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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), the 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 Management Program (as set forth in Chapter 17.36 of the Pleasanton Municipal Code) applicable to the Project as set forth in this Agreement and the Project Approvals, and in force and effect on the Effective Date, except if permitted or conditionally permitted uses in the R -1 district are subsequently modified in the Pleasanton Municipal Code, such modifications shall apply to the Project. The parties acknowledge that the Project has entered into a Growth Management Agreement which is a vested element in this Agreement. 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 § 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 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, this Agreement, the Project Approvals, or the Subsequent Approvals, if any, during the Term. Section 2.05. Life of Project 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of this Agreement or the term otherwise applicable to such Project Approval or Subsequent Approval if this Agreement is no longer in effect.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 not include 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, including the Growth Management Agreement, Developer shall have the right to develop the Project 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 and compliance with the California Environmental Quality Act, Public Resources Code § 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 4 of 10