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E. Subsequently, the Owner decided not to proceed with the <br />200 unit apartment project and submitted for planned unit <br />development approval for a 104 unit townhouse project. <br /> <br /> F. Owner desires to cancel the building permits on the 200 <br />unit apartment project and then obtain building permits for the <br />104 unit townhouse project. This amendment to the Long Term <br />Agreement is necessary to clarify the affect of this substitution <br />of building permits upon the growth management approval and sewer <br />capacity previously allocated to the parcel. <br /> <br /> NOW, THEREFORE, CITY AND OWNERS AGREE AS FOLLOWS: <br /> <br /> 1. Owner shall be permitted to cancel the 200 apartment <br />building permits on the 13 acre parcel and obtain in their place <br />104 townhouse building permits. The date by which townhouse <br />building permits shall be obtained or growth management approval <br />will expire shall be December 31,1988. <br /> <br /> 2. Owner agrees and understands that upon obtaining the 104 <br />unit townhouse building permits that all of owners rights to the <br />sewer capacity allocated to that~parcel pursuant to the 1982 <br />Settlement Agreement and the September 13, 1983 Long Term <br />Agreement (i.e. 158 D.U.E. permits) shall expire and be of no <br />further force and effect. City agrees that no additional <br />purchase of sewer capacity shall be necessary for the building <br />permits for the 104 unit townhouse project if building permits <br />are obtained before December 31, 1988. <br /> <br /> - 2 - <br /> <br /> <br />