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f=irst American Tiile Co. Of ° <br /> '�,° Escrow # isms-54-ZS/GI ��e- ` `% 2013395394 12/31/2013 11:20 Rol <br /> y 9 <br /> • � OFFICIAL RECORDS OF ALAMEDA COUNTY <br /> PATRICK O'CONNELL <br /> C'Yl,f°p"`" RECORDING FEE: 0.00 <br /> ' Recording Requested by <br /> and when Recorded,return to: II I I II( III II I I II I I I I II 7 PGS <br /> City of San Leandro <br /> 835 East 14"Street <br /> San Leandro,CA 94577 II!/-Q/1j'Plh <br /> Attention: City Manager �� <br /> EXEMPT FROM RECORDING FEES PER �Jt <br /> GOVERNMENT CODE§§6103,27383 <br /> (SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) <br /> MEMORANDUM OF OPTION AND <br /> DISPOSITION AND DEVELOPMENT AGREEMENT <br /> This Memorandum of Option and Disposition and Development Agreement (this <br /> "Memorandum") dated as of.December 30, 2013, is entered into by and between the <br /> City of San Leandro, a municipal corporation ("City"), acting in its capacity as <br /> Successor Agency to the Redevelopment Agency of the City of San Leandro, and <br /> Innisfree Ventures II, LLC, a California limited liability company ("Developer"). City and <br /> Developer are hereinafter collectively referred to as the "Parties." <br /> 1. DDA; Conveyance. The Parties have entered into that certain Disposition and <br /> Development Agreement dated as of June 1, 2012 (the "DDA"), pursuant to which City <br /> has agreed to convey to Developer and Developer has agreed to acquire and redevelop <br /> certain real property (the "Property") located at 1550 East 14th Street, known as <br /> • <br /> Alameda County Assessor's Parcel No. 077-0540-009-00, and more particularly <br /> described in Exhibit A attached hereto and incorporated herein by this reference. <br /> 2. Schedule for Construction. Among other conditions, the DDA provides that by <br /> not later than June 1, 2014 (unless such date is extended by mutual agreement of the <br /> Parties), Developer shall have completed construction of a retail project (as more <br /> particularly described in the DDA, the "Project") on the Property which will be subject <br /> to certain maintenance obligations pursuant to the terms of the DDA and a Regulatory <br /> Agreement and Declaration of Restrictive Covenants Regarding Maintenance of Public <br /> Improvements ("Regulatory Agreement") which shall be executed by City and <br /> Developer and recorded in Official Records of Alameda County substantially <br /> concurrently herewith. <br /> 3. City Option to Repurchase; Power of Termination. The DDA further provides that <br /> the City has the right to enter upon and retake the Property or to purchase the Property <br /> pursuant to certain option rights as more particularly described in the DDA upon the <br /> occurrence of certain events, including without limitation Developer's failure to <br /> commence construction of the Project within ninety (90) days following City's <br /> conveyance of the Property to Developer, Developer's failure to complete construction <br /> of the Project within the time period set forth in Section 2 above, Developer's transfer of <br />