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Ot e- �0 2014051382 02/18/2014 11:42 AM V 9 OFFICIAL RECORDS OF RLHI1ED COUNTY Recording Requested by c. ✓� PATRICK O'CONNE: 0.00 and when Recorded,return to: RECORDING FEE 835 of San 1 Leandro I I III II III 11 IIII I I I II III 9 PGS San Leandro,CA 94577 Attention: City Manager EXEMPT FROM RECORDING FEES PER GOVERNMENT CODE§§8103,27383 (SPACE ABOVE THIS LINE RESERVED FOR RECORDERS USE) AMENDED AND RESTATED MEMORANDUM OF OPTION AND DISPOSITION AND DEVELOPMENT AGREEMENT This Amended and Restated Memorandum of Option and Disposition and Development Agreement (this "Memorandum") dated as of February 12, 2014, is entered into by and between the City of San Leandro, a municipal corporation ("City"), acting in its capacity as Successor City to the Redevelopment Agency of the City of San Leandro, and Innisfree Ventures II, LLC, a California limited liability company ("Developer"), amending that certain Memorandum of Option and Disposition Agreement recorded as document number 2013-395394 in the official records of Iti.ertecbt_. ( .o3 on December 31, 2013. City and Developer are hereinafter collectively referred to as the "Parties." 1. DDA: Conveyance. The Parties have entered into that certain Disposition and Development Agreement dated as of June 1, 2012 (as further amended, the "DDA"), pursuant to which City has agreed to convey to Developer and Developer has agreed to acquire and redevelop certain real property (the "Property") located at 1550 East 14th Street, known as Alameda County Assessor's Parcel No. 077-0540-009-00, and more particularly described in Exhibit A attached hereto and incorporated herein by this reference. Capitalized terms used and not defined in this Memorandum have the meaning ascribed to them in the DDA. The Parties further entered into that certain First Amendment to Disposition and Development Agreement as of February 12, 2014, which (i) amended the definition of Closing Date to mean December 31, 2013 in accordance with certain extensions to the Closing Date provided by the City to Developer dated January 31, 2013, June 12, 2013 and August 30, 2013, and (ii) deleted the requirement that construction be completed by Developer within twenty-four(24) months of the Effective Date of the DDA. 2. Schedule for Construction. Among other conditions, the DDA provides that by Developer shall commence construction (as more particularly described in the DDA, the "Project") not later than ninety (90) days following the Closing Date, and Developer shall diligently prosecute the construction work to completion in order to allow City to issue a final certificate of occupancy within eighteen (18) months following commencement of construction of the Project on the Property. The Project is subject to certain maintenance obligations pursuant to the terms of the DDA and a Regulatory Agreement and Declaration of Restrictive Covenants Regarding 2236312.1 •