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<br />. <br />ORDINANCE NO. NS-2106 <br /> <br />, - <br /> <br />094 <br /> <br />NOW, THEREFORE, in consideration of the mutual covenants <br />and agreements contained herein, and, other good and valuable <br />consideration, the adequacy and receipt of which is hereby <br />acknowledged, the parties do hereby agree as follows: <br /> <br />1. Bindinq Effect of Development Aqreement. The <br />Development Agreement pertains to the Property as described in <br />Exhibit "A". The burdens of the Development Agreement are binding <br />upon, and the benefits of the Development Agreement inure to all <br />successors-in-interest of the parties to the Development Agreement, <br />and constitute covenants which run with the Property, and in order <br />to provide continued notice thereof, this Development Agreement <br />will be recorded by the parties. <br /> <br />2. Relationship of the Parties. It is hereby <br />specifically understood and acknowledged that the Development is a <br />private project and that neither the city nor Developer will be <br />deemed to be the agent of the other for any purposes whatsoever. <br /> <br />3. Reservations and Dedications. It is hereby further <br />understood and agreed that no reservations or dedications of land <br />will be required by the City during the Term (as herein defined) <br />except as required by relevant part of an explicit condition to the <br />. <br />Map, if any, imposed in connection with the approval of the Map, or <br />as otherwise agreed to in a separate writing signed by the city and <br />Developer, except that, in the event the City installs traffic <br />signals at an intersection adj acent to the Property, Developer <br />agrees to provide the city with an easement for the installation of <br />underground traffic signal appurtenances, if it is necessary for <br />such appurtenances to encroach into the Property. <br /> <br />4. Term. <br /> <br />(a) The "Effective Date" of this Development <br />Agreement shall be the date on which the City adopts its ordinance <br />approving same, with the understanding that Developer shall execute <br />this Development Agreement prior to its submittal to the city <br />council for approval. <br /> <br />(b) The term ("Term") of this Development Agreement <br />is ten (10) years from the Effective Date, subject to earlier <br />termination as hereinafter provided. Unless otherwise specified, <br />the obligations herein and the rights herein shall remain in full <br />force and effect throughout the Term. <br /> <br />(c) The City may terminate this Development <br />Agreement prior to expiration of the Term if the Developer fails to <br />perform its obligations under section 12 hereof. <br /> <br />4 <br /> <br />II <br />