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.. . . . . i . . . . .. ._._.....m..�.,.ti., _ _. ..... . ... ... .�..,....�..�.:...,_... . .. . <br /> EXHIBIT K <br /> FORM OF ENVIRONMENTAL HOLDBACK AGREEMENT <br /> This ENVIltONMENTAL HOLDBACK AGREEMENT ("A�reement") is made as of <br /> ; , 2013 (the "Effective Date"), by and between Redwood City Partners, LLC (`Buyer" or <br /> "Develoaer") and the City of Redwood City, a charter city and California municipal corporation <br /> ("Seller" or "Citv") (collectively, the "Parties," and each a "Partv"), with reference to the <br /> following facts. <br /> RECITALS <br /> A. Buyer and Seller have entered into that certain Disposition and Development <br /> Agreement, dated as of (the "DDA") pursuant to which, among other things, <br /> Buyer agreed to purchase, and Seller agreed to sell, certain real estate and paved parking azea <br /> generally located along Middlefield Road/Winslow Street and the Caltrain railroad station in <br /> Redwood City, County of San Mateo, State of California, as more particularly described in the <br /> legal description attached hereto as Exhibit "A" and hereinafter referred to as the "Citv <br /> Pronertv". <br /> , B. Buyer owns the two pazcels of real property directly adjacent to the City Property <br /> '' (collectively, "Developer Proaertv"), as more particularly described in the legal descriptions <br /> attached hereto as Exhibit "B". The City Property and the Developer Progerty are collectively <br /> ' referred to herein as the "Site" and are shown on the Map of the Site attached hereto as Exhibit <br /> �.C„ <br /> , C. Pursuant to the DDA,Buyer will develop the Site for retaiUcommercial and office <br /> uses (hereafter the"Proiect"). <br /> D. Seller and Buyer now desire to enter in this Agreement on the terms and <br /> conditions set forth below. <br /> AGREEMENT <br /> NOW THEREFORE, in consideration of the foregoing Recitals and the mutual covenants <br /> contained herein, and for other good and valuable consideration, the receipt and sufficiency of <br /> which is hereby acknowledged,the Parties hereby agree as follows: <br /> 1. Capitalized Terms. All capitalized terms when used herein shall have the same <br /> meaning as is given such terms in the DDA, unless expressly superseded by the terms of this <br /> Agreement. <br /> 2. Establishment of Holdback Agreement. Buyer retained AEI Consultants to <br /> perform a Limited Phase II Subsurface Investigation ("Phase II"). The results of the Phase II <br /> 2013.11 B/BLOCK 2 HUNTER STORM <br /> REV:07•26-13 PT <br />