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preclude Skyline from selling and renting (and offering for sale and rental) the Residential Units <br />concurrently. <br />3. Modification of Certain Provisions. The Development Agreement is hereby amended <br />and supplemented in the following particulars: <br />3.1 Section 1.1(1). The phrase "for-sale residential condominiums" appearing in <br />Section 1.1(1) of the Development Agreement is hereby amended and restated to read as "for-sale <br />condominium units/for-rent residential units." <br />3.2 Section 2.43(1). The phrase "three hundred fifty (350) for sale residential <br />condominium units" appearing in Section 2.43(1) of the Development Agreement is hereby <br />amended and restated to read as "three hundred forty-nine (349) for-sale condominium units/for- <br />rent residential units." <br />3.3 Section 2.50. The phrase "each of the for sale residential units" appearing in <br />Section 2.50 of the Development Agreement is hereby amended and restated to read as "each of the <br />for-sale (and with respect to Lake Towers, if applicable, the for-rent) residential units." <br />3.5 Section 4.1. Clause (ii) appearing in Section 4.1 of the Development <br />Agreement is hereby amended and restated to read in its entirety as follows: <br />"(ii) the granting of Certificates of Occupancy (or similar permission to occupy) for <br />the final Element of the Project and, except with respect to Lake Towers, sale of all <br />Residential Units." <br />3.6 Section 4.2.1. Anew Section 4.2.1 is added to the Development Agreement <br />to read in its entirety: <br />4.2.1. Residential Rental Manager. Should Skyline exercise its option to rent the <br />Lake Towers prior to occupancy of the first rental unit, Skyline shall first obtain the <br />written consent of the City, acting in its reasonable discretion, of its proposed <br />residential rental manager. In exercising its reasonable discretion, the City, acting <br />through the City's Executive Director of Planning and Building Agency or designee, <br />shall limit its review to the experience and capabilities of the proposed residential <br />rental manager and shall approve any such proposed residential rental manager if it <br />has demonstrated experience or capabilities with respect to the managing rental <br />properties on the scale of the Lake Towers. <br />3.7 Section 4.3. Clause (f) appearing in Section 4.3 of the Development <br />Agreement is hereby amended and restated to read in its entirety as follows: <br />"Buyer's of Residential Units (and with respect to the Lake Towers Element, if <br />applicable, buyer's or tenant's of Residential Units). <br />4. Full Force and Effect; Counterparts. Except as amended herein the Development <br />Agreement shall remain in full force and effect in accordance with its terms. This Second <br />Amendment may be executed in any number of counterparts, all of which shall constitute one and the <br />same instrument. <br />4/28/2009 9:15:00 AM <br />2nd amendment to development agreement3 lake tower only.doc <br />75A-136 <br />