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4 <br /> REAL ESTATE OPTION AGREEMENT <br /> 50 CHEMICAL WAY <br /> THIS REAL ESTATE OPTION AGREEMENT (this "Agreement ") is dated for <br /> reference purposes as of October 1, 2010 (the "Agreement Date ") and is made and entered into <br /> by and between THE CITY OF REDWOOD CITY, a charter city and a municipal corporation <br /> of the State of California ( "Optionee "), and LAS CRUCES HOLDINGS, LLC, a California <br /> limited liability company ( "Owner "). <br /> RECITALS <br /> A. Owner is the owner of certain improved real property along with certain related <br /> tangible and intangible personal property. <br /> B. Optionee desires to acquire the exclusive option to purchase such property from <br /> Owner on the terms and conditions set forth herein. <br /> NOW, THEREFORE, for and in consideration of the mutual covenants and agreements <br /> contained in this Agreement, and other good and valuable consideration, the receipt and <br /> adequacy of which are hereby acknowledged, Optionee and Owner hereby agree as follows: <br /> AGREEMENT <br /> 1. Grant of Option to Purchase; Consideration. <br /> (a) Grant of Option. Subject to the terms and conditions of this Agreement, <br /> Owner hereby grants to Optionee the exclusive right and option (the "Option ") to purchase the <br /> following: <br /> (i) The real property commonly known as 50 Chemical Way, <br /> consisting of approximately 1.44 acres of land, having Assessor Parcel Numbers 052- 392 -260 <br /> and 0052- 392 -210, located in the City of Redwood City (the "City "), County of San Mateo (the <br /> "County "), California, as more particularly described in Exhibit A attached hereto (the <br /> "Land "); <br /> (ii) Owner's interest in all rights, privileges and easements appurtenant <br /> to the Land, including, without limitation, all minerals, oil, gas and other hydrocarbon substances <br /> as well as all development rights, air rights, water, water rights (and water stock, if any) relating <br /> to the Land and any easements, rights -of -way or other appurtenances used in connection with the <br /> beneficial use and enjoyment of the Land (collectively, the "Appurtenances "); <br /> (iii) Owner's interest in all improvements and fixtures located on the <br /> Land, including all buildings and structures presently located on the Land, all apparatus, <br /> equipment and appliances used in connection with the operation or occupancy of the Land, such <br /> as heating and air conditioning systems and facilities used to provide any utility services, <br /> Option Agreement 50 Chemical <br /> 10.5.2010 v. 8 <br />