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<br />SWC:djk 04/20/88 (#21) <br /> <br />RES 0 L UTI 0 N <br /> <br />N O. <br /> <br />10777 <br /> <br />APR 2 5 1988 <br />ORIGINAL <br /> <br />RESOLUTION CONSENTING TO ASSIGNMENT OF CENTRUM <br />SUBDIVISION; AND CONDITIONALLY AGREEING TO SUBSTITUTION <br />OF SUBDIVISION IMPROVEMENT BONDS AND INSURANCE <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, <br /> <br />AS FOLLOWS: <br /> <br />1. This Council hereby consents to the assignment by <br /> <br />Wilson Centrum Partners ("WCP") of all of its rights and <br /> <br />obligations under the Agreement for Improvement of Centrum <br /> <br />Subdivision, dated August 7, 1986 (the "Subdivision Agreement") <br /> <br />to Centrum Associates, a California General Partnership. <br /> <br />2. This Council conditionally agrees to accept Subdivision <br /> <br />Improvement bonds and insurance from the aforesaid Centrum <br /> <br />Associates in fulfillment of its obligations as assignee of the <br /> <br />aforesaid Subdivision Agreement, and to release to WCP the <br /> <br />Subdivision Improvement bonds heretofore filed with the City and <br /> <br />to relieve WCP of its insurance obligations under said <br /> <br />Subdivision Agreement. <br /> <br />3. The acceptance and release of bonds and insurance set <br /> <br />forth in paragraph 2 are subject to the final approval by the <br /> <br />City Attorney as to the form of said bonds and insurance to be <br /> <br />filed by Centrum Associates, and are further conditioned upon the <br /> <br />conveyance of Centrum Subdivision to Centrum Associates and the <br /> <br />effectiveness of the Assignment. <br /> <br />* <br /> <br />* <br /> <br />* <br /> <br />10777 <br />