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535039v3 JSB TW185-2 <br /> At least 15 owner-occupied homes must be affordable <br />o Condo Parcel Block 20 <br /> Approximately 88 owner-occupied condos/coops with <br />approximately 8,500 sq. ft. of retail <br /> Completed value of at least ~$7.5M (based on 5x the Strike Price) <br />o Commercial Development Parcel Blocks 1, 3, 4, 5, or 6 <br /> Blocks 1, 3, 4, 5, 6 <br />• Approximately 1,140,000 sq. ft. of commercial or office <br />space <br />• Completed value of at least ~$105.2M (based on 5x the <br />Strike Price) <br />o Apartment Parcel Block 21 <br /> Mixed Use <br /> Approximately 210 rental housing units with approximately 8,500 <br />sq. ft. retail <br /> Completed value of at least ~$22.2M (based on 5x the Strike Price) <br /> 117 rental affordable units spread between Parcel Blocks 20-24, <br />including Parcel Block 21 <br />o Performance Deadlines may be extended if: <br /> Minnesota and the Twin Cities has been determined to be in <br />recession for 6 consecutive months based on two specified indices <br />published by the applicable Federal Reserve Banks <br /> Any hazardous substances are discovered during construction <br /> Other unavoidable delays beyond the control of Master Developer <br />Article XI Events of Default <br />• Master Developer will have up to 180 days to remedy the problem(s) <br />• The JDA and County have the authority to: <br />o Suspend development activities <br />o Cancel, rescind or terminate the MDA and related agreements <br />o Retain any funds held in escrow <br />o Reacquire any property previously sold to Master Developer or vertical <br />developers <br />Other provisions include: <br />• Master Developer is prohibited from holding land for speculation <br />• Master Developer can sell property to vertical developers <br />o Master Developer cannot assign or transfer its obligations under the MDA <br />to a vertical developer without approval from the JDA and the County <br />o All vertical developers are subject to the same performance requirements <br />as Master Developer <br />• Joint recruitment of Corporate Campus buyers <br />• Joint marketing, branding and business recruitment