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E. The temis and conditions of this Second Amendment have been found by the City Council to be fair, just and reasonable, and City has concluded that the purpose of the development of the Property as described herein (the "Development') will serve the best interests of its citizens and the public health, safety and welfare will be best served by entering into this Second Amendment. The City and Developer intend that this Second Amendment shall restate and supersede in their entirety the Development Agreement and the First Amendment. NOW, THEREFORE, in consideration of the foregoing Recitals, and the mutual covenants and promises hereinafter contained, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows; Ap lip Cation. As used herein, the "Original Parcel" means that certain property owned by Developer and identified as the "Original Parcel" in Exhibit A (and legally described in Exhibit B) to the Development Agreement. This Second Amendment pertains initially to the Original Parcel and Additional Parcel Nos. 1, 2, and 3, and shall apply to Additional Parcel No. 4 at such time as Developer acquires title to all of the parcels comprising Additional Parcel No. 4 and processes all necessary Street Vacations, Lot Merger and/or Tract Map, Zoning Amendment Application and General Plan Amendment, as applicable, to match the zoning on the Original Parcel with the Additional Parcels is processed by City. It is intended that no farther or additional action be necessary by either party hereto to make this Second Amendment effective as to such property. 2. Term. (a) The "Effective Date" of this Second Amendment shall be the effective date of the ordinance adopted by City approving same after it is submitted to the City Council for approval. City and Developer shall finalize and execute this Second Amendment after it has been approved by the City Council. (b) The term of this Second Amendment (the "Term ") shall be twenty -five (25) years from the Effective Date, subject to earlier termination as hereinafter provided. Unless otherwise specified, the obligations herein and the rights herein shall remain in fall force and effect throughout the Term. (e) City may terminate this Second Amendment prior to expiration of the Tenn if Developer fails to perform its obligations under this Second Amendment, subject to the requirements of Section 13 hereof. Permitted Use of the Property. The parties agree that the use of the Property as a private secondary school offering general, technical, vocational and college preparatory education to students in grades 9 through 12 is a permitted use of the Property, subject to the right of City to enforce all laws which do not conflict with the rights of Developer under this Second Amendment. In addition, a permitted use of Additional Parcel Nos. 1 and 2 is a parking lot use and a permitted use of Additional Parcel No. 3 is an office or classroom use, provided such office or classroom use is carried on exclusively in conjunction with the school on the Original Parcel. In addition, a permitted use of -2-