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limited to conditions to any of the Project Approvals) and this Agreement, the terms and conditions of this Agreement shall govern. Section 2.04 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 otherwise, that imposes a building moratorium, a limit on the rate of development, or a voter- approval requirement which would otherwise affect the timely development of the Project or Project Approvals or Subsequent Approvals on all or any part of the Project Site ("City Law"), City agrees that such ordinance, resolution or other measure shall not apply to the Project Site, this Agreement, the Project Approvals, or the Subsequent Approvals, if'any, during the Term. Section 2.05 Life of Proiect Approvals or Subsequent Approvals. The term of any Project Approval or Subsequent Approval shall automatically be extended for the longer of Term of this Agreement or the term otherwise applicable to such Project Approval or Subsequent Approval if this Agreement is no longer in effect. The Term of this Agreement, any other Project Approval or Subsequent Approval shall be extended by any period of time during which any applicable development or utility moratorium, lawsuit or the actions of other public agencies that regulate land use, delays construction of the Project. Section 2.06 Development Timing. Subject to Applicable Law, Developer shall have the right to develop the Project on the,Project Site in such order and at such rate and at such times as Developer deems appropriate within the exercise of its subjective business judgment Section 2.07 Compliance with State and Federal Law. This Agreement is subject to Developer's compliance with all applicable federal and state laws and regulations (which are in effect at the time Developer submits its application for building permits for the Project, as allowed under law) and compliance with the California Environmental Quality Act, Public Resources Code sections 21000 et seq. ("CEQA"). Article III. Developer Obligations. Section 3.01 Obligations of Developer Generally. The parties acknowledge and agree that the City's agreement to perform and abide by the covenants and obligations of City set forth in this Agreement is a material consideration for Developer's agreement to perform and abide by its long term covenants and obligations, as set forth herein. The parties acknowledge that many of Developer's long term obligations set forth in this Agreement are in addition to Developer's agreement to perform all the mitigation measures identified in the Project Mitigation Monitoring and Reporting Program. -4-