Agmt22 County of San Mateo 1548 Maple, LLC Demolition (County Property)

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Page 1 of 13 ATTY/AGR/2022.014.07/TRI-PARTY AGREEMENT REV: 01-25-2022 VR DEMOLITION AGREEMENT (County Property) This DEMOLITION AGREEMENT (“Demolition Agreement”) is dated for convenience January 24, 2022, to be effective as of the Effective Date (defined below), by and among, the CITY OF REDWOOD CITY, a charter city and municipal corporation (“Owner” or “City”), the COUNTY OF SAN MATEO, a political subdivision of the State of California (“County”) and 1548 MAPLE, LLC, a Delaware limited liability company (“Developer”). RECITALS A.Developer and City are parties to that certain development agreement dated August 3, 2018, recorded in the Official Records of the County as Instrument No. 2018-088890, as amended (“Development Agreement”), with respect to development of a 131-unit townhome project (“Project”) at 1548 Maple Street, Redwood City, California. B.The Development Agreement provides, among other things, for Developer to construct, at its expense, three segments of an extension of Blomquist Street from Maple Street to Redwood Creek (“Blomquist Extension”) identified as the “Blomquist-City Segment,” “Blomquist-County Segment” and “Blomquist-Developer Segment”, with the Blomquist- County Segment and Blomquist-Developer Segment construction obligations, subject to City’s ability to acquire from County necessary right-of-way over an approximately 0.5- acre portion of the County Property (defined below) (“Blomquist County Right-of-Way”). Developer’s obligations with respect to construction and installation of public improvements required for the Project, including the Blomquist Extension, are set forth in that certain Subdivision Improvement Agreement between City and Developer dated February 18, 2021, recorded in the Official Records of the County as Instrument No. 2021- 108252 (“Subdivision Improvement Agreement”). One structure is partially located within the Blomquist County Right-of-Way (“Building 1”) C.Pursuant to an agreement dated as of September 30, 2021 (as amended from time to time, the “Exchange Agreement”), and effective as of the closing of the “Exchange Transactions” (as defined below) (“Exchange Closing”) (a) County will have conveyed to City a fee interest in that certain approximately 2.00 acre property at 1580 Maple Street, including buildings and improvements thereon, which includes the Blomquist County Right-of-Way (“County Property”), in exchange for City’s conveyance to County of an approximately 2.52 acres of property owned by City constituting a portion of APN 052- 398-010 (the “Exchange Transaction”), (b) pursuant to the terms of a leaseback agreement entered into by City and County at the Exchange Closing, City will have leased back to County for a set time period (not beyond March 31, 2023, the “Expiration Date”) an approximately 1.50 acre portion of the County Property (“County Lease Area”) so that County may continue to operate for an agreed upon term (but not beyond the Expiration Date) the County’s existing shelter facility, and (c) in addition to the above short-term leaseback, City and County will have agreed that County would have an option, exercisable as provided therein, to elect to ground lease all of the County Property not required for the Blomquist Extension (the “Remainder Area”) for an extended term to develop and operate a potential supportive housing or other affordable housing project (“County Project”) thereon. The Remainder Area is expected to include a substantial part of the County Lease Area.