Agmt08 R.C. Peninsula Park, LLC - Laserfiche WebLink

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apply to the Community Development Director of the City for extensions of the times specified in Paragraph (b) of this Section 1.1 as needed based on market acceptance, Project financial feasibility and/or inability, despite diligent efforts, to obtain approvals from public bodies other than the City, which extensions, if said conditions are supported by evidence reasonably satisfactory to City, shall not be unreasonably withheld. Developer's application must be in writing, in the form (if any) prescribed by the Community Development Director, and must set forth the grounds for the application. (d) Finality. For purposes ofthis Section, an approval shall become "Final" on: (i) the first day after the last period for filing an appeal of the approval before any City agency or official (an "Administrative Appeal"), if an Administrative Appeal is expressly permitted but no Administrative Appeal is filed; (ii) if an Administrative Appeal is filed, or if an Administrative Appeal is not expressly permitted, and in either case no judicial challenge is filed, on the date on which the statute of limitations for a judicial challenge to the approval expires under California law; (iii) if a judicial challenge is filed but is not appealed, on the date final judgment is rendered in the trial court. (iv) if a judicial challenge is appealed, on the date that the appeal is dismissed or the appellate decision becomes final. 1.2 Rights to Develop Proiect. (a) Vested Right. During the Term, except in an Event of a Default by Developer as defined in Article 4 of this Agreement, Developer shall have the vested right to develop the Project on the Property in compliance with the Precise Plan. No subsequent amendment of the Precise Plan shall apply to the Project, except: (i) an amendment which, alone or in conjunction with other amendments after the Effective Date, does not make it materially more difficult to develop as many as 796 residential units as part of the Project and does not make any of the Key Elements (as identified in Section 1.2( g) below) materially more restrictive; or (ii) with the written consent of the Developer. During the Term, to the extent covered by the Precise Plan, the overall design, development and construction of the Project, all on-site and off-site improvements, and the issuance of any subsequent Project approvals shall be governed by the Precise Plan. In the event of conflict between any term or provision of this Agreement or the Precise Plan and any other City ordinance, resolution, plan, rule, regulation, standard, directive, permit, approval, condition or other measure (collectively, "City Law"), this Agreement and the Precise Plan shall prevail. Except as limited by this Agreement, the City shall retain all its police powers with respect to the Project, and this Agreement shall be subject to Government Code Section 65869.5, concerning compliance with state or federal laws or regulations. Notwithstanding the foregoing, the Parties acknowledge that the City is restricted in its authority to limit its police power by contract, and agree that this Agreement shall be construed to reserve to the City all such power and authority which cannot be restricted by contract. The agreement ATTY/AGRJ2008.013 022708 5