Agmt16 MidPen Housing Corporation

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2.4 Progress Reports. From time to time as reasonably agreed upon by the Parties, each Party shall make oral or written progress reports advising the other Party on studies being made and matters being evaluated with respect to this Agreement and the Project. ARTICLE III LIMITATIONS ON EFFECT OF AGREMENT; COMPLIANCE WITH CEQA 3.1 Limitation on Effect of Agreement. This Agreement does not impose a binding obligation on City to acquire or to convey any portion of, or interest in, the Property to Developer, nor does it obligate City to provide any financing or to grant any approvals or authorizations required for the Project. This Agreement does not obligate either the City or the Developer to enter into a DDA or to enter into any other agreement. Any DDA resulting from negotiations pursuant to this Agreement shall become effective only if and after such DDA has been considered and approved by the City Council of the City of Redwood City("City Council")and executed by duly authorized representatives of the City and the Developer. No agreement drafts, actions, deliverables or communications arising from the performance of this Agreement shall impose any legally binding obligation on either Party to enter into a DDA, nor shall any such documents, actions or communications constitute any oral or implied agreement by either Party to enter into any other agreement. The Parties acknowledge that the final form of any agreement governing the development of the Property may contain matters not covered in this Agreement, and the provisions herein are not intended to exclude or preclude any other issues that may arise during negotiations. 3.2 Compliance with CEOA. Without limiting the generality of Section 3.1, Developer expressly acknowledges that any agreement resulting from the negotiations contemplated hereby shall become effective only if the agreement is approved by the City Council following compliance with all applicable notice and hearing requirements and compliance with all other requirements of law, including without limitation, CEQA. The Parties acknowledge that the Project description set forth in this Agreement is preliminary in nature and shall be described in further detail in the DDA to be negotiated during the Term. The Parties acknowledge that development of the Property for the Project will require the grant of discretionary land use entitlements subject to the City's normal review and approval process, that the Project must comply with CEQA, and that nothing in this Agreement is intended to or shall be interpreted as the grant of any approvals for development of the Project or the Property, or the modification or waiver of any City procedures or requirements. Without limiting the foregoing, the Parties acknowledge that the City retains discretion to (i) modify the Project as City may, in its discretion, determine to be necessary to comply with CEQA, (ii) select other feasible alternatives and/or impose mitigation measures to avoid or minimize significant environmental impacts; (iii) balance the benefits of the Project against any significant environmental impacts prior to taking final action, if such impacts cannot otherwise be avoided; and/or(iv) determine not to proceed with the Project. ARTICLE IV RIGHT OF ENTRY; INDEMNITY REV:05-18-16 VR ATTY/AGR.2016.103/MID PEN HOUSING Page 5 of 11