LYON HOUSING (FIRST STREET) XLVIII, LLC. A DELAWARE LIMITED LIABILITY COMPANY

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ffi.6 Amendments or Additions to Citywide Fee Programs, This First Amended and Restated Development Agreement shall not preclude the inclusion of and changes to fee programs, taxes whether special or general, or assessments (hereafter collectively referred to as "fees ") adopted by the City after the effective date of this First Amended and Restated Development Agreement, which shall be applicable to the Project or the Property provided that they (1) are standard fees applicable to all development in the City (although actual fee rates may vary within the City where bona fide Citywide fee zones have been established), (2) are not applicable primarily or only to this Project, or (3) are not imposed to either (a) mitigate, offset or compensate for Project Impacts which were analyzed in the environmental impact report prepared for the Project, or (b) duplicate any project design features conditions of approval, agreements, or mitigation measures contained in this First Amended and Restated Development Agreement 5,7 Community Facilities District or Other Financing Tool, Owner agrees to petition for, and fully support (including voting to establish, if required), the establishment of or annexation into a Community Facilities District or similar financing mechanism covering the Property, in order to fund the proposed project's fair share of eligible items, e.g., the costs of implementing the Metro East Public Realm Improvement Plan; provided, however that the total effective tax rate (including but not limited to regular property or ad valorem taxes, special taxes, benefit assessment or other Imposition) shall not exceed an annual levy of one and six - tenths percent (1.6 %) of the Property's valuation, as improved. Owner and City shall cooperate in good faith to designate those improvement and /or fees to be funded by the Community Facilities District or other mechanism. Owner shall have the right to review and approve any final list of said facilities and /or fees; provided, however that Owner's approval may not be unreasonably withheld, 5,8 Phasing of Project. The parties agree and acknowledge that the Project may be built in up to two (2) phases (with one tower in each phase), but that, except as otherwise expressly stated herein, all conditions and mitigation measures shall be Implemented as part of the initial phase; provided, however that Owner may propose to delay to the second phase on -site conditions (e.g., sidewalks) that could be damaged by future construction. Prior to issuance of the first building permit for the Project, Owner shall submit a proposed Phasing Plan to the City, for review and approval by the City's Planning Commission. The proposed Phasing Plan shall contain those items Owner deems necessary, but shall include the timing for first and second phase construction and interim site improvements (i.e., landscaping, internal circulation) between the phases, 067619 \5448932v4 15