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Term of this Agreement, Developer shall pay only those periodic cost of living or similar indexed increases, decreases or adjustments to City Impact Fees and Other City Fees as are applicable and in effect as of the Effective Date. Developer may defer payment of City Impact Fees (including but not limited to those set forth or referenced in Sections 3.3, 3.4(c) and 3.7) and Other City Fees (excluding those set forth in Section 3.6) until issuance of certificates of occupancy. Further, in the event Developer applies for multiple grading or building permits covering portions or phases of the Project, Developer shall only pay those City Impact Fees and Other City Fees (or prepare such study or studies) applicable to the portion or phase of the Project covered by the issued permits. Section 3.3 Traffic Mitigation Measuresjraffic Impact Fees. Developer shall be obligated to mitigate the traffic related impacts of the Project in conformance with the Housing Element EIR, Mitigation Measure 4.N-7, which shall be deemed full compliance with General Plan policy, by complying with each of the following: (a) Pleasanton Traffic Impact Fee. Developer shall pay to City the Pleasanton Traffic Impact Fee in accordance with the City's Non-NPID fee schedule in effect on the Effective Date of this Agreement, and (b) Tri-Valley Transportation Committee Fee. Developer shall pay to the City the Tri-Valley Transportation Committee Fee as may be applicable. Section 3.4 Below Market Rate Units (a) Developer shall be obligated to comply with its obligations set forth in the AHA; (b) City acknowledges and finds that in recognition and consideration of Developer's execution of the AHA, the Project is exempt from any obligation to pay the City's Lower Income Housing Fee; and (c) As more particularly set forth in the AHA, in lieu of providing any affordable units and in full satisfaction of all requirements of Developer under the AHA, City may elect, not later than the first to occur of one year after the effective date of the AHA or forty-five (45) days after Developer notifies City in writing of its intent to apply for a building permit, to require a one time in-lieu fee in the amount of Four Million Five Hundred Thousand Dollars ($4,500,000), which shall be payable prior to City's issuance of the first certificate of occupancy for a residential unit. Section 3.5 School Fees. Developer shall pay school fees in accordance with a written agreement entered into, or to be entered into, between Developer and the Pleasanton Unified School District("PUSD"), and Developer shall provide to City, prior to building permit issuance, PUSD's written confirmation of such agreement. #12772144 v9 6