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<br />7.8 <br />Page 9 <br /> <br />currently proposed for development on the Property. Each reference to the <br />UAgreement" in the Original Agreement or in' this Amendment shall mean the Original <br />Agreement as modified by this Amendment. <br /> <br />2. Minimum Proqress Standards. Paragraph 1.1 (b) of the Original Agreement is <br />hereby amended in its entirety to read as follows: <br /> <br />(b) Minimum Proqress Standard. Notwithstanding Paragraph (a) of <br />this Section 1.1, and subject to Paragraph (c) of this Section 1.1. the Term <br />shall end automatically: <br /> <br />(i) Five (5) years after the City Council approval of the final <br />subdivision map and subdivision agreement for the first residential phase <br />of the Project becomes Final (the "Finality Date"), if the Developer has <br />not submitted complete apprications for building permits for at least thirty <br />(30) residential units on or before that date; <br /> <br />(ii) Seven (7) years after the Finality Date if the Developer has not <br />submitted complete applications for building permits for a cumulative total <br />of at least sixty (60) residential units on or before that date; <br /> <br />(iii) Ten (10) years after the Finality Date if the Developer has not <br />submitted complete applications for building permits for a cumulative total <br />of ninety (90) residential units, before that date; <br /> <br />(iv) Twelve (12) years after the Finality Date if the Developer has <br />not submitted complete applications for building permits for a cumulative <br />total of at least one hundred twenty (120) residential units, on or before <br />that date; or <br /> <br />(v) Fourteen (14) years after the Finality Date if the developer has <br />not submitted complete applications for building permits for a cumulative <br />total of one hundred fifty (150) residential units, on or before that date. <br /> <br />(vi) If the Developer has not offered for sale fifteen (15) On-Site <br />Affordable Homes (in accordance with and as defined in the Amended and <br />Restated Affordable Housing Plan attached hereto as Exhibit 2) within <br />seven (7) years following issuance of the final certificate of occupancy for <br />the first home developed on the Property. . <br /> <br />(vii) If the Developer has not submitted complete applications for <br />building permits for 10,000 rentable square feet of community-serving <br />retail space integrated with a hotel of up to 200 rooms within fifteen (15) <br />years on or before the Finality Date. <br /> <br />1483470.7 <br />9-09-2010 PCI+PP Final <br /> <br />4 <br /> <br />I <br />