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for the development of affordable housing. Evidence of the land donation shall include the <br />execution and recordation of the following documents as designated in the exhibits to the <br />Affordable Housing Land Donation Agreement, attached as Exhibit F herein: the Affordability <br />Covenant, Grant Deed, Irrevocable Offer to Dedicate; and the Partial Assignment and Assumption <br />Agreement, attached as Exhibit G. <br />2. Extension Option 2(A) Term; Criteria. Alternatively to seeking the <br />Extension Option I Term, if the Developer is in compliance with all of the terms and conditions <br />of this Agreement and the Project Approvals at the time the extension request is made, the City <br />Manager shall grant a two (2) -year extension of the Initial Term, fora total term of eight (8) years <br />("Extension Option 2(A) Term"), if the Developer has paid Five Hundred Thousand Dollars <br />($500,000) to the City at the time of the Extension Option 2(A) Term request is made. <br />a. Extension Option 2(B) Term; Alternative Criteria. In the <br />alternative to the payment per Extension Option 2(A) Term above, if the Developer is in <br />compliance with all of the terms and conditions of this Agreement and the Project Approvals at <br />the time the extension request is made, the Developer may instead request a two (2) -year extension <br />for a total of term of eight (8) years ("Extension Option 2(B) Term"), if the Developer <br />demonstrates that the Developer is diligently working to advance the development of the Project. <br />For purposes of this extension option, "diligently working" shall mean that prior to the expiration <br />of the Initial Term, the Developer has submitted or completed all of the following to the City: <br />i. At least eighty percent (80%) of the engineering <br />improvement plans for public improvements as required by the Project Approvals and VTPM are <br />complete upon first submittal to the City, as determined by the City Engineer; and, <br />ii. At least eighty percent (80%) of the building <br />construction plans required for the Project by the Project Approvals are complete upon first <br />submittal to the City, as determined by the Community Development Director. The Developer is <br />also required to make a good faith effort to respond to City comments and/or review of the <br />submitted building construction plans within four (4) months of each returned submittal. <br />3. Extension Option 3(A) Term; Criteria. If the City Manager has <br />already granted either the Extension Option 2(A) or 2(B) Term, and if the Developer is in <br />compliance with all of the terms and conditions of this Agreement and the Project Approvals at <br />the time the extension request is made, the City Manager shall grant an additional two (2) -year <br />extension to Extension Option 2(A) or 2(B) Term, for a total term of ten (10) years ("Extension <br />Option 3(A) Term"), if the Developer has made a second payment of five hundred thousand <br />dollars ($500,000) to the City at the time of the Extension Option 3(A) Term request. <br />a. Extension Option 3(B) Term; Alternative Criteria. In the <br />alternative and in lieu of the payment Extension Option 3(A) Term above, if the City Manager has <br />already granted either the Extension Option 2(A) or 2(B) Term, and the Developer is in compliance <br />with all of the terms and conditions of this Agreement and the Project Approvals at the time the <br />extension request is made, the Developer may instead request a two-year extension for a total term <br />of ten (10) years ("Extension Option 3(B) Term") if Developer has received approval of and has <br />recorded a parcel map pursuant to the VTPM and any agreements required as part of the VTPM <br />ATTY/AGR/2025.085 — 901 EL CAM I NO REAL DA <br />REV: 08-01-25 VR <br />Page 17 of 48 <br />