Reso25-08 0106 PC Reso 1548 Maple DA 4th Amendment

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include a written disclosure in each townhome purchase contract informing the purchaser of the restrictions on issuance of certificates of occupancy set forth in this Section 5 of the Fourth Amendment. The written disclosure shall be in a form reasonably acceptable to the City Attorney. 6.Reversion to Acreage. If Developer has not completed construction of all Work and Improvements (as such terms are defined in the SIA) on or before the date that is ten (10) years after the Fourth Amendment Effective Date (the “Blomquist Outside Date”), the City may elect in its sole discretion to initiate reversion proceedings under Government Code Sections 66499.11 et seq at any time after the Blomquist Outside Date. If City does so elect, Developer consents to the reversion of the Property to acreage to the extent required for the City to make the finding contemplated Government Code Section 66499.16(b)(1) and Developer waives and releases any claims it may have against City or City Parties for damages, lost profits, loss of business goodwill or diminution in value of the Property as a result of such reversion to acreage. Upon completion of a reversion to acreage of the Property, Developer shall have no further rights or obligations related to the Blomquist Extension Work under the Development Agreement and/or SIA and any and all sureties related to the Blomquist Extension Work shall be released by City. Developer’s obligations under this Section 6 shall survive the expiration or termination of the Development Agreement. 7.Amendment of Subsection 4.2.B (Initial Term). Subsection 4.2.B of the Development Agreement is amended is follow (deletions shown in strike out; additions shown as double underlined): “B. Initial Term. The “Initial Term” of this Agreement shall be eight (8)eleven (11) years, commencing on the Effective Date September 3, 2018 (which accounts for the seventy-four (74) day Litigation Period as defined in the Third Amendment) and expiring on the 8th11th anniversary thereof, unless this Agreement is terminated or extended in accordance with the provisions of this Agreement. 8.Amendment of Subsection 4.2.C. (Extension Term). Subsection 4.2.C. of the Development Agreement is amended as follows (deletions shown in strike out; additions shown as double underlined): “C. Extension Term. Subject to the terms and conditions in this Section 4.2C, Developer shall have the right to extend the Initial Term for one additional two (2)-year period. In order to obtain the extension, (i) Developer shall be in compliance with all of its obligations under this Agreement and Project Approvals at the time the extension request is made and at the time the extension would become effective; (ii) Developer, prior to the end of the Initial Term, shall have obtained certificates of occupancy for at least fourteen (14) residential units commenced construction of buildings containing at least fifty (50) residential units; and (iii) Developer, prior to the end of the Initial Term, shall have completed the Blomquist Extension Work – City Segment and the Bay Trail Improvements (collectively, the “Extension Criteria”). If Developer desires to exercise the extension, Developer must submit a letter addressed to the City Manager requesting such extension at least 60 days prior to the date that the Term otherwise would expire (“Extension Request”). The Extension Request shall include documentation demonstrating that the Extension Criteria have been satisfied or will be satisfied prior to the date that the Term ATTY/RESO.0106/PC 1548 MAPLE DA 4TH AMENDMENT - EXHIBIT B 11-13-25 VR Page 7 of 12