Agmt23 557 East Bayshore Road Settlement Agreement

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ATTY/AGR/SETTLEMENTS/2023/SETTLEMENT AGREEMENT - 557 E. BAYSHORE ROAD REV: 05-17-23 JB #216638140_v1 5 (“Excess Fees”), and in the event City for any reason collects any Excess Fees, City shall promptly reimburse Developer for the full amount of any Excess Fees collected by City. Without limiting the preceding provisions of this Section, in the event any Other Agency imposes upon and collects from Developer any MFA Fees included within, or intended by the Parties to be included within, the Compromise Amount hereunder, Developer shall receive a credit against the Contribution Amount otherwise payable to City hereunder in an amount equal to the full amount collected by such Other Agency; provided however, there shall be no such credit for any School Impact Fees payable to any School District (as defined in Section 2(d) below), which shall be governed by the provisions of Section 2(d) below. (b) Timing of Payment. Notwithstanding any provision of the Project Conditions to the contrary, and for avoidance of doubt, the Compromise Amount shall be payable by Developer as follows: (i) An amount equal to forty-seven and one half percent (47.5%) of the Compromise Amount shall be payable by Developer prior to the issuance of the building permit for construction of Residential Building A as shown on the Site Plan; (ii) An amount equal to forty-seven and one half percent (47.5%) of the Compromise Amount shall be payable by Developer prior to the issuance of the building permit for construction of Residential Building B as shown on the Site Plan; and (iii) An amount equal to five percent (5%) of the Compromise Amount shall be payable by Developer prior to issuance of the building permit for construction of the VillaSport Building as shown on the Site Plan. The Compromise Amount and the above timing of payment thereof shall remain unmodified by the actual number of residential units or square footage included within the applicable building permit for construction described above or, subject to Section 4 below, the date of application for or issuance of such building permit. (c) Special Provisions Regarding Certain COA. With respect to COA 17 (Water Main on East Bayshore Boulevard) and COA 18 (Sewer Main on East Bayshore Boulevard), City acknowledges and agrees that, in light of the fact that Developer will be constructing or installing the improvements referenced therein (the “East Bayshore Water and Sewer Improvements”) in accordance with and subject to the plan for the East Bayshore Water and Sewer Improvements attached hereto as Exhibit C and incorporated herein by this reference (the “East Bayshore Water and Sewer Plan”), and notwithstanding any provision in COA 17 or 18 or in any other Project Conditions or herein to the contrary, there are no Fees and Contributions or other Project MFA Fees payable under the Project Conditions “in lieu of” or with respect to any East Bayshore Water and Sewer Improvements and Developer’s construction or installation of the East Bayshore Water and Sewer Improvements in accordance with the East Bayshore Water and Sewer Plan will fully satisfy its obligations under the Project Conditions, including but not limited to any of its obligations under COA 45 (Sewer Mains) and 48 (Water Mains) and any other Project Conditions pertaining to the East Bayshore Water and Sewer Improvements. City further acknowledges and agrees that, notwithstanding any provision in COA 33.b (Publicly Visible Art) or herein to the contrary, Developer shall have no obligation to install any such art and the