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• • FIRST AMENDMENT TO DISPOSITION AND DEVELOPMENT AGREEMENT This First Amendment to Disposition and Development Agreement (this "Amendment") dated as of February 12, 2014 (the "Effective Date") by and between the City of San Leandro, a municipal corporation ("City"), acting in its capacity as Successor City to the Redevelopment Agency of the City of San Leandro, and Innisfree Ventures II, LLC, a California limited liability company ("Developer"), (collectively the "Parties") amends that certain Disposition and Development Agreement (the "Agreement") dated July 20, 2012 by and between City and Developer. Capitalized terms used and not defined in this Amendment have the meanings set forth in the Agreement. RECITALS A. City and Developer have heretofore executed the Agreement pursuant to which City conveyed certain real property located at 1550 East 14th Street in the City of San Leandro (the "Property") to Developer to develop a retail project on the Property. B. City and Developer desire to enter into this Amendment to delete the requirement that Developer commence construction twenty-four(24) months following the effective date of the Agreement. C. City and Developer also desire to enter into this Amendment to amend the definition of "Closing", "Closing Date" and "Close of Escrow" to mean December 31, 2013. NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: Section 1. Section 4.6 is hereby amended as follows (strikethrough is deletion, italics is addition): 4.6 Development Schedule. Developer shall commence and complete construction of the Project and development of the Property and shall satisfy all other obligations of Developer under this Agreement within the time periods set forth herein, as such time periods may be extended upon the mutual written consent of the Parties. Subject to force majeure, Developer shall commence construction of the Project not later than ninety (90) days following the Closing Date, and Developer shall diligently prosecute the construction work to completion in order to allow City to issue a final certificate of occupancy within eighteen (18) following commencement of construction; Date. Subject to force majeure, Developer's failure to commence or complete the Project in accordance with the time periods specified in this Section 4.6 shall be an Event of Default hereunder. - 1 -