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(h) The use of the Property is restricted to office space, with preference to financial <br />institutions. <br /> <br />5. Project Timing <br /> <br />The adoption or modification of any Development Regulation or Building Regulation by <br />City, whether by initiative or otherwise, limiting or prescribing the pace or timing of <br />development or construction within City is in conflict with this Agreement, and the <br />adopted or modified Development Regulation or Building Regulation is not applicable to <br />the development of the Project, unless Owner in its sole discretion elects to have the <br />adopted or modified Development Regulation or Building Regulation apply to the <br />development of the Project. <br /> <br />6. Project Review and Approval Process. <br /> <br />No construction may commence until Owner has submitted and the appropriate <br />department, committee and/or commission of the City has approved ail necessary <br />permits and approvals for the Project. Owner's submittals must contain such <br />information as City deems necessary to ensure that the construction conforms to the <br />Existing Development Regulations, the Existing Approvals, and this Agreement. <br /> <br />7. Facilities Fees and Other Exactions; In Lieu Fees. <br /> <br /> (a) Owner shall pay upon request by City: <br /> <br /> (1) Those fees and Exactions listed on Exhibit "D" to this Agreement; <br /> <br /> (2) The In Lieu Fees (b) the In Lieu Fees to be paid by Owner prior to the issuance <br /> of a Foundation Building Permit shall be earmarked by City to the undergrounding of <br /> utilities located in front of the Property along' Middlefield Road and for the construction <br /> <br /> -7- <br /> Agmt-450113001 <br /> FXS:dr <br /> 02/04/02R, 02/12/02R <br /> <br /> <br />