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tXHIBIT G Recorded at the request of the City of Pleasantc When recorded, return to: City of Pleasanton P.O. Box 520 :.~~..,~ 2001324306 09/06/200104:10 PM o r. OFFICIAL HEi:URUS OF AL.AftE DR (:CUN7T ' ° PATRICK O'CDNNELL RECORDING fEE: 0.08 ~~4.ppM~s l~l!ahil~illl!iiillll~l!lihiiilliHlhllbi!I~ , ~~ Pleasanton, CA 94566 PURSUANT TO 2 t717~ 3 Zf / 2 h / _ N/ G.C. 27363 & `C ~(!W ~RST AMENDMENT TO THE G.C. 6703 AFFORDABLE HOUSING AGREEMENT WITH PONDEROSA HOMES II, Inc. This is Amendment #1 ("Amendment #1") to that certain Affordable Housing Agreement ("Agreement") dated May 6, 2003, and recorded November 10, 2003, Series #2003-666042, and is made and entered into on November 2, 2004 by and between the City of Pleasanton, a municipal corporation ("City") and Ponderosa Homes II, Inc., a California corporation ("Owner"). The terms of the Agreement, including the definitions, are incorporated herein by reference. WITNESSTH: A. Owner and City desire to execute this Amendment #1 in order to allow for the application of affordable housing credits in accordance with the City's Inclusionary Zoning Ordinance ("IZO'~. NOW THEREFORE, in consideration of the mutual covenant, agreements and conditions contained herein, City and Owner agree as follows: Section 1. The Agreement is hereby amended to add thereto a Section 1 I as follows: Section 11. "Eighty-seven (87) of the 138 Affordable units shall be deemed to meet the full requirement of the [ZO for the 363 units approved for the Project. If the Owner develops additional residential units on that certain 23 acre site (the "Option Site") as shown in the attached Exhibit A, up to 51 units (or the number of units necessary to satisfy the requirements of IZO) of the 138 Affordable Units may be applied as Inclusionary Unit Credits ("IUC's) to the development of the Option Site. The Option Site is currently the subject of an Option to Purchase ("PUSD Option's by the Pleasanton Unified School District ("PUSD"). The use of IUC's is subject to the following: a. The IUC's shall have a term beginning on the date of this Amendment and ending five (5) years from and after the date that the option to purchase the Option Site held by PUSD either expires, is terminated by PUSD prior to the expiration of the Option, or is exercised by PUSD, whichever occurs first. b. IUC's shall be applied in accordance with the following ratios: If used on amulti-family development: 1 IUC for each affordable unit required.