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APPROVED BY <br />11% C U C I L <br />Date C <br />Item <br />STREET DEDICATION AND IMPROVEMENT AGREEMENT <br />1. PARTIES AND DATE. <br />This Street Dedication and Improvement Agreement ("Agreement") is made this 4th day <br />of October, 2007, by and between Watts Investments, LLC, an Arizona limited liability company <br />("Owner") and the City of Colton, a municipal organization organized under the laws of the State <br />of California ("City"). Owner and City are sometimes referred to as "Party" and collectively as <br />"Parties". <br />2. RECITALS. <br />2.1 In connection with the future development of the property located adjacent to the <br />intersection of Main Street and Iowa Street in the City of Colton, San Bernardino County, <br />California (the "Property"), the City approved Street Improvement Plan No. 1217-1 ("Street <br />Improvement Plan"). <br />2.2 Owner has acquired the Property and intends to develop it now or in the future. <br />2.3 The Street Improvement Plan requires the dedication of sufficient right of way to <br />provide for 38 feet of half width along Main Street and 48 feet half width along Iowa Street to <br />accommodate increased traffic generated by the development of nearby properties <br />("Dedication"). <br />2.4 Owner has agreed to make the Dedication as required by the Street Improvement <br />Plan at no cost to the City. <br />2.5 City has agreed to construct the improvements required by the Street <br />Improvement Plan in exchange for the Dedication at no cost to Owner. <br />NOW, THEREFORE, in consideration for the promises set forth herein, the receipt and <br />adequacy of which is hereby acknowledged, the Parties hereto agree as follows: <br />3. TERMS. <br />3.1 Dedication. Pursuant to the Street Improvement Plan, Owner agrees to dedicate <br />38 feet of half width along Main Street and 48 feet half width along Iowa Street to provide <br />sufficient right-of-way to accommodate increased traffic as described in the legal description <br />attached hereto as Exhibit "A". <br />3.2 Execution of Grant Deed. Owner agrees to complete the Dedication by executing <br />a grant deed transferring the Property described in Exhibit "A" to the City. <br />3.3 Recordation. Owner agrees to record the grant deed in the Recorder's Office of <br />the County of San Bernardino. <br />ORANGE\ADYE\34803.1 <br />