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Oceanside and the County dated November 27,2000 ("Phase 1 and Phase 2 Improvement Agreements") <br /> are suspended. The County further agrees that if Oceanside(and/or a subsequent developer)elects to <br /> resume development of the Project and the nature and/or scope of the development differs materially from <br /> Project as currently approved,the County will not require performance of Oceanside's obligations under the <br /> existing Phase 1 and Phase 2 Improvement Agreements and/or the Development Agreement. Instead,the <br /> County agrees that the infrastructure obligations of Oceanside(and/or a subsequent developer)with respect <br /> to the Project shall depend upon the nature and scope of the development proposed to be resumed and shall <br /> be determined by negotiation between the County and Oceanside(and/or a subsequent developer),each <br /> acting reasonably. If Oceanside(and/or a subsequent developer)elects to resume development of the Project <br /> in substantially the same manner as the Project is currently approved,the obligations set forth in the Phase 1 <br /> and Phase 2 Improvement Agreements shall once again become applicable,but Oceanside(and/or a <br /> subsequent developer)shall not be required to provide bonds to secure performance of such obligations but <br /> will be required to make disclosure regarding financial assurances as required to be disclosed by HRS <br /> Chapter 484 and HUD Regulations,and that the County has no obligations to complete the off-site <br /> improvements in Phase 1 and Phase 2. <br /> 3. Notwithstanding anything herein to the contrary(i)any Phase 1 and Phase 2 lots already sold and <br /> conveyed to bona fide third-party buyers,and any Phase 1 lots transferred by Oceanside to the Club and/or <br /> HCA as part of this settlement pursuant to Section V.A.3,infra,shall not in any way be affected by the <br /> provisions of this Agreement as long as there is off-site infrastructure(consisting of internal roads,water, <br /> sewers,and electric power)to the respective Phase 1 or Phase 2 lots,and(ii)the conveyances by Oceanside <br /> to the Club of the existing Golf Course,Golf Clubhouse parcels,Ocean Club parcels and other related amenities <br /> (collectively the"Golf Facilities"),wherever situated,pursuant to Section V.A.3,infra,shall be allowed to <br /> occur expeditiously in order to implement this settlement. Nothing in this paragraph 3 shall affect in any way <br /> Oceanside's and/or Oceanside's Representatives'rights and/or obligations. <br /> III. INTENT <br /> The Settling Parties desire to reach a global and binding settlement of the Lawsuits and any <br /> future claims related to the Covered Claims. The Settling Parties further desire to fully,finally,and <br /> 3 <br />