RecDoc 2013-080996 - Laserfiche WebLink

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C • TERMINATION AGREEMENT This TERMINATION AGREEMENT is dated as of May l, 2013, and is between the CITY OF REDWOOD CITY (the "City"), and the CITY OF REDWOOD CITY PUBLIC FINANCING AUTHORITY, (the"Authority"). WITNESSETH : WHEREAS, the City and the Authority have previously executed a lease, dated July 15, 1991 (the "1991 Lease"), granting to the Authority an interest in the real property described in Exhibit A hereto (the"1991 Site") and pursuant to which the Authority and the City entered into a transaction for the lease financing of certain facilities and the City agreed to make certain lease payments (the"1991 Lease Payments")to the Authority; and WHEREAS,the City and the Authority have previously executed a lease, dated March 1, 1998 (the "1998 Lease"), granting to the Authority an interest in the real property described in Exhibit B hereto (the "1998 Site") and pursuant to which the Authoriiy and the City entered into a transaction for the lease financing of certain facilities and the City agreed to make certain lease payments(the"1998 Lease Payments")to the Authority; and WHEREAS, the City's obligations with respect to the 1991 Lease Payments and the 1998 Lease Payments has previously terminated; and WHEREAS, the City has previously executed a Subordinate Site Lease, dated as of November l; 2003 (the "2003 Site Lease"), granting to the Authority an interest in the real property described in Exhibit C hereto(the"2003 Site"); and WHEREAS, the City and the Authority have previously executed a Subordinate Lease Agreement, dated as of November 1, 2003 (the "2003 Lease"), pursuant to which the Authority and the City entered into a transaction for the lease financing of certain facilities (the "2003 Project"), and the City agreed to make certain lease payments (the "2003 Lease Payments") to the Authority; WHEREAS, the 2003 Lease Agreement provides that in the event that the City deposits, or causes the deposit on its behalf of nnoneys for the prepayment of the 2003 Lease Payments, then all of the obligations of the City under the 2003 Lease and all of the security provided by the City for such obligations, excepting only the obligation of the City to make the 2003 Lease Payments from said deposit, shall cease and terminate, and unencumbered title to the 2003 Project shall be vested in the City without further action by the City or the Authority, and the City has complied with such requirements; NOW, THEREFORE, in consideration of the foregoing and for other consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree: 1 338810_2.doc