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Exhibit "C" — Development Plan and list of Project Approvals <br />2. GENERAL PROVISIONS. <br />2.1. Binding Effect of Agreement. The Property is hereby made subject to this Agreement. <br />Development of the Property is hereby authorized and shall be carried out in accordance with the <br />terms of the Development Plan, the Project Approvals, and this Agreement. This Agreement <br />shall be recorded against the Property, subject to the terms and conditions of the Joinder attached <br />hereto, which shall be executed by the Fee Owners and shall also bind the fee title to the Property <br />subject to the terms and conditions of the Joinder attached hereto. <br />2.2. Ownership of Property. Owner represents and covenants that it has an option to enter into <br />the Ground Lease, which Ground Lease constitutes an equitable interest in the Property. The <br />Property's fee simple owners are the Fee Owners as defined in Section 1.1.18. Owner does not <br />have a fee simple interest in the Property. <br />2.3. City Council Findings. The City Council finds that: <br />2.3.1. This Agreement is consistent with the City's General Plan. <br />2.3.2. This Agreement ensures a desirable and functional community environment, <br />provides effective and efficient development of public facilities, infrastructure, and services <br />appropriate for the development of the Project, and enhances effective utilization of resources <br />within the City. <br />2.3.3. This Agreement provides public benefits beyond those that are necessary to <br />mitigate the development of the Project, as set forth in Section 4 below. <br />2.3.4. This Agreement strengthens the public planning process, encourages private <br />participation in comprehensive planning, and reduces costs of development and government. <br />2.3.5. The best interests of the citizens of the City and the public health, safety, and <br />welfare will be served by entering into this Agreement. <br />2.4. Term. <br />2.4.1. The initial term of this Agreement shall commence on the Effective Date and <br />shall continue for a period of twenty (20) years thereafter (the "Initial Term"), unless modified <br />or extended pursuant to the provisions of this Agreement. Together, the Initial Term and any <br />extension under this Agreement shall constitute the "Term." The Term, including all possible <br />extensions, shall not exceed twenty -five -years unless this Agreement is amended to allow further <br />extensions. Owner shall execute this Agreement which shall be recorded against the Property no <br />later than ten (10) days following Owner's receipt of the fully -executed, recordable Agreement <br />from the City. If Owner fails to enter into the Ground Lease within one (1) year of the Effective <br />Date then this Agreement shall be null and void and of no further force or effect and the parties <br />shall record a "Termination Release" as set forth in Section 10.1 below. <br />(a) Owner has represented to City that Fee Owners are aware and understand <br />of all of the terms of this Agreement and have consented to recordation of this Agreement against <br />the Property subject to the terms and conditions of the Joinder attached hereto. Fee Owner shall <br />-6- <br />Exhibit 4 <br />