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1.2. Property Subject to this Development Agreement. The Property known as APN 075-0047-002-00, 075-0047-003-02, 075-0047-007-00, 075-0041-002-01, as more particularly described in Exhibit A and shown in Exhibit B, is subject to this Development Agreement. 1.3. Term of the Agreement. The term ("Term") of this Development Agreement will commence upon the Effective Date and continue in full force and effect for a period of ten (10) years,with one automatic extension for another five (5)-year term upon completion of construction of Phase One of the Project(defined in Section 1.4.3 below), unless earlier terminated as provided in this Agreement. The Term has been established by the Parties as a reasonable estimate of the time required to develop the Project and obtain the benefits of the Project. 1.4. The Project 1.4.1. General. The Project contemplates the construction of a phased commercial and retail development,together with accessory automobile and bicycle parking and other ancillary improvements described in this Section 1.4. 1.4.2. Martinez Street and West Estudillo Avenue Vacation and Improvements. City and Developer shall enter into an agreement whereby City will vacate Martinez Street and West Estudillo Avenue. The Project includes Developer's construction and maintenance of landscaping, green space and a bicycle path consistent with the East Bay Green Way plans, on the eastern portion of the former footprint of Martinez Street(the"Martinez Street Improvements"), as described in Exhibit C attached hereto and incorporated herein by this reference. Prior to construction of the Martinez Street Improvements, Developer and City will enter into a separate maintenance and improvement agreement that more fully describes the Martinez Street Improvements and sets forth Developer's obligations to maintain the Martinez Improvements in more detail. The Martinez Street Improvements must be constructed prior to, or concurrently with, and completed prior to occupancy of the Phase One Improvements (defined below). 1.4.3. Phase One Improvements. Phase One of the Project consists of the construction of a minimum six-story commercial office building with a minimum square footage of 120,000 square feet that may include limited retail space of 12,000 square feet or less ("Phase One Improvements") . It is anticipated that Phase One Improvements will include all of the following construction: a. Construction of bundled parking up to a maximum ratio of 3.6 parking spaces per 1,000 square feet of office or retail space. For the purpose of this Agreement, "bundled parking" shall mean on-site parking spaces that are devoted to exclusive use by tenants of the Project as part of their lease. Developer shall have the right to charge for all bundled parking in the Phase One. The parking may be constructed as either surface parking, above grade or below grade structured parking, as appropriate to accommodate the needs of Phase One. 4