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COMMON AREA IMPROVEMENT AGREEMENT <br />(Rancho Mediterrania Mobile Home Park) <br />THIS COMMON AREA IMPROVEMENT AGREEMENT ("Agreement"), is dated as <br />of March 4, 2008, for reference purposes only, and is entered into by and between the <br />REDEVELOPMENT AGENCY FOR THE CITY OF COLTON, a public body, corporate and <br />politic, exercising governmental functions and powers and organized and existing pursuant to <br />Chapter 2 of the Community Redevelopment Law of the State of California (Health and Safety <br />Code Sections 33000, et seq.) (the "Agency"), and the RANCHO MEDITERRANIA <br />HOMEOWNER'S ASSOCIATION, a California non-profit, mutual benefit corporation (the <br />"HOA"), with reference to the following recited facts (each, a "Recital"): <br />RECITALS <br />A. The Agency acquired ownership of the Rancho Mediterrania Mobile Home Park <br />in 1993; <br />B. Subsequently, the Agency subdivided the ownership of the Rancho Mediterrania <br />Mobile Home Park into a "Condominium Project," as defined in California Civil Code Section <br />1351. The HOA was formed as part of the creation of the Condominium Project; <br />C. In about 1994, the Agency began selling condominium interests in the Mobile <br />Home Park (as specifically defined in Section 1.1) to individual owners; <br />D. Since 1994, the Agency has sold, approximately, two hundred thirteen (213) <br />condominium interests in the Mobile Home Park and currently owns approximately forty-six <br />(46) condominium interests in the Mobile Home Park; and <br />E. The HOA, its individual members and the Agency desire to provide for the HOA <br />to rehabilitate and modernize the primary electrical lines servicing the Mobile Home Park and <br />the street lights within the Mobile Home Park. <br />NOW THEREFORE, IN CONSIDERATION OF THE PROMISES SET FORTH IN <br />THIS AGREEMENT AND OTHER GOOD AND VALUABLE CONSIDERATION, THE <br />AGENCY AND THE HOA AGREE, AS FOLLOWS: <br />ARTICLE I <br />DEFINITIONS <br />Section 1.1 Defined Terms. In addition to the usage of certain words, terms or <br />phrases that are defined in the initial paragraph or Recitals of this Agreement, the following <br />words, terms and phrases are used in this Agreement, as follows, unless the particular context of <br />usage of a word, term or phrase requires another interpretation: <br />(a) "Action Schedule" means and refers to the schedule for the Parties to <br />undertake or complete certain actions set forth in Exhibit "B" attached to this Agreement. <br />2 <br />SDPUB\D W ILLIAMS\345783.8 <br />