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FIRST IMPLEMENTATION AGREEMENT To The DISPOSITION AND DEVELOPMENT AGREEMENT By and Between THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE And HISTORIC MISSION INN CORPORATION This First Implementation Agreement (the "Agreement') is entered into this 16 th day of November , 1999, b)~ and between the Redevelopment Agency of the City of Riverside, a public body corporation and politic (the "Agency") and the Historic Mission Inn Corporation, a California corporation ("Developer"). RECITALS A. The Agency and Developer entered into a Disposition and Development Agreement, dated December 23, 1992, (the "DDA') to implement~ the Redevelopment Plan for the Riverside Mall and the White Park Redevelopment Project (now known as the Downtown/Merged Project Area) (the "Project Area"), by providing assistance for the purchase and completion of the restoration of the Mission Inn located Within the Project Area. ~ B. On November 19, 1998, the parties entered into a Memorandum of Understanding (the "MOU"), setting forth the parties' understanding as to the negotiation of certain mat.ters to be conducted between the parties in order to implement the provisions of the DDA. C. On November 3, 1999, the parties entered into an Amendment No. 1 to Memorandum of Understanding (the "First Amendment to MOU') setting forth the parties' understanding regarding the repayment of an advance made by Agency to Developer under the DDA. D. The Agency and Developer now desire to enter into this Agreement to make certain revisions to the DDA in order to implement the provisions of the First Amendment to MOU regarding the repayment of the advance. NOW THEREFORE, the Agency and the Developer hereby agree as follows: Section 1. The purpose of this Agreement is to implement and effectuate the provisions of the First Amendment to MOU regarding the repayment of the advance made by Agency to Developer under the DDA. Section 2. The following language shall be inserted after the second full paragraph of Section 204 of the DDA: "As an alternative method of repayment of the Agency advance of $1,750,000 set forth in the preceding paragraph, Developer may satisfy this repayment obligation in full by making a lump sum payment, in the form of a certified check, of One Million Dollars ($1,000,000) (the "Lump Sum Payment') on or before January 2, 2001. In the event the First Implementation Agreement to the DDA is approved and executed by the Z/,4