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limited to conditions to any of the Project Approvals) and this Agreement, the terms and <br /> conditions of this Agreement 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 <br /> Law"). City agrees that such ordinance, resolution or other measure shall not apply to the <br /> Project Site, this Agreement, the Project Approvals, or the Subsequent Approvals, if any, <br /> 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 <br /> this Agreement or the term otherwise applicable to such Project Approval or Subsequent <br /> Approval if this Agreement is no longer in effect. The Term of this Agreement, any other <br /> Project Approval or Subsequent Approval shall he extended by any period of time during <br /> which any applicable development or utility moratorium, lawsuit or the actions of other public <br /> agencies that regulate land use. delays construction of the Project. <br /> Section 2.06 Development Timing. Subject to Applicable Law. Developer shall have the <br /> right to develop the Project on the Project Site in such order and at such rate and at such times <br /> as Developer deems appropriate within the exercise of its subjective 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 (which are in <br /> effect at the time Developer submits its application for building permits for the Project, as <br /> allowed under law) and compliance with the California Environmental Quality Act, Public <br /> Resources Code sections 21000 et seq. ( "CEQA' ). <br /> Article 111. 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 /> Agreement is a material consideration for Developer's agreement to perform and abide by its <br /> long term covenants and obligations, as set forth herein. The parties acknowledge that many of <br /> Developer's long term obligations set forth in this Agreement are in addition to Developer's <br /> agreement to perform all the mitigation measures identified in the Project Mitigation Monitoring <br /> and Reporting Program. <br /> -4- <br />