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RESTA TED AND NOVATED DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SANTA ANA, COASTAL RIM PROPERTIES, INC., A CALIFORNIA CORPORATION, AND GENEVA COMMONS, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY This RESTATED AND NOVATED DEVELOPMENT AGREEMENT ("Agreement") is entered into between THE CITY OF SANTA ANA, a charter city and municipal corporation duly authorized under the Constitution and laws of the State of California (referred to herein as "City") on the one hand, and COASTAL RIM PROPERTIES, INC., A CALIFORNIA CORPORATION and GENEVA COMMONS, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY (collectively referred to herein as "Owner" or "Property Owner") on the other hand. 1. RECIT ALS. The Agreement is entered into with reference to the following facts: 1.1 Purpose. (1) The purpose of this Agreement is to facilitate the development of a small portion of the real property which was the subject of a Development Agreement entered into on January 4, 1988 and recorded as Document 88-260709 in the Office of the Recorder of the County of Orange (hereafter the "Original Agreement"). The Original Agreement was subsequently amended on or about June 4,2001, by Document No. 20010429519 the Office of the Recorder of the County of Orange. The real property which was the subject of the Original Agreement is zoned by the City as Specific Zoning District No. 43 ("SD-43). (2) A portion of the real property covered by the Original Agreement was subsequently acquired by Owner, who has applied to the City to amend SD-43 and have approved a new tentative map. (3) The City and Owner agree that the changes Owner seeks in the Original Agreement substantiate the need to replace the Original Agreement with the instant Development Agreement, rendering the Original Agreement, and any of its amendments, null and void as applied to Owner's Property (as the word "Property" is defined in section 2.3 herein). (4) As more particularly set forth in section 2.4 of this Agreement, Owner has proposed constructing at the northeast comer of MacArthur Boulevard and Imperial Promenade an approximately 278-unit condominium project consisting of an 18-residential level high rise project and an eight-story building, together with approximately 13,000 square feet of ancillary retail, of which no more than 3,000 square feet may be devoted to "fast food" or "take out" restaurants. 1.2 Code Authorization. City is authorized pursuant to Government Code Sections 65864 through 65869.5 to enter into Development Agreements with persons having legal or equitable interests in real property for the purpose of establishing certainty for both City and Owner in the development process. City enters into the Agreement pursuant to the provisions of the Government Code and applicable City policies. The parties acknowledge: 11A-5