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D. Shea Project Phasing. Shea and IAC currently contemplate that the Franklin Street Project will be constructed substantially in accordance with the six (6) phases, described in Attachment 4(b) attached hereto and incorporated herein by reference. Each phase of the Shea Project shall be referred to individually as a "Project Phase" and collectively, as "Project Phases." Shea contemplates constructing the Shea Project substantially in accordance with the four (4) phases (shown as Block C, Block D, Block E and Block F, described in Attachment 4(b) hereto). Shea may elect, in response to economic factors and changing market conditions, to construct a particular Project Phase, or portion thereof, in such sequence, or at such rate or timing, as Shea determines appropriate in its sole and absolute discretion. Shea shall phase construction of Shea's portion of the Shared Infrastructure as shown on Attachment 6(b) ("Shea Shared Infrastructure") and Shea Project Infi'astmcture in accordance with City's requirements with regard to each Project Phase such as may be established through an approved Development Agreement with the City. Shea may also elect not to construct a Project Phase in Shea's sole and absolute discretion, due to the cost or the environmental condition of an Acquisition Parcel comprising a portion of such Project Phase or the environmental condition of a parcel on which the Shea Shared Infrastructure will be constructed which is required to serve such Project Phase. The parties understand that Shea's timing decision with regard to phasing will not affect or relieve Shea from its obligations to fund and replenish the Acquisition Budget under Section 306 or alter the timing of such funding obligations. §109 The Agency Agency is a public body, corporate and politic, exercising governmental functions and powers and organized and existing under the CPL. The principal office of Agency is located at 1017 Middlefield Road, Redwood City, California 94063. "Agency", as used in this Agreement, includes the Redevelopment Agency of the City of Redwood City, California, and any assignee of or successor to its rights, powers and responsibilities. §110 Shem_ Shea is a California limited partnership. Shea's address for the purposes of this Agreement are: Shea Homes Limited Partnership 25 Metro Drive, #300 San Jose, CA 95110 Attention: JeffHansen Whenever the term "Shea" is used herein, such term shall include any p~m~itted nominee, assignee or successor in interest as herein provided. §111 Term The term (the "Term") of this Agreement shall commence on the Effective Date and continue until the issuance of the last Certificate of Completion for the Shea Project, or upon the earlier termination of this Agreement. 5 wc-21875