75A - PH - RESO - SALE 2129 N MAIN ST

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EXCLUSIVE NEGOTIATION AGREEMENT This Exclusive Negotiation Agreement ( "Agreement ") is dated 2016, for reference purposes only, and is entered into by and among (1) the CITY OF SANTA ANA, a California charter city in the County of Orange of the State of California ( "City "), (2) NET DEVELOPMENT CO., INC., a, California corporation ( "Developer "), in order to provide a specified period of time to attempt to negotiate a disposition and development agreement ( "DDA "). City and Developer are sometimes referred to in this Agreement individually, as a "Party" and, collectively, as the "Parties." This Agreement is entered into by the Parties with reference to the following recited. facts (each, a "Recital "): RECITALS WHEREAS, the intent of the Parties in entering into this Agreement is to establish a specific, limited period of time to negotiate regarding a future agreement among them governing the potential acquisition and development of certain real property, subject to mutually agreeable terms, conditions, covenants, restrictions and agreements to be negotiated and documented in a future DDA; and WHEREAS, the property contemplated is located at 2129 Main Street, Santa Ana, CA (APNs 003 - 113 -80 & 003 - 113 -81) (the Property); and WHEREAS, City owns the Property; and WHEREAS, the Property is more particularly described in the legal description attached to this Agreement as Exhibit "A" (hereinafter, collectively, the "Property ") and incorporated into this Agreement by this reference; and WHEREAS, Developer proposes to develop a hotel an the Property, as more particularly described in Exhibit "B" attached to this Agreement ( "Project "); and WHEREAS, the Parties propose to conduct negotiations in order to produce a DDA in accordance with the timeline and milestones attached to this Agreement as Exhibit "C "; and WHEREAS, the Parties now agree to enter into this Agreement for the purpose of further planning and evaluating the feasibility of the proposed Project; and WHEREAS, the Developer has Tepresented its willingness and ability to undertake certain studies, plans and other activities necessary to define the scope of development and detemline the feasibility of the Project on the Property and that such plans and other information to be prepared during the course of this Agreement shall serve as the basis for entering into a DDA anong City and Developer, and WHEREAS, City is willing to enter into a period. of exclusive negotiations with Developer concerning Developer's potential development of the Project, subject to the terms and conditions of this Agreement; 75A -5