TRANSPORTATION CORRIDOR AGENCY - SAN JOAQUIN CORRIDOR

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223512_2.DOC the applicable Agency, or as otherwise approved by the applicable Agency. Number of lanes required is to be based upon traffic generated by proposed project. Participate, among other designated beneficiaries, in the San Joaquin Hills or Foothill /Eastern Transportation Corridor fee program. Subdivision in which right -of -way, grading and improvements are required for the transportation corridors will be eligible for credit toward payment of the MT &B fees to the extent that the costs were included in development of the fee program. Except when otherwise provided by an agreement entered into by a Party prior to the effective date of this First Amended and Restated Agreement, whenever subdivision approvals are conditioned upon requirements to grade or improve portions of transportation corridors or dedicate right -of -way in excess of Major Arterial Highway Standards, and these costs exceed fees that would otherwise be due, the developer shall enter into an agreement with the applicable Agency and county or applicable city prior to recordation of final tract or parcel maps to identify the difference in the dollar amount between the estimated costs of the grading, improvements, and/or right -of -way, and the calculated fees. Such agreements will establish the amount of reimbursement for which the developer is entitled. A developer shall be entitled to reimbursement after acceptance of improvements by the applicable Agency to the extent major thoroughfare and bridge fees are available for reimbursement after satisfaction of all other obligations of the applicable Agency for which major thoroughfare and bridge fees are required. Satisfaction of such reimbursement obligations, however, in the event funds used to construct corridor facilities in excess of fee obligations are derived from Assessment District or Mello -Roos Community Facilities District bonds shall be made to such districts in a manner which will reduce the amount of such bonds in proportion to the reimbursement payment made by Agency. Except for the initial issuance and sale of bonds by Agency, repayment of all existing reimbursement agreement obligations by Agency shall be funded by any subsequent bond issue and satisfied upon receipt of bond proceeds. If the estimated costs of the grading, improvements, and/or excess right of way are less than the calculated fee, a developer may relinquish credits in lieu of paying fees until credits are fully utilized with the remainder of the fee to be collected prior to issuance of building permits. In the event a development not requiring subdivision is conditioned to construct or grade portions of the transportation corridors or dedicate right -of -way, reimbursement agreements shall be executed prior to issuance of any building permits within the project boundaries. Developers will be allowed to apply credits eared on one project to another project within the same Area of Benefit owned by the same developer. In the event title to the land of a project changes, credits can be transferred to another developer with the 29