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• • 3. Sale of Affordable Units at Affordable Sales Price. Developer shall comply with the following requirements with respect to the development and sale of Affordable Units. Phase 1 of the Development ( "Phase 1 ") shall include two (2) homes that are restricted for sale at a price not in excess of the Affordable Sales Price to Eligible Households of Low- Income (i.e., on Lots 5 & 6), and one (1) home that is restricted for sale at a price not in excess of the Affordable Sales Price to Eligible Households of Moderate - Income (i.e., on Lot 2). Phase 2 of the Development ( "Phase 2 ") shall include one (1) home that Developer agrees to sell to an Eligible Household of Low - Income at a price not in excess of the Affordable Sales Price (i.e., on Lot 13). The third (or future) phases of the Development ( "Phase 3 + ") shall include two (2) homes that Developer agrees to sell to Eligible Households of Moderate - Income at a price not in excess of the Affordable Sales Price (i.e., on Lots 9 & 10). 4. Recordation of Resale Price Restrictions. Developer shall require the purchasers of the Affordable Units developed in Phases 1 and 2 to execute and record a Resale Restriction and Option to Purchase agreement and a Deed of Trust, each in form approved by City. Developer shall be required to sell the Affordable Units developed in Phase 3+ (i.e., on Lots 9 & 10) to Eligible Households of Moderate - Income, but the resale of these units shall not be restricted, and the recordation of a Resale Restriction and Option to Purchase agreement and a Deed of Trust shall not be required in connection with the sale of the Phase 3+ Affordable Units. 5. Phase 1 Requirements Satisfied. The Parties acknowledge that the requirements applicable to the Phase 1 Affordable Units pursuant to Sections 3 and 4 above have been satisfied prior to the Effective Date. 6. Effectiveness of Original Agreement. Except as expressly modified by this Amendment, all terms and conditions of the Original Agreement shall remain unchanged and in full force and effect. 7. Miscellaneous. 7.1 Amendments. The Agreement may be amended or modified only by a written instrument signed by both Parties. 7.2 No Waiver. Any waiver by City of any term or provision of the Agreement must be in writing. No waiver shall be implied from any delay or failure by City to take action on any breach or default hereunder or to pursue any remedy allowed under the Agreement or applicable law. No failure or delay by City at any time to require strict performance by Developer of any provision of the Agreement or to exercise any election contained or any right, power or remedy shall be construed as a waiver of any other provision or any succeeding breach of the same or any other provision of the Agreement or a relinquishment for the future of such election. 7.3 Notices. Except as otherwise specified herein, all notices to be sent pursuant to the Agreement shall be made in writing, and sent to the Parties at their respective addresses specified below or to such other address as a Party may 1486489.4 3