Community Redevelopment Agency (43)

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C. In conjunction with the hereinabove referenced exchange of property, Agency desires to install parking lot improvements on the real property described in "Exhibit A" and on an approximate eight thousand nine hundred twenty-five (8,925) sq. f t. parcel of property presently owned by City described in "Exhibit C," attached hereto and incorporated herein by reference. WHEREFORE, in consideration of their mutual covenants and agreements hereinafter contained and made, and subject to the terms and conditions hereof, the parties hereto do hereby agree as follows: 1. Agency agrees to convey, by good and sufficient grant deed, and City agrees to accept that certain real property located in the City of Santa Ana, County of Orange, State of California, hereinafter referred to as "Parcel A," more fully described in said "Exhibit A," and City agrees to convey, by good and sufficient grant deed, and Agency agrees to accept that certain real property located in the City of Santa Ana, County of Orange, State of California, hereinafter referred to as "Parcel B," more fully described in said "Exhibit B," such conveyances to be for and in consideration of each other and on the terms and conditions set forth herein. 2. Agency agrees at its sole cost and expense to construct or cause to be constructed in accordance with the technical specifications, standards and practices of City, parking lot improvement on Parcel A more fully described in said "Exhibit A," and on that certain real property adjacent to Parcel A presently owned by City and more fully described in said "Exhibit C." It is estimated by the parties that said construction shall cost approximately fifty-five thousand dollars ($55,000.00), and it is.agreed that it shall be completed on or before August 31, 1980. IN WITNESS WHEREOF, the parties hereto have 2.