Common use of Vested Right to Develop Clause in Contracts

Vested Right to Develop. During the Term, subject to the Reservation of Authority by City contained in Article 8, Developer shall have a vested right to develop the Project on the Developer Property in accordance with and to the full extent permitted by the Development Plan, as the same may be amended or modified from time to time consistent with the terms of this Agreement, all of which shall exclusively control the development of the Project (including, without limitation, the uses, the density or intensity of use, architectural review, the maximum height and size of proposed buildings, the provisions for reservation or dedication of land for public purposes and the design, improvement and construction standards and specifications applicable to the Project or the Developer Property), provided, however, that (i) the ▇▇▇▇▇▇ Country Mart must be developed and substantially completed with certificates of occupancy issued for at least 50% of the commercial floor area and the entire park area/amenities open to the public during the first phase of Project construction, prior to issuance of a certificate of occupancy for any of the light industrial buildings proposed by the Project, and (ii) certificates of occupancy shall be issued for eighty percent of the ▇▇▇▇▇▇ Country Mart’s commercial floor area (as set forth in the Site Plan / 2022 SEIR) prior to (a) the City’s issuance of a certificate of occupancy for the sixth light industrial building proposed for the Project or (b) the last industrial building proposed for development if less than six light industrial buildings are ultimately proposed as part of the Project. The Developer shall be required to pay the impositions under the Citywide CFD and the Sitewide CFDs/Amended Sitewide CFDs (as each such terms are defined below) as and when required. To carry out the Project, Developer anticipates making capital expenditures to be made in reliance upon this Agreement and the Project Agreements. In the absence of this Agreement, Developer would not have assurance that it can complete and utilize the Project for the uses and to the density and intensity of development set forth in this Agreement and the Existing Development Approvals. This Agreement is necessary to assure Developer that the Project will not be (i) reduced or otherwise modified in density, intensity or use, maximum height and size of proposed buildings and the design standards applicable to the Project and the Developer Property, from what is set forth in the Existing Land Use Regulations and Existing Development Approvals, or (ii) subjected to new rules, regulations, ordinances or official policies or plans except (1) Applicable Future Rules (as defined in Section 8.2); and (2) Future Development Approvals made applicable to the Project and/or the Developer Property consistent with the terms of this Agreement. Accordingly, Future Development Approvals shall apply to the Project and the Developer Property only to the extent that they are not in conflict with the Development Plan or are not contrary to the terms of this Agreement. Nothing included herein shall preclude Developer from voluntarily modifying the size and number of light industrial buildings proposed for the Property so long as (i) the total square footage (“sq. ft.”) of industrial buildings does not exceed 1,567,090 (i.e., the sq. ft. amount analyzed in the 2022 SEIR), and (ii) such changes conform to the Development Standards. Notwithstanding anything to the contrary herein, the ▇▇▇▇▇▇ Country Mart shall be owned and maintained by the Developer (and/or its successors and assigns) and must remain publicly accessible in perpetuity with a deed restriction recorded to this effect prior to issuance of any building permits for the Project, and the maintenance of the improvements within the ▇▇▇▇▇▇ Country Mart, shall be held to high standards as determined by the Director.

Vested Right to Develop. During the Term, subject to the Reservation of Authority by City contained in Article 8, Developer shall have a vested right to develop the Project on the Developer Property in accordance with and to the full extent permitted by the Development Plan, as the same may be amended or modified from time to time consistent with the terms of this Agreement, all of which shall exclusively control the development of the Project (including, without limitation, the uses, the density or intensity of use, architectural review, the maximum height and size of proposed buildings, the provisions for reservation or dedication of land for public purposes and the design, improvement and construction standards and specifications applicable to the Project or the Developer Property), provided, however, that (i) the ▇▇▇▇▇▇ Country Mart must be developed and substantially completed with certificates of occupancy issued for at least 50% of the commercial floor area and the entire park area/amenities open to the public during the first phase of Project construction, prior to issuance of a certificate of occupancy for any of the light industrial buildings proposed by the Project, and (ii) certificates of occupancy shall be issued for eighty percent of the ▇▇▇▇▇▇ Country Mart’s commercial floor area (as set forth in the Site Plan / 2022 SEIR) prior to (a) the City’s issuance of a certificate of occupancy for the sixth light industrial building proposed for the Project or (b) the last industrial building proposed for development if less than six light industrial buildings are ultimately proposed as part of the Project. The Developer shall be required to pay the Development Impact Fees applicable to the Project and/or the Developer Property, as well as the impositions under the Citywide CFD and the Sitewide CFDs/Amended Sitewide CFDs (as each such terms are defined below) as and when required. To carry out the Project, Developer anticipates making capital expenditures to be made in reliance upon this Agreement and the Project Agreements. In the absence of this Agreement, Developer would not have assurance that it can complete and utilize the Project for the uses and to the density and intensity of development set forth in this Agreement and the Existing Development Approvals. This Agreement is necessary to assure Developer that the Project will not be (i) reduced or otherwise modified in density, intensity or use, maximum height and size of proposed buildings and the design standards applicable to the Project and the Developer Property, from what is set forth in the Existing Land Use Regulations and Existing Development Approvals, or (ii) subjected to new rules, regulations, ordinances or official policies or plans except (1) Applicable Future Rules (as defined in Section 8.2); and (2) Future Development Approvals made applicable to the Project and/or the Developer Property consistent with the terms of this Agreement. Accordingly, Future Development Approvals shall apply to the Project and the Developer Property only to the extent that they are not in conflict with the Development Plan or are not contrary to the terms of this Agreement. Nothing included herein shall preclude Developer from voluntarily modifying the size and number of light industrial buildings proposed for the Property so long as (i) the total square footage (“sq. ft.”) of industrial buildings does not exceed 1,567,090 (i.e., the sq. ft. amount analyzed in the 2022 SEIR), and (ii) such changes conform to the Development Standards. Notwithstanding anything to the contrary herein, the ▇▇▇▇▇▇ Country Mart shall be owned and maintained by the Developer (and/or its successors and assigns) and must remain publicly accessible in perpetuity with a deed restriction recorded to this effect prior to issuance of any building permits for the Project, and the maintenance of the improvements within the ▇▇▇▇▇▇ Country Mart, shall be held to high standards as determined by the Director.

Vested Right to Develop. During the Term, subject to the Reservation of Authority by City contained in Article 8, Developer shall have a vested right to develop the Project on the Developer Property in accordance with and to the full extent permitted by the Development Plan, as the same may be amended or modified from time to time consistent with the terms of this Agreement, all of which shall exclusively control the development of the Project (including, without limitation, the uses, the density or intensity of use, architectural review, the maximum height and size of proposed buildings, the provisions for reservation or dedication of land for public purposes and the design, improvement and construction standards and specifications applicable to the Project or the Developer Property), provided, however, that (i) the ▇▇▇▇▇▇ Carson Country Mart must be developed and substantially completed with certificates of occupancy issued for at least 50% of the commercial floor area and the entire park area/amenities open to the public during the first phase of Project construction, prior to issuance of a certificate of occupancy for any of the light industrial buildings proposed by the Project, and (ii) certificates of occupancy shall be issued for eighty percent of the ▇▇▇▇▇▇ Carson Country Mart’s commercial floor area (as set forth in the Site Plan / 2022 SEIR) prior to (a) the City’s issuance of a certificate of occupancy for the sixth light industrial building proposed for the Project or (b) the last industrial building proposed for development if less than six light industrial buildings are ultimately proposed as part of the Project. The Developer shall be required to pay the impositions under the Citywide CFD and the Sitewide CFDs/Amended Sitewide CFDs (as each such terms are defined below) as and when required. To carry out the Project, Developer anticipates making capital expenditures to be made in reliance upon this Agreement and the Project Agreements. In the absence of this Agreement, Developer would not have assurance that it can complete and utilize the Project for the uses and to the density and intensity of development set forth in this Agreement and the Existing Development Approvals. This Agreement is necessary to assure Developer that the Project will not be (i) reduced or otherwise modified in density, intensity or use, maximum height and size of proposed buildings and the design standards applicable to the Project and the Developer Property, from what is set forth in the Existing Land Use Regulations and Existing Development Approvals, or (ii) subjected to new rules, regulations, ordinances or official policies or plans except (1) Applicable Future Rules (as defined in Section 8.2); and (2) Future Development Approvals made applicable to the Project and/or the Developer Property consistent with the terms of this Agreement. Accordingly, Future Development Approvals shall apply to the Project and the Developer Property only to the extent that they are not in conflict with the Development Plan or are not contrary to the terms of this Agreement. Nothing included herein shall preclude Developer from voluntarily modifying the size and number of light industrial buildings proposed for the Property so long as (i) the total square footage (“sq. ft.”) of industrial buildings does not exceed 1,567,090 (i.e., the sq. ft. amount analyzed in the 2022 SEIR), and (ii) such changes conform to the Development Standards. Notwithstanding anything to the contrary herein, the ▇▇▇▇▇▇ Carson Country Mart shall be owned and maintained by the Developer (and/or its successors and assigns) and must remain publicly accessible in perpetuity with a deed restriction recorded to this effect prior to issuance of any building permits for the Project, and the maintenance of the improvements within the ▇▇▇▇▇▇ Carson Country Mart, shall be held to high standards as determined by the Director.