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4 <br /> 2 <br /> Amendment formalizes that Part One modification. First, Owner has completed the required TL <br /> Group Acceptance Standards and the parties intend for the conveyance of the Transfer Lot Group <br /> to be made to the City on or before April 28,2017(the"Transfer Lot Group Closing Date"). <br /> Second,the parties agree that Owner will complete a four(4)-lot Division 9 Binding Site Plan as <br /> reflected in the Notice of Decision Bind Site Plan#16-003 attached hereto as Exhibit H(the <br /> "Notice of Decision")whereby a portion of Transfer Lot 45-E, 1.66 acres,will be incorporated <br /> into Lot 1,Division 9 ("Lot 1")and another portion of Transfer Lot 45-E, 1.0 acres,will be <br /> incorporated into Lot 2,Division 9("Lot 2"),with the portions of Transfer Lot 45-E <br /> incorporated into Lot 1 and Lot 2 referred to collectively as the"Land Wedge"and the balance <br /> of Transfer Lot 45-E shown as Lot 3,Division 9 and referred to herein as"Transfer Lot 3." <br /> Owner will pay to the City on each Bona Fide Sale of Lot 1 andLot 2 the respective Lot Profit <br /> Payment specified in Section 1.16, and each such Lot Profit Payment shall be secured by a Deed <br /> of Trust on each respective Lot as set forth in Section 1.12(a)(3). Third,Owner agrees to pay to <br /> the City the amount of$2,000,000 in"Installment Payments", defined in Section 1.15 below, as <br /> an"Equivalent Value"to create financial parity given the amended and replaced Acceptance <br /> Standards, with the first installment of$400,000 made by Owner on the earlier of the Lot 1 <br /> closing or the Transfer Lot Group Closing Date,but in no event later than sixty(60) days after <br /> the Division 9 Binding Site Plan Notice of Decision is signed and the Division 9 Binding Site <br /> Plan is approved by the City. Fourth, Owner agrees to complete the Transfer Lot 3 work as set <br /> forth in Section 1.2(d) and convey Lot 3 to the City(which together with the Installment <br /> Payment obligations, are collectively referred to as the"Owner Obligations"). Excluding the <br /> Lot Profit Payments,which are separately secured,the Owner Obligations shall be secured by <br /> bonds,which bonds shall be in the faun as attached on Exhibit I(each, a"Bond") and in <br /> 2 <br /> 131047136.14 <br /> 9 <br />