Agmt23 Cheg Incorporated Reimbursement Agreement

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REV: 12-01-22 JB 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 Proposed Project are incurred and shall be borne solely by Developer, regardless of how City, in its sole discretion, acts upon the Proposed Project or processes future applications related to the Proposed 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 Proposed Project commencing on December 17, 2021. 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) upon the close of escrow of the final affordable for sale unit. ARTICLE 3. COST RECOVERY POLICY Section 3.01. In General. Developer acknowledges and agrees that the cost recovery principles articulated in the Cost Recovery Policy govern City’s consideration of the Proposed Project. Developer further acknowledges and agrees that the review, evaluation, consideration, and processing of the Proposed Project 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 Cost Recovery Policy and this Agreement, the provisions of this Agreement shall control. ARTICLE 4. SELECTION OF CONSULTANTS AND FUNDING OF CITY COSTS Section 4.01. Consultants. (a) Upon entering into this Agreement, City will provide Developer with information regarding the consultants, sub-consultants, and/or special legal counsel to be retained by City to provide services to City regarding the Proposed Project including the current scope and budget for such Consultant. Developer agrees that City will charge actual staff time and expenses ATTY/AGR.2022.414/Cheg, Inc. (Veterans and Winslow) (Page 2 of 8)