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Agreement may be assigned to a single purpose developer entity controlled by Related <br />and Griffin. <br />2. Negotiations. <br />A. The Agency and the Developer agree for a period of up to two years from the <br />date of this Agreement (the "Negotiation Period") to negotiate towards final <br />agreement(s) with respect to the disposition and development of the Agency Parcels. <br />The parties may enter into one or more agreements which may include multiple phases <br />or separate developments. <br />B. in the event the Agency acquires any additional parcels in the area depicted in <br />Exhibit B, they shall be deemed Agency Parcels under this Agreement. <br />C. The Agency agrees for the Negotiation Period not to negotiate with any other <br />person or entity regarding the disposition or development of the Agency Parcels. This <br />Agreement may be terminated or extended as set forth in Section 3, below. <br />3. Modification/Termination of Negotiation Period. <br />Either party may terminate this Agreement prior to expiration of the initial <br />Negotiation Period, with or without cause, upon 60 days written notice to the other party. <br />Upon such termination, the Agency shall pay the Developer Reimbursement as called <br />for in Sections 10 and 11. If, at the end of the initial Negotiation Period, the parties <br />mutually agree, the Negotiation Period may be extended for additional periods of six <br />months. <br />4. Development Concept and Essential Elements. <br />The development to be the subject of the agreement(s) to be negotiated <br />hereunder shall consist of the development of the Agency Parcels. The agreement(s) to <br />be entered into (the "Project") shall provide, among other things, that; <br />A. The development shall be a predominantly multi -family residential project <br />containing both for -sale and rental units. <br />B. The housing component shall be consistent with, and meet the affordable <br />housing goals of the City and Agency. <br />C. There may some non-residential stand-alone and/or live -work occupancies. <br />D. There may be provision for open space and/or community -serving facilities. <br />2 <br />