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HomeMy WebLinkAboutMurdock Alberhill Ranch - Development Agreementa e RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: Murdock Alberhill Ranch Limited Partnership 10900 Wilshire Boulevard Suite 1600 Los Angeles, California 90024 Attn: Ms. Ilene Miles DEVELOPMENT AGREEMENT BETWEEN THE CITY OF LAKE ELSINORE AND MURDOCK ALBERHILL RANCH LIMITED PA FOR MURDOCK {ALBERHILL RANCH DATED: J . n.. c S J 1993 TABLE OF CONTENTS 1. PARTIES AND DATE . . . . . . . . . . . . . . . . 1 2. DEFINITIONS . . . . . . . . . . . . . . . . . . . 1 3. RECITALS . . . . . . . . . . . . . . . . . . 3 3.1 Property . . . . . . . . . . . . . . . . 3 3.2 Legal Authority . . . . . . . . . . 3 3.2.1 Approval of Development Agreement . . 3 3.3 Consistency Finding . . . . . . . . . . . . 3 3.4 Status of Project . . . . . . . . . . . . . 3 3.5 Consideration . . . . . . . . . . . . . . . 4 4. DEVELOPER PROVIDED AMENITIES . . . . . . . . . . 4 4.1 Description of Amenities . . . . . . . . . . 4 4.1.1 Development Agreement Fee . . . . . . 4 4.1.2 Feasibility Studies . . . . . . . . . 5 4.1.3 School Site . . . . . . . . . . . . . 5 4.1.4 Park Sites . . . . . . . . . . . 5 a) Community Park . . . . . . . . . 5 b) Neighborhood Park . . . . . . . . 6 c) Private Recreational Facilities . . . . . . . . . . . 6 4.1.5 Affordable Housing . . . . . . . . 6 4.1.6 Municipal PoolP. 6 4.1.7 Supplemental Development AgreementP. 6 5. DURATION OF AGREEMENT . . . . . . . . . . . . . . 7 5.1 Term . . . . . . . . . . . . . . 7 5.2 Scheduling . . . . . . . . . . . . . . . 7 5.3 Certification of Completion . . . . . . . . 7 5.4 Termination . . . . . . . . . . . . . . . . 7 5.5 Periodic Review . . . . . . . . . . . . . . 7 6. VESTED RIGHT . . . . . . . . . . . . . . . . . . 9 6.1 Vesting . . . . . . . . . . . . 9 6.1.1 No Conflicting Enactments . . . . . . 9 6.1.2 Intent of Parties . . . . . . . . . . 9 6.1.3 Grading . . . . . . . . . . . . . 10 6.2 Benefit of an Earlier Vesting . . . . . . . 10 7. GENERAL DEVELOPMENT OF THE PROJECT . . . . . . . 10 7.1 Project . . . . . . . . . . . . 10 7.2 Phasing of Developments . . . . . . . . . . 10 7.3 Reservations or Dedications . . . . . 11 7.4 Operating Memoranda and Amendments . . . . . 11 7.4.1 Alteration of Permitted Uses . . . . 11 7.4.2 Increase in Density or Intensity . . 11 7.4.3 Increase in Height and Size . . . . . 12 7.4.4 Deletion of Reservation Requirements 12 7.4.5 Supplemental Environmental Impact Reports . . . . . . . . . . . . . . . 12 8. RULES, REGULATIONS AND OFFICIAL POLICIES . . 12 8.1 Effect of Agreement on Land Use Regulations 12 8.2 New Rules . . . . 12 8.2.1 Processing Fees . . . . . . . . . 12 8.2.2 Procedural Regulations 12 8.2.3 Regulations Governing Construction Standards . . . . . 13 8.2.4 Certain Conflicting Regulations . . . 13 8.2.5 Non - Conflicting Regulations . . . . . 13 8.3 Police Power and Taxing Power . . . . . . . 13 8.4 Life of Subdivision or Parcel Maps . . . . . 13 8.5 State and Federal Laws . . . . . . . . . . . 13 8.6 Unforeseen Circumstances . . . . . . . . . . 14 i) 9. COOPERATION AND COVENANT OF FURTHER ASSURANCES . 15 19.6 9.1 Third Party Actions . . . . . . . . . . . . 15 19.7 9.2 Further Assurances . . . . . . . . . . . . . 16 19.8 9.3 Processing . . . . . . . . . . . . . . . 16 19.9 9.3.1 Scheduling . . . . . . . . . . . . . 16 19.10 9.3.2 Processing . . . . . . . . . . 16 19.11 9.4 Other Governmental Permits . . . . . . . 16 19.12 9.5 Financing of Public Facilities and /or 24 Services . . . . . . . . . 16 9.6 Utilities Coordination . . . . 16 9.7 Covenant of Good Faith and Fair Dealing . . 17 9.8 Stephens' Kangaroo Rat . . . . . . . . . . . 18 10. PERMITTED DELAYS . . . . . . . . . . . . . . . . 18 11. ESTOPPEL CERTIFICATES . . . . . . . . . . . . . 18 12. RECORDATION BY CITY CLERK; CONTINUING COVENANTS 18 13. DEFAULT AND REMEDIES . . . . . . . . . . . . . 18 13.1 Events of Default . . . . . . . . . . . . . 18 13.2 Termination . . . . . . . . . . . . . . . . . 19 13.3 Default by City . . . . . . . . . . . . . . . 19 13.4 No Waiver . . . . . . . . . . . . . 19 13.5 Effect of Termination . . . . . . . . . . . 19 13.6 Institution of Legal Action . . . . . . . . . 20 14. CONSISTENCY FINDING 15. CONSENT OF OTHER PARTIES 16 ASSIGNMENT AND RELEASE 16.1 Assignment . 16.2 Merchant Builders 16.3 16.4 17. ENCU 17.1 17.2 17.3 20 20 20 20 21 21 21 22 22 22 18. INSURANCE 22 18.1 Hold Harmless 22 18.1.1 Compensation Insurance 23 18.1.2 Public Liability and Property Damage Insurance. . . . . . . . . . . . . . 23 19. GENERAL PROVISIONS . . . . . . . . . . . . . 23 19.1 Development Exactions . . . . . . . . . . . 23 19.2 Recitals . . . . . . . . . . . . . . . . . 23 19.3 Exhibits . . . . . . . . . . . . . . . . . 23 19.4 Applicable Law . . . . . . . . . 23 19.5 No Joint Venture. Partnershin or Third Partv ii) Beneficiary . . . . . . . . . . . . . 23 19.6 Notices . . . . . . . . . . . . . 23 19.7 Severability . . . . . . . . . . . . . 24 19.8 Entire Agreement . . . . . 24. 19.9 Signature Pages; Counterparts . . . . 24 19.10 Time . . . . . . . . . . . . . . . . . 24 19.11 Captions . . . . . . . . . . . . . . 24 19.12 Construction. Number and Gender . . . 24 ii) DEVELOPMENT AGREEMENT BETWEEN THE CITY OF LAKE ELSINORE AND MURDOCK ALBERHILL RANCH LIMITED PARTNERSHIP FOR MURDOCK ALBERHILL RANCH 1. PARTIES AND DATE The parties to this Development Agreement ( "Agreement ") are the City of Lake Elsinore, California, a municipal corporation ( "City "), and Murdock Alberhill Ranch Limited Partnership, a California limited partnership ( "Developer "). The project to which this Agreement applies is commonly known as Murdock Alberhill Ranch. This Agreement is made and entered into on 1992 (the "Approval Date "). 2. DEFINITION 2.1 "Agreement" means this Development Agreement. 2.2 "Approval Date" means the date this Agreement is first approved by the City Council. This Agreement shall be dated as of the Approval Date. 2.3 "CEQA" means the California Environmental Quality Act of 1970 (California Public Resources Code Section 21000 et sea.) and the state CEQA Guidelines (California Code of Regulations, Title 14, Section 15000 et sec.). 2.4 "City" means the City of Lake Elsinore, California, a municipal corporation, including its officials, officers, employees, commissions, committees and boards. 2.5 "City Council" means the duly elected City Council of the City. 2.6 "Community Park" means the approximately 34.0 gross acres active use park designated in the Specific Plan, for the enjoyment of residents of the Property, as well as residents of areas outside the Property. 2.7 "Developer" means Murdock Alberhill Ranch Limited Partnership, a California limited partnership and its successors in interest to all or any part of the Property except as expressly limited elsewhere in this Agreement. 2.8 "Development" means the subdivision and sale of land and construction and /or installation of structures, improvements and facilities comprising the Project (and the obtaining of any Development Approvals required for such activities) as set forth in this Agreement including, without limitation, grading, construction and public financing of infrastructure and public facilities related to the Project whether located within or outside the Property), the construction of private and /or public buildings, both residential and non- residential, and the installation of landscaping. "Development" does not include the maintenance, repair, reconstruction or redevelopment of any building, structure, improvement or facility after the construction and completion thereof. 2.9 "Development Approvals" means zoning, site specific plans, maps, permits, and other entitlements to use of every kind or nature which have been or may be approved or granted by the City in connection with the Development of the Property, including but not limited to general plan amendments, specific 994094- 115 -010 - 1 - Devel"pnent Agreement 11- 17- 92/1763H(Org:1300H) plans and amendments thereto, EIRs, negative declarations, categorical or statutory exemptions, site plans, development plans, tentative and final subdivision tract maps, vesting tentative maps, parcel maps, conditional and special use permits, grading and building permits, and other similar permits, maps, plans, authorizations, licenses and entitlements. 2.10 "Development Exaction" means any requirement of City or other public entity controlled by the City in connection with or pursuant to any land use regulation or Development Approval for the dedication of land, the financing or construction of improvements or public facilities or of private facilities for public use, or the payment of money (whether characterized as fees, taxes, special taxes or otherwise) in order to lessen, offset, mitigate or compensate for the impacts of development on the environment or other public interests. 2.11 "Development Impact Fee" means any fee, charge, dedication of property without payment or other exaction adopted citywide that relates to the provision of public infrastructure, facilities or services which is applied to all development projects in the City and which is not subject to abatement or reduction. 2.12 "Effective Date" means the date of adoption by City of an ordinance authorizing execution of this Agreement. 2.13 "EIR" means the Final Environmental Impact Report for the Project certified by the City Council on August 8, 1989 pursuant to Resolution No. 89 -36, as amended by the addendum to the Final Environmental Impact Report certified by the City Council on , 1992 pursuant to Resolution No. each of which is in accordance with the provisions of CEQA. 2.14 "Existing Development Approvals" means those Development Approvals in effect on the Approval Date of this Agreement with respect to the Property, including but not limited to the Specific Plan, EIR and Prezoning Approval. 2.15 "Existing Land Use Regulations" means the Existing Development Approvals and, to the extent applicable and not inconsistent with the Existing Development Approvals, the City's rules, regulations, and official policies governing development, density, permitted uses, growth management (including but not limited to regulation of the rate of development, relative quality of development or facilities level of service standards), environmental considerations and design criteria, taxes and fee programs, including, without limitation, the City's general plan and zoning, subdivision and building regulations, whether adopted by the City Council or by the voters in an initiative, which are in effect as of the Approval Date hereof. 2.16 "Government Code" means the California Government Code, as amended. 2.17 "Index" means the Engineering News Record Construction Cost Index (20 -City Average) published by McGraw -Hill Inc., or if such Construction Cost Index ceases to be published, then such other index as the City and Developer may reasonably agree upon as a measure of the change in costs of construction of public improvements. 2.18 "Mortgage" means a mortgage, deed of trust, sale and lease back arrangement or other transaction in which the Property, or a portion thereof or an interest therein, is pledged as security, contracted in good faith and for fair value. 994094- 115-010 -2- Development Agrement 11- 17- 92/1763H(Org:1300H) 2.19 "Mortgagee" means the holder of the beneficial interest under a Mortgage or the owner of the Property, or interest therein, under a Mortgage. 2.20 "Neighborhood Park" means the approximately 5.8 gross acres (5.0 net acres) active use park designated in the Specific Plan, for the enjoyment of residents of the Property, as well as residents of areas outside the Property. 2.21 "Permit Date" means the date the first building permit is issued for any dwelling unit in the Project. 2.22 "Project" means the Development of the Property contemplated by the Existing Development Approvals and this Agreement and the Specific Plan. 2.23 "Property" means the real property which is the subject of this Agreement and which is described in Exhibit "A" hereto. 2.24 "Specific Plan" means the Murdock Alberhill Ranch Specific Plan. The Specific Plan is an amendment to that portion of Specific Plan No. 89 -2 consisting of the Property and shall be considered and approved by the City concurrently with this Agreement. 2.25 "Substantial Compliance" for the purposes of this Agreement and periodic review hereunder means the party has sufficiently followed the terms of this Agreement so as to carry out the intent of the parties in entering into this Agreement. 3. RECITALS 3.1 Property. The Developer is,the fee owner of the Property which is more particularly described in Exhibit "A" hereto. 3.2 Legal Authority. Government Code Section 65864 et sec. authorize the City to enter into development agreements in connection with the development of real property in the City or its sphere of influence. This Agreement is made and entered into pursuant to those provisions of state law and city ordinances, policies, regulations and provisions for consideration of development agreements, and all applicable provisions of federal law. 3.2.1 Approval of Development Agreement. On , 1992, the Planning Commission of City, after giving notice pursuant to Government Code sections 65854, 65854.5, 65856 and Section 17.92.020 of the City of Lake Elsinore Municipal Code, held a public hearing on the application for this Agreement. The City Council, after providing public notice as required by law, similarly held a public hearing on 1992. On 1992 (the Approval Date "), the City Council adopted an Ordinance No. approving this Agreement and the Ordinance thereafter took effect on 1992. 3.3 Consistency Finding. Byapproving and executing this Agreement, the City finds that its provisions are consistent with the City's General Plan and with the Specific Plan, and the City further finds and determines that execution of this Agreement is in the best interests of the public health, safety and general welfare of the City's present and future residents, property owners and taxpayers. The Development has been analyzed and reviewed by the City as part of its process of granting development approvals, in view of the enacted land use standards and policies of the City embodied in its Existing Land Use Regulations and in view of State law including, without limitation, CEQA. 994094 -115 -010 - 3 - Development Agreement 11- 17- 92/1763H(Org:1300H) 3.4 Status of Project. The Developer is in the process of planning, financing and preparing for the Development, which is a large scale, mixed use, phased development in accordance with the Specific Plan of not more than 1,449 dwelling units plus an additional residential overlay of 370 dwelling units on the portion of the property zoned as C -1 Neighborhood Commercial), an elementary school, open space, recreational uses and 1,071,576 square feet of commercial /industrial buildings on approximately 511 acres within the City and which is more particularly described in the Specific Plan and the EIR. Pursuing the Development as contemplated by the Specific Plan and providing the mitigation set forth in the EIR will require major investment and expenditures by the Developer in public facilities and on -site and off -site improvements. 3.5 Consideration. The City has determined that entry into this Agreement will further the goals and objectives of the City's land use planning policies, by eliminating uncertainty in planning for the orderly development of the Project, to the end that adequate long term plans regarding the provision of necessary infrastructure for existing and future City residents can be developed and implemented. The City has further determined that entry into this Agreement will provide the maximum effective utilization of the resources of the City, at the least economic cost to its citizens. Without limiting the generality of the foregoing, the benefits conferred pursuant to this Agreement (including but not limited to the matters set forth in Section 4 below) will help increase traffic capacity for the road system of the City and will facilitate the installation of certain other vital public improvements, all of which will significantly promote the health, safety and general welfare of present and future residents of the City, in compliance with all applicable laws. In exchange for these benefits to the City and its residents, the Developer wishes to receive the assurances permitted by State law and all other applicable laws that the Developer may proceed to develop the Project in accordance with the Specific Plan, and at a rate of development of its choosing, subject to the terms and conditions of this Agreement. The rights, duties, obligations and assurances provided by the City and the Developer to each other in this Agreement are being provided pursuant to and as contemplated by State law, are bargained for and in consideration for the undertakings of the parties, and are intended to be and have been relied upon by the parties to their detriment, such that the Developer will be deemed to have a vested interest in the Specific Plan, which will be the controlling land use plan for the Project. 4. DEVELOPER PROVIDED AMENITIES 4.1 Description of Amenities. Improvements and payments provided by the Developer and others during the planning, financing and Development of the Project, will result in substantial general public benefit to be delivered as part of the consideration for City's entry into this Agreement that would not otherwise be available to the City and its residents. That additional consideration is described in detail in the following subsections of this Section 4. 4.1.1 Development Agreement Fee. At the time of issuance of a residential building permit for construction within the Property, the party seeking such permit shall pay to the City a Development Agreement Fee ( "DAG "). For the period from the Effective Date to the day immediately preceding the third anniversary of the Permit Date, the DAG will be in the amount of $1,000.00 per residential dwelling unit. The DAG will be increased by $250.00 on each succeeding third anniversary of the Permit Date. For example, for the period from the third 994094- 115 -010 -4- Develop" t Agreement 11- 17- 92/1763H(Org:1300H) anniversary of the Permit Date to the day immediately preceding the sixth anniversary of the Permit Date, the DAG will be in the amount of $1,250.00 per residential dwelling unit. The DAG will constitute the sole DAG that a party seeking residential building permits within the Project will be required to pay, except for the SDAG referred to in Section 4.1.7. Non - residential development shall be exempt from any DAG. The DAG will be used at the City's discretion to fund the cost of public capital facilities and improvements including, without limitation, park facilities, recreation facilities, and municipal building, whether or not such facilities are located on the Project or confer a special benefit to the Project. Upon request by the Developer, the City will provide the Developer with a periodic accounting setting forth the amount of the DAG levied and collected by the City pursuant to this Agreement and the specific purposes and /or projects for which the DAG has been expended. 4.1.2 Feasibility Study. Within six (6) weeks after the Effective Date, the Developer will pay the sum of 50,000 to the City which will be used for the purpose of preparing a City of Lake Elsinore /Sphere Public Facilities Planning Study (the "Planning Study ") for study of public facilities impacted by development of the Project. Upon request by Developer, the City will provide Developer with a periodic accounting setting forth the amount expended on the Planning Study and the use of the funds therefor. 4.1.3 School Site. The Developer will reserve for and offer to convey to the Lake Elsinore Unified School District an elementary school site (16.7 gross acres; 10 acres net) in the Project. The Developer will convey such school site on such terms and conditions as are mutually agreed between the Developer and the Lake Elsinore Unified School District. 4.1.4 Park Sites. The following provisions regarding the park land dedication will satisfy and exceed the Project's obligations under the Quimby Act or the applicable City Ordinances. In consideration of Developer's expenditures for park improvements as provided in the following provisions'of this Section 4.1.4, the Project shall be exempt from any other Development Exaction for park land acquisition or improvements. a) Community Park. Prior to the issuance of the First Certificate of Occupancy of any model residential complex for the Project, the Developer will convey to the City the Community Park site as described in the Specific Plan and the Developer will also construct on the Community Park site certain facilities (including, without limitation, grading, irrigation, hydroseeding, landscaping, recreational equipment and facilities and other improvements and related design, engineering, construction and associated soft costs) collectively, the "Community Park Improvements "); provided, however, that the Developer will not be required to spend more than $1,500,000 (the "Park Improvement Sum") (as the Park Improvement Sum is adjusted under the provisions of the following two sentences) for all of the Community Park Improvements. The amount of the Park Improvement Sum shall be adjusted by the percentage increase, if any, in the Index during the period beginning on the Effective Date and ending on the date Developer commences the Community Park Improvements. The amount of the Park Improvement Sum shall not be adjusted downward if there is a decrease in the Index during such period. Any remaining costs of improvement of the Community Park will be funded by the City. The Community Park shall be developed in accordance with applicable Existing Land Use Regulations and a concept plan showing the physical layout of 994094- 115 -010 - 5 - Deve OMMt Agreement 11- 17.92/1763H(Org :1300H) Community Park Improvements which shall initially be developed by the City's architect (the "Community Park Concept Plan "). The City shall consult with the Developer in preparing the Community Park Concept Plan. The precise layout and design of the Community Park Improvements shall be determined, consistent with the Community Park Concept Plan, by a consultant retained by Developer and approved by the City and City shall approve such design within sixty (60) days following recording of the first subdivision map for the Project The City acknowledges and agrees that the Community Park is an important feature of the Project and that the Developer desires the construction of high quality recreational facilities in the Community Park to enhance the value of the Project. b) Neighborhood Park. Prior to the opening of the model units in Planning Area 2 adjacent to the Neighborhood Park, the Developer will dedicate to the City the Neighborhood Park site as described in the Specific Plan. The Developer's sole requirement with respect to the Neighborhood Park site is to dedicate such site pursuant to this Agreement in a rough graded condition. c) Private Recreational Facilities. Developer will construct two (2) private neighborhood recreational facilities of approximately 1.2 and 2.6 gross acres, respectively, to be located within the Specific Plan area in accordance with the Specific Plan. Each private neighborhood recreational facility will be constructed in conjunction with the development of the planning area that will benefit from such private neighborhood recreational facility. 4.1.5 Affordable Housing. The Developer shall provide its fair share of affordable housing within the multi - family zones of the Specific Plan. Such affordable housing will be available to persons in the low and very low income ranges, as determined by the County of Riverside Median Average at the time building permits are issued for housing. Such affordable housing shall be not less than 15% or greater than 20% of the total number of multi - family residential dwelling units actually constructed by the Developer. City will assist the Developer in providing the Developer's fair share of affordable housing by providing economic incentives to the Developer, including, without limitation, access to available redevelopment set aside funds or other economic incentives such as bond assistance, reduction of development standards, etc. Developer may provide the Project's fair share of affordable housing by providing the aforesaid number of units at one or more other locations within the City acceptable to the City Council. 4.1.6 Municipal Pool. Within six (6) months after the Effective Date, the Developer shall pay the sum of $100,000 to the City which shall be used toward the construction of a municipal pool at a location within the City acceptable to the City Council. Upon request by Developer, the City will provide Developer with a periodic accounting setting forth the amount expended on the municipal pool and the use of funds therefor. The City may also utilize these funds for any other lawful purpose. 4.1.7 Supplemental Development Agreement Fee. At the time of issuance of a residential building permit for construction within the Property, the party seeking such permit shall pay to the City a Supplemental Development Agreement Fee SDAG ") in the amount of $210.00 per residential dwelling unit. Non - residential development shall be exempt from any SDAG. The SDAG will be used at the City's discretion to supplement the City's maintenance and operation costs, including public safety costs, within the Project area. Upon request by the Developer, the City will provide the Developer with a 994094.115 -010 - 6 - Development Agreement 11.17- 92/1763H(Org:1300H) periodic accounting setting forth the amount of the SDAG levied and collected by the City pursuant to this Section 4.1.7 and thespecificcostsforwhichtheSDAGhasbeenexpended. 5. DURATION OF AGREEMENT 5.1 Term. Pursuant to Government Code Section 65865.2, the duration of this Agreement will be for 10 calendar yearsfromandaftertheCommencementDate, subject to extension bytheamountofanypermitteddelayasprovidedbySection10below (the "Expiration Date "). As used in this Agreement, theterm "Commencement" shall mean (a) the date on which the Elsinore Valley Municipal Water District begins its regular operation of the new wastewater treatment facility currentlyplannedfortheProjectandotherdevelopmentprojectsintheProject's vicinity commonly known as the "Alberhill WaterReclamationPlant ", or (b) the fifth anniversary of theEffectiveDate, whichever date, (a) or (b), is earlier. Developer and City shall jointly execute and record a memorandumoftheexactCommencementDatenolaterthan90daysaftertheCommencementDateoccurs. The Expiration Date shall be automatically extended to 15 years from and after the Commencement Date upon issuance of the 627th residentialbuildingpermitwithintheProject. 5.2 Scheduling. Although Development of the Projectwillbeundertakenassoonasreasonablypracticable, the CityandtheDeveloperacknowledgethattheDevelopercannotatthistimeaccuratelypredictthetimeschedulewithinwhich Development of the Project will occur, except that it is in theDeveloper's present reasonable expectation that it will be completed within the aforementioned 10 -year period. Decisions with respect to the rate of Development of the Project willdependonanumberofcircumstancesnotwithinthecontrol of the Developer including, without limitation, market factors, demand, the state of the economy and other matters. Therefore, so long as Development of the Project occurs in a manner consistent with the City's Existing Land Use Regulations andthisAgreement, it is the intent of the parties that the Developer will have the right to pursue the Development of the Project at the rate and in the sequence deemed appropriate bytheDeveloperwithintheexerciseofitssoundbusinessjudgment and that no regulation of the rate of Development shall be applicable to the Project. 5.3 Certification of Completion. For purposes of thisAgreement, completion of the Project will mean the date on which a certificate of occupancy or comparable instrument issued bytheCityforthelastimprovementorstructureconstructedpursuanttothisAgreement. Promptly upon completion of theProject, the Developer will submit a draft certification of completion for review by the City. Upon review, the City willprovidetheDeveloperwithaletterofcompletionso certifying. This certification will be a conclusive determination that the obligations of the Developer pursuant tothisAgreementhavebeenmet. The certification will be in aformthatwillallowittoberecordedintheRecordsoftheRiversideCountyRecorderandeffectareleaseand extinguishment of the encumbrance of this Agreement. A release, issued by City in accordance with Section 16.4 herein, shall act as a conclusive determination that the obligations of Developer pursuant to this Agreement have been met with respect to a portion of the Property so released. 5.4 Termination. This Agreement will be deemed terminated and of no further force and effect upon the first tooccurof (i) certification of completion pursuant to Section 5.3or (ii) expiration of the term of this Agreement, or iii) Developer's election to terminate pursuant to Sections5.5. 8.5. and 8.6 inclusive or (iv) termination pursuant toSection8below. 994094 -115 -010 - 7 - Devel11.17- 92/1763H(org:1300H) opeent Agreement 5.5 Periodic Review. State law, review this CAgreement atn least ronceeevery 12pmonthse from and after the Effective Date hereof and the City mayinitiateadditionalreviewofthisAgreementatCity'sdiscretionexercisednotlessthan6monthsfromthelastperiodicreview. During each such periodic review, the City andtheDeveloperwillhavethedutytodemonstratetheirgoodfaithcompliancewiththetermsandconditionsofthisAgreement. Both parties agree to furnish such evidence of good faith compliance as may be reasonably necessary, or required. TheCity's failure to review the Developer's compliance with thisAgreement, at least annually, will not constitute or be assertedbyeitherpartyasabreachbytheotherparty. Such periodic review shall be limited in scope to the good faith SubstantialCompliancebytheDeveloperandtheCitywithtermsofthisAgreement. A finding by City of good faith Substantial Compliance by Developer and the City with the terms of thisAgreementshallconclusivelydeterminesaidissueuptothe dateofsuchfinding. b) City shall deposit in the mail to Developer acopyofallstaffreports, and to the extent practical, related exhibits concerning contract performance under this Agreement aminimumofthirty (30) calendar days prior to any such review oractionuponthisAgreementbyCity. Upon receipt of such notice, Developer shall pay to City a processing fee of $1,000todefrayCity's costs of the periodic review being conducted. Upon request by Developer, Developer shall be permitted an. opportunity to be heard orally and in writing regarding itsperformanceunderthisAgreementatanyreviewontheAgreement. c) Developer's duty to demonstrate its good faithSubstantialComplianceshallbesatisfiedbythepresentationtoCityof (i) a written report identifying Developer's performance or the reasons for its non - performance excused pursuant to thetermsofthisAgreementor (ii) oral or written evidencesubmittedatthetimeofreview. The parties recognize that this Agreement and the documents incorporated herein could bedeemedtocontainthousandsofrequirements (i.e., constructionstandards, landscape standards, etc.), and that evidence of eachandeveryrequirementwouldbeawastefulexerciseoftheparties' resources. Accordingly, Developer shall be deemed tohavesatisfieditsdutywhenitpresentsevidenceonitsgoodfaithandSubstantialCompliancewiththemajorprovisionsoftheSpecificPlanandtheuses, numbers, types, densities, heights and sizes of structures completed and any reservationsanddedicationstotheCity. Generalized evidence or a statement shall be accepted in the absence of evidence that suchevidenceisuntrue. Either party may address any requirement ofthisAgreement; provided, however, that City shall provide thirty (30) days written notice to Developer of any requirdmentitdesirestobeaddressed. If, at any time of review an issue not previously identified in writing is required to be addressedbyCity, the review, at the request of either party, shall be continued to afford sufficient time for analysis and preparation. the requirements ofnSgctione5t5( a) tthrouaha( c)rinclusiveCefindsthatDeveloperhasfailedtoperformanymaterialtermor provision of this Agreement, such failure may be treated as aneventofDefault. Upon such written determination by the City, Developer shall have a period of thirty (30) days following thewrittendeterminationofCityCounciltocureanysuchfailure to perform; provided, however, that if the nature of the failure of performance is such that it cannot be cured within suchperiod, then the diligent prosecution to completion of the cureshallbedeemedtobeacurewithinsuchperiod. Any notice byCityduringperiodicreviewofDeveloper's failure to perform 994094 -115 -010 Devel11- 17- 92/1763H(Or9:1300H) opeent Agreement any material term or provision of the Agreement shall specify indetailthenatureoftheallegedfailuretoperformandthe manner in which such failure may be satisfactorily cured in accordance with this Agreement. During the time period herein specified for the cure of a failure of performance, the Developer will not be considered to be in default for purposes of termination of this Agreement, or for purposes of institution of legal proceedings with respect thereto. e) If, after compliance with the requirements contained in Section 5.5(a) through (d) inclusive, City finds that Developer has failed to perform any material term or provision of this Agreement, such failure may be the basis for City modification of the Agreement, provided that (i) any modification shall only be to the extent necessary to protect the health and safety of the community as opposed to any other alternative; and (ii) Developer shall have a right of judicial review as provided for in Section 13.1(e); and (iii) Developer shall have the right, within ten (10) days of City's notice of modification of the Agreement or within ten (10) days of anyfinaljudgmentintheeventofjudicialreviewofany modification of the Agreement to terminate the Agreement. Developer's termination under this Section 5.5 shall not affect Developer's obligations with respect to any term or provision Developer was required to perform prior to the periodic review. Termination of this Agreement pursuant to this provision will not affect any right or duty created by the then- existing City entitlement or approval with respect to the Project, but the rights and obligations of the parties hereunder shall otherwise cease as of the date of such termination. f) Developer may seek judicial review of anyfindingbyCityoffailureofDevelopertodemonstrateingood faith Substantial Compliance under the terms of this Agreement under this Section. Any such legal action shall be commenced in the Superior Court of Riverside County. In any judicial proceeding, the Court shall apply the standard of judicial review in cases affecting vested rights. 6. VESTED RIGHT 6.1 Vesting. By entering into this Agreement and relying thereon, the Developer is obtaining the vested right to proceed with Development of the Project in accordance with the Existing Land Use Regulations, this Agreement, and any remaining Development Approvals adopted by the City as provided in Section 8 below. By entering into this Agreement and relyingthereon, the City is securing certain public benefits which helptoalleviatepotentialproblemsintheCityandenhancethe public health, safety and welfare of existing and future City residents. In view of the foregoing, the City agrees to the following: 6.1.1 No Conflicting Enactments. Neither the City Council nor any other agency, department, elected official, employee or executive of the City will enact, or assist in the adoption by initiative of, any ordinance, policy, rule, regulation or other measure applicable to the Project which relates to the rate, timing or sequencing of the development or construction of all or any part of the Project or which is otherwise in conflict with this Agreement and the vested right of Developer to proceed with Development of the Project in accordance with the Existing Land Use Regulations, this Agreement and any remaining Development Approvals adopted by theCityasprovidedinSection8below. In addition to and not in limitation of the foregoing, no moratorium or other limitation whether relating to the rate, timing or sequencing of the Development of all or any part of the Project, the Existing LandUseRegulations, and Development Approvals adopted as provided 994094 -115 -010 -9- Development Agreement 11- 17.92/1763H(Drg:1300H) in Section 8 below, and whether or not enacted by initiative, referendum or otherwise), affecting parcel or subdivision maps, building permits, site development permits, special use permits, occupancy certificates or any other entitlement to use, which has been approved, issued or granted in the City, or in parts of the City, will apply to the Project to the extent such moratorium or other limitation is in conflict with this Agreement and the vested right of Developer to proceed with Development of the Project in accordance with the Existing Land Use Regulations, this Agreement and any remaining Development Approvals adopted by the City as provided in Section 8 below. 6.1.2 Citizen Initiative. Notwithstanding the foregoing, if an ordinance, general plan or zoning amendment, measure, initiative, referendum, moratorium, policy, rule, regulation or other limitation enacted by citizens of the Citythroughtheinitiativeprocess, is determined by a court of competent jurisdiction to invalidate or prevail over all or any part of this Agreement, then the Developer will have no recourse against the City pursuant to this Agreement other than for breach of Sections 6.1.1 and 9.7, but will retain all other rights, claims and causes of action at law or in equity which the Developer may have independent of this Agreement. However, the foregoing will not be deemed to limit the Developer's right to appeal any such determination of such ordinance, general plan or zoning amendment, measure, moratorium, policy, rule, regulation or other limitation. The foregoing will also not be deemed to limit the effect of Section 19.7. 6.1.3 Gradincr. Without limiting the effect of any other provision of this Agreement, the Developer will have the right to commence grading the Property at any time after the Effective Date (subject to obtaining a grading permit). City approval of grading permits will not be unreasonably denied based on season or date, provided that the Developer agrees to comply with all required precautions, to use due care in its grading activities and to take reasonable steps to prevent erosion, slippage and dangerous run off conditions. 6.2 Benefit of an Earlier Vesting. Nothing contained in this Agreement shall serve to limit Developer's obtaining of a vested right to proceed with the Project or any portion thereof pursuant to the provisions of the state or federal constitution or decisional law. 7. GENERAL DEVELOPMENT OF THE PROJECT 7.1 Project. While this Agreement is in effect, Developer shall have a vested right to Develop the Project in accordance with the terms and conditions of this Agreement, and in accordance with, and to the extent of, the Existing Land Use Regulations and any subsequent Development Approvals approved by the City as provided in this Agreement. Except as otherwise provided in this Agreement, the Existing Development Approvals will control the overall design and Development of the Project and all on -site and off -site improvements and appurtenances in connection therewith, including, without limitation, all mitigation measures required in order to minimize or eliminate material adverse environmental impacts caused ay the Project. The permitted uses of the Property, the density and intensity of use, the maximum height and size of proposed buildings, the provisions for reservation and dedication of land for public purposes and other terms and conditions of Development applicable to the Property will be those set forth in this Agreement and the Existing Development Approvals or as may otherwise be mutually agreed upon by the parties. The Project shall be configured generally as indicated on the Specific Plan. The location of the improvements shall be generally as indicated on the Specific Plan; provided, however, that the 994094- 115 -010 _10- Development Agreement 11- 17- 92/1763H(Org:1300H) Specific Plan placement and location of improvements including common area facilities, roadways and landscaping as shown on said plan is descriptive only and may be varied, amended, changed or modified at the election of the Developer, with approval of the City Manager, in accordance with the applicable provisions of the Existing Land Use Regulations. Such right of approval is to ensure compliance with the Specific Plan and Existing Development Approvals, and to ensure that amendments to the Specific Plan do not adversely affect compatibility with off -site improvements. The number of residential units actually constructed in any planning unit may vary in accordance with the provisions of the Specific Plan. 7.2 Phasing of Developments. No moratoriums or ordinances imposing limitations on the number of building permits which may be issued by City shall apply to the Property unless a finding is made in accordance with Section 8.6. City specifically acknowledges that Developer's discretionary control over timing and phasing of construction is a vested right provided to Developer under this Agreement. 7.3 Reservations or Dedications. Reservations or dedications of portions of the Property may, from time to time, be required by the City in accordance with or as part of subdivision map approvals for the remainder of the Property. Such reservations or dedications shall be imposed in accordance with the Existing Land Use Regulations. For the purpose of this Section 7.3 and any subsequent subdivision map approvals, any reference to "dedication" or "reservation" of land shall be construed to include the acquisition of such land by a Mello -Roos Community Facility District, or other financing district at a purchase price equal to the fair market value thereof. Accordingly, any land "dedicated" or "reserved" to the City or other public entity pursuant to a subdivision map approval may, at the City's option, be purchased by a Community Facilities District (or other financing district) formed over the Property to the extend funds are legally available to such purpose. 7.4 Operating Memoranda and Amendments. The parties acknowledge that the passage of time may demonstrate that changes are necessary or appropriate with respect to the details of each party's performance under this Agreement. Because the parties desire to retain a certain degree of flexibility with respect to the details of each party's performance pursuant to this Agreement, if and when the parties find that changes are necessary or appropriate, they will, unless otherwise required by law, effectuate such changes or adjustments through operating memoranda approved and executed by the Developer and by the City Manager or his designee on behalf of the City. Each such operating memorandum will be attached hereto as an addendum and become a part hereof, and may be further changed from time to time as necessary or appropriate, as provided in this Section. No such operating memorandum will be deemed to be an amendment of this Agreement under Government Code Section 65868 and unless otherwise required by law, no such operating memorandum will require prior notice or hearing. Notwithstanding the foregoing, the following matters will not be considered as appropriate subjects of operating memoranda, but will be considered substantive amendments which must be reviewed by the Panning Commission of the City and approved by the City Council. 7.4.1 Alteration of Permitted Uses. Alteration of the permitted uses of the Property except to the extent permitted by this Agreement or the Specific Plan. 7.4.2 Increase in Density or Intensity. Increase in the density or intensity of use or number of buildable lots except to the extent permitted by this Agreement or the Specific Plan. 994094- 115 -010 - 11 - Development Agreement 11.17- 92/1763H(Org- 1300H) 7.4.3 Increase in Height and Size. Increase in the maximum height and size of permitted buildings except to the extent permitted by this Agreement or the Specific Plan. 7.4.4 Deletion of Reservation Requirements. Deletion of a requirement for the reservation or dedication of land for public purposes, except for minor boundary adjustments approved and executed by the City Manager or his designee or behalf of the City and except to the extent permitted by this Agreement or the Specific Plan. 7.4.5 Supplemental Environmental Impact Reports. Any amendment or change requiring a subsequent or supplemental Environmental Impact Report pursuant to Public Resources Code Section 21166. 8. RULES, REGULATIONS AND OFFICIAL POLICIES 8.1 Effect of Agreement on Land Use Regulations. The rules, regulations and official policies governing permitted uses of the Property, the density and intensity of use of the Property, the maximum height and size of proposed buildings and the design, improvement and construction standards and specifications applicable to the development of the Property are those rules, regulations and official policies in force as of the Approval Date as set forth in this Agreement and the Existing Land Use Regulations. City agrees that during the term of this Agreement, Developer shall have the vested right to proceed with Development of the Property in accordance with the Existing Land Use Regulations, this Agreement and any remaining Development Approvals adopted by the City as provided in this Section 8. In connection with any Development Approval which the City is permitted to give under this Agreement with respect to the Project, or otherwise under the Existing Land Use Regulations, the City will exercise its discretion or take action in a manner which is as expeditious as possible and which complies and is consistent with the Existing Development Approvals and the standards, terms and conditions contained in this Agreement, and in a manner which will not interfere with the Development of the Project for the uses permitted therein, and to the height, density and intensity specified in this Agreement and in the Existing Development Approvals, and at the rate of Development selected by the Developer. Subject to Section 9.3, the City will accept for processing and act on all applications for further land use entitlement approvals which are necessary or appropriate with respect to the Project. 8.2 New Rules. Although the City's current rules and regulations governing permitted uses of the Property, density of development and design, improvement and construction will be those rules and regulations in force on the Approval Date of this Agreement (i.e., the Existing Land Use Regulations), this Agreement (i.e., the Existing Land Use Regulations), this Agreement will not prevent the City from applying the following new rules, regulations and policies: 8.2.1 Processing Fees. Processing fees and charges adopted by the City and uniformly applied throughout th_ City to cover the estimated actual costs to the City of processing applications for development approvals, for monitoring compliance with any development approval or for monitoring compliance with environmental impact mitigation measures. 8.2.2 Procedural Regulations. Procedural regulations uniformly applied throughout the City relating to hearing bodies, petitions, applications, notices, findings, records, hearings, reports, recommendations, appeals and any other matter of procedure. 994094- 115 -010 _ - 12 - Development Agreement 11- 17- 92/1763H(Org:1300H) 8.2.3 Regulations Governing Construction Standards. Regulations governing construction standards and specifications including, without limitation, the City's Building Code, Plumbing Code, Mechanical Code, Electrical Code, Fire Code, and the City's Engineering Design Manual, provided that such construction standards and specifications are applied on a City -wide basis. 8.2.4 Certain Conflicting Regulations. Regulations which are inconsistent with the Existing Development Approvals or this Agreement if such regulations have been consented to in writing by the Developer. 8.2.5 Non - Conflicting Regulations. In accordance with Government Code Section 65866, this Agreement shall not prevent City in subsequent actions applicable to the Property from applying new rules, regulations and policies which do not conflict with the existing rules, regulations and policies set forth in the Existing Land Use Regulations. Any regulation, whether adopted by initiative or otherwise, limiting the rate or timing of Development (regardless of the mechanism used to so limit the rate and timing of development) of the Property shall be deemed to conflict with the Existing Land Use Regulations and shall therefore not be applicable to the Development to the Property. This Section 8.2 shall not preclude the application to Development of the Property of changes in City laws, regulations, plans or policies specifically mandated and required (as opposed to permitted) by changes in state or federal laws or regulations. If such changes in state or federal laws prevent or preclude compliance with one or more provisions of this Agreement and implementation of the Development Approvals, the parties agree to take appropriate action pursuant to Section 8.5 of this Agreement. 8.3 Police Power and Taxing Power. The City will not directly or indirectly impose or enact any additional Development Exaction, through the exercise of either the police power or the taxing power with respect to the Development of the Project except as provided in the Existing Land Use Regulations or in this Agreement. However, nothing in this Agreement will prohibit the adoption and application of (i) a special tax approved by the City's voters, provided that such tax is imposed on a City -wide basis for City -wide or general plan facilities and provided that equitable credits are provided for any such facilities that have been or will be provided by Developer,or the Project through other means, or (ii) future City -wide Development Impact Fees adopted in accordance with Government Code Sections 66000, et sea., and provided that appropriate credits are provided for fee - financed facilities that have been or will be provided by Developer or the Project through other means. 8.4 Life of Subdivision or Parcel Maps. Pursuant to Government Code Section 66452.6(a), the term of any subdivision map or parcel map approved with respect to the Project will be extended for the term of this Agreement. 8.5 State and Federal Laws. a) If state or federal laws or regulations enacted after the Effective date hereof, prevent or preclude compliance with one or more of the provisions of this Agreement, such provisions of this Agreement will be modified or suspended as may be necessary to comply with such state of federal laws or regulations; provided, however that this Agreement will remain in full force and effect to the extent it is not inconsistent with such state or federal laws or regulations and subject to the following provisions: If state or federal laws or 994094. 115-010 -13- Development Agreement 11- 17- 92/1763H(Org:1300H) regulations enacted after the Effective Date or the action or inaction of any other governmental jurisdiction prevents or precludes compliance with one or more provisions of this Agreement or requires changes in plans, maps or permits approved by City (including a court decision affecting the validity of development agreements pursuant to Government Code Sections 65864, et sea.), the parties shall: (1) provide the other party with written notice of such state or federal restriction, provide a copy of such regulation or policy and a statement of conflict with the provisions of this Agreement; and (2) promptly meet and confer with the other party in good faith and reasonably attempt to modify or toll this Agreement to comply with such federal or state law or regulation in a manner consistent with the intent and objectives of the Agreement, to the extent feasible. b) Thereafter, regardless of whether the parties reach agreement on the effect of such federal or state law or regulation upon this Agreement, the matter shall be scheduled for hearing before the City Council. Ten (10) days written notice of such hearing shall be provided to Developer. The City Counsel, at such hearing, shall determine the exact modification or tolling which is required by such federal or state law or regulation. Developer, at the hearing, shall have the right to offer testimony. Any modification or tolling shall be taken by the affirmative vote of not less than a majority of the authorized voting members of the City Council. Any suspension or modification may be subject to judicial review in conformance with this Agreement. Notwithstanding the above, this Agreement is deemed to be a valid and legitimate exercise by City of its police power to provide for future public improvements and facilities for the benefit of the health, safety and welfare of City and its residents. c) If City determines to modify or toll the Agreement, City shall provide Developer with written notice of its decision. Within ten (10) days following written notice of Developer of City's determination of any modification or decision to toll, or any final judgment of a court reviewing any modification or tolling of the Agreement, Developer shall have the right to terminate the Agreement by providing City with notice of such intent to terminate. Developer's termination under this Section 8.5 shall not affect Developer's obligations with respect to any term or provision Developer was required to perform prior to City's notice of its intent to modify or toll the Agreement. The Developer's termination of this Agreement shall not affect any right or duty created by and then - existing City entitlement or approval with respect to the Project, but the rights and obligations of the parties hereunder shall otherwise cease as of the date of such termination. 8.6 Unforeseen Circumstances. If, as a result of facts, events or circumstances presently unknown, unforeseeable and which could not have been known to the parties to this Agreement, City determines that the health and safety of City requires the modification, suspension or termination of this Agreement, City shall (1) notify Developer in writing of a) City's determination, (b) the reasons for City's determination and all facts upon which such reasons are based, and (c) forward to Developer thirty (30 days prior to the hearing referred to below all documents relating to such determination and the reasons therefor; (2) notify Developer, in writing, at least thirty (30) days prior to the date, the time and place of the hearing; and (3) hold a hearing at which . Developer shall have the right to offer witnesses, reports and testimony, and further have the right to examine witnesses, City staff or other persons; and (4) make a finding that, based upon clear and convincing evidence, it has been established that: a) the circumstances were unknown, unforeseeable and could not have been known; (b) the health and safety of the community 994094. 115.010 -3.4- Development Agreement 11-17- 92/1763H(Org:1300H) require the suspension, modification or termination of the Agreement as opposed to any other alternative; and (c) City totheextentfeasiblehasprovidedDeveloperwithanequitable program to reimburse the Developer for unused fees, and provide equitable reimbursement for dedications and improvements not required by the extent of development as of the date of such suspension, modification or termination. If the City CouncilshouldfailtomakesuchfindingsthenthisAgreementshallnot be so terminated, modified or suspended; and if the City Council should make such findings, Developer shall have the right to file an action in the Superior Court, County of Riverside, challenging such findings. The Superior Court shall utilize the standard of review applicable in cases involving vested rights. The unforeseen circumstances, which shall cause the operation of this provision shall not be the result of changes in federal orstatelaworregulation. In the event of changes in federal orstatelaworregulation, the provisions of Section 8.5 shall govern. 8.6.1 If, following City determination to modifytheAgreement, Developer shall have the right, within ten (10) days of City notification of its intent to Developer to modifytheAgreementinwriting, or within ten (10) days of any finaljudgmentintheeventofjudicialreviewofanymodificationorsuspension, to terminate the Agreement, Developer's termination under Section 8.6 shall not affect Developer's obligations with respect to any term or provision Developer was required to perform prior to any unforeseen circumstance which is the basisforCityaction. The unforeseen circumstances which will cause the operation of this provision shall not be the result of changes in federal or state law or regulation. In the event of changes in .federal or state law or regulation, the provisions ofSection8.5 shall govern. 8.6.2 Developer shall have the right to file an action in Superior Court, County of Riverside, challenging.anyfindingstheCityshallmakeoractiontakenwithrespecttoan unforeseen circumstance pursuant to Section 8.6 hereinabove. The Riverside County Superior Court shall utilize the standards of review applicable in cases involving vested rights in ajudicialreview. COOPERATION AND COVENANT OF FURTHER ASSURANCES 9.1 Third Party Actions. The Developer and the City will cooperate in defending any action instituted by any third party challenging the validity of any provision of this Agreement or any action taken or decision made hereunder. Developer agrees to assume the lead role in defense of any such action or proceeding so as to minimize litigation expenses incurred by the City. In addition, any action instituted by anythirdpartychallengingthisAgreementoranyotherpermitor approval required from the City or any other governmental entity, for the Development of all or any portion of the Project, will constitute a permitted delay under Section 10. Notwithstanding the foregoing, the filing, of any third party action against the City and /or the Developer with respect to this Agreement or any provision hereof, will not be a reason to delay or stop the Development of the Project (including, without limitation, the processing of any application of the Developer with respect to the Development, the issuance of any building permit or the issuance of any certificate of occupancy) unless the third party obtains a court order preventing such activity. The City will not stipulate to the issuance of any such courtorder. 9.2 Further Assurances. Each party covenants on behalf of itself and its successors and assigns to take all actions and do all things, and to execute with acknowledgments or affidavits 994094.115 -010 Deve(opwt Agrewmt11- 17- 92/1763H(Org:1300H) if requires, any and all documents and writings that may be necessary or proper to achieve the purposes and objectives of this Agreement. Each party will take all necessary measures to see that the provisions of this Agreement are carried out in full. 9.3 Processing. Subject to the provisions of this Section, upon satisfactory completion by the Developer of all required preliminary actions and payment of all appropriate filing and processing fees, if any, the City shall, in accordance with the Existing Land Use Regulations, diligently commence and proceed to complete all steps required or necessary for the implementation of this Agreement and the Development of the Project in accordance with this Agreement, and Existing Land Use Regulations including: 9.3.1 Scheduling. Schedule, convene and conclude all required public hearings in an expeditious manner. 9.3.2 Processing. Process and approve all maps, plans, land use permits, building plans and specifications and other applications for approval with respect to the Development of the Project to the extent consistent with the Existing Land Use Regulations and applicable provisions of state law. The Developer will, in a timely manner, provide and /or cause its agents to provide the City with all materials, documents, applications, plans and other information necessary for the City to carry out its obligations hereunder. In order to facilitate the City's performance of its obligations pursuant to this Agreement including, without limitation, its obligations pursuant to this Section 9.3, at the request of the Developer, the City will hire such additional personnel as may be necessary to further expedite the scheduling and processing of the Developer's applications with respect to the Project; provided, however, that the Developer will pay the entire cost of any such additional personnel and any such additional personnel will be assigned exclusively to the Project. 9.4 Other Governmental Permits. The Developer will apply in a timely manner for such other permits and approvals as are required by other governmental agencies having jurisdiction over the Project or the development of, or provision of services to, the Project. The City will cooperate with the Developer in its efforts to obtain such permits and approvals. In addition, the City will use its best efforts to assist the Developer in coordinating the implementation of the Project with such other governmental agencies. If City's execution of a document or agreement is necessary or required by law to obtain or give effect to any such permit or approval, then City will execute such document or agreement. 9.5 Financing of Public Facilities and /or Services. At Developer's request, the City and the Developer will in good faith use their best efforts to establish one or more community facilities districts, assessment districts, improvement districts, acquisition districts or other public financing mechanisms including, without limitation, one or more community facilities districts pursuant to the Mello -Roos Community Facilities Act of 1982, as set forth in Government Code Section 53311 St et sea., for the purpose of financing the planning, design, construction and acquisition of public facilities, including related fees and the acquisition of land therefor, required by the Project, to the maximum extent legally and financially feasible. In establishing one or more community facilities districts for the foregoing purposes, the Developer specifically agrees to use diligent, good faith efforts to include the Community Park Improvements on the list of improvements to be financed by such community facilities districts, as may be permitted by law, up to the amount of 994094 -115 -010 -16- Development Aprewwt 11- 17- 92/1763H(org:1300H) 1,500,000. The parties expect that bonds, assessments, liens or other such financing mechanisms will be issued or levied to provide sufficient funds for the foregoing purposes. City'and the Developer agree that, without the consent of the City, the portion of average appraised real property values of developed product in the Project allocated to real property taxes and aggregate public debt service may go up to but will not exceed two percent (2%-) of the average appraised real property values of developed product in the Project, and the City will take no action to limit such allocation to less than two percent (M of the average appraised real property values of developed product in the Project. Although the parties will in good faith use their best efforts to maximize the extent that structures, improvements and facilities comprising the Project will be financed through the use of such public financing mechanisms, the parties acknowledge that it may not be legally or financially feasible to finance all of such structures, improvements and facilities through the use of such public financing mechanisms. Therefore, to the extent that the public improvements or public services required by the City with respect to the Project are in excess of the needs and demands of the Project and will be utilized by other existing or future developments, the City will use its best efforts to cause such existing or future developments to contribute to the costs of such public improvements and public services (including, without limitation, by participating in one or more community facilities districts, assessment districts, improvement districts, maintenance districts or other similar public financing mechanisms or by City establishment of facilities fee programs) and, from the funds which are generated by such public financing mechanisms, cause appropriate reimbursement, including interest at the legal rate, to be made to the Developer. The City acknowledges that completion of proceedings to establish one or more of such public financing mechanisms is critical to provide the parties with security for the performance by the Developer of its obligation to cause the Development of the Project to occur. The Developer understands that the City has formed a joint powers authority under the Marks -Roos Local Bond Pooling Act of 1985 known as the Lake Elsinore Public Financing Authority, and that City policy requires all public financing within the City to be funded through the Authority, provided that the City policy shall not preclude the formation of community facilities districts by the school district or water district having jurisdiction in the Project. 9.6 Utilities Coordination. The City will use its best efforts to assist the Developer in obtaining all electrical, gas, telephone, cable television and other necessary utility connections required for the Project. Within a reasonable time after request therefor by the Developer, the City will approve all connection and access points for such utilities, if they are in compliance with the Existing Land Use Regulations. 9.7 Covenant of Good Faith and Fair Dealing. Except as may be required by law, neither party will do anything which will have the effect of harming or injuring the right of the other party to receive the benefits of this Agreement and each party will refrain from doing anything which would render performance under this Agreement impossible or impractical. In addit ,lon, each party will do everything which this Agreement describes that such party will do. 9.8 Stephens' Kangaroo Rat. Any portion of the Project whose development is exempt from Section 9 of the ESA under the terms of Section 7 of the Endangered Species Act ( "ESA") upon issuance of a grading permit shall not be subject to the Stephens' Kangaroo Rat Mitigation Fee Ordinance (Ord. 905, Section 1, 1990). As to any portion of the Project whose development is not exempt, the City will use its best efforts to maximize the amount of acreage which is released for grading and 994094 -115 -010 -17- Development Agreement 11- 17- 92/1763H(Org:1300H) allocated to the City pursuant to the Riverside County Short Term Habitat Conservation Plan for the Stephens' Kangaroo Rat and will take such steps as may be necessary or appropriate from time to time, to secure such maximum allocation. Any assessment of fees under the above referenced fee ordinance shall be calculated based on the number of acres to be graded under the then - approved grading plan. 9.9 City Acquisition of Rights -of -Way. In any instance where Developer is required to construct any public facilities on lands not owned by Developer, as a condition precedent to the performance of such obligation, City shall provide or cause to be provided the real property rights and interests necessary for the construction of such public facilities. Developer shall participate in any applicable fair share allocation of the cost of acquiring such rights or interests. If the City is unable or unwilling to provide the real property rights and interests necessary for the construction of such public facilities, the Developer shall be entitled to relief from such condition in the manner provided for by law. 10. PERMITTED DELAYS The Developer will be excused from performance of its obligations hereunder during any period of delay caused by casualties; acts of God; civil commotion; war; insurrection; riots; strikes; walkouts; picketing or other labor disputes; unavoidable shortages of materials or supplies; damages to work in progress by reason of fire, flood, earthquake or other casualty; litigation which prohibits or delays any aspect of the processing or Development of the Project; initiatives or referenda; moratoria; unanticipated restrictions imposed or mandated by governmental entities; or enactment of conflicting City, County, State or Federal laws or regulations or judicial decisions or any other cause which is not within the reasonable control of the Developer. Each party will promptly notify the other party of any delay hereunder as soon as possible after the same has been ascertained, and the term of this Agreement will be extended by the period of any such delay. Notwithstanding Section 13.3, any claim for delay must be presented within 30 days of knowledge of the caused of such delay or any entitlement to time extension will be deemed waived. 11. ESTOPPEL CERTIFICATES Either party may at any time, and from time to time, deliver written notice to the other party, requesting that the other party certify in writing to the knowledge of the certifying party that: (a) this Agreement is in full force and effect and is a binding obligation of the certifying party; b) this Agreement has not been amended or modified, except as expressly identified; and (c) no default in the performance of the requesting party's obligations pursuant to Agreement exists, except as expressly identified. A party receiving a request hereunder will execute and return the requested certificate within 30 days after receipt of the request. 12. RECORDATION BY CITY CLERK Pursuant to Government Code Section 65868.5, within 10 days after execution of this Agreement by the City, the City Clerk will record a copy in the Records of the Riverside County Recorder. 994094 -115 -010 -18- Devetopn t Agreement 11- 17- 92/1763H(Org:1300H) 13. DEFAULT AND REMEDIES 13.1 Events of Default. Subject to any written extension of time by mutual consent of the parties, and subject to the provisions of Section 10 regarding permitted delays, the uncured failure of either party to perform any material term or provision of this Agreement will constitute a default if such defaulting party does not cure such failure within thirty (30) days following receipt of written notice of default from the other party; provided, however, that if the nature of the failure of performance is such that it cannot be cured within such period, then the diligent prosecution to completion of the cure will be deemed to be a cure within such period. Any notice of default given hereunder will specify in detail the nature of the alleged default and the manner in which such default may be satisfactorily cured in accordance with this Agreement. During the time period herein specified for the cure of failure of performance, the party charged with such failure of performance will not be considered to be in default for purposes of termination of this Agreement or for purposes of institution of legal proceedings with respect thereto and, if the Developer is the party that has failed to perform, then the City will not be excused from its performance under this Agreement during that period. 13.2 Termination. a) After proper notice, appropriate City administrative review, if any, and expiration of the time for cure, the noticing party to this Agreement, at its option, may institute legal proceedings pursuant to Section 13.6 Institution of Legal Action) hereof or give notice of intent to terminate this Agreement pursuant to Government Code Section 65868. Following notice of intent to terminate, the matter shall then be scheduled for consideration and review in the manner set forth in Government Code Sections 65865, 65867 and 65868 by the City Council within thirty (30) days. The City Council shall utilize the standard of review applicable to cases involving vested rights. b) If the City Council finds a default on the basis of evidence presented before it, the non - defaulting party may, at its option, give written notice of termination of this Agreement to the party found to be in default. The party found to be in default may seek judicial review of the City Council decision by filing an action in the Superior Court of Riverside County. The Superior Court shall utilize the standard of review applicable in cases involving vested rights. 13.3 Default by City. If City does not accept, review, approve and issue requested development permits or entitlements, or City otherwise defaults on this Agreement, or City otherwise fails to comply with any term or provision of this Agreement, then City shall be in default. City agrees that Developer in no event shall be obligated to proceed with or complete the Project or any phase thereof nor shall resulting delays in Developer's performance constitute grounds for termination or cancellation of this Agreement. 13.4 No Waiver. The failure by a party to insist on the strict performance of any of the provisions of this Agreement by the other party will not constitute a waiver of such party's right to demand strict performance by such other party in the future. All waivers must be in writing to be effective or binding on the waiving party and no waiver will be implied from any omission by a party to take action. No express written waiver of any default will affect any other default or cover any other period of time except that specified in such express waiver. 994094- 115 -010 _19- Development Agreement 11- 17- 92/1763H(Org:1300H) 13.5 Effect of Termination. Termination of this Agreement by one party due to the default of the other party will not affect any right or duty created by any then existing Development Approvals with respect to the Project, but the rights and obligations of the parties hereunder shall otherwise cease as of the date of such termination. 13.6 Institution of Legal Action. In addition to any other rights or remedies, either party may institute legal' action to cure, correct or remedy any uncured default, to enforce any covenants or agreements herein, to enjoin any threatened or attempted violation thereof or to obtain any remedies consistent with the purpose of this Agreement. In the event of any such legal action involving or arising out of this Agreement, the prevailing party will be entitled to recover from the losing party, reasonable litigation expenses, attorneys' fees and costs incurred. The parties acknowledge that if a breach of this Agreement by the City occurs, irreparable harm is likely to occur to the Developer and damages may be an inadequate remedy. Therefore, to the extent permitted by law, the parties agree that specific enforcement of this Agreement by the Developer is an appropriate and available remedy, in addition to any and all other remedies which may available to the Developer under law or at equity. 14. CONSISTENCY FINDING By approving and executing this Agreement, the City finds that its provisions are consistent with the City's General Plan and with the Specific Plan, and the City further finds and determines that execution of this Agreement is in the best interests of the public health, safety and general welfare of the City's present and future residents, property owners and taxpayers. 15. CONSENT OF OTHER PARTIES The Developer may, at its discretion, elect to have other holders of legal, equitable or beneficial interest in the Project, the Property or parts thereof, acknowledge and consent to the execution and recordation of this Agreement by executing an appropriate instrument therefor. It is understood by the parties that the execution of such document by other holders of legal, equitable or beneficial interests in the Project is not a condition precedent to this Agreement. 16. ASSIGNMENT AND RELEASE 16.1 Transfer and Assignments of Rights and Interests. 16.1.1 Rights and Interests Appurtenant. The rights and interests conveyed and provided herein to Developer benefit and are appurtenant to the Property. Developer has the right to sell, assign and transfer any and all of its rights and interests and to delegate any and all of its duties and obligations hereunder; provided, however, that such rights and interests may not be transferred or assigned except in strict compliance with the following.conditions precedent; i) Said rights and interests transferred or assigned only together with and of the transfer and assignment of the portions to which they relate, including any transfer o pursuant to any foreclosure of a Mortgage or a such foreclosure; and 994094 -115 -010 - 2 Q - 11-17- 92/1763H(org :1300X) may be as an incident of the Property r assignment deed in lieu of Development Agreement ii) Concurrent with any such assignment or transfer or within five (5) business days thereafter, Developer shall notify City in writing of such assignment or transfer, the portions of the Property to which the assignment or transfer is appurtenant, and the name and address (for purposes of notices hereunder) of the transferee or assignee, together with the corresponding number of dwelling units which are included within such transfer and Developer and the assignee or transferee shall notify City whether the assignee or transferee has assumed any of Developer's obligations under this Agreement and which of Developer's obligations have been assumed. Any attempt to assign or transfer any right or interest in this Agreement except in strict compliance with this Section 16, shall be null and void and of no force and effect. City shall have no duty or obligation of any kind or nature to maintain a record of such transfers or assignments or portions of the Property or numbers and allocations of units involved or to notify or advise prospective or actual assignees or transferees or others of such assignments or the resulting allocation of units with respect to the Property or under this Agreement. Notwithstanding any other provisions of this Agreement, if the City defaults under this Agreement prior to the time of assignment or transfer and Developer has delivered to City a written notice of the City's default pursuant to Section 13 prior to the time of assignment or transfer and includes a reference to such notice of default in the written notice of assignment or transfer required by this paragraph, then the transferee or assignee shall have all remedies provided in this Agreement, at law, or in equity, in connection with such default by the City. If the City defaults under this Agreement prior to the time of assignment or transfer and Developer has not delivered to City a written notice of such City default pursuant to Section 13 prior to the time of assignment or transfer and /or assignment or transfer required by this paragraph, then the transferee or assignee shall have all remedies provided in this Agreement, at law, or in equity, except the remedy of damages, in connection with such default by the City. 16.1.2 Allocation of Density. It is acknowledged that the density of development provided by the Specific Plan may be distributed by Developer disproportionately throughout the Property in accordance with and subject to the Existing Land Use Regulations. City shall not be obligated to the successors of Developer to advise or notify any such successor or any other person as to the density of development allowed under this Agreement or any of the Land Use Regulations with respect to any particular portion of the Property; provided, however, that City shall upon the request of Developer enter into further agreements in a recordable form allocating to the various portions of the Property the then allowable density of units pursuant to the Specific Plan. Such an agreement may include provisions relating to the assumption of certain of Developer's obligations hereunder and the allocation of the benefits and burdens of this Agreement, all as specifically provided in this Section 16. The reasonable costs and expenses of City in considering and responding to any request shall be reimbursed to City by Developer forthwith upon the request of City. 16.1.3 Subject to Terms of Agreement. Following any such assignment or transfer of any of the rights and interests of Developer under this Agreement, the exercise, use and enjoyment thereof shall continue to be subject to the terms 994094- 115 -010 -21- Development Agreement 11-17- 92/1763H(org:1300H) of this Agreement to the same extent as if the assignee or transferee were Developer. Without limiting the generality of the foregoing, i) the further assignment or transfer of any of the rights or interests under this Agreement shall be made only in accordance with and subject to the terms of this Section 16.1, and ii) the right and interests assigned or transferred are subject to termination in accordance with this Agreement. Notwithstanding the foregoing, any assignee or transferee of any of the rights and interests of Developer shall take said rights and interests subject to this Agreement and shall have no duty or obligation to perform Developer's obligations or other affirmative covenants of Developer under this Agreement unless such obligations and covenants are expressly assumed in connection with the conveyance of said rights and interests. 16.1.4 Release of Developer. Notwithstanding the assignment or transfer of portions or all of the Property or rights or interests under this Agreement, Developer shall continue to be obligated under this Agreement unless released or partially released by City with respect to Developer's obligations under this Agreement, pursuant to this Section 16.1.4, which release or partial release shall be provided by City upon the full satisfaction by Developer of the following conditions: i) Developer is not then in default under this Agreement; ii) Developer has provided City with the written notice required under Section 16.1.1; and iii) Such assignee or transferee has assumed such duties and obligations as to which Developer is requesting to be released and has provided City with security and other assurances equivalent to those which were provided by Developer assuring City that Developer's obligations and the other duties and obligations of Developer under this Agreement for which Developer is being released will be fully and strictly performed as provided in this Agreement. 16.2 Releases Upon Partial or Total Completion of Project. The City hereby covenants and agrees that upon completion of the public improvements which are included within the Project and payment of all fees required under this Agreement with respect to the Property or any portion thereof, the City will execute and deliver to the Riverside County Recorder, an appropriate release of the Developer, the Property affected or a portion thereof and the Project from further obligations under this Agreement, in form and substance acceptable to the Riverside County Recorder, or as may otherwise be necessary to effect such release. 16.3 Releases Upon Sale or Lease to tha Public. Notwithstanding any provisions of this Agreement to the contrary, the burdens of this Agreement shall terminate as to any lot which has been finally subdivided and individually (and not in "bulk ") leased (for a period of longer than one yeas) or sold to the purchaser or user thereof (including but not limited to any school district taking title to-land within the Project for school purposes) and thereupon and without the execution or recordation of any further document or instrument such lot shall be released from and no longer be subject to or 994094 -115 -010 -22- Development Agreement 11.17-92/1763H(Drg:1300H) burdened by the provisions of this Agreement; provided, however that the benefits of this Agreement shall continue to run as to any such lot until a building is constructed on such lot, or until the termination of this Agreement, if earlier, at which time this Agreement shall terminate as to such lot. City shall execute, acknowledge and deliver releases or other documents in form and content required by title insurers to remove the lien of this Agreement from such properties. A release issued by the City in accordance with this Section shall act as a conclusive determination that the obligations of Developer pursuant to this Agreement have been met with respect to the portion of the Property so released. 17. ENCUMBRANCES ON REAL PROPERTY: MORTGAGEE PROTECTION 17.1. Discretion to Encumber. The parties agree that this Agreement will not prevent or limit the Developer in any manner, at the Developer's sole discretion, from encumbering the Property, or any part of the same including, without limitation, improvement thereon, by any Mortgage, or other security device. The City acknowledges that the lenders providing such financing may require certain modifications and the City agrees, upon request from time to time, to meet with the Developer and /or the representatives of such lenders to negotiate in good faith regarding any such request for modification. The City further agrees that it will not unreasonably withhold its consent to any such requested modification so long as the modifications do not materially alter this Agreement to the detriment of the City. 17.2 Mortgagee Protection. This Agreement shall be superior and senior to any lien placed upon the Property, or any portion thereof, including the lien of any Mortgage. Notwithstanding the foregoing, no breach hereof shall defeat, render invalid, diminish or impair the lien of any Mortgage made in good faith and for value and any acquisition or acceptance of title or any right or interest in or with respect to the Property or any portion thereof, by a Mortgagee (whether under or pursuant to a Mortgage, foreclosure, trustee's sale, deed in lieu of foreclosure, or otherwise), shall be subject to all of the terms and conditions contained in this Agreement. 17.3 Mortgagee Not Obligated. Notwithstanding the provisions of Section 17.1 above, no Mortgagee shall have an obligation or duty under this Agreement to perform Owner's Obligations or other affirmative covenants of Developer hereunder, or to guarantee such performance; except that to the extent that any covenant to be performed by Developer is a condition to the performance of a covenant by City, the performance thereof shall continue to be a condition precedent to City's performance hereunder. 17.4 Notice of Default to Mortgagee: Right of Mortgagee to Cure. If City receives notice from a Mortgagee requesting a copy of any notice of default given Developer hereunder and specifying the address for service thereof, and records a copy of each request in the official records of City in the manner required under Civil Code Section 2924b with respect to Requests for Notices of Default, then City shall deliver to such Mortgagee, concurrently with service thereon to Developer, any notice given to Developer with respect to any claim by City that Developer has not complied in good faith with the terms of this Agreement or has committed an event of default. Each Mortgagee shall have the right (but not the obligation) for a period of ninety (90) days after the receipt of such notice from City to cure or remedy, or to commence to cure or remedy, the claim of default or noncompliance set forth in the City's notice. If the default is of a nature which can only be 994094 -115 -010 -23- Develop wt Agrewmt 11- 17- 92/1763H(Org:1300H) remedied or cured by such Mortgagee upon obtaining possession, such Mortgagee shall seek to obtain possession with diligence and continuity through foreclosure, a receiver or otherwise, and shall thereafter remedy or cure the default or noncompliance within thirty (30) days after obtaining possession. If any such default or noncompliance cannot, with diligence, be remedied or cured within such thirty (30) day period, then such Mortgagee shall have such additional timq as may be reasonably necessary to remedy or cure such default or noncompliance if such Mortgagee commences cure during such thirty (30) day period, and thereafter diligently pursues and completes such cure. 17.5 Bankruptcy. Notwithstanding the foregoing provisions of this Section 17, if any Mortgagee is prohibited from commencing or prosecuting foreclosure or other appropriate proceedings in the nature thereof by any process or injunction issued by any court or by reason of any action by any court having jurisdiction of any bankruptcy or insolvency proceeding involving Developer, the times specified in Section 17.4 for commencing or prosecuting foreclosure or any proceedings shall be extended for the period of the prohibition, provided that such Mortgagee is proceeding expeditiously to terminate such prohibition and in no event for a period longer than one year. s_ 21 18.1 Hold Harmless. The.Developer agrees to and will hold the City, its officers, agents, employees and representatives harmless from liability for damage or claims for damage for personal injury, including death and claims for property damage which may arise out of the direct or indirect operations of the Developer with respect to the Project, to the extent of the insurance described below. To the same extent, the Developer agrees to and will defend the City and its officers, agents, employees and representatives from actions for damages caused by or alleged to have been caused by reason of the Developer's activities with respect to the Project. This "hold harmless" agreement applies to all damages and claims for damages suffered or alleged to have been suffered by reason of the operations referred to in this Section. Before beginning work on the Project, the Developer will obtain the insurance required under this Section and receive the approval of the City Attorney as to form, content, amount and carrier and the Developer will maintain such insurance throughout the term of this Agreement. The insurance will extend to the City, its elective and appointive boards, commissions, officers, agents, employees and representatives and to the Developer. In addition, the Developer will furnish to the City, before beginning work on the Project, a certificate of insurance constituting satisfactory evidence of the insurance required and providing that each carrier is required to give the City at least ten 10) days prior written notice by certified mail to the City Hall, of the cancellation or reduction in coverage of any insurance. 18.1.1 Compensation Insurance. The Developer will maintain Workers Compensation Insurance for all persons employed by the Developer at the site of the Project. The Developer will require each contractor and subcontractor to provide Workers Compensation Insurance for their respective employees. The Developer agrees to indemnify the City for damages resulting from the failure of the Developer to take out and maintain such insurance. 994094 -115 -010 -24- Development Agreement 11- 17- 92/1763H(Org:1300H) 18.1.2 Public Liability and Property Damage Insurance. The Developer will maintain public liability insurance in an amount not less than $1,000,000.00 for injuries including death) to any one person and in an amount not less than $5,000,000.00 on account of any one occurrence; and property damage of each covered person on account of any one occurrence. 19. GENERAL PROVISIONS 19.1 Development Exactions. Nothing in this Agreement is intended to limit the application of Government Code Section 66000 et sea. to any Development Exactions. 19.2 Recitals. The Recitals in this Agreement are material and are incorporated herein by reference as though fully set forth herein. 19.3 Exhibits. Any Exhibit to this Agreement is incorporated herein by reference as through fully set forth herein. 19.4 Applicable Law. This Agreement will be construed and enforced in accordance with the laws of the State of California. 19.5 No Joint Venture. Partnership or Third Party Beneficiary. The City and the Developer hereby renounce the existence of any form of joint venture or partnership between them and expressly agree that nothing contained herein or in any document executed in connection herewith will be construed as making the City and the Developer joint venturers or partners. It is understood that the contractual relationship between the City and the Developer is such that the Developer is an independent contractor and not an agent of the City. Furthermore, this Agreement is not intended or construed to create any third party beneficiary rights in any person who is not a party to this Agreement. 19.6 Notices. Any notice or other communication to either party under this Agreement must be in writing and must be given by delivering the same to such party in person or by sending the same by certified or registered mail, return receipt requested, or by overnight mail delivery service, with all costs prepaid, to the following addresses: City: City of Lake Elsinore 130 South Main Street Lake Elsinore, CA 92330 Attn: City Manager With a Copy To: John Harper, Esq. Brown, Harper, Burns & Hentschke 453 South Glassell Orange, CA 92666 Developer: Murdock Alberhill Ranch Limited c/o Murdock Development Company 10900 Wilshire Boulevard, Suite Los Angeles, California 90024 Attn: Ms. Ilene Miles 994094- 115 -010 11- 17.92/1763H(Org:1300H) 25- Partnership 1600 Oeve(apment Agreement With a Copy To: Jones, Day, Reavis & Pogue 555 West Fifth Street Suite 4600 Los Angeles, California 90013 -1025 Attn: Real Estate Department (JSS) 19.7 Severability. If any term, provision, covenant or condition of this Agreement is determined to be invalid, void or unenforceable by judgment or court order, then the remainder of this Agreement will remain in full force and effect, unless enforcement of this Agreement, as so invalidated, would be unreasonable or grossly inequitable under all the circumstances or would frustrate the stated purpose of this Agreement. 19.8 Entire Agreement. This Agreement contains all the representations and constitutes the entire agreement between the City and the Developer. Any prior correspondence, memoranda, agreements, warranties or representations are superseded in total by this Agreement. 19.9 Signature Pages: Counterparts. For convenience, the signatures of the parties may be placed and acknowledged on separate pages and, when attached to this Agreement, will constitute this document as one complete Agreement. 19.10 Time. Time is of the essence of this Agreement and of each and every term and condition hereof. 19.11 Captions. Titles and captions of the various sections of this Agreement are intended for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. 19.12 Construction. Number and Gender. This Agreement will be construed as a whole according to its common meaning and not strictly for or against either party in order to achieve the objectives and purposes of the parties hereunder. Whenever requires by the context of this Agreement, the singular will include the plural and vice versa, and the masculine gender will include the feminine and neuter genders. In addition "will" is the mandatory and "may" is the permissive. CITY CITY OF LAKE ELSINORE, a municipal corporation and political subdivio ion of the State of By: AT ST: AT City Clerk 994094 -115 -010 -26- Develop"ent Agrecnent 11- 17.92/1763H(Org:1300H) DEVELOPER Murdock Alberhill Ranch, Limited Partnership, a California limited partnership By: Murdock Properties, Inc., a California corporation, /J General Partne STATE OF CALIFORNIA ) ss. COUNTY OF RIVERSIDE ) 3 On anunr Ll 199 , before me, V iCA, f asaA personally a ar,n rti M- Wo. -Aib -r , personally known to me (or proved to me on a basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity as the Mayor of the City of Lake Elsinore, California, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. Notary Public SEAL: i/ 1996 STATE OF CALIFORNIA ss. COUNTY OF ' f Cl I2L On it'r'S' +'f. 17 1992, before me, i , personally appeared VYlur ,,;.` , personally known to me (or proved to me on the basis of satisfactory evidence) to be the 'L`r` tC °r.f of Murdock Properties, Inc., a California corporation, the corporation that executed the within instrument and personally known to me (or proved to me on the basis of satisfactory evidence) to be the persons who executed the within instrument on behalf of said corporation, said corporation being personally known to me to be one of the partners of Murdock Alberhill Ranch Limited Partnership, a California limited partnership, the partnership that executed the within instrument, and acknowledged to me that such corporation executed the same as such partner an that such partnership executed the same. I Notary Public SEAL: I\ 994094- 115 -010 -28- Development Agreement 11- 17.92/1763H(Org:1300H) OF r-IC kt rvJTARV SEAL S PF.RR4 L HUW D NI Pui.ir. Ca6fcmia LO S.4NGELES (:OUNYY MY Comm. EzFa:as JUL 07,4995 994094- 115 -010 -28- Development Agreement 11- 17.92/1763H(Org:1300H) EXHIBIT "A" Legal Description of the Property EXHIBIT "A"