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DEVELOPMENT AGREEMENT <br /> By and Between <br /> COUNTY OF SAN JOAQUIN <br /> AND <br /> GOLDEN STATE INVESTMENTS, LP <br /> Relative to the Development of Certain Property Within the <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 capitalized terms which are defined <br /> in Section LL 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 /> Recital D. The Property subject to this Agreement consists of approximately 35 acres and <br /> is generally located as shown in shading in Exhibit A-1 attached hereto and consisting of property <br /> (in shading) owned in fee by Developer and unconditionally subject to this Agreement,which is <br /> legally described in Exhibit A-2 attached hereto. The Property is located within the sphere of <br /> influence of the Mountain House Community Facilities District and is subject to a security <br /> interest which will be subordinated to this Agreement or removed for this Agreement to be <br /> 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-SF:FPD\61481145.2 -1- <br />