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Lake Towers and/or the Integral Project, respectively, in accordance with applicable Entitlements. The foregoing shall in no way be deemed to impose an obligation on Skyline or Integral to rent (or offer for rental) any or all of the Residential Units, or preclude Skyline or Integral from selling and renting (and offering for sale and rental) the Residential Units concurrently. 3. Modification of Certain Provisions. The Development Agreement is hereby amended and supplemented in the following particulars: 3.1 Section 1.1(1). The phrase "for-sale residential condominiums" appearing in Section 1.1(1) of the Development Agreement is hereby amended and restated to read as "for-sale condominium units or for-rent residential units." 3.2 Section 2.43(1). The phrase "three hundred fifty (350) for sale residential condominium units" appearing in Section 2.43(1) of the Development Agreement is hereby amended and restated to read as "three hundred forty-nine (349) for-sale condominium units or for-rent residential units." 3.3 Section 2.43(3). The phrase "two hundred seventy-six (276) for-sale residential condominium units" appearing in Section 2.43(3) of the Development Agreement is hereby amended and restated to read as "two hundred seventy-six (276) for-sale residential condominium units or for-rent residential units." 3.4 Section 2.50. The phrase "each of the for sale residential units" appearing in Section 2.50 of the Development Agreement is hereby amended and restated to read as "each of the for- sale (and with respect to Lake Towers and Integral Project, if applicable, the for-rent) residential units." 3.5 Section 4.1. Clause (ii) appearing in Section 4.1 of the Development Agreement is hereby amended and restated to read in its entirety as follows: "(ii) the granting of Certificates of Occupancy (or similar permission to occupy) for the final Element of the Project and, except with respect to Lake Towers and/or Integral Project, sale of all Residential Units." 3.6 Section 4.2.1. Anew Section 4.2.1 is added to the Development Agreement to read in its entirety: 4.2.1. Residential Rental Manager. Should Skyline and/or Integral exercise its option to rent the Lake Towers or Integral Project, respectively, prior to occupancy of the first rental unit, Skyline or Integral shall first obtain the written consent of the City, acting through its Executive Director of Planning and Building Agency or designee (the "Director"), to Skyline's and/or Integral's proposed residential rental manager. In exercising his or her reasonable discretion, the Director shall limit his or her review to the experience and capabilities of the proposed residential rental manager and shall approve any such proposed rental manager if the manager has demonstrated experience or capabilities with respect to the managing rental properties on the scale of the Lake Towers and/or Integral, respectively. 3.7 Section 4.3. Clause (f) appearing in Section 4.3 of the Development Agreement is hereby amended and restated to read in its entirety as follows: "Buyer's of Residential Units (and with respect to the Lake Towers Element and/or the Integral Project, if applicable, buyer's or tenant's of Residential Units). 4. Full Force and Effect; Counterparts. Except as amended herein the Development Agreement shall remain in full force and effect in accordance with its terms. This Second Amendment may be executed in any number of counterparts, all of which shall constitute one and the same instrument. [Signature and Notary Pages Follow] Ordinance NS-2782 Page 7 of 10