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Section 2.03 Applicable Law. "Applicable Law" shall mean the existing rules, regulations, <br />official policies, standards and specifications governing permitted uses of the Commons at <br />Gateway and the Project Site, governing density, and governing the design, improvements, the <br />City's Residential Growth Management Program (as set forth in Chapter 17.36 of the Pleasanton <br />Municipal Code), the AHA and applicable City regulations, and construction standards and <br />specifications applicable to the Commons at Gateway and the Project Site as set forth in this <br />Agreement and the Project Approvals, and in force and effect on the Effective Date. During the <br />Term, to the extent there are any conflicts between the Project Approvals (including but not <br />limited to conditions to any of the Project Approvals) and this Agreement, the terms and <br />conditions of this Agreement shall govern. Further, the parties acknowledge that the GMA, once <br />approved, is a vested element of this Agreement, notwithstanding subsequent RHNA cycles, or <br />existing timing provisions or subsequent changes to the City's Growth Management Ordinance <br />(the "GMO "). Further, during the Term, to the extent there are any conflicts between the GMA <br />and the GMO, the terms and conditions of the GMA shall govern. <br />Section 2.04 Moratorium, Initiatives and Conflicting Enactments. To the extent consistent with <br />state law (and excepting a declaration of a local emergency or state emergency as defined in <br />Government Code section 8558), if any ordinance, resolution or other measure is enacted <br />subsequent to the Effective Date, whether by action of City, by initiative, referendum, or <br />otherwise, that imposes a building moratorium, a limit on the rate of development, or a voter - <br />approval requirement which would otherwise affect the timely development of the Project or <br />Project Approvals or Subsequent Approvals on all or any part of the Project Site ( "City Law "), <br />City agrees that such ordinance, resolution or other measure shall not apply to the Project Site, <br />this Agreement, the Project Approvals, or the Subsequent Approvals, if any, during the Term. <br />Section 2.05 Life of Project Approvals or Subsequent Approvals. The term of any Project <br />Approval or Subsequent Approval shall automatically be extended for the longer of Term of this <br />Agreement or the term otherwise applicable to such Project Approval or Subsequent Approval if <br />this Agreement is no longer in effect. The Term of this Agreement, any other Project Approval <br />or Subsequent Approval shall not include any period of time during which any applicable <br />development or utility moratorium, lawsuit or the actions of other public agencies that regulate <br />land use, delays construction of the Project. <br />Section 2.06 Development Timing. Subject to Applicable Law, including the GMA, <br />Developer shall have the right to develop the Project on the Project Site in such order and at such <br />rate and at such times as Developer deems appropriate within the exercise of its subjective <br />business judgment. <br />Section 2.07 Compliance with State and Federal Law. This Agreement is subject to <br />Developer's compliance with all applicable federal and state laws and regulations and <br />compliance with the California Environmental Quality Act, Public Resources Code sections <br />21000 et seq. ( "CEQA "). <br />Article III Developer Obligations. <br />Section 3.01 Obligations of Developer Generally. The parties acknowledge and agree that the <br />City's agreement to perform and abide by the covenants and obligations of City set forth in this <br />-5- <br />