1. This First Amendment amends the Tract 8 Agreement executed between the parties October 20, 2009 Agreement.
2. The First Amendment allows the term of the Development Agreement to commence on the Effective Date and continue until May 5, 2032, unless sooner terminated under this Restated Agreement as provided herein, (the “Term”). The Term may be extended for successive and continuous five (5) year periods beyond expiration of the Term by written agreement by the Parties; provided however, that in no event will the sum of the Term and any extensions comprise total more than as allowed by applicable law.
3. October 20, 2009 is the date of the parties original development agreement affecting Owner’s property and will apply as the commencement date for purposes of calculating the total maximum term allowed by law. |