Agmt16 Redwood Crossing, LLC / SYUFY ENTERPRISES Development application

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F. Developer acknowledges and understands that Developer shall be required to fund City's reasonable, actual costs associated with obtaining any land use approvals or entitlements in furtherance of development of the Project. The Parties intend that as a result of this Agreement, by implementing the reimbursement policy, all costs and expenses associated with City's review, evaluation, considerati�n, and processing of the Project applications and inspection of the Project, including but not limited to compensation for all City employee staff time and payment of all third party consultant contracts including legal consultants, shall be paid using funds deposited in advance with City by Developer for such purpose and that City shall not be required to advance City funds or incur any liability to cover such costs and expenses. G. The Parties intend that as a result of this Agreement, by implementing the reimbursement policy, all costs and expenses associated with City's review, evaluation, consideration, and processing of the Project applications and inspection of the Project, including but not limited to compensation for all City employee staff time and payment of all third party consultant contracts including legal consultants, shall be paid using funds deposited in advance with City by Develaper for such purpose and that City shall not be required to advance City funds or incur any liability to cover such costs and expenses. H. The Parties agree that all costs and expenses incurred and to be incurred by Developer relating to the Project, including preparation of an Environmental Impact Report and processing the development application, are incurred and shall be borne solely by Developer, regardless of how City,in its sole discretion, acts upon the Project, whether or not City processes future applications related to the Project. Notwithstanding anything herein to the contrary, Developer shall not be obligated to reimburse City for costs or expenses associated with studies, analyses, or other efforts not directly related to the Project and Developer's application in connection therewith. AGREEMENT ARTICLE 1. INCORPORATION OF RECITALS Section 1.01. All of the recitals set forth above are true and correct and are hereby incorporated in this Agreement as if fully set forth herein. 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"). City acknowledges that Developer deposited an initial sum of Five Thousand Dollars ($5,000) to cover City costs,which shall be credited against the amounts due under this Agreement. Subject to the credit set forth in the preceding sentence, Developer agrees to reimburse City for its costs incurred in connection with the Project commencing on March 6, 2015. 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 termination pursuant to Section 5.03 herein; or(b)the issuance of final certificate of occupancy for the Project. Page 2 of 9 REV:02-23-16 VR ATTYlAGR.2016.030/REDWOOD CROSSING LLC/557 E BAYSHORE ROAD