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7C Page 224 ARTICLE 1: DEVELOPMENT OF T�-IE PROJECT 1.1 Effective Date; Term. (a) Length of Term. This Agreement shall be dated, and the obiigations af Deveioper and City hereunder shall be effective as of the Effective Date(as defined in the preamble to this Agreement). The term of this Agreement with respect to Developer's vested rights to develop the Property in accord witlz the Precise Plan and the provisions of this Agreement shall commence on the Effective Da�e and shall expire twenty(20} years thereafter(the "Term"), unless sooner±enninated purs�:ant to the ter�s hereof or extended by written agree.�ent of the Parties. (b) Minimum Pro�ress Standard. Notwithstanding Paragraph(a} of this Section I.l, and subj ect ta Paragraph (c) of this Section i.i,the Term shall e�d autoxr�atically: (i) Five (5) yeazs after tl�e City Council approval of the iinal subdivisian map and subdivision agreenlent far the first residential phase of the Project becomes Final (the "Finality Date"), if the Developer has not submitted complete applications for building pern�its for at least 100 residentzal units on or before that date; (ii) Seven {7) years after the Fzz�ality Date if the Developer has not subinitted complete applications for building pern�its for a cumulative total of at least 200 residential units on or before that date; (iii) Ten (1.Q) years after the Finality Date if the Developer has not submatted complete applications for building permits for at least 10,400 square feet of retail space and a cumulative total of 300 residential units,before that date; (iv) Twelve (12) years after the Finality Date if the Developer has not sub�nitted complete appiications for building perr�iits for a cumulative total of at least 400 residenrial units, on or before that date; or (v)Fourteez�z(l.4)years after the FinaIity Date ifthe developer I:as not submitted complete applications for building perrr�its for a cumulative total af 500 residential un�ts, ozz or before that date. (c) �xte�ision of Mini�num Pro r� ess Dates. TIZe City recognizes that Developer's ability to achieve the minimuzn prog�-ess described in Paragraph{b) of this Section l.1 is dependent on market conditions and overall Praject financial feasibility, and on the Developer's abili.ty to secure n.ecessary approvals from public bodies other than the City. Developer may appty to the Community Development Director of thc City for exten.sions of t�e times specified in Paragraph (b) of this Section 1.1 as needed based on masket acccpta.nce, Project financial feasibilify a�1d/or inabiIity, despite diligent efforts, to obtain approvals from public bodies o#her tl�an the City,which extensions, if said conditions are supported by evidence reasonably satisfactory to City, shall not be unreaso�lably withheld. Developer's application must be in 3025843-6 3 DRAFT'12/12/07 3:00 PM