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The Parties have mutually agreed that settlement is the most efficient and practical way to <br />resolve the Litigation. Without any Party admitting or denying the truthfulness of any of <br />the allegations or claims raised between and among the Parties and without accepting any <br />liability arising out of such claims, the Parties now intend to settle the Litigation in its <br />entirety on the terms and conditions set forth in this Agreement. <br />NOW, THEREFORE, in consideration of the mutual benefits of this Agreement and for other <br />good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, <br />the Parties hereby agree as follows: <br />1. Revised Station District Project FOL Settlement Property Plan and Entitlements. <br />1.1. Revised Station District Project. Developer hereby agrees to construct the Station <br />District Project consistent with the development, rehabilitations and demolitions <br />of the specific properties identified on the "FOL Settlement Property Plan", <br />attached hereto as Exhibit "D" and fully incorporated by this reference, as further <br />described on Exhibit "E" ("FOL Settlement Property Descriptions"), attached <br />hereto and fully incorporated by this reference, pursuant and subject to the terms <br />and conditions set forth in this Agreement and any terms and conditions set forth <br />in the DDA, the scope of which will be revised to comply with the terms of this <br />Agreement ("the Revised DDA"). Development of the Station District consistent <br />with the FOL Settlement Property Plan and FOL Settlement Property Descriptions <br />shall be known as the "Revised Station District Project". <br />1.2. Project Phases. Pursuant to the terms of the DDA or the Revised DDA, the <br />project site will be conveyed by the Agency to the Developer, and constructed, in <br />three separate, but potentially concurrent, phases. Phase R-1 and Phase R-2 shall <br />both consist of affordable rental housing that is available to and occupied by <br />persons and families of very low income and extremely low income. Phase FS <br />shall consist of for-sale housing, a portion of which shall be available and <br />occupied by persons and families of moderate income. The phases of the Revised <br />Station District Project are shown on the Site Map (Exhibit "A") attached hereto <br />and fully incorporated by this reference. <br />1.3. Construction of Phase R-1 and Phase R-2 Subject to Tax Credit Financing. <br />Construction of Phase R-1 and Phase R-2 is subject to receipt of Tax Credits, as <br />allocated by the TCAC. Tax Credits for Phase R-1 and Phase R-2 will be <br />solicited by the Developer separately and will be subject to all terms and <br />conditions set forth in the DDA and the Revised DDA. If the Developer is <br />awarded Tax Credits in the First Round for Phase R-1, the Developer agrees that <br />it shall use good faith efforts to apply for Tax Credits for Phase R-2 by July 6, <br />2011 for the second round of 2011 TCAC funding. If Tax Credits are not <br />awarded in the First Round for Phase R-1, the Developer agrees that it shall use <br />good faith efforts to apply for Tax Credits for Phase R-2 in the next available <br />round of funding following the round in which Tax Credits are awarded for Phase <br />R- 1.