Agmt10 Schrader Leask Development, Inc.

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REAL ESTATE OPTION AGREEMENT 80 CHEMICAL WAY THIS REAL ESTATE OPTION AGREEMENT (this "Agreement ") is dated for reference purposes as of October 1, 2010 (the "Agreement Date ") and is made and entered into by and between THE CITY OF REDWOOD CITY, a charter city and a municipal corporation of the State of California ( "Optionee "), and SCHRADER LEASK DEVELOPMENT, INC., a California corporation ( "Owner "). RECITALS A. Owner is the t e owner of certain improved real eal ro ert along property Y g with certain related tangible and intangible personal property. B. Optionee desires to acquire the exclusive option to purchase such property from Owner on the terms and conditions set forth herein. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements contained in this Agreement, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Optionee and Owner hereby agree as follows: AGREEMENT 1. Grant of Option to Purchase; Consideration. (a) Grant of Option. Subject to the terms and conditions of this Agreement, Owner hereby grants to Optionee the exclusive right and option (the "Option ") to purchase the following: (i) The real property commonly known as 80 Chemical Way, consisting of approximately 0.73 acres of land, having Assessor Parcel Numbers 052- 392 -190, located in the City of Redwood City (the "City "), County of San Mateo (the "County "), California, as more particularly described in Exhibit A attached hereto (the "Land "); (ii) Owner's interest in all rights, privileges and easements appurtenant to the Land, including, without limitation, all minerals, oil, gas and other hydrocarbon substances as well as all development rights, air rights, water, water rights (and water stock, if any) relating to the Land and any easements, rights -of -way or other appurtenances used in connection with the beneficial use and enjoyment of the Land (collectively, the "Appurtenances "); (iii) Owner's interest in all improvements and fixtures located on the Land, including all buildings and structures presently located on the Land, all apparatus, equipment and appliances used in connection with the operation or occupancy of the Land, such as heating and air conditioning systems and facilities used to provide any utility services, refrigeration, ventilation, garbage disposal, recreation or other services on the Land (all of which Option Agreement 80 Chemical 10.01.2010 v.7