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USTAT791) AND NO AMENDED DEVELOPMENT AGREEMENT BETWEEN <br />THE CITY•OE SANTA ANA AND <br />GENEVA VDC AT THE MET, LLC, A CALIFORNIA LIMITED <br />LIABILITY COMPANY <br />This REST -A BD AND NOVATBDAMENDED DEVELOPMENT <br />AGREEMENT ( "Agreement ") is entered into between THE CITY OF SANTA ANA, a charter <br />city and municipal corporation duty authorized under the Constitution and laws of the State of <br />California (referred to herein as "City ") on the one hand, and COASTAL RIM PROPBRMES; <br />INC., CAL1F0RNL&-WRPGRAT4QN-and GBNBVA GOMMONSVIk AT THE MET, <br />LLC, A CALIFORNIA LIMITED LIABILITY COMPANY (ee11ee!We4 referred to herein as- <br />"Owner" or "Property Owner ") on the other' band. <br />1. RECITALS. The Amended Agreement is entered into with reference to the <br />following facts; <br />1.1 Purpose. (1) The purpose of this Agreement is to facilitate the <br />development of a small portion of the real property which was the subject of a Development <br />Agreement entered into on January 4, 1988 and recorded as Document 88- 260709 in the Office <br />of the Recorder of the County of Orange (herea"- the "Original Agreement "). The Original <br />Agreement was subsequently amended on or about June 4, 2001, by Document No. 20010429519 <br />the Office of the Recorder of the County of Orange. The real property which was the subject of <br />the Original Agreement is zoned by the City as Specific zoning District No. 43 ( "SD -43 "), On <br />April 4, 2005, the City entered into a Deyeloprnent Agreement (the "2005 A reement" ) with <br />Coastal Rim Properties, Inc. and Geneva Commons, LLC (collectively referred to herein as <br />"Coastal Rim "). <br />(2) A portion of the real property covered by the Original Agreement <br />was subsequently acquired by G mek Coastal Rim, who hm applied to the City to amend SD -43 <br />and have approved a new tentative map, and other entitlements. <br />(3) The City and Owner agree that the changes Owner seeks in the <br />Original 2005 Agreement substantiate the need to replaee amend the Original Agreement with <br />the instant Development Agreement, rendering the Original Agreement and the 2005 Agreement, <br />and any ef4ts amendments thereto, null and void as applied to Owner's Property (as the word <br />"Property" is defined in seetlorr Section 2.3 herein). <br />(4) As more particularly set forth in seetisn Section 2.4 of this <br />Agreement, Owner has proposed eenstr eting-aa -developing the northeast corner of MacArthur <br />Boulevard and Imperial Promenade an . m° + °'y''7O • „'• .,,.n om prejeet eensiating <br />lu <br />of an 18 Fesidentiat lovel high *i e lrejeet -air ui- lding, together -with <br />appFoximately 13,000 s feet oc anaillary retail, of which no , <br />be-d ed' or L'take- et }t'- '- restaurarrte with a S -stay, multi - family apartmen t <br />community consisting of 284 residential units, with 2 levels of subterranean parking, and a level <br />of podium deck parking in 2 separate buildings (the "Project ", as further defined in Section 2.4 <br />[rl�Q•1� <br />