RecDoc 2018-088890 Strada Development Agreement 1548 Maple, LLC

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Segments In Lieu Payment shall be increased on January I, 2019, and on January I" of each year thereafter during the Term based on increases in the Default Escalator over the prior one-year period. Developer's obligation to make the County/Developer Segments In Lieu Payment shall be memorialized in the Subdivision Improvement Agreement and Developer shall be required to post an irrevocable standby letter or credit or other form of security acceptable to City to ensure payment of the County/Developer Segments In Lieu Payment if and when such payment is due. Upon payment of the County/Developer Segments In Lieu Payment and transfer of the Developer Work Product to City as provided in Section 3.3E below, Developer shall have no further obligation to construct the Blomquist — Developer Segment or the Blomquist — County Segment and City shall promptly release to Developer that portion of the performance and labor and materials bonds or other improvement security which Developer has provided to City to secure construction performance and payment of laborers and materialmen with respect to such segments. Notwithstanding any other provision hereof to the contrary, City's inability to obtain the County Authorization or Developer's inability to obtain the Non -County Authorization by the County Segment Outside Date shall not release Developer from its obligations to (i) convey to City a public right-of-way easement with respect to the Blomquist — Developer Segment, (ii) construct or cause the construction of the Blomquist — City Segment, and (iii) produce and deliver to City construction and engineering drawings in forms acceptable to City for the entirety of the Blomquist Street Extension, including the Blomquist — Developer Segment and the Blomquist — County Segment. E. If Developer makes the County/Developer Segments In Lieu Payment, Developer will also promptly (but not later than 30 days after the City's demand therefor) deliver to City full and complete copies (in the form Developer received from preparer) of all construction and engineering drawings, plans and technical data, including surveys, previously prepared by Developer or Developer's consultants or sub -consultants relating to the Blomquist Street Extension (together, "Developer Work Product"). All Developer Work Product shall be provided solely on an "AS IS" basis for use by City or any of its assigns or contractors at their own respective risk. With respect to Developer Work Product, Developer disclaims all WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY IMPLIED WARRANTIES OF TITLE, NON -INFRINGEMENT OF THIRD PARTY RIGHTS, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Developer makes no representation or warranty as to the truth, accuracy or completeness of any materials, data or information delivered by Developer to City. City acknowledges and agrees that all materials, data and information delivered by Developer to City pursuant to this Section 3.3E are provided to City as a convenience only and that any reliance on or use of such materials, data or information by City shall be at the sole risk of City. Developer does not object to City (in its sole discretion) separately engaging preparers of the Developer Work Product (in their sole discretion) for further services or work relating thereto, at City's sole cost and responsibility (and none to Developer). Section 3.4 Affordable Housing. Developer shall satisfy all of the Project's affordable housing obligations, including those imposed by Municipal Code Chapter 18, Article XVII, by payment of a Housing Impact Fee for each dwelling unit payable prior to issuance of the building permit for that dwelling unit. As set forth in Exhibit J the Housing Impact Fee as of the Effective Date is $20 per square foot of residential floor area of each dwelling unit. The Housing Impact 18 OAK #4843-3885-9090 v] I ATTY/AGR/2018.094/STRADA DEVELOPMENT AGREEMENT REV: 07-27-18 VR Page 18 of 94