Reso 1996-016 to 020 - Laserfiche WebLink

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OPTION AGREEMENT THIS IS AN OPTION AGREEMENT dated February 5, 1996, between the City of San Leandro Redevelopment located at 835 E. 14th, San Leandro, CA 94577, ("Seller"), and SHELL OIL COMPANY, a Delaware corporation with offices at 1390 Willow Pass Road, Suite 900, Concord, CA 94520/P.O. Box 4032, Concord, CA 94524, and Whitehurst Management Company located at 1833 Bonanza Street, Walnut Creek, CA 94596, (collectively "Shell"). 1. OPTION. In consideration of Twenty -Five Thousand and No/100 Dollars ($25,000.00) received by Seller, Seller hereby grants to Shell a one -hundred and fifty (150) day option ("Option") subject to the conditions precedent set forth below in this section, to purchase the following described land located at Davis Street in San Leandro, County of Alameda, State of California: approximately 55,000 square feet at the N/E quadrant of Davis Street and the new Costco Driveway (A survey will be done in the future to exactly define the parcel.) together with all assessments, rights and appurtenances thereto, all buildings and improvements now located thereon, and all of Seller's right, title and interest in all public ways adjoining the same (collectively "Premises"). Such Twenty -Five Thousand Dollars ($25,000.00) shall be tendered by Shell to Seller upon execution of this Option, and shall become the exclusive property of Seller if Shell fails to exercise this Option for any reason except default by Seller. 1.1 CONDITIONS PRECEDENT TO EXERCISE OF OPTION. As a condition precedent to the ability of Shell to exercise the Option, Shell shall present to the Seller, in a form satisfactory to Seller, the purchase price for the Premises as set froth herein. As a further condition precedent to the ability of Shell to exercise the Option, Shell shall present to the Seller a Disposition and Development Agreement ("DDA"), executed by Shell and in a form acceptable to the Seller. The Disposition and Development Agreement ("DDA") shall be an agreement consistent with all the terms and conditions hereof relating to the sale of the Premises and including all covenants required by law and all covenants required by the City of San Leandro Redevelopment Agency to ensure that improvements to the subject property are constructed, used and maintained in accordance with the provision of the Plaza II Redevelopment Plan and within the time frame specified within the DDA. 2. DEFINITION. Wherever used in this Agreement, "automobile service station" means any establishment of such type as Shell may select, including, but not limited to, a fast food restaurant, facilities for the retail sale of petroleum products and automotive accessories, for motor vehicle repairs and services and for any associated uses such as convenience store, food mart and car wash operations. 3. PRICE. The purchase price shall be Twenty Four Dollars ($24.00) per square foot for each of the approximately 55,000 square feet.