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and Thomas P. Clark, Jr., Esq. Stradling Y occa Carlson & Rauth 660 Newport Center Drive, Suite 1600 Newport Beach, California 92660 telefacsimile (949) 725-4100 and R. Michael Joyce, Esq. Allen Matins Leck Gamble & Mallory LLP 1900 Main Street, 5th Floor Irvine, California 92614-7321 telefacsimile (949) 553-8354 A party may change its address by giving notice in writing to the other party. Thereafter, any notice, tender, demand, delivery, or other communication shall be addressed and transmitted to the new address. If sent by mail, any notice, tender, demand, delivery, or other communication shall be effective or deemed to have been given three (3) days after it has been deposited in the United States mail, duly registered or certified, with postage prepaid, and addressed as set forth above. If sent by telefacsimile, any notice, tender, demand, delivery, or other communication shall be effective or deemed to have been given twenty-four (24) hours after the time set forth on the transmission report issued by the transmitting facsimile machine, addressed as set forth above. For purposes of calculating these time frames, weekends, federal, state, County, or city holidays shall be excluded. 5. DEVELOPMENT OF THE PROPERTY. 5.1 Owner Obligations. In consideration for the City entering into this Agreement and performing its obligations hereunder and in order to effectuate the premises, purposes and intentions set forth in this Agreement and the Development Agreement Act, Owner hereby agrees to the following obligations. 5.1.1 Cooperative Agreement. The Owner and the City, together with other parties, have concurrently executed the Cooperative Agreement. Owner agrees to comply in all respects with its obligations under said Cooperative Agreement. 5.1.2 Public Improvements. Owner shall construct the Public Improvements. 5.1.3 Phasing. The Owner acknowledges and agrees that the Commencement of Construction of the Integral Project cannot commence until the Commencement of Construction has occurred on either ofthe Lake Towers or the Cinema Tower. 5.1.4 FAA Approval. Owner shall obtain and maintain, during the term of this Agreement, any and all necessary approvals from the FAA for the Project. Should such approvals lapse, and not be reinstated or reapproved prior to the issuance of a building permit for either of the Lake Towers and/or Cinema Tower, the City shall have the right to delay the issuance of DOCSOC/I lI0339v7/24579-0001 10 75B-97