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l <br /> DEVELOPMENT AGREEMENT <br /> By and Between <br /> COUNTY OF SAN JOAQUIN <br /> AND <br /> GOLDEN STATE INVESTMENTS, H LP <br /> " - Relative to the Development of Certain Property Within the <br /> P P ty <br /> Mountain House Community <br /> RECITALS <br /> This Agreement is entered into as of 2006 the "Effective Date" on <br /> �. the basis of the following facts,understandings and intentions of the parties: <br /> Recital A. These Recitals refer to and utilize certain capital ized terms which are defined <br /> in Section 1.1. of this Agreement. <br /> - Recital B. The Development Agreement Legislation authorizes County to enter into <br /> development agreements in connection with the development of real property within its <br /> jurisdiction by persons having a legal or equitable interest in the real property which is the <br /> subject of a development agreement. The Development Agreement Legislation also authorizes <br /> counties to enact,by resolution or ordinance, procedures or requirements for the consideration of <br /> development agreements, to meet the goals of the Development Agreement Legislation, to <br /> conserve resources, reduce development costs to the consumer and encourage investment in and <br /> a commitment to comprehensive planning to maximize the efficient utilization of resources at the <br /> least economic cost to the general public. <br /> Recital C. County has enacted the Development Agreement Regulations, establishing the <br /> procedures and requirements for.the consideration of Development Agreements thereunder <br /> pursuant to the Development Agreement Legislation. <br /> L Recital D. The Property subject to this Agreement consists of approximately 28.55 acres <br /> and is generally located as shown in shading in Exhibit A-1 attached hereto and consisting of <br /> property(in shading) owned in fee by Developer and unconditionally subject to this Agreement, <br /> which is legally described in Exhibit A-2 attached hereto. The Property is located within the <br /> sphere of influence of the Mountain House Community Facilities District and is subject to a <br /> security interest which will be subordinated to this Agreement or removed for this Agreement to <br /> be effective as to such Property. <br /> Recital E. This Agreement is entered into pursuant to and in furtherance of the Master <br /> Plan for the Mountain House Community("Master Plan'). The Master Plan implements the <br /> County General Plan Amendment which added the new community of Mountain House to the <br /> W02-SFTM61481145.2 -1- <br /> t <br />