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Development Agreement Resolution No. 82-92; and the city Council has adopted an ordinance authorizing the execution of this Development Agreement. NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties do hereby agree as follows: 1. Bindina Effect of Development Aareement. The Development Agreement pertains to the Property as described in Exhibit A. The burdens of the Development Agreement are binding upon, and the benefits of 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. The assurances provided to Developer in this Development Agreement are provided pursuant to and as contemplated by Government Code S§ 65864 et seq., and in consideration for the undertakings of Developer as set forth in this Development Agreement, and are intended by the city to be and have been relied upon by Developer to its detriment in undertaking the obligations and covenants provided in this Development Agreement and in expending monies and making improvements pursuant to this Development Agreement. The parties agree that the consideration to be received by the city pursuant to this Development Agreement and the rights secured to Developer hereunder constitute sufficient consideration to support the covenants and agreements of the city and Developer. 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 of the other for any purposes 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 as a condition to development of the Property during the Term (as herein defined), except as part of the conditions imposed in connection with the approval of the site development plan for the Plan or as otherwise agreed to in writing by the city and Developer. Nothing herein shall be construed to limit the City's powers of eminent domain. 4. Term. (a) The term ("Term") of this Development Agreement is ten (10) years from the date of execution, subject to earlier termination as hereinafter provided. 4 111201~9 0C22 \~50\r kb\bent 2. ag t