RecDoc2026-004968 Fourth Amendment to Development Agreement 1548 Maple, LLC

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D. County/Developer Segments In Lieu Payment. If. despite Developer's best efforts. by the Gv. a.y Segment Outside ate (i) G:..: unable to obtain the r.. my A tith ...;?.,t0011 and 60MP1Ote the A i... to ffient «,0..1. a Developer is unable to eb7i*rretain the Non -County Authorizations then, in lieu of constructing the Blomquist - Developer Segment and Blomquist - County Segment, Developer shall pay to City within forty-five (45) days following City's demand therefor, an amount equal to One -Million Nine Hundred Ninety Two -Thousand Three Hundred and Seventy Dollars ($1,992,370), which amount represents the parties' good faith estimate of the hard costs of constructing the Blomquist —Developer Segment and Blomquist—County Segment ("County/Developer Segments In Lieu Payment"). The amount of the County/Developer Segments In Lieu Payment shall be increased on January 1, 2019, and on January Is' of each year thereafter during the Term based on increases in the Default Escalator over the prior one-year period. Developer's obligation to make the County/Developer Segments In Lieu Payment shall be memorialized in the Subdivision Improvement Agreement and Developer shall be required to post an irrevocable standby letter or credit or other form of security acceptable to City to ensure payment of the County/Developer Segments In Lieu Payment if and when such payment is due. Upon payment of the County/Developer Segments In Lieu Payment and transfer of the Developer Work Product to City as provided in Section 3.3E below, Developer shall have no further obligation to construct the Blomquist— Developer Segment or the Blomquist — County Segment and City shall promptly release to Developer that portion of the performance and labor and materials bonds or other improvement security which Developer has provided to City to secure construction performance and payment of laborers and materialmen with respect to such segments. Notwithstanding any other provision hereof to the contrary,,; y y's iniability to ebtai•- the Cetmv A tAhOFiZati^.OF - (4) Developer's inability to obtain retain the Non -County Authorization by the GoLinty Segment Outs -de Date shall not release Developer from its obligations to (i) convey to City a public right-of-way easement with respect to the Blomquist — Developer Segment, (ii) construct or cause the construction of the Blomquist — City Segment, and (iii) produce and deliver to City construction and engineering drawings in forms acceptable to City for the entirety of the Blomquist Street Extension, including the Blomquist — Developer Segment and the Blomquist — County Segment." 5. Limitations on Occunancy of Townhornes. No certificate(s) of occupancy for any residential townhome unit(s) shall be issued (other than temporary certificates of occupancy for one townhome building containing model units) until such time as all of the Blomquist Extension Work is substantially complete. Notwithstanding the preceding sentence, if the Developer is making best efforts to complete the Blomquist Extension Work, City will not withhold certificates of occupancy under this Section 5 during a Force Majeure Delay. In addition, the City Manager, or the City Manager's designee, may waive the restriction on issuing additional townhome certificates of occupancy if he or she determines, in his or her sole discretion, that the Blomquist Extension Work is likely to be substantially complete within the next 60 days. Developer shall 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. ATTY/AGR/2025/AMEND.NO.4 - 1548 MAPLE DA REV: 01-22-26 VR Page 6 of 12