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<br />ESTOPPEL CERTIFICATE <br /> <br />June 9, 2006 <br /> <br />From: The City of Santa Ana <br />22 Civic Center Plaza <br />Santa Ana, California 92701 <br />Attn: David N. Ream <br />Telephone No.: (714) 647-5200 <br />Facsimile No.: (714) 647-6954 <br /> <br />Re: The development commonly known as "MacArthur Place" (the "Project"), located in the <br />City of Santa Ana (the "City"), County of Orange (the "County"), State of California <br /> <br />The City understands that Fremont Investment & Loan, a California industrial bank and <br />Lehman Brothers Holding, Inc., doing business as Lehman Capital, a division of Lehman <br />Brothers Holdings, Inc., a Delaware corporation (the "Lenders"), intend to make construction <br />and mezzanine loans to NDC Skyline Associates, LLC, a Delaware limited liability company <br />(the "Borrower") with respect to the Project. <br /> <br />Lenders have requested City to confirm certain matters pertaining that certain <br />Development Agreement, dated effective as of August 4, 2005 and recorded in the Official <br />Records of Orange County on July 21, 2005 as Instrument No. 2005000565108 (the <br />"Development Agreement"), by and among the City, and The Grand Plan I, LLC, a California <br />limited liability company, and The Grand Plan 2, LLC, a California limited liability company, ( <br />collectively "Grand Plan"), Borrower's predecessors in interest with respect to the Project. <br /> <br />In connection with the foregoing, the City hereby certifies for the benefit of Lenders, as <br />follows: <br /> <br />I. The Development Agreement is in full force and effect, has not been modified, <br />supplemented or amended, and constitutes the binding obligation ofthe City. <br /> <br />2. Neither the City, nor to the City's actual knowledge, Grand Plan nor Borrower are <br />in default under any of the terms or conditions set forth in the Development Agreement and the <br />City knows of no circumstances or occurrences which, solely due to the passage of time or <br />otherwise, would constitute a default by the City, Grand Plan or the Borrower under the <br />Development Agreement. <br /> <br />3. The City has full authority to execute this Estoppel Certificate. The person <br />signing this Estoppel Certificate on behalf of the City is authorized to do so. <br /> <br />780S97.02/OC <br />N600J.044/6-9-06/sij/sij <br />