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6 Section 1.2 Effective Date. The effective date of this Agreement (“Effective Date”) shall be the later of (a) thirty (30) days after the date the City ordinances approving this Agreement and PUD Application No. 154 are adopted by the City Council and attested by the City Clerk, or (b) if a referendum petition is timely circulated, filed and qualified by the Elections Official, the date the election results on the ballot measure by City voters rejecting said petition and thereby approving this Agreement are certified by the City Council in the manner provided by the Elections Code. The Effective Date shall be inserted above, where indicated. Pursuant to Government Code Section 65865(b), this Agreement shall not become operative until annexation proceedings are completed pursuant to applicable laws and regulations no later than six (6) months from the Effective Date (“Annexation Timing”); provided, however, Developer shall have the right, in its sole discretion, to extend the Annexation Timing so long as the application to annex the Project Site (“Annexation Application”) has been submitted to LAFCO for processing and consideration, with the Annexation Timing being so extended until such time as LAFCO takes action on and approves the Annexation Application and the related Certificate of Completion is prepared, executed and recorded by LAFCO. This Agreement shall be executed, acknowledged and recorded by the Parties within ten (10) days after the later of subsection (a) or (b) of this Section 1.2. Section 1.3 Term. Subject to Sections 1.4 and 2.5 below, the term of this Agreement shall commence on the Effective Date and expire ten (10) years thereafter (the “Term”). Following the expiration of the Term, this Agreement shall be deemed terminated and of no further force or effect, subject to the provisions of Sections 6.2 and 6.3 that shall survive such termination; provided, however, such termination shall not affect any right or duty arising from the other Project Approvals. Section 1.4 Effect of Development Project Approvals Challenge. In the event that any of the Project Approval(s) are challenged by a third party through a judicial action that results in a writ of mandate or court order that requires the City to modify or rescind the subject Project Approval(s), the effectiveness of this Agreement shall be suspended pending such modification or rescission. City’s modification of the subject Project Approval(s) may necessitate that the Parties to this Agreement negotiate an amendment to this Agreement. City’s rescission of the subject Project Approval(s) shall result in this Agreement no longer being in force and effect. In the event that Ordinances _____ and/or _____ adopting the PUD zoning/Development Plan and this Agreement, respectively, are challenged by a referendum petition, and such petition is timely circulated, filed and qualified for the ballot by the Elections Official, the effectiveness of this Agreement shall be suspended pending the results of the election upon the ballot measure. If the voters reject the referendum petition and thereby approve the subject Ordinance(s), then this Agreement shall no longer be suspended and this Agreement shall be in full force and effect as of the Effective Date. If the voters do not reject the referendum petition and thereby do not approve the subject Ordinance(s), then this Agreement shall no longer be in force and effect. Notwithstanding anything to the contrary in the foregoing, nothing in this Section 1.4 shall constitute a waiver by Developer of its right to challenge in court the validity of any such referendum petition. Pursuant to Section 2.5 below, the Term shall be extended for any period the effectiveness of the Agreement is suspended under this Section 1.4. ARTICLE 2 Standards, Laws and Procedures Governing the Project Section 2.1 Vested Right to Develop. Subject to annexation and Section 1.4 above, Developer shall have a vested right to construct and operate the Project at the Project Site in substantial conformance with the terms and conditions of this Agreement, the other