75A - PH - 200 EAST FIRST AMERICAN WAY

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EDAMENDED DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SANTA ANA AND VDC AT THE MET, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY This RESTATED A14D NOVA AMENDED 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 -PROPERT49S, INC., A "Y"FTI-COTITMONI'SVDC AT THE MET, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY (eellectively referred to herein as "Owner" or "Property Owner ") on the other hand. I . RECITALS. The Amended 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 (heireafte 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 "). On April 4, 2005, the City entered into a Development Agreement the "2005 Agreement ") with Coastal Rim Properties, Inc. and Geneva Commons, LLC (collectively refereed to herein as "Coastal Rim "). (2) A portion of the real property covered by the Original Agreement was subsequently acquired by 9rvxer Coastal Rim, who has applied to the City to amend SD -43 and have approved a new tentative map, and other entitlements. (3) The City and Owner agree that the changes Owner seeks in the Original 2005 Agreement substantiate the need to r-eplaee amend the Original Agreement with the instant Develepmefit. Agreement, rendering the Original Agreement and the 2005 Agreement, and any 441s amendments thereto, null and void as applied to Owner's Property (as the word "Property" is defined in seetio Section 2.3 herein). (4) As more particularly set forth in aee4iex Section 2.4 of this Agreement, Owner has proposed eonstmeting at developing the northeast corner of MacArthur Boulevard and Imperial Promenade building, of an 18 residential level high rise projeet and an eight stei3- together- wi . iately 13,000 square fee4 ef meillafy feiail, of w-hieh no more than 3,000 9"are fee4 May �c��edto "fast food's "takes out" Testa •�•a with a 5- story, multi -famil apartment community consisting of 278 residential units, with 2 levels of subterranean parking, and a level of podium deck parkin in n 2 separate buildings (the "Project ", as further defined in Section 2.4 75A -126