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E. The Parties desire to enter into this Agreement to assess the feasibility of development on the Developer Property, East Parking Lot and other BART-owned surface parking areas in a manner consistent with the goals and objectives included in the TOD Strategy (the "BART Station Project"). F. The Parties further specifically desire to assess the feasibility of (i) development of a mix of uses including medium and high density residential and commercial mixed-uses on the affected parcels; (ii) the relocation of a portion of the existing parking spaces on East Parking Lot to a portion of the Developer Property (including existing public streets); (iii) vacating Martinez Street (the "Martinez Street Property) and that portion of the W. Estudillo Avenue between Alvarado Street and Martinez Street (the "W. Estudillo Avenue Property") as public streets and contributing the Martinez Street Property and the W. Estudillo Avenue Property to the Developer Property and to the BART Station Project; and (iv) the creation of a Parking Benefit District by the City. The BART Station Area, the Developer Property, the Martinez Street Property and the W. Estudillo Avenue Property shall be collectively referred to herein as the "Property". G. The Parties further desire to cooperate fully and jointly seek and apply for grant-funding that would benefit the Property and the TOD Strategy Area from a variety of sources, including, but not limited to Federal, State, county and Foundations. H. The Parties further desire to establish the terms of a sale, exchange or ground lease for some or all of the developable parking areas included on the portion of the Property owned by BART, should development prove feasible. I. Upon concluding that development is feasible and approving the terms of a purchase, exchange or ground lease of all or any portion of the developable BART parking lots, the Developer intends to submit applications to the City to effectuate said development. To accomplish such development, the Developer may subdivide or consolidate the Property into parcels conducive to the various contemplated uses, and may subsequently transfer the parcels to different members or affiliates of the members of the Developer for individual development of each parcel by such members or affiliates. NOW THEREFORE, the Parties agree as follows: 1. NEGOTIATIONS. 1.1 Good Faith Negotiations. During the Negotiation Period, the Parties shall negotiate diligently and in good faith the terms and conditions for the proposed sale, exchange or ground lease of the Property to facilitate development that is consistent with the goals of the TOD Strategy. The Parties contemplate that a separate agreement will set forth the terms and conditions under which the Developer and its successors in interest can design and construct, or cause to be designed and constructed, improvements on the Property as well as the exchange or acquisition and conveyance of all or any portion of the Property between the Parties and any leasing of the Property that is necessary to facilitate the development of a future project. SANF] \382607.1 311718-29 2