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DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SANTA ANA AND LYON HOUSING (FIRST STREET) XLVIII, LLC, a Delaware limited liability company This FIRST AMENDED AND RESTATED DEVELOPMENT 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 ( "City ") and LYON HOUSING (FIRST STREET) XLVIII, LLC, a Delaware limited liability company ( "Owner "). The City and Owner are referred to jointly within this First Amended and Restated Development Agreement as the "Parties" and individually as a "Party." 1. RECITALS. The First Amended and Restated Development Agreement is entered into with reference to the following facts: 1.1 The Property. The real property which is the subject of this First Amended and Restated Development Agreement is located at 1901 E. 1st Street in Santa Ana, California (the 'Property "). The Property is more particularly described in Exhibits A and B to this First Amended and Restated Development Agreement. The Property is a 5.1 acre parcel within the Metro East Mixed Use Overlay Zone that is located at the northeast comer of First Street and Cabrillo Park Drive. The Property is bounded by multi- tenant office buildings, a parking structure, and Kaiser Permanente medical offices to the north, low -rise office buildings and retail development to the East, First Street to the South, and Cabrillo Park Drive and a 15 -story Xerox Centre office building to the West. The Property was previously occupied by a two -story, 75,300 square foot building (the "Main Building ") and an existing parking structure with approximately 660 parking spaces (the "Existing Parking Structure "). The Main Building has been demolished, but the Existing Parking Structure remains on the Property. 1.2 The Original Agreement. (a) On April 2, 2007, the City Council of the City of Santa Ana (the "City Council') adopted Ordinance No. NS -2741 approving a Development Agreement between the City and 1901 E. 1st Street Partners, LLC (the "Original Agreement'). Ordinance No. NS -2741 became effective on May 2, 2007, which became the effective date of the Original Agreement. 067619A5448832v5 ]