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DmS: k 08/08/88 (~21) <br /> i 3:Cjk 09/08/88R <br /> <br /> consisting of paving, drainage facilities, and electrical <br /> lighting facilities in and upon Parcel II and to lease the same <br /> to Pope & Talbot; and <br /> <br /> WHEREAS, the Port further desires to refinance its <br /> obligations under the Refunded Lease, and to finance the <br /> acquisition, construction, and installation of the <br /> above-described improvements to Parcel II (collectively, the <br /> "Project"); and <br /> <br /> WHEREAS, in furtherance of the foregoing, the Port proposes <br />to terminate the existing Ground Lease and the Refunded Lease <br />pursuant to the terms and conditions thereof relating to early <br />termination, and to enter into a new Ground Lease and <br />Lease-Purchase Agreement and an amendment to the Master Terminal <br /> <br />Lease pertaining to the Project and Parcels I and II; <br /> NOW, THEREFORE; <br /> <br /> BE IT RESOLVED BY THE BOARD OF PORT COMMISSIONERS OF THE <br />CITY OF REDWOOD CITY, AS FOLLOWS: <br /> <br /> 1. That certain "Real Property Lease/Purchase Agreement" <br />(form dated __/ /88; bearing FCFC No. 88-0416) by and between <br />First Continental Financial Corporation ("FCFC"), as Lessor, and <br />the Port, as Lessee, pursuant to which FCFC agrees to and does <br />lease the Project to the Port and the Port agrees to and does <br />lease the Project from FCFC, all upon the terms and conditions <br />therein set forth, a copy of which Lease/Purchase Agreement is on <br />file in the office of the Port Manager, to which copy reference <br />is hereby made for the full particulars thereof, is hereby <br />approved, and the President and Secretary of this Board are <br /> <br /> 2 <br /> <br /> <br />