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EDAMENDED DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SANTA ANA AND GENEVA COMA40 VDC AT THE MET, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY This RESTATED AND 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 RA4 PROPRR44ES,. INC., ^ VDC AT THE MET, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY (eelleetive!5 referred to herein as "Owner" or "Property Owner ") on the other hand. 1. 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 (hereafte r 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 referred to herein as "Coastal Rim "). (2) A portion of the real property covered by the Original Agreement was subsequently acquired by 8A%er Coastal Rim, who hm 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 Develepxent Agreement, rendering the Original Agreement and the 2005 Agreement, and any edits amendments thereto, null and void as applied to Owner's Property (as the word "Property" is defined in sectio Section 2.3 herein). (4) As more particularly set forth in sec4ie Section 2.4 of this Agreement, Owner has proposed eenstrueting-at developing the northeast corner of MacArthur Boulevard and Imperial Promenade of an 18 residential level high rise projee4 and an eight stefy building, together- Wi . iately 13,000 squefe feet ef aneilla+y fetail, ef whieh no mefe flian 3,000 square fiae4 May b�-,-de, oted-to "fast food" or " take out" restaufa with a 5- sto1y, multi- family apartment community consisting of 278 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 1 11 A -9