RecDoc 2026-002924 Development Agreement 901 El Camino Real

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calculating the amount of the credit the Developer maybe entitled to in connection to payment of the Park Impact Fee otherwise applicable to the Project. B. Payment of Impact Fees. For the period commencing on the Effective Date and continuing until expiration of the Initial Term, Developer shall pay when due all Impact Fees applicable to the Project and Affordable Housing Project in accordance with this Agreement in effect as of the Effective Date at the rates in effect as of the Effective Date, subject to any rate escalators in effect on the Effective Date or, in the absence of any built in rate escalators, the CCI. Neither the Project nor the Affordable Housing Project shall be subject to New Impact Fees for the duration of the Initial Term. No Vertical Building Permits shall be issued by the City unless all Impact Fees have been paid to the City or have otherwise been deemed satisfied pursuant to the terms of this Agreement. Notwithstanding anything in this Agreement to the contrary, Developer shall pay when due all non -City imposed impact fees (i.e. pass-through fees from other agencies, such as the SVCW Wastewater Treatment fee) applicable to the Project and Affordable Housing Project in effect as ofthe tirne of imposition and at the rate applicable at the time of imposition. Payment of Impact Fees for Extended Term. a. Extension Option I Term. If the Extension Option I Term is granted by the City Manager pursuant to Section 3.2.B.1, all Impact Fees applicable to the Project and the Affordable Housing Project shall be calculated at the rates in effect as ofthe Effective Date for the duration of the Extension Option I Term, subject to any adjustments through the end oFthe Initial Term. Neither the Project nor the Affordable Housing Project shall be subject to New Impact Fees for the duration of the Extension Option I Term nor subject to any additional annual escalators after the end ofthe Initial Term as provided for in Section 5.I.B. b. Extension Option 2(A) or 2(B) Term. If an Extension Option 2(A) or 2(B) Term is granted by the City Manager pursuant to Section 3.2.B.2 and a Vertical Building Permit is putted for either the Project or the Affordable Housing Project during the Extension Option 2(A) or 2(B) Term period, all Impact Fees, applicable to the development subject to such Vertical Building Permit shall be calculated at the rates in effect as of the Effective Date, subject to any increases incurred as a result of the CCI in place as of the seventh (7") and eighth (81h) year of the second Extension Term. Neither the Project nor the Affordable Housing Project shall be subject to New Impact Fees for the duration of the Extension Option 2(A) Term or Extension Option 2(B) Term. C. Extension Option 3(A) or 3(B) Term. If an Extension Option 3(A) Term or Extension Option 3(B) Term is granted by the City Manager pursuant to Section 3.2.13.3 and a Vertical Building Permit is pulled for either the Project or the Affordable Housing Project during the Extension Option 3(A) or 3(B) Term period, all Impact Fees applicable to the development subject to such Vertical Building Permits shall be calculated at the rates in effect as of the Effective Date, subject to any increases incurred as a result of the CCI in place as of the ninth (9'h) and tenth (10'h) year ofthe Extension Option 3(A) Term or Extension Option 3(B) Term. Neither the Project or the Affordable Housing Project shall be subject to the New Impact Fees for the duration of the Extension Option 3(A) Term or Extension Option 3(B)Term. ATTY/AGR/2025.085 —901 EL CAMINO REAL DA REV: 08-01-25 VR Page 25 of 48