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WHEN RECORDED MAIL TO: City Clerk City of Riverside City Hail, 3900 Main Street Riverside, CA 92522 Project: Staples Development 6280 Magnolia Magnolia & Merrill Avenues DOC I:1 2001_464609 09/26/200! 011:00tl Fee:30.00 Page l of 9 Ga~y L. O~so COVENANT AND AGREEMENT AND DECLARATION OF RESTRICTIONS TO EXERCISE PURCHAS.L tOp I:IUN THIS COVENANT AND AGREEMENT is made and entered into this Day of August, 2001, by and between MAGNOLIA/MERRILL, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY ("MAGNOLIA"), referred to as "Declarant" with reference to the following facts: A. TOMMY V. THOMAS ("THOMAS") is the fee o~vner of the following described real property ("Parcel A") located in the City of Riverside, County of Riverside, State of California: See Exhibit A, attached hereto and incorporated herein by this reference. B. MAGNOLIA is the fee owner of the following described real property ("Parcel B") located in the City of Riverside, County of Riverside, State of California: See Exhibit B, attached hereto and incorporated herein by this reference. C. Parcel A and Parcel B "("Property") are located at the northeast comer of Magnolia Avenue and Merrill Avenue and have a street address of 6280 Magnolia Avenue. Parcel B originally consisted of three parcels and are the subject of a lot consolidation by the City of Riverside (Case LL-028-001) as a condition of approval for the Staples Project. D. Declarant has entered into a Ground Lease dated September 30, 1961 (the "Ground Lease") with THOMAS as Lessor ("Lessor") and MAGNOLIA as Lessee ("Lessee"). A Memorandum of Lease covering the Ground Lease was recorded on October 20, 1961 as Instrument No. 90338 in Riverside County, California, covering the real property legally described as Parcel A.