RecD08 2008-086768 (2) - Laserfiche WebLink

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, . the extent such agreement relates to the construction of Public Property Improvements (as defined in Section 4.2 below). NOW THEREFORE, in consideration of the mutual covenants contained in this Agreement, City and Developer agree as follows: ARTICLE 1: DEVELOPMENT OF THE PROJECT 1.1 Effective Date: Tenn. (a) Len~th of Term. This Agreement shall be dated, and the obligations of Developer and City hereunder shall be effective as of the Effective Date (as defined in the preamble to this Agreement). The term of this Agreement with respect to Developer's vested rights to develop the Property in accord with the Precise Plan and the provisions of this Agreement shall commence on the Effective Date and shall expire twenty (20) years thereafter (the "Termtt), unless sooner tenninated pursuant to the tenns hereof or extended by written agreement of the Parties. (b) Minimum Pro2Tess Standard. Notwithstanding Paragraph (a) of this Section 1.1, and subject to Paragraph (c) of this Section 1.1. the Term shall end automatically: (i) Five (5) years after the City Council approval of the fmal subdivision map and subdivision agreement for the first residential phase of the Project becomes Final (the "Finality Date"), if the Developer has not submitted complete applications for building permits for at least 100 residential units on or before that date; (ii) Seven (7) years after the Finality Date if the Developer has not submitted complete applications for building permits for a cumulative total of at least 200 residential units on or before that date; (iii) Ten (10) years after the Finality Date if the Developer has not submitted complete applications for building pennits for at least 10,000 square feet of retail space and a cumulative total of 300 residential units, before that date; (iv) Twelve (12) years after the Finality Date if the Developer has not submitted complete applications for building permits for a cumulative total of at least 400 residential units, on or before that date; or (v) Fourteen (14) years after the Finality Date if the developer has not submitted complete applications for building permits for a cumulative total of 500 residential units, on or before that date. (c) Extension of Minimum Pro2ress Dates. The City recognizes that Developer's ability to achieve the minimum progress described in Paragraph (b) of this Section 1.1 is dependent on market conditions and overall Project financial feasibility, and on the Developer's ability to secure necessary approvals from public bodies other than the City. Developer may A ITY I AGR/2008.0 13 022708 4