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SEVENTH A.MENDMENT TO AMENDED AND RESTATED DEVELOPMENT AGREEMENT THIS SEVENTH AMENDMENT is made and entered into this 20th day of December, 2005, by and between THE CITY OF LOUISVILLE, a Colorado municipal corporation (the "City") and CENTENNIAL VALLEY PROPERTIES I LLC, a Colorado limited liability company, CENTENNIAL VALLEY PROPERTIES II LLC, a Colorado limited liability company, CENTENNIAL VALLEY PROPERTIES III LLC, a Colorado limited liability company, CENTENNIAL VALLEY PROPERTIES IV LLC, a Colorado limited liability company, CENTENNIAL VALLEY PROPERTIES V LLC, a Colorado limited liability company, and CENTENNIAL VALLEY PROPERTIES VI LLC, a Colorado limited liability company (collectively, "Subdivider"). RECITALS WHEREAS, the City and Louisville Associates, a joint venture, entered into an Amended and Restated Development Agreement dated April 17, 1984, as amended from time to time (the "Development Agreement") relating to the development of certain real property in the City generallly known as Centennial Valley (the "Property"). The Development Agreement addresses, among other things, the approval and implementation of a related devellopment plan and the allocation of building area among various parcels within the Property; WHEREAS, Sears Development Company, a Delaware corporation formerly known as Homart Development Company, as successor in interest to Louisville Associates, assigned its interest in the Development Agreement to Subdivider, by Assignment of Project Agreements dated April 3, 1996; WHEREAS, the Fifth Amendment to the Amended and Restated Development Agreement dated July 6, 1995 ("Fifth Amendment") contains an Exhibit M concerning Land Allocation within the Property, Note 3 on Exhibit M to the Fifth Amendment provides as follows: "Individual parcels may not develop to the average F.A.R., in which case the Buildable Square Footage may be reallocated to other Commercial Parcels subject to the mutual agreement iQf the City and the Subdivider;" WHEREAS, in the Sixth Amendment to the Amended and Restated Development Agreement dated March 19, 1996, there was approved a reallocation of building area between Parcel G and Parcel H; and WHEREAS, pursuant to Nlote 3 on Exhibit M to the Fifth Amendment, the parties hereby desire by this Seventh Amendment to reallocate 30,000 square feet of retail square footage from Parcel L-1 to Parcel G-1 (as defined in this Amendment). NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, tlhe receipt and sufficiency of which are hereby