Agmt12 Lowe Enterprises Real Estate Group

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D. If City selects Developer's Proposal, it is anticipated that the parties shall then negotiate a development agreement pursuant to Government Codc section 65864 et seq. or other similar agreement tha[ will se[ forth the rerms and conditions for the acquisition and development of Ihe Property. Developer acknowledges and understands that it shall be required to fund City's costs for the negotiation of any such agreement, either pursuant to an amendment of this . Agreement or another reimbursement agreement, as wcll as any Ciry costs associated with obtaining any land use approvals or entitlements in furtherance of Developer's Proposal for development of the Properry. In addition, such development or other agreement shall require Developer to pay for Ciry's e�penses related to the processing of any future applications for development of the Property. E. The City and Developer intend that as a result of this Agreement, by implementing the reimbursement policy, all costs and expenses associated with the City's review, evaluation, consideration, and processing of Developer's Proposal, induding but not limited to compensation Yor all City employec staff timc and payment of all third party consultant contracts induding legal consult�nts, shall be paid by the sclected development team using funds deposited in advance with City by each of the two development teams for such purpose and that City shall not be required to advance City funds or incur any liability ro cover such costs and expenses. F. The City and Devcloper agree th�t all costs and expenses incurred by Developer in preparing and presenting Developer's Proposal to Ciry are incurred and shall be borne solely by Developer, regardless of how Ciry, in its sole discretion, acts upon Developer's Proposal, whether or not City selects or rejects Developer's Proposal, or processes future applications related to Developer's Proposal. AGREEMENT ARTICLE 1. INCORPORATION OF RECITALS Section 1.01. All of the recitals set forth above are true and correct and are hereby inwrporated in this Agreement as if fully se[ forth herein. ARTICLE 2. ARTICLE 2. EFFEC7'IVE UA"1'E AND TERM Section 2.01. Effective Date. This Agreement shall become et7ective upon the date this Agreement is fully executed by the Parties (thc "Effective Date"). Section 2.02. Term. The tenn of the Agreement (the °Term") shall begin on the Effective Date and shall terminate upon the earlier oE (a) the date of terniination pursuant to Section 5.03 herein; or (b) the date the Ciry Council takes tinal action on selection of a developer for Block 2. ARTICLE 3. RESOLUTION NO. 14609. Section 3.01. In General. Developer acknowledges and agrees tha[ [he cost recovery principles articulated in Resolution No. 14609 Planning Cost Recovery Policy govem the City's consideration of Developer's Proposal. Developer further acknowledgcs and agrees that the J01692SSL2 � �