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I i DEME © yz I", MENT AGIN�11ai�i ` t "COU ,,W.,. Y GOD.DNi A E T Relative to tlre;Development of Certain-Property Vitir�n tie Mautaitn House Gam�nuurty' RECITALS This Agreement is entered into.as of. � € .j 1 �Q06 , 2006(the"Effective Date") ori the basis of the following facts, understandings ah d4nteritions'ofthe parties,. Recital A. These Recitals refer to and'utilize certain capitalized terms which are defined in Section 1.1. of this Agreement. Recital B. The Development Agreement Legislation authorizes County to enter into development agreements in connection with the development of real property within its jurisdiction by persons having a legal or equitable interest in the real property which is the subject of a development agreement. The Development Agreement Legislation also authorizes counties to enact, by resolution or ordinance, procedures or requirements for the consideration of development agreements, to meet the goals of the Development Agreement Legislation, to conserve resources, reduce development costs to the consumer and encourage investment in and a commitment to comprehensive planning to maximize the efficient utilization of resources at the least economic cost to the general public. Recital C. Countyhas enacted the Development Agreement Regulations, establishing the 1 procedures and requirements for the consideration of Development Agreements thereunder pursuant to the Development Agreement Legislation. Recital D. The Property subject to this Agreement consists of approximately 28.55 acres and is generally located as shown in shading in Exhibit A-1 attached hereto and consisting of property(in shading)owned in fee by Developer and unconditionally subject to this Agreement, which is legally described in Exhibit A-2 attached hereto. The Property is located within the sphere of influence of the Mountain House Community Facilities District and is subject to a security interest which will be subordinated to this Agreement or removed for this Agreement to be effective as to such Property. Recital E. This Agreement is entered into pursuant to and in furtherance of the Master Plan for the Mountain House Community("Master Plan"). The Master Plan implements the County General Plan Amendment which added the new community of Mountain House to the W02-SFIM61481 145.2 -l-