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SETTLEMENT AGREEMENT AND RELEASE This Settlement Agreement and Release (the "Agreement") is entered into by and between The City of Redwood City, a municipal corporation of the State of California ("City"), Flatirons Funding, Limited Partnership, a Delaware limited partnership ("Flatirons"), and Electronic Arts Inc., a Delaware corporation ("EA"). City, Flatirons or EA may sometimes hereinafter be referred to individually as a "Party," and City, Flatirons and EA may sometimes hereinafter be referred to collectively as "Parties." WHEREAS, City and Flatirons entered into a Development Agreement entitled, "Development Agreement between Flatirons Funding, Limited Partnership, and the City of Redwood City," dated November 7, 1996, and recorded with the County Recorder's office of the County of San Mateo as instrument No. 96-138988 (the "Development Agreement"); and WHEREAS, Section 8, subsection (e) of the Development Agreement provides in part that City through the Redwood City General Improvement District No. 1-64 (the "District") will reimburse Flatirons for the cost of constructing the "Flatirons Facilities" (as more fully defined in Exhibit "A" to the Development Agreement); and WHEREAS, the Flatirons Facilities are also known as the "Shoreline Drive Extension" and are referred to as such herein. WHEREAS, certain disagreements and disputes have arisen between City and Flatirons regarding the reimbursement of the cost of construction of the Shoreline Drive Extension (the "Dispute"); and. WHEREAS, the Parties wish to settle the Dispute and intend by the Agreement to accomplish that objective. NOW, THEREFORE: In consideration of the payment by District to Flatirons, of the sum of Two Hundred Thousand and nollOO Dollars ($200,000.00) and other valuable consideration, each Party, on its own behalf, and on behalf of its successors and assigns, does hereby agree as follows: 1. No later than August 31, 2002, City shall pay to EA the sum of Two Hundred Thousand and noll 00 Dollars ($200,000.00) in the form of a cashier's check payable to "Electronic Arts Inc." 2. Upon payment of the sum required by Section 1, Flatirons and EA (collectively referred to as "Releasors"), each on behalf of itself, and its successors and assigns, and in consideration of the terms and conditions set forth herein, hereby releases and forever discharges all claims, causes of actions, and damages it has or may have, known or unknown, against City and/or District, and their respective successors and assigns, that arise out of the FLA TIRONS-SETL.O80602 08/14/02RR 1