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0111I11 REDEVELOPMENT AGENCY FOR THE CITY OF COLTON ASSET TRANSFER AGREEMENT This Asset Transfer Agreement (the "Agreement") is dated June 2000, by and between the City of Colton, a municipal corporation (the "City") and the Redevelopment Agency for the City of Colton (the "Agency") and is entered into with respect to the facts set forth in the following recitals: --RECITALS-- 1. The Agency acquired certain Property located at Colton, California in 1992 upon payment of the sum of Eight Hundred Fifty Thousand. Dollars ($850,000.00) to the owners of the Property. The Property is more particularly described in the legal description -attached hereto as Exhibit "A" and incorporated herein by this reference. 2. The City and the Agency believe it is appropriate to transfer the title of the Property from the Agency to the City as provided in this Agreement. NOW THEREFORE, THE CITY AND THE AGENCY HEREBY AGREE AS FOLLOWS: Section 1. Subject to the terms and conditions of this Asset Transfer Agreement the'Agency hereby agrees to transfer title to the Property by quitclaim deed to the City in consideration for the payment by the City to the Agency of the sum of Eight Hundred and Fifty Thousand Dollars ($850,000.00) payable as follows: (i) Five Hundred Thousand Dollars ($500,000.00) shall be due and payable by the City to the Agency on or before June 30, 2000; and (ii) Three Hundred and Fifty Thousand Dollars ($350,000.00) shall be due and payable by the City to the Agency on or before June 30, 2001. Section 2. The Agency shall transfer the Property to the City by quitclaim deed substantially in the form as attached hereto as Exhibit "B", and incorporated herein by this reference. Such transfer of the Property shall be accomplished as soon as may be practical following the approval of this Asset Transfer Agreement by the City and the Agency and the execution of the Agency 'COLT/0001/DOC/335 1 5/25/00 1010 jmw