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OWNER PARTICIPATION AGREEMENT <br />THIS OWNER PARTICIPATION AGREEMENT is dated as of December 17, 2001, and is <br />entered into by and between the CITY OF SAN LEANDRO REDEVELOPMENT AGENCY, a public body, <br />corporate and politic, and MERCED STREET PROPERTY LLC, a California corporation. <br />The Agency and the Participantagree as follows: <br />ARTICLE ONE SUBJECT OF AGREEMENT <br />1.01 Purpose of Agreement <br />The purpose of this Agreement is to effectuate the Redevelopment Plan for the West San <br />Leandro/MacArthur Boulevard ("Redevelopment Plan") Project Area by providing for the redevelopment <br />of the Site in accordance with the Redevelopment Plan. <br />1.02 The Redevelopment Plan <br />This Agreement is subject to the provisions of the Redevelopment Plan. <br />1.03 Project Area <br />The Project Area is located in the City of San Leandro, California, the boundary of which is <br />specifically described in the Redevelopment Plan. <br />1.04 Definitions <br />Capitalized terms used in this Agreement shall have the definitions set forth in this Section 1.04 <br />or as otherwise defined in this Agreement: <br />"Agency" means the City of San Leandro Redevelopment Agency, a public body, corporate and <br />politic, exercising governmental functions and powers and organized and existing under the laws of the <br />State of California, with full power and authority to execute this Agreement. The principal office of the <br />Agency is located at 835 East 14`h Street, San Leandro, California 94577. <br />"Agreement" means this Owner Participation _Agreement between the Agency and the <br />Participant. This Agreement is consistent with Section 303 of the Redevelopment Plan and shall be so <br />construed. This Agreement fulfills the requirements of the California Community Redevelopment Law <br />and the Agency's Owner Participation and Business Reentry Rules for the Participant. <br />"City" means the City of San Leandro, a municipal corporation. <br />"Commencement Date" means the date on which the City awards the Participant all required <br />building permits for construction and development of the Improvements. <br />"Conditions of Approval" means collectively those conditions of approval contained in the City <br />Zoning Enforcement Official's letter dated October 25, 2001 in connection with Site Plan Review PLN <br />2001-00069, a copy of which is attached as Exhibit A, and all conditions pursuant to any approvals <br />grated by any governmental agency with jurisdiction over the Project. <br />"Design Plans" are defined in Section 3.06.A of this Agreement. <br />"Effective Date" means that date first written above. <br />"Environmental Law" means any federal, state or local statute, ordinance, rule, regulation, <br />order, consent decree, judgment or common law doctrine, and provisions and conditions of permits, <br />