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EXCLUSIVE NEGOTIATION AGREEMENT (Eagle Colton 55 LLC: Senior Citizen Affordable Housing Project) THIS EXCLUSIVE NEGOTIATION AGREEMENT (this "Agreement") is dated as of [TO BE DETERMINED] (`Effective Date"), and is entered into by and between the CITY OF COLTON, a California municipal corporation ("City"), and EAGLE COLTON 55 LLC, a Delaware limited liability company ("Developer"), to provide a specified period of time for City and Developer to attempt to negotiate a future DDA (as defined in Recital "C"). City and Developer are sometimes referred to in this Agreement, individually, as a "Party" and, collectively, as the "Parties." This Agreement is entered into by the Parties with reference to the following recited facts (each, a "Recital"): RECITALS A. WHEREAS, Developer is in the business of developing and managing safe, decent and affordable rental and ownership housing in California; and B. WHEREAS, the Redevelopment Agency for the City of Colton ("Agency") is the owner of that certain real property within the City specifically described in Exhibit "A" attached to this Agreement ("Site"); and C. WHEREAS, City desires to provide for the development of the Site with approximately one hundred (100) to one hundred fifty (150) units of affordable rental housing available only to senior citizens (Project"); and D. WHEREAS, City and Developer desire to negotiate with each other regarding the potential terms and conditions of a future agreement between City and Developer for Developer to develop the Project on the Site ("DDA") in accordance with the terms and conditions of this Agreement; and E. WHEREAS, in connection with the potential future development of the Project on the Site, City will contract and pay for certain predevelopment work, up to a maximum amount of Two Hundred Fifty Thousand Dollars ($250,000) ("City Pre -Development Costs"), as more specifically described in Exhibits `B" and "C" attached to this Agreement. NOW, THEREFORE, in view of the goals and objectives of City relating to providing affordable housing for senior citizens in the City and in consideration of the mutual promises of City and Developer set forth in this Agreement, City and Developer agree as follows: 1. Incorporation of Recitals. The Recitals of fact set forth above are true and correct and are incorporated into this Agreement, in their entirety by this reference. 2. Negotiation of DDA. During the Negotiation Period (defined in Section 5) and subject to the terms and conditions of this Agreement, both City and Developer shall proceed diligently and in good faith regarding negotiation and documentation of the potential terms, conditions, covenants, restrictions and agreements of a DDA between them. City and Developer shall generally cooperate with each other and supply such documents and information as may be 23152.06025\7001961.5