Contract Amendment Page 1 of 2
AMENDMENT NO. 3 TO THE EXCLUSIVE NEGOTIATING RIGHTS AGREEMENT
DOWNTOWN SAN MATEO AFFORDABLE HOUSING SITE
This Amendment No. 3 is made and entered into this day ___ of October 2025, by and between the CITY OF SAN MATEO, a municipal corporation existing under the laws of the State of California ("CITY"), and DTSM Housing LLC, a Delaware limited liability Company ("DEVELOPER").
WHEREAS, City and Developer entered into an EXCLUSIVE NEGOTIATING RIGHTS AGREEMENT (“ENA”) for the development of a mixed-use project located in downtown San Mateo.
WHEREAS, City and Developer amended that certain ENA dated October 14, 2021, through Amendment No. 1 on October 9, 2024, to extend the term of the Negotiating Period to April 14, 2025.
WHEREAS, the City and Developer amended that certain ENA dated October 14, 2021 through Amendment No. 2 on March 17, 2025, to extend the term of the Negotiating Period through October 14, 2025.
WHEREAS, the City and Developer further wish to amend that certain ENA dated October 14, 2021 through Amendment No. 3.
WHEREAS, the City Council considered this Amendment No. 3 at a City Council meeting on October 6, 2025 and authorized the City Manager to execute it.
NOW, THEREFORE, the parties agree as follows:
1. The Negotiating Period and associated timelines shall be extended by six months until April 14, 2026, with an option for the City Manager, at their discretion, to extend the ENA for an additional three months, for an expiration date no later than July 14, 2026.
2. The remaining terms of the ENA that do not conflict with this Amendment No. 3 shall remain in full force and effect.
[SIGNATURE PAGE FOLLOWS]
Contract Amendment Page 2 of 2
IN WITNESS WHEREOF, CITY OF SAN MATEO and DEVELOPER have executed this Amendment No. 3 on ___________________.
CITY OF SAN MATEO DTSM Housing, LLC,
a Delaware Limited Liability
Company
Alex Khojikian
City Manager
Date Donald Peterson
Its Authorized Agent
Vice President
Date
APPROVED AS TO FORM ADDITIONAL CORPORATE
OFFICER
Prasanna W. Rasiah
City Attorney
Date Patrick P. Calihan
Vice President
Date