Agmt21 Sequoia Main Street, LLC - 800 Main Street Reimbursement Agmt

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E. The Parties intend that as a result of this Agreement, by implementing the reimbursement policy, all costs and expenses associated with City's review, evaluation, consideration, and processing of the Project applications and inspection of the Project, including but not limited to compensation for all City employee staff time and payment of all third party consultant contracts including legal consultants, shall be paid using funds deposited in advance with City by Developer for such purpose and that City shall not be required to advance City funds or incur any liability to cover such costs and expenses. F. The Parties agree that all costs and expenses incurred and to be incurred by Developer relating to the Project are incurred and shall be borne solely by Developer, regardless of how City, in its sole discretion, acts upon the Project or processes future applications related to the Project. AGREEMENT ARTICLE 1. INCORPORATION OF RECITALS Section 1.01. All of the recitals set forth above are true and correct and are hereby incorporated in this Agreement as if fully set forth herein. ARTICLE 2. EFFECTIVE DATE AND TERM Section 2.01. Effective Date. This Agreement shall become effective upon the date this Agreement is fully executed by the Parties (the "Effective Date"). City acknowledges that Developer deposited an initial sum of Fifty Thousand Dollars ($50,000) to cover City costs, which shall be credited against the amounts due under this Agreement. Subject to the credit set forth in the preceding sentence, Developer agrees to reimburse City for its costs incurred in connection with the Project commencing on [date]. Section 2.02. Term. The term of the Agreement (the "Term") shall begin on the Effective Date and shall terminate upon the earlier of: (a) the date of termination pursuant to Section 5.03 herein; or (b) issuance of Final Certificate of Occupancy. ARTICLE 3. RESOLUTION NO. 15583 Section 3.01. In General. Developer acknowledges and agrees that the cost recovery principles articulated in Resolution No. 15583 Planning Cost Recovery Policy govern City's consideration of the Project. Developer further acknowledges and agrees that the review, evaluation, consideration, and processing of the Proposal and all related and supporting material, documentation, and data will not occur if Developer does not fund such work in advance, and that City may immediately suspend such work until adequate funds to meet processing costs are deposited with City, or City may terminate this Agreement pursuant to Section 5.03. In the event of any inconsistency between the reimbursement policy of Resolution No. 15583 and this Agreement, the provisions of this Agreement shall control. ARTICLE 4. SELECTION OF CONSULTANTS AND FUNDING OF CITY COSTS REV: 03-30-21 PR ATTY/AGR.2021.063/Sequoia Main Street LLC (Sequoia Hotel Rehabilitation & Addition) (Page 2 of 8)