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r <br /> ENVIRONMENTAL HOLDBACK AGREEMENT <br /> This ENVIRONMENTAL HOLDBACK AGREEMENT ("Agreement") is made as of <br /> 1�'02� , 2013 (the "Effective Date"), by and between Redwood City Partners, LLC <br /> (`Buver"or"Developer") and the City of Redwood City, a charter city and California municipal <br /> corporation ("Seller"or"C�") (collectively, the "Parties," and each a"P�"), with reference <br /> to the following facts. <br /> RECITALS <br /> A. Buyer and Seller have entered into that certain Disposition and Development <br /> Agreement, dated as of July 30, 2013 (the"DDA")pursuant to which, among other things, Buyer <br /> agreed to purchase, and Seller agreed to sell, certain real estate and paved parking area generally <br /> located along Middlefield Road/Winslow Street and the Caltrain railroad station in Redwood <br /> City, County of San Mateo, State of California, as more particularly described in the metes and <br /> bounds description attached hereto as Exhibit "A" and hereinafter referred to as the "C� <br /> Pro e ". <br /> B. Buyer owns the two parcels of real property directly adjacent to the City Property <br /> (collectively, "Developer Propertv"), as more particularly described in the legal descriptions <br /> attached hereto as Exhibit "B". The City Property and the Developer Property 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 meaning as is given such terms in the DDA, unless expressly superseded by the terms of this 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 /> were documented in a report dated May 15, 2013, as updated on June 19, 2013 ("Phase II <br /> 1 <br />