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NOW. THEREFORE. in exchange for mutual consideration. the value of which is hereby <br />acknowledged. the parties agree as follows: <br /> <br />1. Grant of 25.98 Acres. <br /> <br /> a. T.T.K. shall grant the City a fee interest in 25.98 acres of real property from Parcel <br /> 110, more particularly described in the attached Exhibit B. incorporated herein by <br /> reference. The grant of the property. shall be pursuant to the terms and conditions <br /> set forth in the Grant Agreement, the form of which is attached hereto as Exhibit <br /> C, and incorporated herein by this reference. <br /> <br /> b. Close of escrow for the grant of the real property. described in Exhibit B shall <br /> occur prior to the City's sale of bonds for the construction of the Golf Course <br /> Project, the timing for which sale shall be within the City's discretion. <br /> <br />2. Residential Development. <br /> <br /> a. T.T.K. has an option for 14.01 acres on Parcel 109 and owns 6.4 acres on Parcel <br /> 110 that are designated by the Happy Valley Specific Plan as Semi°Rural Density <br /> Residential (SRDR) use. Under that designation, either: (i) I dwelling unit is <br /> permitted for each 2 gross acres, or (ii) a higher density of up to 1 dwelling unit <br /> for each 1 and I/2 gross acres may be permitted in exchange for a major <br /> dedication of open space land to the City. <br /> <br /> b. As consideration for the grant of property described in paragraph 1, above, City <br /> shall grant to T.T.K. a density bonus of a total of two dwelling units upon <br /> T.T.K.'s remaining 20.41 acres of residential land on Parcels 109 and 110, subject <br /> to the SRDR District development standards in the Happy Valley Specific Plan. <br /> This grant of density bonus shall nan with the land and shall be transferable and <br /> assignable thereon. <br /> <br />3. Subdivision and Annexation. <br /> <br /> a. Either T.T.K. or the City shall pursue a lot line adjustment or parcel map to <br /> facilitate the grant to the City of the property set forth above in paragraph 1, <br /> above. Each party shall provide full cooperation to facilitate the lot line <br /> adjustment or parcel map. The processing of such an application shall commence <br /> · upon the City Council's approval of this AGREEMENT. <br /> <br /> b. City shall apply for and diligently pursue annexation of Parcels 109 an_d 110 and <br /> other property related to the Golf Course Project before the Local Agency <br /> Formation Commission CLAFCO"). T.T.K. agrees to waive any rights of protest <br /> regarding such annexation. <br /> <br /> Draft 10/8/98 [2 Lots] T.T.K. Partnership <br /> 2 <br /> <br /> <br />