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.t DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT(this"Development Agreement" or this "Agreement") is entered into as of May 21, 2014 (the"Agreement Date")by and between the City of San Leandro, a California Charter City organized and existing under the laws of the State of California("City") and Chang Income Property Partnership LP, San Leandro Land Series (R1), a Delaware limited partnership ("Developer"). City and Developer are referred to individually as "Party," and collectively as the "Parties." RECITALS This Agreement is entered upon the basis of the following facts,understandings and intentions of City and Developer. A. The lack of certainty in the approval of development projects can result in a waste of resources, escalate the cost of development, and discourage investment in and commitment to comprehensive planning that would make maximum efficient utilization of resources at the least economic cost to the public. B. In order to strengthen the public planning process, encourage private participation in comprehensive planning and reduce the economic costs and risk of development,the Legislature of the State of California enacted Section 65864 et seq. of the Government Code (the "Development Agreement Legislation"), which authorizes City to enter into a development agreement for real property with any person having a legal or equitable interest in such property in order to establish certain development rights in the property. C. Developer has a fee interest in certain real property consisting of approximately 5.27 acres located adjacent to the San Leandro Bay Area Rapid Transit("BART") station, bordered by Martinez St., Thornton St., Alvarado St. and West Estudillo Ave., known as APN Nos. 075-0047-002-00, 075-0047-003-02, 075-0047-007-00, 075-0041-002-01 as more particularly described in Exhibit A attached hereto, and as diagrammed in Exhibit B attached hereto (the "Property"). D. On September 4, 2007 City adopted the San Leandro Downtown Transit Oriented Development Strategy(the "TOD Strategy")to establish a land use framework, a comprehensive circulation plan, design and development guidelines and a series of implementation actions in order to increase transit ridership and to enhance downtown San Leandro. E. The Property is located within the TOD-BART Mixed Use and Public/Institutional areas,as designated and defined in the TOD Strategy. F. Developer intends to develop the Property in three phases as a mixed-use commercial/limited retail/office complex,which will include public open space, construction of bicycle and pedestrian walkways and access to local transit(as defined more fully in Section 1.4 below,the "Project"). G. The complexity, magnitude and long-range nature of the Project would be difficult for Developer to undertake if City had not determined, through this Development 1