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this DeveloPment Agreement pursuant to the requirements of Government Code <br /> <br />Section 65864 et seq. and, om ,2002, adopted Ordinance <br /> <br />No. approving the Development Agreement. <br /> <br />NOW THEREFORE, it is agreed by the City and Property Owner as follows: <br /> <br />Property Subject to the Development Agreement: Successors and Assigns. All of <br />the Property shall be subject to this Development Agreement. The parties intend <br />that this Development Agreement shall constitute covenants which shall run with <br />the Property, and its benefits and burdens shall bind and inure to all of the <br />successors in interest to the Property and to the City. <br /> <br />II. <br /> <br />Term. The term of this Development Agreement shall commence upon the date <br />of execution and shall continue in full force and effect for ten (10) years <br />thereafter. <br /> <br />III. <br /> <br />Construction of Improvements. <br /> <br />The City agrees to fund construction of the roadway improvements and associated <br />utilities shown in Exhibit __. <br /> <br />A. The City shall fund construction of the roadway improvements and <br /> associated utilities shown in Exhibit B (the "Phase I Improvements). The <br /> City shall make good faith efforts to ensure the timely construction of <br /> <br />Revision # 1, Draft Mardek L.L.C. Development Agreement Page 5 of 13 <br /> <br /> <br />