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currently proposed for development on the Property. Each reference to the <br />"Agreement" in the Original Agreement or in this Amendment shall mean the Original <br />Agreement as modified by this Amendment. <br />2. Minimum Progress Standards Paragraph 1.1 (b) of the Original Agreement is <br />hereby amended in its entirety to read as follows: <br />(b) Minimum Progress 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 />(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 applications for building permits for at least thirty <br />(30) residential units on or before that date; <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 />(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 />(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 />(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 />(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 />(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 after the Finality Date. <br />S:ATTY /AGR/2010.111 4 <br />9/28/10 FINAL <br />