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Section 3.1 is replaced with the following: "After completion of the First Phase, <br /> Developer will complete the Remaining Phases, including, without limitation, the <br /> Cinema Element Phase, in accordance with the Remaining Phase Drawings, the <br /> specifications for each such Phase,this Agreement,the 2nd DA Amendment,and the <br /> DA Addendum. Developer intends to commence construction of each Phase within <br /> 18 months after commencement of the construction of the previous Phase starting <br /> with commencement of the Second Phase in 2022." <br /> 2.4 Repurchase Option. The parties have agreed to extend the deadline date for the <br /> Repurchase Option by one year as follows: <br /> The phrase in Agreement Section 10.1.1 that states "fails to substantially <br /> complete the First Phase by July 1, 2024 subject to extensions for Force <br /> Majeure as provided in Section 13.2" is replaced by "fails to substantially <br /> complete the First Phase by July 1, 2025 subject to extensions for Force <br /> Majeure as provided in Section 13.2 other than Force Majeure arising from <br /> COVID-19." <br /> 3 NOTICES. The Notice addresses for Developer set forth in Section 13.1 of the <br /> Agreement are hereby amended so that Peterson, Russell,Kelley is removed and is <br /> replaced with the following: <br /> Cairncross&Hempelmann <br /> 524 2nd Avenue, Suite 500 <br /> Seattle, WA 98104 <br /> Attn: Ryan McFarland <br /> 4 AGREEMENT IN FULL FORCE AND EFFECT <br /> Except as modified by this Amendment, the Agreement remains in full force and <br /> effect. <br /> [SIGNATURE PAGES FOLLOW] <br /> 4 <br />