express intention of both the Assignor and the Assignee that, upon the Effective Date of this Assignment, the Assignee shall become substituted for the Assignor as the "Developer" under the Affordable Housing Agreement and the Landscape Maintenance Agreement, as the "Property Owner" under the Stormwater Maintenance Agreement, and as the "Declarant" under the CC&R's. From and after the Effective Date of this Assignment, Assignor shall be and is hereby released from all the Obligations which arise, accrue or are required to be performed from and after the Effective Date. 3. City's Consent. City is executing this Assignment for the limited purpose of (a) approving and consenting to the assignment by Assignor and assumption by Assignee of all of Assignor's Obligations in, to and under the City Agreements, the CC&R's and the First Assignment on the terms and conditions provided herein and (b) clarifying that there is privity of contract between the City and Assignee with respect to the City Agreements, the CC&R's and the First Assignment, all effective as of the Effective Date. 4. Assignment of Declarant's Rights and Obligations. Effective as of the Effective Date, Assignor hereby assigns to Assignee all of Assignor's rights and obligations as Declarant under the CC&R's. 5. Miscellaneous. A. Effective Date. The "Effective Date" of this Assignment shall be the date of the transfer of record title to the Property to Assignee. B. Successors and Assigns. All of the covenants, terms, and conditions of this Assignment shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, successors and assigns. C. Counterparts. This Assignment may be executed in one or more counterparts, and each counterpart shall be deemed to be an original document. All executed counterparts together shall constitute one and the same document, and the signature pages shall be assembled to form a single original document. D. Governing Law. This Assignment shall be governed by the laws of the State of California. E. Notices. The notices address for the "Developer" pursuant to Section 4.09 of the Affordable Housing Agreement and Section 16 of the Landscape Maintenance Agreement and for the "Property Owner" under Section 14 of the Stormwater Maintenance Agreement, is hereby changed as follows: IHVAP116111V L2111p ATTY/AGR.2025.338/PR III/IEC REDWOOD CITY LLC (Page 3 of 9)