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<br />ARTICLE VII <br /> <br />TWIN LAKES DEVELOPMENT DISTRICT <br /> <br />Section 7.1. Additional Development. Except during the <br />continuance of an Event of Default or the equivalent thereof <br />under the terms and conditions of any other development agreement <br />between the City and the Developer for the development of any <br />portion of the property in Twin Lakes Development Subdistrict, <br />Developer shall have the right of first offer to develop all, or <br />any portion, of the property in the Twin Lakes Development <br />Subdistrict as hereinafter provided. The City shall provide <br />Developer with notice of its intent to pursue the development of <br />such property, or any portion thereof, and the City shall provide <br />Developer with a right of first offer to enter into a development <br />agreement with the City for the property, or any portion thereof, <br />pursuant to the terms and conditions of this Section. <br /> <br />In the event the City intends to pursue the development of <br />all or any portion of the Twin Lakes Development Subdistrict for <br />any purpose, and such development (calculated on the basis of <br />leasable square footage) contains more than 10% in the aggregate <br />of any of the following uses: (i) office, including but not <br />limited to medical office or medical service facility, (ii) <br />showroom, (iii) warehouse, or (iv) other light industrial <br />development (as applied in the local zoning code) then the City <br />shall first provide Developer with a proposed development <br />agreement for the development of the same property at no less <br />favorable terms and conditions than those contained in the <br />development agreement the City proposes to offer to any other <br />party, prior to providing a proposed development agreement to any <br />other party (the "First Offer") . <br /> <br />Within 20 business days following the receipt from the City <br />of the First Offer, Developer shall have the right to accept the <br />First Offer ("First Offer Right"). If, upon receipt from the <br />City of the First Offer, Developer fails to exercise its First <br />Offer Right within such 20 day period, Developer's rights with <br />respect to such First Offer Right shall be deemed waived, except <br />as hereinafter provided. If Developer exercises its First Offer <br />Right, then the City and Developer shall execute a development <br />agreement upon the terms and conditions contained in the First <br />Offer, or upon such other terms and conditions agreed to by the <br />City and Developer. <br /> <br />In the event that Developer fails to exercise its First <br />Offer Right, the City shall have the right to offer to any other <br />party a rlevelopment agreement for such portion of the Twin Lakes <br />Development Subdistrict for the proposed development as set forth <br />in the First Offer. Any development agreement to be entered into <br /> <br />276768.10 <br /> <br />43 <br />