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AGREEMENT TO CONVEY PROPERTY AND TO DELIVER PROCEEDS FROM FUTURE DISPOSITION THIS AGREEMENT ("Agreement") is entered into this '~`~~~ day of ;~tzrluc,~ry~, 2008 ("Effective Date"), by and between the CITY OF SAN LEANDRO, a municipal corporation ("City")and the SAN LEANDRO REDEVELOPMENT AGENCY, a public body corporate and politic ("Agency"). RECITALS This Agreement is entered into upon the basis of the following facts, understandings, and intentions of the parties: A. City is the owner of one parcel (APN 075 0005 012 00) located in the City of San Leandro, County of Alameda, State of California legally described in Attachment "A" attached hereto and incorporated herein by this reference, and commonly known as 268 Parrott Street, San Leandro, California (the "Property"). B. City desires to convey the Property to Agency and Agency desires and agrees to accept the conveyance of the Property from City on the terms and conditions in this Agreement. C. Agency is a redevelopment agency existing pursuant to the Community Redevelopment Law, California Health and Safety Code Section 33000, et seq. Pursuant to its authority under California law, Agency has the responsibility to carry out the Redevelopment Plan for the Alameda County-City of San Leandro Joint Redevelopment Project Area ("Project Area"), as amended ("Redevelopment Plan"). Both City and Agency desire the conveyance the Property in the manner set forth in this Agreement in furtherance of the Redevelopment Plan. D. The Property is located in the Project Area and is governed by the Redevelopment Plan. E. Under Section 33220(a) of the Community Redevelopment Law, for the purpose of aiding and cooperating in the Redevelopment Plan, the City, upon the terms and with or without consideration as it determines, may dedicate or convey any of its property to the Agency. F. The conveyance of the Property as provided for herein is in furtherance of the Redevelopment Plan, provides a benefit to the City, and serves the City's public purposes. G. The parties desire that City shall convey the Property to Agency as provided for herein without the payment of monies prior to or at the time of such conveyance; and the parties further desire and agree that when Agency thereafter disposes of the Property to another party, any and all funds Agency derives from such disposition of the Property shall be paid to City as provided for herein. City-Agency Agreement ~ 268 Parrot Street.