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22-0822_LENNAR HOMES OF CALIFORNIA INCORPORATED_Partial Assignment and Assumption of Development AgreementRECORDING REQUESTED BY: Lennar Title, Inc. WHEN RECORDED MAIL TO AND MAIL TAX STATEMENTS TO: Lennar Homes of California, LLC, a California limited liability company 2000 FivePoint, Ste 365 Irvine, CA 92618 Attn: JR Jones File No.: 195004-002783-5 Recorded in Official Records, Orange County Hugh IIIIINguyen, IIIIIII Clerk-Recorder IIIIII I II III 2500 zouwozeaesi z:n vm'oe�z'vu 0.00 0.00 0.00 0.00 18.00 0.00 0.000.000.00 0.00 ABOVE PARTIAL ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT AGREEMENT Title of Document KZLI Pursuant to Senate Bill 2 - Building Homes and Jobs Act (GC Code Section 27388.1), effective January 1, 2018, a fee of seventy-five dollars ($75.00) shall be paid at the time of recording of every real estate instrument, paper, or notice required or permitted by law to be recorded, except those expressly exempted from payment of recording fees, per each single transaction per parcel of real property. The fee imposed by this section shall not exceed two hundred twenty-five dollars ($225.00). 0 Exempt from fee per GC 27388.1 (a) (2); recorded concurrently "in connection with" a transfer subject to the imposition of documentary transfer tax (DTT). ❑ Exempt from fee per GC 27388.1 (a) (2); recorded concurrently "in connection with" a transfer of real property that is a residential dwelling to an owner -occupier. ❑ Exempt from fee per GC 27388.1 (a) (1); fee cap of $225.00 reached. ❑ Exempt from the fee per GC 27388.1 (a) (1); not related to real property. MAIL TAX STATEMENT TO ADDRESS LISTED ABOVE THIS COVER SHEET ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION ($3.00 Additional Recording Fee Applies) RECORDING REQUESTED BY: Lennar Title, Inc./Simplifile Order/File No.: 195004-002783-5 WHEN RECORDED, RETURN TO: Lennar Homes of California, LLC 2000 FivePoint, Suite 365 Irvine, CA 92618 Attn: JR Jones PARTIAL ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT AGREEMENT THIS PARTIAL ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT AGREEMENT (the "Assignment") is made as of August 22, 2022 (the "Assignment Effective Date"), by and between AG Essential Housing CA 1, L.P., a Delaware limited partnership ("Assignor"), and Lennar Homes of California, LLC, a California limited liability company ("Assignee"), with reference to the following facts: A. The City of San Juan Capistrano, a California municipal corporation ("City") and Virginia A. Germann, as Successor Trustee of the C. and 1. Vermeulen Revocable Trust dated May 14, 1990, and Vermeulen Ranch Center, LLC, a California limited liability company, are parties to that certain Development Agreement No. 18-001 dated July 12, 2018, recorded in the Official Records of Orange County on July 19, 2018, as Instrument No. 2018000264165 (the "Development Agreement") pertaining to the real property more particularly described therein (the "Project"). B. Assignor and Assignee, as successor -in -interest by conversion to Lennar Homes of California, Inc., a California corporation, are parties to that certain unrecorded Option Agreement dated October 23, 2020 (the "Option Agreement"), pursuant to which Assignee has elected to acquire the portion of the Project more particularly described on Exhibit "A" attached hereto (the "Property"). C. In connection with Assignee's acquisition of the Property pursuant to the Option Agreement, Assignor has agreed to assign and delegate to Assignee its rights, duties and obligations under the Development Agreement to the extent the same relate to the Property, and Assignee has agreed to accept such assignment and expressly and unconditionally assumes all of the duties, obligations, agreements, covenants and waivers of Assignor under the Development Agreement, including without limitation, the covenants not to sue and waivers contained in Sections 7.2 and 8.4 of the Development Agreement. NOW THEREFORE, in consideration of the foregoing facts and the mutual covenants and conditions herein below set forth, it is agreed: Page 1 I . Assignor hereby assigns, conveys and transfers to Assignee all of Assignor's right, title and interest in and to, and hereby delegates to Assignee, Assignor's duties and obligations under (as described in paragraph 2 below), the Development Agreement solely with respect to the Property. 2. Assignee hereby accepts this Assignment with respect to the Property and expressly and unconditionally assumes all of the duties, obligations, agreements, covenants and waivers of Assignor under the Development Agreement solely to the extent relating to the Property, including without limitation, the covenants not to sue and waivers contained in Sections 7.2 and 8.4 of the Development Agreement. 3. This Assignment may be executed in counterparts which taken together shall constitute one and the same instrument. 4. The provisions of this instrument shall be binding upon and inure to the benefit of Assignor and Assignee and their respective successors and assigns. 5. Assignor and Assignee each hereby covenants that it will, at any time and from time to time, execute any documents and take such additional actions as the other, or its respective successors or assigns, shall reasonable require in order to more completely or perfectly carry out the transfers intended to be accomplished by this Assignment. 6 This Assignment shall be construed and interpreted in accordance with the laws of the State of California. [SIGNATURE PAGES TO FOLLOW] Page 2 IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment as of the date first set forth above. ASSIGNOR: AG ESSENTIAL HOUSING CA 1, L.P., a Delaware limited partnership By: AGWIP Asset Management, LLC, an Arizona limited liability company, its Authorized Agent By: SWC-..— S .�e� Steven S. Benson, its Manager STATE OF ARIZONA COUNTY OF MARICOPA )' The foregoing instrument was acknowledged before me this %1 day oft�022, by Steven S. Benson, the manager of AGWIP Asset Management, LLC, an Arizona limited liability company, the Authorized Agent of AG ESSENTIAL HOUSING CA 1, L.P., a Delaware limited partnership, for and on behalf thereof. Notary Public (SEAL) ANGELA STATEN Notary Public . Arizona Markopa County CommissionN 592706 My Comm. Expires Oct 10, 2024 ASSIGNEE: LENNAR HOMES OF CALIFORNIA, LLC, a California limited liability company A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA COUNTY OF On August j$, 2022, before me, Pe! aq ,j?, ycrzl Notary Public, personally appeared S K 7"an2� , who proved to m� a on the basis of satisfactory evidence to be the person whose name(&) is/aye subscribed to the within instrument and acknowledged to me that he/sire/they executed the same in his/leer/fair authorized capacity(}es), and that by his/leer/their signature(sj on the instrument the person(s), or the entity upon behalf of which the person(s} acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. PEGGY R. VAILOFF o COMM. #2323881 z ix Notary Public • California o Z Orange County M Comm. Expires Mar. 12, 2024 (Seal) Exhibit A Legal Description of Property Real Property in the City of San Juan Capistrano, County of Orange, State of California, described as follows: LOT(S) 23, 24, 25, 70, 71, 72, 79, 80, 81, 163, 164 AND 165, INCLUSIVE, OF TRACT NO. 19063, IN THE CITY OF SAN JUAN CAPISTRANO, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 996, PAGES 1 THROUGH 11, INCLUSIVE, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. APN: 121-182-17, 121-182-62, 121-182-63 (Portion Underlying), 121-532-23, 121-532-24, 121- 532-25, 121-531-07, 121-531-06, 121-531-05, 121-531-34, 121-531-33, 121-531-32, 121-532-34, 121-532-33 and 121-532-30 (New Not Assessed)