1901 FIRST STREET OWNER, LLC (DEV IMPACT DEFERRAL) - 2015

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DEVELOPMENT IMPACT FEE DEFERRAL AGREEMENT L. PARTIES AND EFFECTIVE DATE. 1.1 This Development Impact Fee Deferral Agreement ("Agreement") is entered into on this 10th day of February, 2015, by and between the City of Santa Ana, a charter city and municipal corporation of the State of California ("City"), and 1901 FIRST STREET OWNER, LLC, a Delaware limited liability company ("Owner"). City and Owner are sometimes individually referred to herein as "Party" and collectively as "Parties." 2. RECITALS. 2.1 Owner is the owner of that certain real property in the City of Santa Ana, California, which is more particularly described in Exhibit "A" attached hereto and incorporated herein by this reference ("Property"). Owner intents to develop a market-rate residential project on the Property; and 2.2 The City currently requires the payment of various development impact fees for all market-rate residential projects to help address the impacts of new development; and 2.3 On December 2, 2013, the City Council adopted Ordinance No. NS-2855 ("Development Impact Fee Deferral Ordinance")to allow for the deferral of certain development impact fees for market-rate residential and non-residential projects; and 2.4 City and Owner desire to execute this Agreement to defer certain development impact fees applicable to the Property and either place a lien on the Property or provide an irrevocable letter of credit from the Owner to secure payment of these fees, pursuant to the terms and conditions set forth herein. 3. TERMS 3.1 Deferral of Development Impact Fees. 3.1.1 Deferral of Development Impact Fees. Pursuant to the Development Impact Fee Deferral Ordinance and subject to the limitations set forth in this Agreement, payment on all development impact fees set forth in Exhibit"B" attached to this Agreement and incorporated herein by this reference ("Subject Fees") shall be deferred for each residential building constructed on the Property until prior to the final inspection or issuance of a temporary certificate of occupancy or final certificate of occupancy for the new building or structure on the Property, or one (1) year from the date of issuance of the building permit for the Property, whichever comes first ("Deferral Period"). City and Owner acknowledge and agree that the City Council may, in its sole and absolute discretion and during a regular, regular adjourned, or special meeting of the City Council, extend the deadline for payment of the Subject Fees to any period greater than twelve (12) months without obtaining the approval of Owner or an amendment or modification of this Agreement. Any extension granted by the City Council pursuant to this Section 3.1.1 shall automatically be deemed to be part of the "Deferral Period" for purposes of this Agreement. 2