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Development Agreement (the "Project"). All capitalized terms not otherwise defined in this Agreement have the meaning ascribed to them in the Development Agreement. C. As a material consideration for the long term assurances, vested rights, and other City obligations provided by the Development Agreement and as a material inducement to City to enter into the Development Agreement and to receive a public benefit bonus consisting of (1) a height increase from 38 feet to 48 feet; and (2) an increase in floor area ratio from 1.1 to 1.5, thus allowing the construction of an additional 112,108 sq. ft. of office and residential space (the "Public Benefit Bonus"), Owner offered and agreed to certain terms as specified in the Development Agreement. Section 7.4 of the Development Agreement specifies that the Project shall include fourteen (14) units to be occupied exclusively by, and rented to, qualified Low Income Households, as defined below (the "Low Income Units"); and six (6) units to be occupied exclusively by, and rented to, qualified Moderate Income Households, as defined below (the "Moderate Income Units"); and specifies further that the. Parties shall enter into and record this Agreement for the benefit of the City. This Agreement further ensures that the Project will comply with the City's Municipal Code Chapter 16.96 and the City's BMR Housing Program Guidelines as adopted by the City Council of Menlo Park, and amended from time to time and, as in effect as of the date of this Agreement, attached hereto as Exhibit B ("Guidelines"). The Low Income Units and the Moderate Income Units together are the "BMR Units." NOW, THEREFORE, the Parties hereto agree as follows. The recitals are incorporated into this Agreement by this reference. 100. CONSTRUCTION OF THE IMPROVEMENTS. 101. Construction of the Property. The Owner agrees to construct the Project in accordance with the City Municipal Code, the Development Agreement, the Guidelines, and all other applicable state and local building codes, development standards, ordinances and zoning codes. No portion of any residential building may be approved for occupancy unless the percentage of BMR Units approved for occupancy in that portion of the building is equivalent to the percentage of BMR Units in the entire building. (For instance, if 11 percent of the units in the entire building will be BMR Units, then 11 percent of the units approved for occupancy must be BMR Units.) 102. City and Other Governmental Permits. Before commencement of the Project, the Owner shall secure or cause its contractor to secure any and all permits which may be required by the City or any other governmental agency affected by such construction, including without limitation building permits. The Owner shall pay all necessary fees and timely submit to the City final drawings with final corrections to obtain such permits; the staff of the City will, without incurring liability or expense therefore, process applications in the ordinary course of business for the issuance of building permits and certificates of occupancy for construction that meets the requirements of the City Code, and all other applicable laws and regulations. 2 APDOCS/13476288.3 167705\20067125 1/182017 PAGE 319