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Design Guidelines intended to meet the City's RHNA can proceed, together with the other public <br /> benefits that will result from the development of the Project Site, Developer will receive by this <br /> Agreement assurance that it may proceed with the Project in accordance with the "Applicable <br /> Law" (defined below), and therefore desires to enter into this Agreement. <br /> NOW, THEREFORE, with reference to the foregoing recitals and in consideration of the <br /> mutual promises, obligations and covenants herein contained, City and Developer agree as <br /> follows: <br /> AGREEMENT <br /> ARTICLE 1 <br /> Description of Property, Effective Date and Term <br /> Section 1.1 Description of Property <br /> The real property which is the subject of this Agreement is the Project Site, as <br /> more particularly described and depicted in the attached DA Exhibit A-1 and I)A Exhibit A-2. <br /> Section 1.2 Effective Date <br /> This Agreement shall become effective upon the date the City ordinance <br /> approving this Agreement becomes effective (the "Effective Date"). <br /> Section 1.3 Term <br /> The term of this Agreement shall commence on the Effective Date and expire ten <br /> (10) years thereafter(the "Term"). <br /> ARTICLE 2 <br /> Standards, Laws and Procedures Governing the Project <br /> Section 2.1 Vested Right To Develop <br /> Developer shall have a vested right to develop the Project at the Project Site in <br /> substantial conformance with the terms and conditions of the Project Approvals, the Subsequent <br /> Approvals (defined in Section 4.4 below) (as and when issued), the Applicable Law (defined <br /> below) and any amendments to the Subsequent Approvals or this Agreement as shall, from time <br /> to time, be approved pursuant to this Agreement. Without limiting the preceding sentence, while <br /> Developer contemplates developing the Project Site in accordance with the Project Design <br /> Review, Developer shall have the vested right to develop the Project Site with 168 apartments, <br /> one clubhouse building/leasing office, parking areas, and related on-site and off-site <br /> improvements, in accordance with the PUD Development Plan. <br /> Section 2.2 Permitted Uses <br /> 067821\4242646v5 3 <br />