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3. Rental Restrictions. Section 11.4 of the Development Agreement is deleted in <br />its entirety. <br />4. Permitted Assignment to F & C Ramsey Apartments, LLC. Section <br />11.5(b)(iii) of the Development Agreement is deleted in its entirety and replaced with the <br />following: <br />F & C Ramsey, LLC acknowledges that the City's obligation to execute <br />the TIF Note and deliver the TIF Note to F & C Ramsey, LLC pursuant to <br />Section 6.1 of this Agreement is subject to all of the terms and conditions <br />of this Agreement including all of the terms and conditions of the TIF <br />Note. <br />5. Remedies on Default. Section 13.2(d) of the Development Agreement is deleted <br />in its entirety. <br />6. Exhibit B. Exhibit B of the Development Agreement is deleted in its entirety and <br />replaced with the document that is attached to this Amendment and Labeled "EXHIBIT B." <br />7. Defined Terms. The term "Development Agreement" as used in the <br />Development Agreement and in this First Amendment the Development Agreement as modified <br />by this First Amendment. Capitalized terms not otherwise defined in this First Amendment have <br />the meaning given to such terms in the Development Agreement. <br />8. No Further Modifications. Except as expressly modified in this First <br />Amendment, the Development Agreement is unmodified and in full force and effect. <br />9. Counterparts. This First Amendment may be executed in any number of <br />counterparts, each of which shall be deemed an original, but all of which together shall constitute <br />one and the same instrument. <br />10. Effective Date. This First Amendment is effective as of the Amendment <br />Effective Date. <br />3 <br />6906278v4 <br />