Agmt15 Paul Holdings Inc. dba Jay Paul Co

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ARTICLE 2. EFFECTIVE DATE AND TERM Section 2.01. Effective Date. This Agreement shall become effective upon the date this Agreement is fully executed by the Parties (the"Effective Date"). Section 2.02. Term. The term of the Agreement (the "Term") shall begin on the Effective Date and shall terminate upon the earlier of: (a) the date of ternunation pursuant to Section 5.03 herein; or (b) the date the City Council takes final action on the proposed development agreement with Developer for development of the Project. ARTICLE 3. RESOLUTION N0. 14609 Section 3.01. In General. Developer acknowledges and agrees that the cost recovery principles articulated in Resolution No. 14609 Planning Cost Recovery Policy govern City's consideration of the Project. Developer further acknowledges and agrees that the review, evaluation, consideration, and processing of the Proposal and all related and supporting material, documentation, and data will not occur if Developer does not fund such work in advance, and that City may immediately suspend such work until adequate funds to meet processing costs are deposited with City,or City may terminate this Agreement pursuant to Section 5.03. In the event of any inconsistency between the reimbursement policy of Resolurion No. 14609 and this Agreement, the provisions of this Agreement shall control. ARTICLE 4. SELECTION OF CONSULTANTS AND FUNDING OF CITY COSTS Section 4.01. Consultants. (a) Upon entering into this Agreement, City will provide Developer with information regarding the consultants, sub-consultants, and/or special legal counsel to be retained by City to provide services to City regarding the Project including the current scope and budget for such Consultant. Developer agrees that City will charge actual staff time and expenses attributable to the administration of Consultant Contracts entered into by City under this Agreement. (b) On a monthly basis, City will provide to Developer a summary report on the fees incuned by City's team of Consultants and City staff, the percentage of the deposit that has been expended by City on its evaluation of the Project, and the amount remaining available for billing. Section 4.02. Everg,reen Deposit. (a) Developer shall establish and fund a deposit account designed to ensure that City is never required to perform work for which reimbursement funds have not been previously deposited ("Evergreen Deposit"). The Evergreen Deposit shall contain funds necessary to cover three months' worth of budgeted expenditures by City relating to City's review, evaluation, consideration, processing of the Project (including any CEQA review necessary for such review, evaluation, consideration, and processing), and negotiation, analysis, REV:05-13-15 VR Page 3 of 10 ATTY/AGR2015.094/JAY PAUL COMPANY/HARBOR VIEW PROPERTY LLC