Common use of Development of Project Clause in Contracts

Development of Project. 3.1 Other than as expressly set forth in this Agreement, during the Term of this Agreement Developer shall have the vested right to develop the Project on and with respect to the Property in accordance with the terms of the Applicable Rules and this Agreement. City shall not prohibit or prevent development of the Property on grounds inconsistent with the Applicable Rules or this Agreement. Notwithstanding the foregoing, nothing herein is intended to limit or restrict City’s discretion with respect to (i) review and approval requirements contained in the Applicable Rules, (ii) exercise of any discretionary authority City retains under the Applicable Rules, (iii) the approval, conditional approval, or denial under the Applicable Rules, of any Subsequent Development Approvals that are required for development of the Project as of the Effective Date, or (iv) any environmental approvals that may be required under the California Environmental Quality Act (“CEQA”) (Public Resources Code § 21000 et seq.) or any other federal or state law or regulation in conjunction with any Subsequent Development Approvals that may be required for the Project, and in this regard, as to future actions referred to in clauses (i)-(iv) of this sentence, City reserves its full discretion to the same extent City would have such discretion in the absence of this Agreement. In addition, it is understood and agreed that nothing in this Agreement is intended to vest Developer’s rights with respect to any laws, regulations, rules, or official policies of any other governmental agency or public utility company with jurisdiction over the Property or the Project; or any applicable federal or state laws, regulations, rules, or official policies that may be inconsistent with this Agreement and that override or supersede the provisions set forth in this Agreement, and regardless of whether such overriding or superseding laws, regulations, rules, or official policies are adopted or applied to the Property or the Project prior or subsequent to the Effective Date. Developer has expended and will continue to expend substantial amounts of time and money planning and preparing for development of the Project. Developer represents and City acknowledges that Developer would not make these expenditures without this Agreement, and that Developer is and will be making these expenditures in reasonable reliance upon its vested rights to develop the Project as set forth in this Agreement. Developer may apply to City for permits or approvals necessary to modify or amend the development specified in the Applicable Rules, provided that the request does not propose an increase in the maximum density, intensity, height, or size of proposed structures, or a change in use that generates more peak hour traffic or more daily traffic. This Agreement does not constitute a promise or commitment by City to approve any such permit or approval, or to approve the same with or without any particular requirements or conditions, and City’s discretion with respect to such matters shall be the same as it would be in the absence of this Agreement. 3.2 Except to the extent City reserves its discretion as expressly set forth in this Agreement, during the Term of this Agreement City shall not apply to the Project or the Property any ordinance, policy, rule, regulation, or other measure relating to development of the Project that is enacted or becomes effective after the Effective Date to the extent it conflicts with this Agreement. This

Development of Project. 3.1 Other than as expressly set forth in this Agreement, during the Term of this Agreement Developer shall have the vested right to develop the Project on and with respect to the Property in accordance with the terms of the Applicable Rules Rules, the Project Plans attached hereto as Exhibit B and incorporated herein by reference, and this Agreement. City shall not prohibit or prevent development of the Property on grounds inconsistent with the Applicable Rules Rules, Project Plans, or this Agreement. Notwithstanding the foregoing, nothing herein is intended to limit or restrict City’s discretion with respect to (i) review and approval requirements contained in the Applicable Rules, (ii) exercise of any discretionary authority City retains under the Applicable Rules, (iii) the approval, conditional approval, or denial under the Applicable Rules, of the Project Plans, or any Subsequent Development Approvals that are required for development of the Project as of the Effective Date, or (iv) any environmental approvals that may be required under the California Environmental Quality Act (“CEQA”) (Public Resources Code § 21000 et seq.) or any other federal or state law or regulation in conjunction with any Subsequent Development Approvals that may be required for the Project, and in this regard, as to future actions referred to in clauses (i)-(iv) of this sentence, City reserves its full discretion to the same extent City would have such discretion in the absence of this Agreement. In addition, it is understood and agreed that nothing in this Agreement is intended to vest Developer’s rights with respect to any laws, regulations, rules, or official policies of any other governmental agency or public utility company with jurisdiction over the Property or the Project; or any applicable federal or state laws, regulations, rules, or official policies that may be inconsistent with this Agreement and that override or supersede the provisions set forth in this Agreement, and regardless of whether such overriding or superseding laws, regulations, rules, or official policies are adopted or applied to the Property or the Project prior or subsequent to the Effective Date. Developer has expended and will continue to expend substantial amounts of time and money planning and preparing for development of the Project. Developer represents and City acknowledges that Developer would not make these expenditures without this Agreement, and that Developer is and will be making these expenditures in reasonable reliance upon its vested rights to develop the Project as set forth in this Agreement. Developer may apply to City for permits or approvals necessary to modify or amend the development specified in the Applicable Rules, provided that the request does not propose an increase in the maximum density, intensity, height, or size of proposed structures, or a change in use that generates more peak hour traffic or more daily traffic. This Agreement does not constitute a promise or commitment by City to approve any such permit or approval, or to approve the same with or without any particular requirements or conditions, and City’s discretion with respect to such matters shall be the same as it would be in the absence of this Agreement. 3.2 Except to the extent City reserves its discretion as expressly set forth in this Agreement, during the Term of this Agreement City shall not apply to the Project or the Property any ordinance, policy, rule, regulation, or other measure relating to development of the Project that is enacted or becomes effective after the Effective Date to the extent it conflicts with this Agreement. This