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REV: 08-08-24 VR <br />purpose and that City shall not be required to advance City funds or incur any liability to cover <br />such costs and expenses. <br /> <br /> F. The Parties agree that all costs and expenses incurred and to be incurred by <br />Developer relating to the Proposed Project are incurred and shall be borne solely by Developer, <br />regardless of how City, in its sole discretion, acts upon the Proposed Project or processes future <br />applications related to the Proposed Project. <br /> <br />AGREEMENT <br /> <br />ARTICLE 1. INCORPORATION OF RECITALS <br /> <br /> Section 1.01. All of the recitals set forth above are true and correct and are hereby <br />incorporated in this Agreement as if fully set forth herein. <br /> <br />ARTICLE 2. EFFECTIVE DATE AND TERM <br /> <br /> Section 2.01. Effective Date. This Agreement shall become effective upon the date this <br />Agreement is fully executed by the Parties (the “Effective Date”). City acknowledges that <br />Developer deposited an initial sum of Fifty Thousand Dollars ($50,000) to cover City costs, which <br />shall be credited against the amounts due under this Agreement. Subject to the credit set forth in <br />the preceding sentence, Developer agrees to reimburse City for its costs incurred in connection <br />with the Proposed Project commencing on May 11, 2024. <br /> <br /> Section 2.02. Term. The term of the Agreement (the “Term”) shall begin on the Effective <br />Date and shall terminate upon the earlier of: (a) the date of termination pursuant to Section 5.03 <br />herein; or (b) issuance of Final Certificate of Occupancy. <br /> <br />ARTICLE 3. COST RECOVERY POLICY <br /> <br /> Section 3.01. In General. Developer acknowledges and agrees that the cost recovery <br />principles articulated in the Cost Recovery Policy govern City’s consideration of the Proposed <br />Project. Developer further acknowledges and agrees that the review, evaluation, consideration, and <br />processing of the Proposed Project and all related and supporting material, documentation, and <br />data will not occur if Developer does not fund such work in advance, and that City may <br />immediately suspend such work until adequate funds to meet processing costs are deposited with <br />City, or City may terminate this Agreement pursuant to Section 5.03. In the event of any <br />inconsistency between the Cost Recovery Policy and this Agreement, the provisions of this <br />Agreement shall control. <br /> <br />ARTICLE 4. SELECTION OF CONSULTANTS AND FUNDING OF CITY COSTS <br /> <br /> Section 4.01. Consultants. <br /> <br /> (a) Upon entering into this Agreement, City will provide Developer with <br />information regarding the consultants, sub-consultants, and/or special legal counsel to be retained <br />by City to provide services to City regarding the Proposed Project including the current scope and <br />budget for such Consultant. Developer agrees that City will charge actual staff time and expenses