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Section 1.2 Effective Date. This Agreement shall become effective upon the date the City ordinance approving this Agreement becomes effective (the "Effective Date"). Section 1.3 Term. The term of this Agreement shall commence on the Effective Date and expire ten (10) years thereafter(the "Term"). ARTICLE 2 Standards, Laws and Procedures Governing the Project Section 2.1 Vested Right To Develop. Developer shall have a vested right to develop the Project at the Project Site in substantial conformance with the terms and conditions of the Project Approvals, the Subsequent Approvals (defined in Section 4.4 below) (as and when issued), the Applicable Law (defined below) and any amendments to the Subsequent Approvals or this Agreement as shall, from time to time, be approved pursuant to this Agreement. Without limiting the preceding sentence, while Developer contemplates developing the Project Site in accordance with the Project Design Review, Developer shall have the vested right to develop the Project Site with 345 apartment units, up to 39,000 square feet of retail uses, surface parking, and related site improvements, in accordance with the PUD Development Plan and PUD Modification. Section 2.2 Permitted Uses. The permitted uses and the density and intensity of use of the Project Site; the maximum height, bulk and size of the proposed buildings; provisions for reservation or dedication of land for public purposes and the location of public improvements; the general location of public utilities; and other terms and conditions of development applicable to the Project, shall be as set forth in the Project Approvals and, as and when they are issued (but not in any limitation of any right to develop as set forth in the Project Approvals), any Subsequent Approvals (defined below). Section 2.3 Applicable Law. "Applicable Law" shall mean, collectively, the Project Approvals and the other existing (as of the Effective Date) rules, regulations, official policies, standards and specifications governing permitted uses of the Project Site, governing density, and governing the design, improvements, the City's Residential Growth Management Program (as set forth in Chapter 17.36 of the Pleasanton Municipal Code), and applicable City regulations, and construction standards and specifications applicable to the Project Site as set forth in this Agreement and the Project Approvals, and in force and effect on the Effective Date. During the Term,to the extent there are any conflicts between the Project Approvals (including but not limited to conditions to any of the Project Approvals) and this Agreement, the terms and conditions of this Agreement shall govern. Further, the parties further acknowledge that the GMA, once approved, is a vested element of this Agreement, notwithstanding subsequent RHNA cycles, or existing timing provisions or subsequent changes to the City's Growth Management Ordinance (the "GMO"). Further, during the Term, to the extent there are any conflicts between the GMA and the GMO, the terms and conditions of the GMA shall govern. Section 2.4 Moratorium, Initiatives and Conflicting Enactments. To the extent consistent with State law (and excepting a declaration of a local emergency or state emergency as defined in Government Code section 8558), if any ordinance, resolution or other measure is enacted subsequent to the Effective Date, whether by action of City, by initiative, referendum, or #12772144_v9 4