RecD08 2008-086768 - Laserfiche WebLink

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. ' of affordable housing; (10) requirements relating to construction and/or financing of public improvements; and (11) requirements relating to provision and/or subsidy of childcare services and facilities, all as set forth under the Precise Plan or this Agreement and the exhibits attached hereto. The maximum number of residential units, maximum commercial square footage, and the uses allowable under the Precise Plan (in accordance with the terms of the Precise Plan) are intended to be available to the Developer at the Developer's option, provided that the Project complies with all other requirements of the 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 Plan specifies a minimum or maximum acceptable standard for a Key Element, the standard shall not be made more restrictive during the Term by amendment of the Precise Plan or in implementation of the Precise Plan. Less restrictive standards may be applied during Project review and approval, in the City's discretion. The offsite traffic and other circulation exactions, and other exactions described herein and in the Precise Plan, are intended to be exhaustive, and additional exactions for the impacts addressed by those sections shall not be imposed, except to the extent authorized under Section I.2(f). Although the EIR Addendum considered a Project of 796 residential units, and the Precise Plan is intended to accommodate up to that many units, the plans for the Project are not completed so as to demonstrate that this number of units can be designed and built consistent with the requirements of the Precise Plan. The specific number of units permitted in each phase of the Project shall be determined as Developer submits approval requests to the City, based on the criteria and intent of the Precise Plan and on the Applicable Rules, as they apply to the design presented by the Developer. (h) Developer Representations and Warranties. Developer represents and warrants to City that, as of the Effective Date, Developer is the sole fee owner of the Property, and that no other person or entity holds any legal or equitable interest or security interest in the Property. Developer and its managing member further represent and warrant that: 1. As of the Effective Date, Developer: (i) is duly organized and validly existing under the laws of the State of California; (ii) has qualified and been authorized to do business in the State of California and has duly complied with all requirements pertaining thereto; (iii) is in good standing and has all necessary powers under the laws of the State of California to own property and in all other respects enter into and perform the undertakings and obligations 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 other property based fees allocable to the Property. 2. No approvals or consents of any persons are necessary for the execution, delivery or performance of this Agreement by Developer and its respective managing members, 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 authorized by all necessary limited liability company action, and all necessary member approvals have been obtained therefore. The managing member of Developer is Pauls Peninsula Investments, LLC, a Delaware limited liability company; and ATTY/AGR/2008.013 022708 8