Common use of Excess Development Clause in Contracts

Excess Development. Seller hereby expressly acknowledges and agrees that it shall not be a breach or violation of the covenant set forth in Paragraph 7.1.1 above (i) if the total square footage developed on the Land exceeds the Acquired Square Footage, so long as any Other SFDC Square Footage necessary to cover such excess has been Conveyed to the Property Owner in accordance with the Master Developer Covenant and the Vesting Covenant (as the same may be amended, restated, replaced, or supplemented as of the Close of Escrow), and (ii) if the number of Towers developed on the Land exceeds the Acquired Tower Rights, so long as any Other SFDC Tower Rights necessary to cover such excess has been Conveyed to the Property Owner in accordance with the Master Developer Covenant and the Vesting Covenant (as the same may be amended, restated, replaced, or supplemented as of the Close of Escrow). The Conveyance of any square footage or Towers to the Property Owner, and the development of any such square footage or Towers on the Land, shall be subject to (x) compliance with all applicable requirements and/or procedures set forth in the Development *** Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. Entitlements (including any placement and/or separation restrictions applicable to Towers contained in the South Design for Development), and (y) the receipt of any requisite approvals or consents from Governmental Authorities, including, without limitation, the Redevelopment Agency.

Excess Development. Seller hereby expressly acknowledges and agrees that it shall not be a breach or violation of the covenant set forth in Paragraph 7.1.1 above (i) if the total square footage developed on the Land exceeds the Acquired Square Footage, so long as any Other SFDC Square Footage necessary to cover such excess has been Conveyed to the Property Owner in accordance with the Master Developer Covenant and the Vesting Covenant (as the same may be amended, restated, replaced, or supplemented as of the Close of Escrow), and (ii) if the number of Towers developed on the Land exceeds the Acquired Tower Rights, so long as any Other SFDC Tower Rights necessary to cover such excess has been Conveyed to the Property Owner in accordance with the Master Developer Covenant and the Vesting Covenant (as the same may be amended, restated, replaced, or supplemented as of the Close of Escrow), and (iii) if the total square footage of office space developed on the Land exceeds the Acquired Office Authorizations, so long as the Property Owner secures any additional Office Authorizations necessary to cover such excess, either by re-allocating to the Land Office Authorizations allocated to any Other SFDC Property (subject to the approval of the City’s Planning Department and/or Zoning Administrator (as applicable) and to compliance with the Office Program) or by securing additional Office Authorizations through the Office Program. The Conveyance of any square footage or Towers to the Property Owner, and the development of any such square footage or Towers on the Land, shall be subject to (x) compliance with all applicable requirements and/or procedures set forth in the Development *** Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. Entitlements (including any placement and/or separation restrictions applicable to Towers contained in the South Design for Development), and (y) the receipt of any requisite approvals or consents from Governmental Authorities, including, without limitation, the Redevelopment Agency.

Excess Development. Seller hereby expressly acknowledges and agrees that it shall not be a breach or violation of the covenant set forth in Paragraph 7.1.1 above (i) if the total square footage developed on the Land exceeds the Acquired Square Footage, so long as any Other SFDC Square Footage necessary to cover such excess has been Conveyed to the Property Owner in accordance with the Master Developer Covenant and the Vesting Covenant (as the same may be amended, restated, replaced, or supplemented as of the Close of Escrow), and (ii) if the number of Towers developed on the Land exceeds the Acquired Tower Rights, so long as any Other SFDC Tower Rights necessary to cover such excess has been Conveyed to the Property Owner in accordance with the Master Developer Covenant and the Vesting Covenant (as the same may be amended, restated, replaced, or supplemented as of the Close of Escrow). The Conveyance of any , and (iii) if the total square footage or Towers of office space developed on the Land exceeds the Acquired Office Authorizations, so long as the Property Owner secures any additional Office Authorizations necessary to cover such excess, either by re-allocating to the Land Office Authorizations allocated to any Other SFDC Property Owner, and the development of any such square footage or Towers on the Land, shall be (subject to the approval of the City’s Planning Department and/or Zoning Administrator (xas applicable) and to compliance with all applicable requirements and/or procedures set forth in the Development Office Program) or by securing additional Office Authorizations through the Office Program. *** Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. The Conveyance of any square footage or Towers to the Property Owner, and the development of any such square footage or Towers on the Land, shall be subject to (x) compliance with all applicable requirements and/or procedures set forth in the Development Entitlements (including any placement and/or separation restrictions applicable to Towers contained in the South Design for Development), and (y) the receipt of any requisite approvals or consents from Governmental Authorities, including, without limitation, the Redevelopment Agency.

Excess Development. Seller hereby expressly acknowledges and agrees that it shall not be a breach or violation of the covenant set forth in Paragraph 7.1.1 above (i) if the total square footage developed on the Land exceeds the Acquired Square Footage, so long as any Other SFDC Square Footage necessary to cover such excess has been Conveyed to the Property Owner in accordance with the Master Developer Covenant and the Vesting Covenant (as the same may be amended, restated, replaced, or supplemented as of the Close of Escrow), and (ii) if the number of Towers developed on the Land exceeds the Acquired Tower Rights, so long as any Other SFDC Tower Rights necessary to cover such excess has been Conveyed to the Property Owner in accordance with the Master Developer Covenant and the Vesting Covenant (as the same may be amended, restated, replaced, or supplemented as of the Close of Escrow). The Conveyance of any square footage or Towers to the Property Owner, and the development of any such square footage or Towers on the Land, shall be subject to (x) compliance with all applicable requirements and/or procedures set forth in the Development CONFIDENTIAL TREATMENT REQUESTED *** Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission. Entitlements (including any placement and/or separation restrictions applicable to Towers contained in the South Design for Development), and (y) the receipt of any requisite approvals or consents from Governmental Authorities, including, without limitation, the Redevelopment Agency.