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1525165.2 <br />that the City Council may, in its sole and absolute discretion and during a regular, regular <br />adjourned, or special meeting of the City Council, extend the deadline for payment of the Subject <br />Fees without obtaining the approval of Owner or an amendment or modification of this <br />Agreement. Any extension granted by the City Council pursuant to this Section 3.1.1 shall <br />automatically be deemed to be part of the Deferral Period for purposes of this Agreement. <br />3.1.2 Payment of Subject Fees. Owner, or its successor in interest to the <br />Property or any portion thereof, shall be liable for the payment of the Subject Fees pursuant to <br />this Agreement. The Subject Fees for a residential building constructed on the Property shall be <br />due and payable at the termination of the Deferral Period. No certificate of occupancy shall be <br />issued for the building, any portion, or any residential units thereof on the Property unless and <br />until all Subject Fees ordinarily required to have been paid absent this Agreement have been paid <br />in full. <br />3.1.3 Subject Fee Amount. Except as may otherwise be provided for by a <br />statutory development agreement for the Property, as approved by the City, the amount of the <br />Subject Fee for each residential unit to be developed on the Property shall be determined <br />according to the rate of the Subject Fee adopted by the City and in effect on the date when the <br />building permit for the residential building is issued by the City. Upon issuance of each building <br />permit, the City shall complete and attach the form set forth in Exhibit “B” to this Agreement to <br />reflect the amount of the Subject Fee applicable at the time of issuance of that building permit <br />and attach a copy of the building permit, which shall collectively thereafter be incorporated as <br />part of this Agreement. <br />3.1.4 Obligation for Payment of Subject Fee. Owner hereby acknowledges and <br />agrees that Owner’s obligation to pay the Subject Fees shall continue and remain an obligation of <br />Owner, or any successors in interest of Owner, including, without limitation, any successor in <br />interest to the Property or any portion of the Property. Without limiting the nature of the <br />foregoing, any Subject Fees that remain unpaid following the time that they are required to be <br />paid may be collected by the City as a personal obligation of the Owner, or any successor of <br />Owner, as a special assessment against the property (collected at the same time and in the same <br />manner as ad valorem property taxes), or by any combination of the foregoing. <br />3.2 Covenant of Owner. Owner covenants that he, she or it is eligible to enter into <br />this Agreement and has fulfilled the requirements for approval of deferral of the Subject Fees. <br />Should Owner and/or the Property be deemed at any time prior or subsequent to execution of this <br />Agreement to be ineligible for a deferral of Subject Fees regardless of whether Owner <br />intentionally or unintentionally misrepresented to the City that Owner was eligible for a deferral <br />of Subject Fees, City may terminate this Agreement and require all Subject Fees ordinarily <br />required to have been paid absent this Agreement to be immediately paid in full. <br />3.3 Recordation of Agreement. Upon the execution of this Agreement, the City shall <br />cause this Agreement to be recorded in the Official Records of the County of Orange, California. <br />All costs assessed by the County of Orange for recordation of this Agreement shall be paid by <br />the Owner. <br />EXHIBIT 7