RecDoc 2021-108251 1548 Maple, LLC

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FIRST AMENDMENT TO DEVELOPMENT AGREEMENT This FIRST AMENDMENT TO DEVELOPMENT AGREEMENT ("First Amendment') dated for reference purposes as of F�4*Y =? 2021 ("Amendment Date"), is entered into by and between 1548 MAPLE, LLC, a Delaware limited liability company ("Developer") and the CITY OF REDWOOD CITY, a charter city and California municipal corporation ("City"). Developer and City are sometimes referred to individually herein as a "Party" and collectively as "Parties." RECITALS This First Amendment is entered into on the basis of the following facts, understandings and intentions of the Parties. The following recitals are a substantive part of this First Amendment. A. City and Developer entered into that certain Development Agreement, dated as of August 3, 2018 and recorded on November 15, 2018 in the Official Records of San Mateo County as Document No. 2018-088890 (the "Development Agreement"). B. Developer remains the fee owner of the Property subject to the Development Agreement and depicted in Exhibit "A" and described in Exhibit `B" to this First Amendment. C. The Development Agreement is in full force and effect and a binding obligation of the parties. The Development Agreement has not been amended or modified either orally or in writing prior to this First Amendment. D. Section 6.2.0 and Exhibit "J" of the Development Agreement contemplate Developer undertaking certain water main upsizing work (the "Offsite Water Line") subject to a credit against Water Impact Fees in the amount of $518,286. A portion of the Offsite Water Line is planned to be located on County -owned parcel designated as APN 050-532-020 and APN 052- 532-030. If the City does not obtain the County Authorization by the County Segment Outside Date, the Parties desire to require Developer to construct the portion of the Offsite Water Line that is not contingent on the County Authorization and to reduce the fee credit associated with the Offsite Water Line to reflect the reduced scope of creditable public improvement. The Parties agree that the portion of the Offsite Water Line which does not require the County Authorization represents 39% of the total Offsite Water Line for the purpose of calculating fee credits. E. Section 9.2 of the Development Agreement authorizes the Parties to enter into Insubstantial Amendments to the Development Agreement without a public hearing. The Parties agree that the First Amendment is an Insubstantial Amendment to the Development Agreement. AMENDMENT NOW, THEREFORE, in consideration of the promises, covenants and provisions set forth herein, the receipt and adequacy of which is hereby acknowledged, the Parties agree as follows: REV: 01-21-2021 PR ATTY/AGR.2021.Amend. No. 1/First Amendment to Strada Docktown Development Agreement (1548 Maple Street) (Page 2 of 10)