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WHEREAS, pursuant to Resolution No. 2012 -001, adopted by the City Council of the <br />City of San Leandro on January 9, 2012, the City succeeded to the interests of the Agency by <br />operation of law upon dissolution of the Agency on February 1, 2012 pursuant to Assembly Bill <br />x1 26. <br />NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of <br />which are hereby acknowledged, the Parties hereby agree as follows: <br />1. The Parties each acknowledge the truth of the foregoing recitals which are incorporated <br />herein by this reference. <br />2. The City, acting in its capacity as Successor Agency to the dissolved Agency, hereby <br />approves the conveyance of the Property from Batarse to McLellan, and hereby relinquishes any <br />rights to approve any future sale, transfer, conveyance, assignment or lease of the Property or <br />improvements located thereon, that may accrue to the City pursuant to Section 3 of that certain <br />Grant Deed dated as of November 13, 2001 and recorded in the Official Records of Alameda <br />County on November 14, 2001 as Instrument No. 2001444278 (the "Grant Deed "). <br />3. The Parties each acknowledge that the construction and development obligations <br />described in the DDA have been satisfied. <br />4. The Parties each agree that the DDA is hereby terminated; provided however, the Parties <br />each acknowledge and agree that all provisions of the DDA that relate to indemnification <br />obligations and which expressly state that they survive termination of the DDA shall continue in <br />full force and effect. <br />5. The Parties each agree that neither the City nor any other entity acting as successor to the <br />Agency shall have any obligation to make payments of tax increment funds or any other <br />payment pursuant to Section 1.03 of Part Two of the DDA or pursuant to any other provision of <br />the DDA or the amendments thereto. <br />6. The City hereby acknowledges and agrees that as of the Effective Date, neither the City <br />nor any other entity acting as successor to the Agency shall have any reversionary interest in the <br />Property pursuant to the DDA, or any power of termination pursuant to the DDA or pursuant to <br />Section 4 of the Grant Deed. <br />7. This Amendment may be executed in counterparts, each of which shall be an original and <br />all of which taken together shall constitute one and the same instrument. <br />SIGNATURES ON FOLLOWING PAGES) <br />-2- <br />