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"Project Foundation Permit" shall mean a permit issued by the Building Department of the City of Redwood City pursuant to the City of Redwood City Building Code for the construction of the foundation, up to and including slab. "Project Building Permit" shall mean a permit issued by the Building Deparmaent of the City of Redwood City pursuant to the City of Redwood City Building Code. The permit shall include all supporting structures, exterior walls, rough electrical and rough plumbing for building floors. "Project Tenant Improvements Permit" shall mean a permit issued by the City of Redwood City Building Department pursuant to the City of Redwood City Building Code. This permit shall include any improvement to the interior of the building, other than improvements covered under the Project Building Permit, and shall include interior partitions, finish electrical and plumbing work. The issuance of any Project Tenant Improvements Permit within a building shall be subject to the payment of a Traffic Mitigation Fee Payment based upon the Gross Square Footage of the Building for which any Project Tenant Improvement Permit is to be issued. AGREEMENT SECTION 1. EFFECTIVE DATE AND TERM Section 1.01 Effective Date. This Agreement shall become effective upon the date upon which is the later of (i) the date upon which this Agreement is executed by Owner and City, or (ii) the date upon which Owner receives £mal approval (including any action necessary by the City Council, including by appeal from the Planning Commission) of Owner's pending application for a Vesting Tentative Parcel Map and Planned Development Permit (the "Effective Date"). Section 1.02 Term. The term of this Agreement (the "Term") shall commence upon the Effective Date and continue for a period of five (5) years. All terms and conditions ofth~s Agreement expire upon termination of this Agreement. In the event Owner has not obtained Project Building Permits for each of the buildings within the Project within the Term, then Owner and City shall renegotiate the terms of this Agreement for any building upon which a Project Building permit has not been issued, and Owner may be subject to the Corridor Assessment District and/or Traffic Impact Fee for such building or buildings. SECTION 2. TRAFFIC MITIGATION FEE PAYMENT Section 2.01 Traffic Mitigation Fee. Owner shall pay City a traffic mitigation fee, calculated on a Gross Square Foot basis in the amount of two dollars and thirteen/100 ($2.13) per Gross Square Foot of the Project that is actually constructed (the "Traffic Mitigation AGMT-1024 3 10/24/97 10/29/97R