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ARTICLE 3. EFFECTIVE DATE AND TERM <br />Section 3.1 Effective Date. This Agreement shall become effective thirty (30) days <br />after the date that the Enacting Ordinance is adopted by the City Council (the "Effective Date"). <br />Provided, however, that if a referendum petition receives sufficient signatures to qualify the <br />Enacting Ordinance approving this Agreement for placement on the ballot at a general or special <br />election, the Effective Date shall be the date upon which the election approving the ordinance is <br />certified. <br />Section 3.2 Term. The Term has been established by the Parties as a reasonable <br />estimate of the time required to carry out and develop the Project and provide the Community <br />Benefits of the Project ("Term"). <br />A. Initial Term. The "Initial Term" of this Agreement shall <br />commence on the Effective Date and shall end on the earlier: 1) December 26 , 2024 ("Expiration <br />Date") which is six (6) years from the Effective Date; 2) the date of any termination of this <br />Agreement in accordance with the provisions hereof; or 3) the later occurrence of either the date <br />of issuance by the City of the final estoppel certificate of completion for the Project or the date of <br />issuance of the certificate of occupancy for the Project. <br />B. Extended Term. Subject to the terms and conditions in this Section <br />3.2.13, Developer shall have the right to request an extension of the Initial Term not to exceed a <br />cumulative term of ten (10) years (inclusive of the Initial Term), as provided in the extension <br />options described below ("Extended Term"). In addition to satisfying the extension criteria <br />provided for each extension option below, the Developer must also demonstrate to the City <br />Manager's discretion that the Developer is in compliance with all of the terms and conditions of <br />this Agreement and the Project Approvals at the time that each extension request is made. <br />1. First Extension Term Option; Criteria. If the Developer is in <br />compliance with all of the terms of this Agreement and the Project Approvals at the time the <br />request is made, the City Manager shall grant a four (4) -year extension of the Initial Term ("First <br />Extension Term") for a total term of ten (10) years, if the Developer can demonstrate to the City <br />Manager's satisfaction that within three (3) years of the Effective Date, the Developer has donated <br />and/or transferred, or caused the Affiliate to donate and transfer, the ownership of the Affordable <br />Housing Site to the Affordable Housing Partner for the development of affordable housing. <br />Evidence of the land donation shall include the execution and recordation of the following <br />documents as designated in the Affordable Housing Land Donation Agreement, attached as <br />Exhibit F herein: the Affordability Covenant, Grant Deed, Irrevocable Offer to Dedicate, and the <br />Partial Assignment and Assumption Agreement, attached as Exhibit G. <br />2. Second Extension Term Option; Criteria. Alternatively, if <br />the Developer is in compliance with all of the terms and conditions of this Agreement and the <br />Project Approvals at the time the extension request is made, the City Manager shall grant a two <br />(2) -year extension of the Initial Term, for a total term of eight (8) years ("Second Extension <br />14 <br />ATTY/AGR/2024.193-GATEKEEPER DA -1900 BROADWAY <br />REV: 10-22-24 VR <br />