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In exchange for the benefits to City described in these recitals, including but not limited to assurance that a residential project consistent with the PUD Development Plan approval referred to above and Design Guidelines intended to meet the City's RHNA can proceed, together with the other public benefits that will result from the development of the Project Site, Developer will receive by this Agreement assurance that it may proceed with the Project in accordance with the "Applicable Law" (defined below), and therefore desires to enter into this Agreement. NOW, THEREFORE, with reference to the foregoing recitals and in consideration of the mutual promises, obligations and covenants herein contained, City and Developer agree as follows: AGREEMENT Article I Description of Property,Effective Date and Term. Section 1.01 Description of Property. The real property which is the subject of this Agreement is the 5850 West Las Positas site, as described in the attached DA Exhibit A-1 and DA Exhibit A-2. Section.1.02 Effective Date. This Agreement shall become effective upon the date the ordinance approving this Agreement becomes effective(the"Effective Date"). Section 1.03 Term. The term of this Agreement shall commence on the Effective Date and extend ten(10)years thereafter(the"Term"). Article II Standards,Laws and Procedures Governing the Project. Section 2.01 Vested.Right To Develop. Developer shall have a vested right to develop the Project Site in substantial conformance with the terms and conditions of the Project Approvals, the Subsequent Approvals (defined below) (as and when issued), the Applicable Law (defined below) and amendments as shall, from time to time, be approved pursuant to this Agreement. Specifically, while Developer contemplates constructing the Project Site in accordance with the Project Design Review, Developer shall have the vested right to develop the Project Site with 177 apartment units, surface parking and related site improvements, in accordance with the PUD Development Plan referred to above. Section 2.02 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, apartments and single family homes; 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, as and when they are issued (but not in any limitation of any right to develop as set forth in the Project Approvals), and any Subsequent Approvals (defined below). Section 2.03 Applicable Law. "Applicable Law" shall mean the existing 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 -6-