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<br />A-2005-309
<br />
<br />LAND EXCHANGE AGREEMENT AND
<br />JOINT ESCROW INSTRUCTIONS
<br />
<br />This Land Exchange Agreement and Joint Escrow Instructions ("Agreement") is made as of this
<br />6th day of September, 2005, by and between the City of Santa Ana, a charter city duly organized
<br />under the Constitution and laws ofthe State of California ("City"), and Steadfast Courtyards,
<br />L.P., a California limited partnership ("Steadfast").
<br />
<br />RECITALS
<br />
<br />A. City is the owner of that certain real property located in the City of Santa Ana,
<br />County of Orange, State of California, bearing Assessors Parcel Numbers 002-162-05, 002-162-
<br />06,002-162-07,002-162-30,002-162-31, 002-162-32, 002-162-33 and 002-162-34, as more
<br />particularly described on Exhibit A attached hereto (together with (i) all rights, easements,
<br />privileges, tenements, hereditaments, appurtenances, reversions, remainders, licenses and
<br />benefits appurtenant, belonging to or running with said land, and (ii) all right, title and interest of
<br />Seller in and to the areas lying beneath any street, road or highway abutting or adjoining said
<br />land, herein, collectively, the "City Land").
<br />
<br />B. Steadfast is the owner of that certain real property located in the City of Santa
<br />Ana, County of Orange, State of California, bearing Assessors Parcel Numbers 399-102-5, 399-
<br />102-06 and 399-102-07, as more particularly described on Exhibit B attached hereto (together
<br />with (i) all rights, easements, privileges, tenements, hereditaments, appurtenances, reversions,
<br />remainders, licenses and benefits appurtenant, belonging to or running with said land, and (ii) all
<br />right, title and interest of Seller in and to the areas lying beneath any street, road or highway
<br />abutting or adjoining said land, herein, collectively, the "Steadfast Land").
<br />
<br />C. City desires to acquire the Steadfast Property (as defined in Schedule 1 to this
<br />Agreement) and Steadfast desires to acquire the City Property (as defined in Schedule 1 to this
<br />Agreement).
<br />
<br />D. The purpose of this Agreement is to provide and establish the terms and
<br />conditions pursuant to which Steadfast will convey the Steadfast Property to City and City will
<br />convey the City Property to Steadfast.
<br />
<br />E. The City has been authorized by action of the City Council ofthe City of Santa
<br />Ana pursuant to 2-710 of the Santa Ana Municipal Code, to directly negotiate with Steadfast on
<br />the terms and conditions of the exchange of the City Property for the Steadfast Property.
<br />
<br />F. Unless otherwise indicated, defined terms shall have the definitions provided in
<br />Schedule 1 to this Agreement.
<br />
<br />NOW, THEREFORE, in consideration of the foregoing recitals and for other good and
<br />valuable consideration, the receipt and adequacy of which is hereby acknowledged, Steadfast and
<br />City agree as follows:
<br />
<br />40836735.16
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