VDC AT THE MET, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY

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AMENDED DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SANTA ANA AND VDC AT THE MET, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY This AMENDED DEVELOPMENT AGREEMENT ("Agreement") is entered into between THE CITY OF SANTA ANA, a charter city and municipal corporation duly authorized under the Constitution and laws of the State of California (referred to herein as "City") on the one hand, and VDC AT THE MET, LLC, A CALIFORNIA LIMITED LIABILITY COMPANY (referred to herein as "Owner" or "Property Owner") on the other hand. 1. RECITALS. The Amended Agreement is entered into with reference to the following facts: 1.1 Purpose. (1) The purpose of this Agreement is to facilitate the development of a small portion of the real property which was the subject of a Development Agreement entered into on January 4, 1988 and recorded as Document 88-260709 in the Office of the Recorder of the County of Orange (the "Original Agreement"). The Original Agreement was subsequently amended on or about June 4, 2001, by Document No. 20010429519 the Office of the Recorder of the County of Orange. The real property which was the subject of the Original Agreement is zoned by the City as Specific Zoning District No. 43 ("SD-43"). On April 4, 2005, the City entered into a Development Agreement (the "2005 Agreement") with Coastal Rim Properties, Inc. and Geneva Commons, LLC (collectively referred to herein as "Coastal Rim"). (2) A portion of the real property covered by the Original Agreement was subsequently acquired by Coastal Rim, who applied to the City to amend SD-43 and approve a new tentative map, and other entitlements. (3) The City and Owner agree that the changes Owner seeks in the 2005 Agreement substantiate the need to amend the Original Agreement with the instant Agreement, rendering the Original Agreement and the 2005 Agreement, and any amendments thereto, null and void as applied to Owner's Property (as the word "Property" is defined in Section 2.3 herein). (4) As more particularly set forth in Section 2.4 of this Agreement, Owner has proposed developing the northeast corner of MacArthur Boulevard and Imperial Promenade with a 5-story, multi-family apartment community consisting of 278 residential units, with 2 levels of subterranean parking, and a level of podium deck parking in 2 separate buildings (the "Project", as further defined in Section 2.4 herein). 1.2 Code Authorization. City is authorized pursuant to Government Code Sections 65864 through 65869.5 to enter into Development Agreements with persons having legal or equitable interests in real property for the purpose of establishing certainty for both City and Owner in the development process. City enters into the Agreement pursuant to the provisions of the Government Code and applicable City policies. The parties acknowledge: