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MEMORANDUM OF UNDERSTANDING(MOin Revised: December 10, 2002 Purpose: The purpose of the MOU is to set forth the responsibilities and obligations relative to the purchase and development of properiy located within the City of Roseville at 2800 Arona Street (the "Development Properiy"). The MOU and the Concept Proposals submitted by United Properties dated June 17, 2002 will be used as a starting point for the further development of formal, legally binding contracts and purchase agreements between United Properties (the "Develope�") and the City of Roseville (the "City") which are subj ect to City Council Approvals. Responsibilities of the Citv of Roseville Land Transaction Purchase Price: The Development Property includes a total of 13.5 1 acres at 2800 Arona Street. The City will provide clear title to the site which will be sold by the City to the Developer at a price of $13 million for 83-93 units (75-90 senior cooperative, 7 single family and 5-15 town homes) in Phase I and either 25-35 condominium units or 12-18 town home units in Phase II. Deviation from this unit mix will require renegotiation of the agreed upon purchase price based upon cost per unit analysis. Land Closing: The final deed transfer and purchase closing will not occur until the final land use approvals ha�e been made. The City will make every attempt to schedule public hearings regarding the land use approvals to assure a land closing by the end of March 2003. The City is not responsible for delays in the process generated by the Developer based upon late arrival of required land use submittal materials. Alta Survey: An Alta/ACSM Land Title Survey will be delivered to the Developer at the sole cost of the City. All other site due diligence work such as environmental studies, site planning and architectural drawings will be the sole cost of the Developer. Soil testing will be a cost split by the City and developer. The City's interest in the soil borings is related to new public roads. Infrastructure: Terrace Drive: The City of Roseville is responsible for the costs associated with the e�tension of Terrace Drive to the Arona site. These costs include easements, engineering and construction. The City of Roseville may request that the Developer construct the improvements at the same time as the construction of the development properiy roads, if the developer chooses this construction