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AGREEMENT • Section 1. Development Plan. 1.1 Buyer represents that the Property will be developed as residential space which will foster quality, affordable home ownership. Buyer hereby agrees to develop the Property as a Planned Unit Development substantially in accord with its proposal to the City, dated July 27, 2000. In connection with such development, Buyer may wish to relocate the portion of Lyman Street which crosses the Property in order to facilitate the development; City agrees to consider vacating the existing right-of-way and to consider accepting the dedication of a new right-of-way as shown on the final site plan for the Property. The City shall not unreasonably withhold its consent to such vacation and acceptance of the new right-of-way. 1.2 Buyer shall submit to the City Neighborhood Development Services Department for its approval its proposed site plan and Planned Unit Development ("PUD") plan, including a preliminary subdivision plat, for the development of the Property within ninety (90) days of execution of this Agreement. City's approval will not be unreasonably delayed or withheld. Buyer shall, on the second Tuesday of each month, provide the City with such progress reports as the City may reasonably require. Among the amenities or features that the City would like to see developed as part of the foregoing submissions are the following: • (a) adequate buffering from the existing railroad, (b) a recreation area visible from a public street and open to the public, and (c) a pedestrian linkage to bordering neighborhoods. 1.3 City Council shall have the right (but not the obligation) to review any and all plans with respect to any improvements (including landscape, subdivision plat, final site plan, exterior building elevations, materials, color scheme, and signage) to be erected on the Property. At least sixty (60) days prior to commencement of construction, such plans shall be submitted to City Council for review and comment. No construction shall commence until City Council shall have approved such plans, but such approval shall not be unreasonably delayed or withheld; if City Council does not act on any such plans within sixty (60) days of the date of submission to City Council, such plans shall be deemed to have been approved. 1.4 All construction required or permitted to be performed by or on behalf of Buyer hereunder shall be performed in a first-class manner using materials and fixtures of good quality. 1.5 Buyer agrees to commence development of the Property as soon after the Closing referred to in Section 4 as is commercially feasible unless the City gives its prior written consent to a delay; but in no event shall Buyer fail to meet the following construction schedule: • Page 2 of 8