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ASSIGNMENT AGREEMENT <br />This Assignment Agreement ("Agreement") is made by and between <br />PONDEROSA HOMES, a California general partnership ("Homes"), and K <br />& H PARTNERS, a California general partnership ("K&H"), with the <br />intent that it become effective on the Effective Date, as defined <br />in Paragraph 4 hereof. <br />RECITALS <br />This Agreement is made in contemplation of the following facts, <br />understandings and intentions of the parties: <br />A. Homes is holder of an option (the "Hansen-Ranch Option") <br />to purchase certain real property located in the City of Pleasanton, <br />County of Alameda, State of California, more particularly described <br />in Exhibit "A", attached hereto and by this reference incorporated <br />herein (the "Pleasanton Property"). <br />B. Homes has agreed to assign its rights under the Hansen- <br />Ranch Option to K&H, K&H has agreed to accept such assignment, and <br />the optionors of the Hansen Ranch Option consent to such assignment. <br />In connection with such assignment, and concurrent therewith, Homes <br />is required to assign to K&H all of its right, title and interest <br />in and to that certain Long-Term Agreement pertaining to the <br />Pleasanton Property, between Homes (as "Developer") and the City of <br />Pleasanton ("City"), dated August 24, 1982, and recorded in the <br />Official Records of Alameda County on November 23, 1982, under <br />Recorder Series No. 82-178300, as amended by First Addendum and <br />Second Addendum, recorded on May 3, 1983, under Recorder's Series <br />No. 83-073964 and 83-073965, respectively; Third Addendum recorded <br />September 28, 1983, under Recorder's Series No. 83-180909; Fourth <br />Addendum and Modification to Third Addendum, recorded April 24, <br />1984, under Recorder's Series No. 84-78400; Fifth Addendum recorded <br />March 15, 1985, under Recorder's Series No. 85-053444, and Sixth <br />Addendum recorded May 23, 1985, under Recorder's Series No. 85- <br />099505. For convenience of reference, said Long-Term Agreement, as <br />so amended, is hereinafter referred to as the "City Agreement". <br />NOW, THEREFORE, on the basis of the foregoing facts, under- <br />standings and intentions of the parties, and in consideration of the <br />mutual covenants herein contained and other good and valuable <br />consideration, the receipt and sufficiency of which are hereby <br />acknowledged, it is agreed as follows: <br />HM:II:04 <br />