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<br /> the effective date of the Enacting Ordinance, pursuant to
<br /> Government Code Section 36937, as specified in Recital G above
<br /> (the "Effective Date") . The City shall cause this Agreement to
<br /> be recorded in the Official Records of the County of Alameda,
<br /> State of California, as provided for in Government Code Section
<br /> 65868 .5. However, failure to execute or record this Agreement
<br /> within the time period provided for in Section 65868 . 5 shall not
<br /> affect its validity or enforceability among the Parties.
<br /> 2.2 Term. The term of this Agreement and Developer' s
<br /> rights and obligations hereunder shall commence on the Effective
<br /> Date and shall terminate on the fifteenth (15th) anniversary of
<br /> the Effective Date.
<br /> 3 . General Development of theProiect.
<br /> 3. 1 Project Vested. Developer shall have the vested
<br /> right to develop the Project on the Property in accordance with
<br /> the terms and conditions of this Agreement and such amendments
<br /> thereto as shall from time to time be approved, pursuant to this
<br /> Agreement. Except as otherwise specified herein, this Agreement
<br /> and the Existing City Laws shall control the overall design,
<br /> development and construction of the Project, and all improvements
<br /> and appurtenances in connection therewith, including, without
<br /> limitation, the permitted uses on the Property, the density and
<br /> intensity of uses, the maximum height and the number of required
<br /> parking spaces, all of which shall constitute vested elements of
<br /> the Project.
<br /> 3.2 Conditions.
<br /> (a) Traffic Mitigation Improvements. In consideration
<br /> of City's entering into this Agreement, Developer shall
<br /> contribute to the costs of those public improvements (the
<br /> "Traffic Mitigation Improvements") set out in Exhibit D attached
<br /> hereto. City has identified ten development projects
<br /> (collectively, the "Contributing Projects") in the Stoneridge
<br /> Shopping Center area which will benefit from completion of the
<br /> Traffic Mitigation Improvements. City has assigned each
<br /> Contributing Project a percentage share of the responsibility for
<br /> participating in the costs to complete the Traffic Mitigation
<br /> Improvements. As of the date of this Agreement, Developer's
<br /> contribution percentage is 37 . 6% . As of August 20, 1991, the net
<br /> estimated costs to complete the Traffic Mitigation Improvements
<br /> was $752,820. Based thereon, Developer or its successors shall
<br /> contribute, to the cost of completing the Traffic Mitigation
<br /> Improvements, up to the following amount (such maximum amount
<br /> herein referred to as the "Developer Contribution") : (i) $283 , 060
<br /> plus an accrual factor thereon at the Wells Fargo Bank Prime Rate
<br /> from time to time in effect, commencing August 20, 1991, to the
<br /> date of payment, plus (ii) an additional $28, 306, which sum
<br /> represents 10% of the aforementioned Developer obligation to take
<br /> -5-
<br />inance became effective on
<br /> November 5, 1992 .
<br /> NOW, THEREFORE, pursuant to the authority contained in
<br /> Government Code Sections 65864-65869. 5, and in consideration of
<br /> the mutual covenants and promises of the parties herein
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<br /> RECOrIDERS MEMO ---.}
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