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THIS FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (the "First Amendment") is made and entered into on the day of , 2015, by and between the City of Pleasanton, a municipal corporation (the "City"), and SHAC Las Positas Apartments LLC, a California limited liability company, (the "Developer"), pursuant to the authority of California Government Code sections 65864 et seq. RECITALS A. SHAC Las Positas Apartments LLC and the City have entered into a Development Agreement dated August 14, 2014 and recorded on December 9, 2014, as Instrument No. 2014301257, Official Records of Alameda County (the "Agreement"). Capitalized terms used in this First Amendment (and not otherwise defined) shall have the meanings given to them in the Agreement. B. The Agreement and City of Pleasanton City Council Ordinance No. 2090 contemplate the Project consisting of a 177 unit apartment project. C. The Developer desires to modify the Project to encompass a 94 unit condominium project rather than the 177 unit apartment project. D. In conjunction with this First Amendment, the Developer is seeking amendment of its original Project Approvals, including the PUD Development Plan, zoning and the Affordable Housing Agreement it entered into with the City previously. The Development Agreement as referred to above is hereby amended as set forth below. Section 1. The Recitals in the Agreement are hereby amended as specified below. Recital D (3) is hereby amended to read as follows: "PUD Development Plan. Following review and recommendation by the City Planning Commission and after a duly noticed public hearing and preparation and consideration of an Addendum to the Housing Element EIR, the City Council, by Ordinance approved a revised PUD Development Plan (the "Project Design Review") for the 5.9 acre residential housing site referred to above known as the "5850 West Las Positas," surface parking and related site improvements, and collectively referred to in this Agreement as the Project Site." Recital D (5) is hereby amended to read as follows: "Affordable Housing Agreement. Following review and recommendation of the Housing Commission and after a duly noticed public hearing, the City Council by Resolution approved an amended Affordable Housing Agreement covering the Project Site (the "AHA")." Recital D (6) is hereby amended to read as follows: "Development Agreement. Following review and recommendation by the City Planning Commission and after a duly noticed public hearing, the City Council, by Ordinance