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FIRST AMENDMENT TO PARKING GARAGE PURCHASE OPTION AGREEMENT AND JOINT ESCROW INSTRUCTIONS THIS FIRST AMENDMENT OPTION AGREEMENT AND JOINT ESCROW INSTRUCTIONS ("Amendment to Agreement") is made and entered into thislsthDay of December, 2001, by and between THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, a public body, corporate and politic ("Optionor"), and MISSION DISTRICT ASSOCIATES, LLC, a Delaware limited liability company ("Optionce"), with respect to the following: RECIT ALS: A. The parties set forth herein have entered into that certain Parking Garage Purchase Option Agreement and Joint Escrow Instructions dated March 5, 1999, ("Agreement") by which Optionor desired to grant to Optionee the option to purchase that certain real property in the City of Riverside, County of Riverside, State of California consisting of approximately two and one-quarter (2.25) acres ofland, together with the Orange Tree Parking Garage (the "Parking Garage") located thereon, with a street address of 364 I 6lh Street, Riverside, California 92501. B. The option period in the Agreement has expired pursuant to the terms set forth in paragraph I. "Grant of Option" and the Optionor and Optionee desire to amend the Agreement to extend said option period for a new option period of ninety days from the date of execution ofthis First Amendment. NOW, THEREFORE, in consideration of the mutual covenants and agrcement contained in the Agreement and for good and valuable consideration, the reccipt and sufficiency of which are hereby acknowledged, Optionor and Optionee hereby agree as follows: 1. Paragraph 1. Grant of Option. is hereby amended to provide for a ncw option period and to read as follows: "1. Grant of Option. In consideration of the payment by Optionee to Optionor in cash, by certified or bank cashier's chcck made available to Optionor, or by a confirnled Federal Reserve wire transfer of funds (hereinafter referred to as "Immediately Available Funds"), of the sum ofTen Dollars ("Review Consideration"), Optionor hereby grants Optionce that period of time commencing on the date hereof and continuing until that date which is ninety (90) days from the date of execution of this First Amendment to Agreement ("Option Property Review Period") to inspect and review the Option Property and satisfy itself as to the matters described in Paragraph 9 below. If Optionee satisfies itself as to all matters described in Paragraph 9(a) below prior to the expiration of the Option Property Review Period, then upon Optionee's payment to Optionor prior to the expiration of the Option Property Review Period oflhe sum of