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Development Agreement and the ordinance takes effect on <br />May 24, 1984 ("Adopting Ordinance"). <br /> <br /> NOW, THEREFORE, the parties hereto agree as follows: <br /> <br /> 1. Incorporation of Recitals. <br /> <br /> Recitals A through G above are incorporated by <br /> <br />reference and made a material part of this Development <br />Agreement. <br /> <br /> 2. Binding Effect; Recording. <br /> <br /> It is intended and determined that the provisions <br /> <br />of this Development Agreement shall constitute covenants <br />which shall run with the entire property including the <br />P.U.D. Area, and the benefits and burdens hereof shall bind <br />and inure to all successors in interest to the parties <br />hereto. This Development Agreement shall be recorded in <br />accordance with Government Code §65868.5. <br /> <br /> 3. Term. <br /> <br /> The term of this Development Agreement shall <br /> <br />commence upon the effective date of the Adopting Ordinance <br />approving it and shall extend for a period of eight (8) <br />years thereafter, and may be extended by mutual consent of <br />the parties. The term of the Development Agreement shall <br />exclude any period of time related to a governmentally <br />imposed general moratorium on the issuance of building <br />permits which affects the P.U.D. Area. Termination of this <br />Development Agreement shall not affect any right or duty <br />emanating from City entitlements on the entire property <br /> <br />approved concurrently with or <br />of this Development Agreement. <br /> <br />subsequently to the approval <br /> <br />-3- <br /> <br />~-I 15507' <br /> <br /> <br />