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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 more particularly the expiration of Developer's Project Approvals shall be extended through DATE, 2024 (with the option of an additional five year extension to DATE 2029), 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 at 3459 Old Foothill Road, as described in the attached DA Exhibit A-1, DA Exhibit A-2 and DA Exhibit C (the"Property"). 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, with the option of a five (5) year extension if mutually agreed to in writing by the parties, thereafter(the"Term"). Article H. 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, if applicable), the Applicable Law (defined below) and amendments as shall, from time to time, be approved pursuant to this Agreement. 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 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 and, as and when they are issued (but not in any limitation of any right to develop as set forth in the Project Approvals), 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 on the Project Site, governing density, and governing the design, improvements, the City's Residential Growth Management Program (as set forth in Chapter 17.36 of the Pleasanton Municipal Code), and applicable City regulations, and construction standards and specifications applicable to the Project Site as set forth in this Agreement and the Project Approvals, and in force and effect on the Effective Date. During the Term, to the extent there are any conflicts between the Project