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Recording Requested by and: <br /> When Recorded Return to: <br /> CITY OF REDWOOD CITY <br /> 1017 Middlefield Road <br /> Redwood City, California 94063 <br /> Attn: City Manager <br /> This Space For Recorder's Use Only <br /> MEMORANDUM OF REAL ESTATE OPTION AGREEMENT <br /> (80 Chemical Way) <br /> By this Memorandum of Real Estate Option Agreement (this "Memorandum ") <br /> dated as of October 20, 2010, SCHRADER LEASK DEVELOPMENT, INC., a <br /> California corporation ( "Owner "), and THE CITY OF REDWOOD CITY, a charter <br /> city and municipal corporation of the State of California ( "Optionee "), acknowledge and <br /> agree to the following: <br /> 1. Real Estate Option Agreement. Pursuant to the terms of that certain <br /> unrecorded Real Estate Option Agreement (the "Option Agreement "), by and between <br /> Owner and Optionee, dated as of October 1, 2010, Owner grants to Optionee the <br /> exclusive right and option to purchase that certain real property, consisting of <br /> approximately 0.73 acres of land, having Assessor Parcel Number 052- 392 -190, located <br /> in the City of Redwood City, County of San Mateo, State of California, as more <br /> particularly described on Exhibit A attached hereto (the "Property "). <br /> 2. Term. The term of the Option Agreement, and any rights or interest of <br /> Optionee in and to the Property created hereby, shall begin on the date of this <br /> Memorandum, and shall end no later than December 31, 2011, and may end earlier as <br /> provided in the Option Agreement. <br /> 3. Price and Terms. The price and other terms are set forth in the Option <br /> Agreement, all of the terms, covenants and conditions of which are incorporated herein <br /> by reference as though set forth fully herein. In the event of any inconsistency between <br /> this Memorandum and the Option Agreement, the Option Agreement shall control. All <br /> capitalized terms used herein and not otherwise defined herein shall have the same <br /> meaning as is set forth in the Purchaser Agreement. <br /> 4. Effect. Owner and Optionee have executed and recorded this <br /> Memorandum for the purpose of imparting notice of the Option Agreement and the <br /> respective rights and obligations of Owner and Optionee thereunder. The obligations of <br /> 1 <br />