8809-15 Authorizing agreement with Rockport Square LLC

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required with respect to the trading or issuance of shares or other securities of FCE or a REIT or UPREIT in the public or private markets or where such transfers are part of a merger, consolidation or sale of all or substantially all of the assets or stock of FCE, a REIT, an UPREIT or any of their respective affiliates. Section 3. Acquisition of Property. The Parties acknowledge that the transfers of property contemplated in the Original Development Agreement have taken place. Section 4. Obligations of the City. The City issued the Bonds and provided Net Bond Proceeds of Three Million Nine Hundred Ninety Three Thousand Two Hundred Ninety Two and 22/100 Dollars ($3,993,292.22). The City has funded in prior disbursement requests =the amount of Three Million Seven Hundred Seventy One Thousand Nine Hundred Seventy Nine and 501100 Dollars ($3,771,979.50 to pay for the Development Property acquisition, platting and sale costs and a portion of the costs of the Original Public Improvements (collectively, the "City's Project Costs "). There is approximately, Two Hundred Twenty One Thousand Three - kindred Twelve and 72/100 Dollars ($221,312.72)] of unspent Bond proceeds (the "Unspent Bond Proceeds "). The City agrees to contribute the Unspent Bond Proceeds to the cost of Additional Public Improvements as provided herein. Section 5. (A) Conveyance of Property Developer has acquired the Additional Development PropertyW will sell =lots within the Additional Development Property to NRV, Inc., a Virginia corporation, -d/b /a Ryan Homes (the "Builder ") subject to a separate agreement between Developer and Builderroviedlwwever, Developer reserves the right to change the Builder with the consent of the City, which—consent shall not be unreasonably withheld. (B) Additional Public Irnp oyements Subject to the terms and conditions herein, the City hereby engages Developer as the City's agent to demolish and remove any currently remaining buildings and structures on the Additional Development Property and to construct the Additional Public Improvements, in accordance with the plans and specifications for the Additional Public Improvements (the "Additional Public Improvements Plans ") approved by the City's review bodies, the requirements of this Development Agreement, and the requirements of applicable federal, state and local laws, including the ordinances and regulations of the City (as amended or modified by the City's review bodies, by variance or otherwise, to permit construction of the Additional Public Improvements, as provided herein). Developer, as construction agent for the City relative to the Additional Public Improvements, shall comply with the competitive bidding procedures set forth in the Development Agreement Ordinance and in Exhibit hereto. (C) Additional Developer Improvements The Developer will construct the Additional Developer Improvements in accordance with the plans and specifications for the Additional Developer Improvements (the "Additional Developer Improvements Plans ") approved by the City review bodies, the requirements of this Development Agreement, and the (03163827.DOCx;6 ) 11727136.4 (2026928v2) 4