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OAK #4843-3885-9090 v10 22 ATTY/AGR/2018.094/STRADA DOCKTOWN DEVELOPMENT AGREEMENT REV: 05-03-18 PR Page 22 of 93 general contractor to obtain and maintain a City of Redwood City business license during performance of the work of construction. ARTICLE 4. EFFECTIVE DATE AND TERM Section 4.1 Effective Date. This Agreement shall become effective upon the date that the ordinance approving this Agreement becomes effective (the “Effective Date”). Section 4.2 Term. A. Term of Agreement. The “Term” of this Agreement shall commence on the Effective Date and shall continue for the Initial Term as defined in Section 4.2B below, plus the duration of any Force Majeure Delay and any City-approved extension as provided in Section 4.2C below, unless earlier terminated as provided in this Agreement. The Term has been established by the Parties as a reasonable estimate of the time required to carry out and develop the Project and obtain the public benefits of the Project. B. Initial Term. The “Initial Term” of this Agreement shall be five (5) years, commencing on the Effective Date and expiring on the 5th anniversary thereof, unless this Agreement is terminated or extended in accordance with the provisions of this Agreement. C. Extension Term. Subject to the terms and conditions in this Section 4.2C, Developer shall have the right to extend the Initial Term for one additional two (2)-year period. In order to obtain the extension, (i) Developer shall be in compliance with all of its obligations under this Agreement and Project Approvals at the time the extension request is made and at the time the extension would become effective; (ii) Developer, prior to the end of the Initial Term, shall have commenced construction of buildings containing at least fifty (50) residential units; and (iii) Developer shall have completed the Blomquist – City Segment and the Bay Trail Improvements (collectively, the “Extension Criteria”). If Developer desires to exercise the extension, Developer must submit a letter addressed to the City Manager requesting such extension at least 60 days prior to the date that the Term otherwise would expire (“Extension Request”). The Extension Request shall include documentation demonstrating that the Extension Criteria have been satisfied, or will be satisfied prior to the date that the Term otherwise would expire. City shall grant the requested extension if the Developer is in compliance with this Agreement and if Developer has met the Extension Criteria. City’s determination whether Developer has met the Extension Criteria shall be based upon objective criteria, such that the decision to extend this Agreement is ministerial, and is not discretionary. Within ten (10) days after the written request of either Party hereto, City and Developer agree to execute, acknowledge and record in the Official Records of San Mateo County a memorandum evidencing any approved extension of the Initial Term pursuant to this Section 4.2. D. Effect of Termination. Upon the expiration of the Term, this Agreement shall be deemed terminated and of no further force and effect, subject, however, to the provisions set forth in Section 12.7 below. This Agreement shall terminate with respect to any for sale residential lot and such lot shall be released and no longer be subject to this Agreement, without the execution or recordation of any further document, when a certificate of occupancy has been issued for the dwelling unit(s) on the lot, or when a final inspection has been satisfactorily 6.4.B. - Page 47