Agmt20 Greystar GP II,LLC - 1306 Main Street

Browse Search

ATTY/AGR/2020.257/REDWOOD CITY GREYSTAR PURCHASE AND SALE AGREEMENT 1306 MAIN STREET REV: 12-14-2020 VR Page 69 of 82 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attention: City Clerk No fee for recording pursuant to Government Code Section 27383 and 27388.1 _________________________________________________________________________ OPTION TO PURCHASE AGREEMENT (1304 El Camino Real- Building F) This Option to Purchase Agreement (the "Agreement") is entered into as of ___________________, 20__ (the "Effective Date"), by and between the City of Redwood City, a charter city and municipal corporation (the "City"), and GS HIP 1304 ECR Owner, LP, a California limited partnership (the "Owner"). RECITALS A. Capitalized terms used in these Recitals are defined in Section 1 of this Agreement. B. Prior to the Effective Date, the Parties entered into the Purchase Agreement regarding certain real property located in the City of Redwood City, California. As of the Effective Date, Owner owns the Property as more particularly described in Exhibit A, and is obligated to construct the Replacement Housing Units on the Property in accordance with the Purchase Agreement. C. Subject to the terms and conditions of this Agreement, the Owner has agreed to grant the Option to the City in accordance with Section 8.3.5 of the Purchase Agreement. The City may only exercise the Option upon a default by the Owner under Section 13.1 of the Purchase Agreement to Substantially Complete the construction of the Replacement Housing Units by the Replacement Unit Completion Date, as more particularly set forth below. NOW, THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, THE ADEQUACY AND RECEIPT OF WHICH IS HEREBY ACKNOWLEDGED, THE PARTIES AGREE AS FOLLOWS: