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Development Agreement pertains to the Property as described in Exhlbit "A'. The burdens of the Development Agreement are binding upon, and the benefits og the Development Agreement inure to all successors in interest of the parties to the Development Agreement, and constitute covenants which run with the Property, and in order to provide continued notice thereof, this Development Agreement will be recorded by the parties. 2. Relationship of the Parties. It is hereby specifically understood and acknowledged that the Development is a private project and that neither the City nor Developer will be deemed to be the agent og the other for any purpose whatsoever. 3. Reservations and Dedications. It is hereby further understood and agreed that no reservations or dedications of land will be required by the City during the Term (as herein defined) except as part of the conditions imposed in connection with the approval of the Hep, or as otherwise agreed to in writing by the City and Developer. 4. Term. (a) The term ("Term") of this Development Agreement is twenty (20) years from the date of execution, subject to earlier termination as hereinafter provided. (b) pursuant to Section 66452.6(a) of the California Subdivision Hap Act, the Nap shall also be extended for a period equal to the period this Agreement remains in effect. (c) The City may terminate this Agreement prior to the expiration of the Term if the Developer fails to timely commence and complete construction of improvements upon the Property required by the terms of the D.D.A., subject to all duly authorized extensions thereof. Nothing {n this Development Agreement shall be construed to require Developer to develop the Property to any greater extent than required by the D.D.A. (d) This Agreement shall not be effective until such time as Developer obtains a legal or equitable interest in the Property. If Developer fails to obtain such an interest by June 1, 1988, the City may terminate this Agreement. (e) The City may terminate this Agreement prior to expiration of the Term if the Developer fails to perform'its obligations under Section 13 hereof. 5. Development Approval. The following elements of the Development are hereby approved: (a) Permitted Uses of the Property. The parties agree that the permitted, conditional and prohibited uses of the Property shall be as set forth-in the SD. (b) Density or Intensity of Use. The parties agree that the maximum densities and intensities for the respective permitted uses of the Property shall be as set forth in the SD. (c) Naximum Height and Size of Proposed Buildings. The parties agree that the maximum heights and 293 -3- I