RES 97148 - Laserfiche WebLink

provides that that term would be extended to conform with the term of the Development Agreement; and D. WHEREAS, Crocker and City are amending the Development Agreement so as to extend the term of the Development Agreement for an additional five (5) years (i.e., until August 9, 2005); and E. WHEREAS, the purpose of this Second Amendment is to: (1) Extend the term of the Foothill/SAB Amended Development Defermerit Agreement ("Foothill Deferment Agreement"), as amended by the First Amendment, to conform with the term of the Development Agreement (i.e., to extend it until August 9, 2005), and (2) To revise the building permit limitation and designated time periods for use of the Property Sewer Permits to be consistent with the extended term of the Foothill Development Agreement. NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties agree as follows: 1. Revision to Buildinq Permit Limitation. Paragraph 4.A.(1) of the Foothill Deferment Agreement, as amended by the First Amendment, is further amended by deleting existing subparagraph (d) and by adding the following text: (d) Phase Four. "Phase Four" shall be the period commencing two (2) years after the commencement of Phase Three. At the commencement of Phase Four, Owner shall be entitled to use any remaining unused sewer capacity as needed for the construction of additional square footage of allowed uses up to the maximum density approved for the Property ("Phase Four Permits"). (Phase Three Deferred Permits shall be considered to be Phase Four Permits as of the commencement of Phase Four.) The required sewer capacity shall be based on the sewer coefficients specified in Section 7 of the First Amendment. Owner shall also have the option of deferring any Phase Four Permits to Phase Five, as defined below, by providing written notice to City ("Phase Four Deferment Notice"). The Phase Four Deferment Notice may be given at any time on or after the commencement of Phase Four, and shall specify the number of Phase Four Permits to be deferred ("Phase Four Deferred Permits"). As of the date of the Phase Four Deferment Notice, all Phase Four Deferred Permits shall again be subject to a restriction against their use until the commencement of BPHSF6\CJB\OZ12209.01 01/10/96 2.