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IR STATED AND NO AMENDED DEVE LOPMENT AGREEMENT BE, TWEEN THE CITY•OF SANTA ANA AND GENEVA VDC AT THE MITT, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY This 12- HS-T-A ED AND NOVATEDAMENDED 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 =]ICES INC., A CA- aP'�'T�. I AI 'fI9A�ax VbC AT THE MET, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY (eelleetively referred to herein as' "Owner" or "Property Owner ") on the othet' ]land, 1. RECITALS. The Amended Agreement is entered into with reference to the following facts: 1.1 Purpose. (1) The put-pose 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 (hereaftw 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 "). Oil April 4, 2005, the City entered into a Development Agreement (the "2005 Agreement") with Coastal Rim Properties, Inc, and Geneva Commons, LLC (collectively referred to herein as "Coastal Rim "). (2) A portion of the real property covered by the Original Agreement was subsequently acquired by 9wxe# Coastal Ritll, who has applied to the City to amend SD -43 and IwNe 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 replaee amend the Original Agreement with the instant Development Agreement, rendering the Original Agreement and the 2005 A reement, and any offs 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 seeliex Section 2.4 'of this Agreement, Owner has proposed eenst eting-at developing the northeast corner of MacArthur Boulevard and Imperial Promenade *ely 278 pact Go dens -ii p eet e n ' tin e- pretest- acrd -an eight -stoq b lding� together with appf ...tmfftely 13,000 . o feet o f ancillary retail, of -W-hi81t ti more than 3 I 000 square feet may be- devoted to `fast food —er "take- out"— restatimtits with a 5- st9ry, mutti-familyapariment community consisting of 284 residential units with 2 levels of subterranean parking, and a level of podium deck parking in 2 separate buildings (the "Project" as further defined in Section 2.4 I - 75A -66