RecDoc 2026-002924 Development Agreement 901 El Camino Real

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development of the Property separately from or jointly with City, and this Agreement does not limit the authority of such other public agencies. Developer shall, at the time required by Developer in accordance with Developer's construction schedule, apply for all such other permits and approvals as may be lawfully required by other governmental or quasi -governmental entities in connection with the development of, or the provision of services to, the Project. Developer shall also pay all lawfully required fees when due to such public agencies. Developer acknowledges that City does not control the amount of any such fees. City shall reasonably cooperate with Developer in Developer's effort to obtain such permits and approvals; provided, however, City shall have no obligation to incur any costs, without compensation or reimbursement by Developer, or to amend any policy, regulation, or ordinance of City in connection therewith. Section 4.5 Life of Project Approvals; VTPM Conflicts. The term of any and all Project Approvals shall automatically be extended for the longer of the Term of this Agreement or the term otherwise applicable to such Project Approvals. The Parties acknowledge that the Developer has received a VTPM for the Project that vests certain rights under the Subdivision Map Act. The Parties agree that in the event of any conflict between the provisions of this Agreement and the VTPM, this Agreement shall control. If this Agreement expires or is earlier terminated in accordance with its terms, the VTPM shall remain in effect for its remaining life, if any, in accordance with the Subdivision Map Act; provided, however, the Parties agree that the vested elements of the VTPM shall have no further force or effect following such expiration or earlier termination of this Agreement. The Parties' agreements in the foregoing sentence shall survive the expiration or earlier termination of this Agreement. Section 4.6 Initiatives. If any New City Laws are enacted or imposed by a citizen - sponsored initiative or referendum, which New City Laws would conflict with the Project Approvals or this Agreement or reduce the development rights or assurances provided by this Agreement, such New City Laws shall not apply to the Property or Project; provided, however, the Parties acknowledge that City's approval of this Agreement is a legislative action subject to referendum. Without limiting the generality of the foregoing, no moratorium or other limitation (whether relating to the rate, timing, phasing or sequencing of development) affecting subdivision maps, use permits, building permits, or other entitlements to use that are approved or to be approved, issued, or granted by City shall apply to the Property or Project. Developer agrees and understands that City does not have authority or jurisdiction over any other public agency's ability to grant governmental approvals or permits or to impose a moratorium or other limitation that may affect the Project. City shall reasonably cooperate with Developer and, at Developer's expense, shall undertake such actions as may be necessary to ensure that this Agreement remains in full force and effect. City, except to submit to vote of the electorate initiatives and referendums required by Applicable City Regulation to be placed on a ballot and fulfill any legal responsibility to defend a ballot measure passed by its voters, shall not support, adopt, or enact any New City Law, or take any other action which would violate the express provisions or spirit and intent of this Agreement. Section 4.7 Timing of Develo np Hent. Except as otherwise provided for in the Project Approvals and this Agreement, Developer shall have the vested right to develop the Project in such order, at such rate, and at such times as Developer deems appropriate in the exercise of its business judgment. In particular, and not in any limitation of any of the foregoing, since the California Supreme Court held in Pardee Construction Co. v. City of'Camarillo, 37 Cal.3d 465 (1984), that ATTY/AGR/2025.085 — 901 EL CAM IND REAL DA REV: 08-01-25 VR Page 22 of 48