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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/2010.1 1 1 4 <br /> 9/28/10 FINAL <br />