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E. 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, 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 Project Approvals and "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 1 Description of Property, Effective Date and Term Section 1.1 Description of Property. The real property which is the subject of this Agreement is the Project Site, as more particularly described and depicted in the attached DA Exhibit A-1 and DA Exhibit A-2. Section 1.2 Effective Date. This Agreement shall become effective upon the date the City ordinance approving this Agreement becomes effective (the "Effective Date"). Section 1.3 Term. The term of this Agreement shall commence on the Effective Date and expire ten (10) years thereafter(the "Term"). Following the expiration of the Term, this Agreement shall be deemed terminated and of no further force or effect; provided, however, such termination shall not affect any right, or duty arising from City approvals, including, without limitation, the Project Approvals. This Agreement shall terminate with respect to any for sale residential lot and such lot shall be released and no longer be subject to this Agreement, without the execution or recordation of any further document, when a certificate of occupancy has been issued for the building(s) on the lot. Section 1.4 Effect of Development Plan. In the event that Ordinance adopting the Development Plan is challenged through a judicial action that results in a writ of mandate or court order that requires the City to modify or rescind the Development Plan, the effectiveness of this Agreement shall be suspended pending such modification or rescission. The City's modification of the PUD Plan may necessitate that the parties to this Agreement negotiate an amendment to this Agreement. The rescission of the Development Plan shall result in this Agreement no longer being in force and effect. In the event that Ordinance adopting the Development Plan is challenged by a referendum petition, and such petition qualifies for the ballot, the effectiveness of this Agreement shall be suspended pending the results of the election upon the ballot measure. If the voters do not reject Ordinance , then this Agreement shall no longer be suspended. If the voters reject Ordinance , then this Agreement shall no longer be in force and effect. Pursuant to Section 2.5 below, the Term shall be extended for any period of time the effectiveness of the Agreement is suspended under this Section 1.4. ARTICLE 2 Standards, Laws and Procedures Governing the Project 3