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<br />. <br /> <br />A_2005-309A <br /> <br />RECORDING REQUESTED BY AND <br />WHEN RECORDED RETURN TO: <br /> <br />Manatt I Phelps I Phillips <br />11355 W. Olympic Blvd. <br />Los Angeles, CA 90064 <br />Attention: Justin X. Thompson, Esq. <br /> <br />MEMORANDUM OF LAND EXCHANGE AGREEMENT AND JOINT ESCROW <br />INSTRUCTIONS <br /> <br />This MEMORANDUM OF LAND EXCHANGE AGREEMENT AND JOINT <br />ESCROW INSTRUCTIONS (this "Memorandum") is made as of this 6th day of September, <br />2005, by and between the City of Santa Ana, a charter city duly organized under the Constitution <br />and laws of the State of California ("City"), and Steadfast Courtyards, L.P., a California limited <br />partnership ("Steadfast") with reference to the following facts: <br /> <br />I. City 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 002-162-05, 002- <br />162-06,002-162-07,002-162-30,002-162-31, 002-162-32, 002-162-33 and 002-162-34, as more <br />particularly described on Exhibit A attached hereto ("City Land"). <br /> <br />2. Steadfast is the owner of that certain real property located in the City of <br />Santa Ana, County of Orange, State of California, bearing Assessors Parcel Numbers 399-102- <br />05, 399-102-06, and 399-102-07 as more particularly described on Exhibit B attached hereto <br />("Steadfast Land"). <br /> <br />3. Pursuant to that certain Land Exchange Agreement and Joint Escrow <br />Instructions ("Agreement") dated of even date herewith, Steadfast has agreed to convey the <br />Steadfast Property (which includes the Steadfast Land and is defined in the Agreement) to City <br />and City has agreed to convey the City Property (which includes the City Land and is defined in <br />the Agreement) to Steadfast subject to and in accordance with the terms and conditions set forth <br />therein. <br /> <br />4. All of the terms, provisions and covenants of the Agreement are <br />incorporated in this Memorandum by reference as though written out at length herein, and the <br />Agreement and this Memorandum shall be deemed to constitute a single instrument or document. <br /> <br />5. This Memorandum is prepared for recordation purposes only, and it in no <br />way modifies the terms, conditions, provisions and covenants of the Agreement. In the event of <br />any inconsistency between the terms, conditions, provisions and covenants of this Memorandum <br />and the Agreement, the terms, conditions and covenants of the Agreement shall prevail. <br /> <br />40836735.16 <br />