8N Consent 2008 0902 - Laserfiche WebLink

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LEASE WITH OPTION TO PURCHASE This Lease with Option to Purchase (this "Agreement" or this "Lease") is entered into effective as of , 2008 ("Effective Date") by and between the San Leandro Chamber of Commerce, a California nonprofit public benefit corporation ("Lessor") and the Redevelopment Agency of the City of San Leandro, a public body corporate and politic (the "Agency"). RECITALS A. Lessor is the owner of that certain real property located at 262 Davis Street in San Leandro, California, known as APN 075-0001-009-02, and more particularly described in Exhibit A, attached hereto and incorporated herein by this reference, together with all structures and improvements located thereon (collectively, the "Property"). The Property is located in the Plaza Redevelopment Project Area (the "Project Area") established pursuant to the redevelopment plan adopted for the Project Area (the "Redevelopment Plan") pursuant to Community Redevelopment Law, California Health and Safety Code Section 33000 et. seq. (the "CRL"). B. Agency desires to lease, and subsequently purchase, the Property from Lessor for the purpose of developing a project known as Town Hall Square in accordance with the Redevelopment Plan, and Lessor desires to lease, and subsequently sell, the Property to Agency, on the terms and conditions set forth in this Agreement. C. Agency desires to acquire an exclusive option to purchase the Property, and Lessor desires to provide Agency with such option in accordance with the terms and conditions set forth in this Agreement. D. Agency intends to construct an office condominium (the "Office Condominium") on the ground level of the proposed Callan Parking Garage on Estudillo Avenue (the "Garage"). Lessor desires to acquire an exclusive option to purchase the Office Condominium, and Agency desires to provide Lessor with such option in accordance with the terms and conditions set forth in this Agreement. Upon completion of construction of the Garage and the Office Condominium, the Parties intend to consummate a property exchange pursuant to which Agency will purchase the Property, and Lessor will purchase the Office Condominium. NOW THEREFORE, for good and valuable consideration the receipt and adequacy of which are acknowledged, the Parties agree as follows. ARTICLE I LESSOR'S REPRESENTATIONS AND WARRANTIES 1.1 Lessor's Representations and Warranties. Lessor represents and warrants to Agency as follows, and Lessor covenants that until the expiration or earlier termination of this Agreement, 1137220-3