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OF40INAL AGREEMENT TO FUND REQUIRED IMPROVEMENTS THIS AGREEMENT TO FUND REQUIRED IMPROVEMENTS ("Agreement") is entered into as of alt LJ S , 2017 (the "Effective Date"), by and between the CITY OF REDWOOD CITY, a municipal corporation ("City") and PREMIA 550 OWNER, LLC a Delaware limited liability company ("Developer"). City and Developer may hereinafter be referred to individually as a "Party" or collectively as the "Parties". RECITALS A. Developer is the owner of that certain real property located at 550 Allerton Avenue, Redwood City, California (the "Property"). Developer applied to the City for a Tentative Parcel Map (TM2015-06) and a Downtown Planned Community Permit (DPC2014- 06) and on June 10, 2015, City approved the Tentative Parcel Map and the Downtown Planned Community Permit, subject to certain conditions of approval (the "Project Approval"). B. Condition 17(e) of the Project Approval provides that "the applicant shall enter into an agreement with the City in a form satisfactory to the City Attorney for the installation of off-site improvements at the intersection of Winslow, Bradford, and Allerton streets to increase pedestrian safety and access between the project site and Sequoia Station ..." (the "Improvements"). Condition 17(e) further provides that the "agreement shall include a provision that the applicant will be responsible for their fair share (30%) of the costs associated with these improvements. The off-site improvements associated with the agreement shall be completed prior to building permit finalization. Total design, construction and construction contingency costs for the improvements are estimated to be $300,000." C. Developer and City now desire to enter into this Agreement to satisfy the requirements set forth in Condition 17(e) of the Project Approval to enter into an Agreement to fund 30 percent of the costs associated with the Improvements. Moreover, because Developer and City desire for the City to construct the Improvements, and City will require additional time for fulfillment of public contract code requirements, the Parties desire to waive the requirement that the Improvements be completed prior to building permit finalization. AGREEMENT NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, City and Developer hereby agree as follows: 1. Incomoration of Recitals. The foregoing recitals are true and correct and are hereby incorporated into and expressly form a part of this Agreement 2. Scone and Estimated Costs of Improvements. As detailed in Exhibit A attached hereto and incorporated herein by this reference, the Improvements shall entail -installation of off-site improvements at the intersection of Winslow, Bradford, and Allerton streets to increase pedestrian safety and access between the project site and Sequoia Station. The engineer's REV: 05-25-17 VR Page 1 of 6 ATTY/AGR.2017.121/PREMIA 550 OWNER, LLC - Agreement to Fund Required Improvements