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When recorded, return to: Snell & Wilmer L.L.P. 400 East Van Buren Street Suite 900 Phoenix, Arizona 85004 Attention: Bart J. Page TERMINATION OF ASSURANCE AGREEMENT AND NOTICE OF TERMINATION OF ASSURANCE AGREEMENT THIS TERMINATION OF ASSURANCE AGREEMENT AND NOTICE OF TERMINATION OF ASSURANCE AGREEMENT (the “Notice”) is made and entered into this) _ day of LUST 2022, (the “Effective Date”) by and between MARICOPA COUNTY, a political subdivision df the State of Arizona (the “County”) and SLV ARROYO NORTE, L.L.C., a Delaware Limited Liability Company (“SLV Arroyo Norte”). Whereas, the County and SLV Arroyo Norte are parties to that certain Assurance Agreement, dated October 23, 2019, and recorded on October 29, 2019 as Entry No. 20190864507 in the Official Records of Maricopa County (the “Agreement”); and Whereas, SLV Arroyo Norte has submitted a performance bond to the County to satisfy the requirements of A.R.S. §§11-821(C) and 11-822(A) in place of the Agreement; and Whereas, pursuant to Paragraph 8 of the Agreement, SLV Arroyo Norte may terminate the Agreement by providing substitute assurances as required by the ordinances and regulations of the County; and Whereas, pursuant to Paragraph 3 of the Agreement, upon the termination of the Agreement, the County shall execute a document presented to it by SLV Arroyo Norte for recording to provide notice that the Agreement has terminated. NOW THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the parties agree as follows: 1. Capitalized Terms, Except as otherwise expressly provided herein to the contrary, all capitalized terms used in this Notice shall have the same meanings given such terms in the Agreement. 2. Incorporation of Recitals. The County and SLV Arroyo Norte hereby acknowledge the truth, accuracy and validity of the foregoing recitals which are incorporated into this Notice. 4887-8181-7386.3 3. Termination and Notice. The County and SLV Arroyo Norte hereby acknowledge and agree that, as of the Effective Date, the Agreement is terminated in its entirety and is hereby fully released as an encumbrance against the Property. This Notice shall serve as notice to all persons that the Agreement has been terminated and is of no further force or effect. 4. This Notice constitutes the entire agreement of the County and SLV Arroyo Norte regarding the termination of the Agreement, and all prior understandings, representations, warranties, agreements, arrangements, and negotiations are superseded hereby. This Notice shall be construed in accordance with the laws of the State of Arizona. This Notice may be executed in multiple counterparts, each of which shall be deemed an original but all of which together shall be deemed to constitute a single document. 5. SLV Arroyo Norte shall provide to the County, satisfactory evidence that the person executing this Notice for SLV Arroyo Norte has been authorized to do so. 6. This Notice is subject to cancelation pursuant to A.R.S. § 38-511. IN WITNESS WHEREOF the Parties have executed this Notice as of the Effective Date. [SIGNATURES ON NEXT PAGE] 4887-818 1-7386,3 ATTEST: SLV ARROYO NORTE: SLV ARROYO NORTE, L.L.C., a Delaware limited liability company By: | HDP WRH AZLLC, a Delaware limited liability company, its Member By: HDP BLUE INVESTMENTS II LLC, a Delaware limited liability company, its Manager By: HDP BLUE HOLDINGS II LLC, a Delaware limited liability company, its Manager By: | GRASS LAKE CAPITAL LLC, a Delaware ii pmpany, its Manager oy COUNTY: MARICOPA COUNTY BOARD OF SUPERVISORS By: Name: Its: Date: Clerk of the Board of Supervisors wa as to form and content: Date: August 16, 2022 Deputy County Attorney 4887-8181-7386.3