Reso25-02 0024 PC Reso 901 El Camino Real

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Page 2 of 5 WHEREAS, Owner hereby agrees to irrevocably offer for dedication the Affordable Site to the City or to the City's designee. NOW, THEREFORE, incorporating the foregoing recitals, the Owner does hereby designate and set aside for future use as described hereto and irrevocably offers to dedicate to the City or the City's designee fee title to the Affordable Site, subject only to exceptions to title approved by the City. The City may only enforce its right to acquire the Property hereunder, if the Owner has not obtained a building permit and commenced construction of the affordable housing improvements within five years of the date hereof, unless the City Manager extended the deadline in writing under the Affordable Housing Land Donation Agreement. This Irrevocable Offer to Dedicate shall continue in full force and effect until City Council or if directed by the City, the governing board of the City's designee accepts such offer or shall immediately terminate upon the recordation of the construction financing for the affordable housing improvements. Notwithstanding the foregoing, upon Owner’s request, the City shall record a formal release of this Irrevocable Offer to Dedicate promptly upon the close of construction financing for the affordable housing improvements. The dedication of the Affordable Site shall be deemed to be completed, upon acceptance of this Irrevocable Offer to Dedicate by the City Council, or, if directed by the City, the governing board of the City's designee or if the offer to dedicate under the final map is accepted as provided thereunder. If and to the extent the City accepts the dedication of the Affordable Site hereunder, the City shall take all steps necessary or required to develop affordable housing in compliance with the Ordinance. [Signature Page Follows] ATTY/RESO.0024/PC RESO 901 EL CAMINO REV: 04-11-25 VR