80A - PH AGMT WITH COUNTY OF ORANGE 65 YR GROUND LEASE

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shall have all the rights granted to the City hereunder. "City Council" shall mean the City Council of the City of Santa Ana. d. "County" means the County of Orange, a political subdivision of the State of California. Any reference to the County herein, unless expressly stated to the contrary, shall refer to the County solely in its capacity as owner of the Premises and not the County in its capacity as a land use or other governmental approval authority. e. "Lease" means that certain Ground Lease including any and all addenda, amendments and exhibits attached hereto as Attachment H. f. Premises" means that certain real property containing approximately 2.28 acres of undeveloped land in the City of Santa Ana, made up of the Agency Property and the County Property, together with all easements, rights and privileges appurtenant thereto, to be leased to Optionee pursuant to the Lease for the development of the Project, as more fully set forth therein. The map of the Premises is attached hereto as Attachment I. 2. OPTION (PM03.1 S) Optionor hereby grants Optionee the option ("Option") to lease said Premises in accordance with the covenants and conditions set forth herein. For purposes of clarification and for the purpose of this Option Agreement, the Agency is specifically providing an Option on the Agency Property and the County is specifically providing an Option on the County Property, as more fully set forth herein. 3. TERM (PM05.1 S) The term of this Option Agreement shall be thirty-six (36) calendar months ("Option Term") and shall commence on the Effective Date shown above. If at any point during the Option Term the Optionee has failed to act diligently and in good faith to obtain funding or to plan and permit the Project pursuant to Section 5 below, the Optionor, using reasonable discretion, may terminate this Option Agreement, with fifteen (15) days written notice to Optionee setting forth the reasons for such termination. If during such fifteen (15) day period the Optionee is able to cure any issues indicated in the notice of termination, this Option Agreement may be reinstated by the Optionor and shall remain in full force and effect. 4. OPTION PRICE (PM04.2 N) The price of the Option granted herein is $36 ("Option Price"), which shall be paid to Optionor prior to the Effective Date. The Option Price shall be retained by Optionor in consideration for the granting of the Option. No portion of the Option Price shall be refunded or credited to rent payments under the Lease. 8GA 122 OPT ION AGREEMENT- CROSSROADS