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7C Page 228 intended to be availahle to the Developer at the Developer's option.,provided that the Project complies with all other requirements of#he Precise Plan and Applicable Rules, and shall not be reduced during the Term by any amendment of the Precise Plan, or the implementation of the Precise Plan. Where the Precise T'lan specities a minimum or maximum acceptable standard �or a Key Elenient,the standard shall not be made more restrictive during the Term by amendinent of the Precise Plan or in implementation of the Precise Plan. Less restrictive staildards may be applied durii�rg Project review aild approval, in the City's discretion. The offsite traffic a.nd other circulation exactions, and other exactions descrihed herein and in the Precise Plan, are intended to be exhaustive,and additional exactions for the impacts addressed by those sections sllall not be imposed, except to the extent authorized under Section 1.2�# . Although the EIl2 Addendttm considered a Prc�ject of 796 residenlial units, and the Precise Plan is iutended to accommodate u� to that many units, the plans for the Project are not completed so a,s to demonstrate that this number of urlits can be designed and built consistent with the requirements of the Precise Plan. T11e specif c number of units permitted in each phase of tl�.e Project shall be deterniined as Developer submits approval requests to the City,based on the criteria and intent af the Precisc Plan and on il�e Applicable Rules, as they apply to tl�e design presented by the Developer. (h) Developer Representations and Warranties. Developer represents and warra�rts to City that, as of the Effective Date,Developer is the sole fee owner of the Property, aaad that no atl�er person or entity holds any legal or equitable interest or security interest in the Property. Developer and its managing member further represent and vvarrant that: 1. As of#he Effective Date, Developer: (i) is duly organized and validly existing under the laws of the State of California; (ii)has qualifed and been authorized to do business in tlie Siate of California and has duly complied with all requirements pertaining thereto; (iii) is in good standulg and has all necessarypowers under the laws of the State of California to own property and in all other respects enter into and perform the undertakings and obIigations of Developer under this Agreement; and{iv}is not in default with respect to payment of any general or special property taxes or assessments or otl�.er property based fees allocable to the Property. 2. No approvals or co�zsents of any persons are necessary for the execution, delivery or performance of this Agreeinent by Developer and its respective managing nlembers, except as have been obtained; 3. The execution and delivery of this Agreement and the performance of the obligations of Developer hereunder have been duly author.ized by all necessa:y lirn.ited liabzlity compa,�ly action, and all necessary member approvals have been obtained therefore. The manag'tng memUer of Developez is Pauls Peninsula Investments, LLC, a Delaware limited liability company; and 4. This Agreement is a valid obligation of Deve3oper and is enforceable iz� accordance with its tern�s, (i) Citv Representations and Warra�lties. City represents and warrants to Developer that: (i) City has fu.11 right, power and authority to undertake all obligations of City as provided herein, (ii)the exec�ztion,performance and delivery of this Agree�nent by City has been duly authorized by ali req�iisite actions, (iii) the persons execufiing this Agreement on b�half of City 1(}25843-G 7 DRAFT 12/12/07 3:00 PM