Common use of REAL PROPERTY DESCRIPTION Clause in Contracts

REAL PROPERTY DESCRIPTION. The “real property” in question is the former Redevelopment Agency’s reversionary fee interest in the Santa ▇▇▇▇▇▇▇ Paseo Nuevo Shopping Center and Parking Lot 1 Structure which property is encumbered with the following long-term ground leases, related parking agreements, and contractual covenants: Three (3) separate 75 year ground leases for the Paseo Nuevo Shopping Center where each 75 year lease term began on January 1, 1990 and which will end on December 31, 2065, including: 1. Paseo Nuevo Center Ground Leasehold Interest (“Developer Lease”), 2. ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ Stores, Inc. Ground Leasehold Interest, and 3. Nordstrom Inc. Ground Leasehold Interest (2 and 3 are collectively hereinafter referred to as, “Majors”). ▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ (separately leased by the Agency to the Developer) and related reciprocal operating agreements and contractual covenants with concurrent 75 year terms that began on January 1, 1990 and will end on December 31, 2065. The contractual covenants of the Agency (now the Successor Agency), as the Paseo Nuevo ground lessor, under those contractual and leasehold rights and leasehold obligations, reciprocal easements, contractual obligations, and contractual covenants are contained within the following Paseo Nuevo Shopping Center Agreements (among other related Project agreements): 1. A ground lease for each of the three leaseholds referenced above as recorded on February 24, 1989, with related attachments and amendments, among the Developer, the Majors, respectively, and the Agency. 2. The “Paseo Nuevo Parking Agreement”, as amended, as entered into on February 24, 1989 among the Developer, the Majors, the Agency and the City of Santa ▇▇▇▇▇▇▇ (“City”). 3. The “▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇. ▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Conditions, and Restrictions Agreement” as recorded on February 24, 1989 among the Developer, the Majors and the Agency. 4. The “▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇. ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Conditions, and Restrictions Agreement” as recorded on February 24, 1989 among the Developer, the Majors, the Agency and the City. 5. The “▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, Conditions, and Restrictions Agreement” as recorded on February 24, 1989 among the Developer, the Majors, the Agency and the City. 6. The “Nonvacated De ▇▇ ▇▇▇▇▇▇ Plaza Street Easement Agreement” recorded on February 24, 1989 among the Developer, the Majors, the Agency and the City. 7. The “Construction, Operation and Reciprocal Easement Agreement” (the “Paseo Nuevo REA”) recorded on February 24, 1989 among the Developer, the Majors and the Agency. 8. The “Amendment to Parking Covenants and Parking Agreement” recorded on February 24, 1989 among the Developer, the Majors, the Agency and the City. 9. Various recorded “reciprocal easement agreements” with neighboring property owners and related to the Paseo Nuevo Shopping Center, particularly with respect to the storage and disposal of trash and the maintenance of trash enclosures and commercial loading areas. 10. The “Disposition and Development Agreement” (the “DDA”) dated as of 1987 among the Developer, the Majors and the Agency.