Reso 23-08 PC Reso 0030 Reso Recommending Approval of Amend. No. 3 to the 1548 Maple DA05.02.2023

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performance or the Term based on any actual or alleged Force Majeure Delay occurring prior to the Amendment Effective Date (defined in Section 6 below) except for the Litigation Period. For the avoidance of doubt, neither Party is waiving any rights it may have with respect to Force Majeure Delay(s) occurring after the Amendment Effective Date. 4. Amendment of Section 3.2. The last two sentences of Section 3.2 of the Development Agreement (Trail Easement and Bay Trail Improvements) are hereby amended and two new final sentences are added as follows (deletions shown in strike out; additions shown as double underlined): “To ensure that the construction of the Bay Trail Improvements is coordinated and appropriately phased with the Project and to address public safety, Developer shall commence construction of the Bay Trail Improvements no later than six (6) months after the commencement of construction of the first residential unit fronting the Trail Parcel certificate of occupancy for the first residential unit, or such later date as mutually agreed to by the Parties in writing. Developer shall substantially complete the Bay Trail Improvements prior to the issuance of the last certificate of occupancy for a residential unit fronting the Bay Trail Parcel within eighteen (18) months after commencement of construction. City shall have the right to withhold the issuance of more than the one hundred twenty-two (122) Project residential unit certificates of occupancy until such time as the Bay Trail Improvements are fully complete and ready for acceptance. To address recreational access and public safety, Developer shall, at its cost, maintain signage at appropriate locations along the Project’s frontage directing bicycle and pedestrian traffic to use the bicycle lanes and sidewalks within the Blomquist Street and Maple Street rights- of-way until the Bay Trail Improvements are fully complete and ready for acceptance. 5. Ratification. Except as expressly modified by this Third Amendment, the Development Agreement remains in full force and effect. 6. Effective Date and Recordation. The “Amendment Effective Date” of this Third Amendment shall be the date which is thirty (30) days after City Council adoption of the ordinance approving this Third Amendment. The Parties shall cause this Third Amendment to be recorded in the Official Records of San Mateo County within ten (10) days of the Amendment Effective Date. 7. Execution in Counterparts. This Third Amendment may be executed in counterparts, each of which shall for all purposes be deemed to be an original; and all such counterparts shall together constitute one and the same instrument. ATTY/RESO.0030/PC RESO RECOMMENDING APPROVAL OF AMEND.NO.3 TO THE 1548 MAPLE DA REV: 04-17-2023 VR Page 10 of 13