Agmt13 LMI Redwood City Holdings

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of Bradford and Main streets . . . shall have been vacated and applicant shall have secured fee title interest . . . in the vacated right of way." G. On October 7, 2013, the City Council held a duly noticed public hearing on the "Conditional Vacation of Right-Of-Way, Including the Public Services Easement, of the Described Portion of Bradford Street." After considering all of the evidence and testimony presented at the hearing, the City Council adopted Resolution No.l5'L( , vacating the City Parcel. H. Vacation having been completed, the City now desires to convey, and Buyer desires to accept, title to the City Property. I. In Resolution No. 13-12 the Planning Commission found Buyer's proposed project on the combined Buyer Property and City Property to be within the scope of the previously approved Downtown Precise Plan Environmental Impact Report for purposes of the California Environmental Quality Act. AGREEMENT NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,the Parties agree as follows: 1. Agreement to Sell and Purchase. City agrees to sell to Buyer, and Buyer agrees to purchase from City, upon the terms and for the consideration set forth in this Agreement, the City Property. 2. Purchase Price. The total purchase price for the City Property shall be Ten Dollars ($10.00) (the "Purchase Price"). Buyer shall pay the Purchase Price by check, made payable to the City of Redwood City, at closing. 3. Conveyance of Title. The City Property shall be conveyed by City to Buyer by Quitclaim Deed in the form attached hereto as E�chibit C. 4. Condition of Citv Property. Buyer acknowledges and agrees that prior to the Effective Date, Buyer has had full opportunity to inspect and investigate every aspect of the City Property including all matters related to legal status or requirements, physical condition, zoning, environmental condition, title and all other matters of significance to Buyer. Buyer acknowledges and agrees that the City Property is being transferred to Buyer in an "AS IS" condition and "WITH ALL FAULTS" as of the Closing Date. Except as expressly set forth in this Agreement, no statements, representations or warranties have been made ar are made and no responsibility has been or is assumed by City or by any officer, employee, person, firm, agent or representative acting or purporting to act on behalf of City, as to any matters concerning, or that might in any manner affect, the City Property, including the condition or repair thereof or the value or income potential thereof, and Buyer is not relying upon any such statement, representation or warranty. Buyer acknowledges that City has requested that Buyer inspect fully the City Property and investigate all matters relevant thereto. Buyer shall rely solely upon the ATTY/AGR/2013.174/RWC AGR FOR SALE OF EXCESS RIGHT OF WAY—601 MAIN REV:10-07-13 VR Page 2 of 14