1901 E. 1ST STREET PARTNERS, LLC 1 - 2007

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(3) This Agreement will permit achievement of goals and objectives as reflected in the City's General Plan, all applicable Specific Plans and the Metro East Mixed-Use Overlay Zone (4) Owner is required by existing City regulations to provide mitigation for certain identified impacts and pay certain regulatory fees as conditions of approvals through the regulatory process. (5) This Agreement will allow City to realize extraordinary and significant public infrastructure facilities and other supplemental benefits in addition to those available through the existing regulatory process. (6) Many of the extraordinary and significant benefits identified as consideration to City for entering into this Agreement are of regional significance, relate to existing deficiencies in public facilities, require Owner to contribute a greater percentage of benefits than would otherwise be required, and represent benefits which would not otherwise be required as part of the development process. 1.3 Owner. Owner represents and warrants that it has a legal or equitable interest in the real property located in City of Santa Ana, California, legally described on Exhibit A attached hereto and incorporated herein, and graphically described on Exhibit B attached hereto and incorporated herein (defined in section 2.5 as the "Property"). The Property is currently occupied by a two-story, 75,300 square foot building that was formerly home to the Sequoia Athletic Club and the Australian Swim School, that will be demolished to accommodate the proposed project. In addition, the four-story, 669 space parking structure that currently exists on the east side of the property will remain as part of the Project (as that word is defined in section 2.7 of this Agreement). 1.4 Interest of Owner. Owner hereby represents that it has an equitable and legal interest in the Property. Owner further hereby represents that it has approved this Agreement and is authorized to enter into this Agreement. 1.5 Planning Commission - Council Hearings. On February 26 and March 12, 2007, the Planning Commission of the City ("Planning Commission"), after giving notice pursuant to Government Code Sections 65090 and 65091, held a public hearing to consider the Owner's application for this Agreement. The Planning Commission recommended to the City Council of City that it execute this Agreement. On March 19, 2007, the City Council of the City of Santa Ana ("Council"), after providing notice as required by law, held a public hearing to consider the Owner's application for this Agreement. 1.6 Council Findings. The Council finds that this Agreement is consistent with the General Plan, applicable Specific Plan(s) as well as all other applicable ordinances, plans, policies and regulations of the City. 1.7 City Ordinance. On April 2, 2007, the Council adopted Ordinance No. NS-2741 approving this Agreement. The ordinance becomes effective thirty (30) days thereafter. - 2 -