Agmt22 Tri-Party Implementation 1548 Maple, LLC

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ATTY/AGR/2022.014/TRI-PARTY AGREEMENT REV: 01-25-2022 VR 1 TRI-PARTY IMPLEMENTATION AGREEMENT This TRI-PARTY IMPLEMENTATION AGREEMENT (“Agreement”) to be effective as of the latest of the signature dates specified on the signatory page (“Effective Date”) is entered into by and among the COUNTY OF SAN MATEO, a political subdivision of the State of California (“County”), the CITY OF REDWOOD CITY, a charter city and municipal corporation (“City”), and 1548 MAPLE, LLC, a Delaware limited liability company (“Developer”), which may be referred to separately as a “Party” and collectively as the “Parties”. RECITALS A. City and Developer are parties to a development agreement dated August 3, 2018, recorded in the Official Records of the County as Instrument No. 2018-088890 (“Original Development Agreement”), as amended by a First Amendment to Development Agreement dated February 22, 2021, recorded in the Official Records of the County as Instrument No. 2021-108251 (“First Amendment”), with respect to development of a 131-unit townhome project (“Project”) at 1548 Maple Street, Redwood City (“Project Site”). The Original Development Agreement as amended by the First Amendment is referred to herein as the “Development Agreement”. 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 certain County-owned property (“Blomquist County Right-of-Way”). C. Section 3.3.C of the Development Agreement requires City to provide Developer with the right to enter on and use the Blomquist County Right-of-Way to construct the Blomquist- County Segment (“County Authorization”), and sets a deadline for providing such rights as “the date on which the final temporary certificate of occupancy has been issued for the Project” (“County Segment Outside Date”). Section 3.3.D of the Development Agreement specifies that if City does not provide the County Authorization by the County Segment Outside Date, Developer will be relieved of its obligation to construct the Blomquist-County Segment and the Blomquist- Developer Segment and instead will pay City an amount representing a portion of the cost to construct such segments (“Developer In Lieu Payment”) and assign to City the engineering plans and drawings for such segments. D. City and County have entered into an agreement dated as of September 30, 2021 (“Exchange Agreement”), by which County has agreed to convey to City a fee interest in an approximately 2.0 acre County-owned property at 1580 Maple Street (“County Property”), including buildings and improvements which include a former correctional center, an operating homeless shelter, a portable building and parking facilities, and City has agreed to convey to County a fee interest in an approximately 2.52 acre portion of an undeveloped City-owned parcel at 1469 Maple Street (“City Parcel”). The City Parcel comprises a portion of a larger