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"Project Foundation Permit" shall mean a permit issued by the Building Department of the City of Redwood City pursuant to the City of Redwood City Building Code for the construction of the foundation, up to and including slab. "Project Building Permit" shall mean a permit issued by the Building Department of the City of Redwood City pursuant to the City of Redwood City Building Code. The permit shall include all supporting structures, exterior walls, rough electrical and rough plumbing for building floors. "Project Tenant Improvements Permit" shall mean a permit issued by the City of Redwood City Building Department pursuant to the City of Redwood City Building Code. This permit shall include any improvement to the interior of the building, other than improvements covered under the Project Building Permit, and shall include interior partitions, finish electrical and plumbing work. AGREEMENT SECTION 1. EFFECTIVE DATE AND TERM Section 1.01 Effective Date. This Agreement shall become effective upon the date upon which this Agreement is executed by Owner and City (the "Effective Date"). Section 1.02 Term. The term of this Agreement (the "Term") shall commence upon the Effective Date and continue for a period of five (5) years. All terms and conditions of this Agreement expire upon termination of this Agreement. In the event Owner has not obtained Project Building Permits for any of Building One, Building Two, or Building Three within the Term, then Owner and City shall renegotiate the terms of this Agreement for any building upon which a Project Building Permit has not been issued, and Owner may be subject to the Corridor Assessment District and/or Traffic Impact Fee for such building or buildings. SECTION 2. TRAFFIC MITIGATION FEE PAYMENT Section 2.01 Traffic Mitigation Fee. Owner shall pay City a traffic mitigation fee, calculated on a gross square foot basis, in the amount of two dollars ($2.00) per Gross Square Foot (the "Traffic Mitigation Fee"). Owner's Traffic Mitigation Fee Payment shall be calculated as set forth hereinafter in Section 2.02. Section 2.02 Calculation of Traffic Mitigation Fee Payment. Owner's Traffic Mitigation Fee Payment shall be calculated as the total amount of the Gross Square Footage of Building One, Building Two, and Building Three, as set forth in the Project Building Permits (and as amended from time to time to reflect additions or deletions of Gross Square Footage during the time of construction of the Project), multiplied by the Traffic Mitigation Fee. In no event shall Owner's Traffic Mitigation Fee Payment exceed the Traffic Mitigation Fee multiplied by the total amount of the Gross Square Footage for which Owner obtains Project Building Permits, as follows: we-l70 10 3