Agmt12 Hunter Storm, LLC - Laserfiche WebLink

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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 Code section 65864 et seq. or other similar agreement that will set forth the terms and conditions for the acquisition and development of the 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 well as any City costs associated with obtaining any land use approvals or entitlements in furtherance of Developer's Proposal for development of the Property. In addition, such development or other agreement shall require Developer to pay for City's expenses 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, including but not limited to .compensation for all City employee staff time and payment of all third party consultant contracts including legal consultants, shall be paid using funds deposited in advance with City, by Developer for such purpose and that City shall not be required to advance City funds or incur any liability to cover such costs and expenses. F. The City and Developer agree that all costs and expenses incurred by Developer in preparing and presenting Developer's Proposal to City are incurred and shall be borne solely by Developer, regardless of how City, 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. AIl of the recitals set forth above are true and correct and are hereby incorporated in this Agreement as if fully set foRh herein. ARTICLE 2. EFFECTIVE DATE AND TERM Section 2.01. Effective Date. This Agreement shall become effective upon the date this Agreement is fully execu[ed by the Parties (the "Effective Date"). Section 2.02. Term. The term of the Agreement (the "Term") shall begin on the Effective Date and shall terminate upon the earlier of: (a) the date of termination pursuant to Section 5.03 herein; or (b) the date the City Council takes final action on selection of a developer for Block 2. ARTICLE 3. RESOLUTION NO. 14609. Section 3.OL In General. Developer acknowledges and agrees that the cost recovery principles articulated in Resolution No. 14609 Planning Cost Recovery Policy govern the City's � ATTYIAGRI2012.Ot0IREIMBURSEMENTAGREEMENTBLOCK2 � REV:01/25112 � . � Page 2 of 9 . .