Item 25 - Related Bristol Specific Plan Ordinances Second Readings (3600 S Bristol Street)

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execute the Joinder attached to this Agreement and the properly executed Joinder shall be provided to City no later than ten (10) days after approval of this Agreement by the City Council. (b) It is anticipated that Parties will sign the Development Agreement upon approval of the Agreement by the City Council. Owner and Fee Owner shall cause this Agreement to be timely recorded against the Property no later than ten (10) days following Owner's receipt of the fully -executed, recordable Agreement from the City. (c) Failure of Owner to record this Agreement against the Property within ten (10) days following the receipt of the fully -executed, recordable Agreement from the City shall constitute an event of default by Owner under this Agreement. 2.4.2. The Initial Term of this Agreement shall be automatically extended by up to five (5) years if Owner achieves the following milestones: grading permits have been issued and construction has commenced on: (i) no less than 250,000 square feet of non-residential floor area (e.g., grocer, retail, restaurants); and (ii) a hotel, subject to financial feasibility. Owner shall remain eligible for the five (5) year extension if Owner determines that a hotel is financially infeasible and City, employing a commercial reasonableness standard, affirms same. Owner shall within 30 days reimburse City for the reasonable cost of the City's review of the hotel financial feasibility study. 2.4.3. If Owner fails to satisfy the prerequisites to securing the automatic extension, the City Council may nonetheless elect, in its sole discretion, to grant one or more extensions if Owner provides the City with a plan that includes a Development timeline and specific Development milestones. 2.4.4. When the Term ends, Owner shall have no vested right under this Agreement, regardless of whether or not Owner has paid City any Development Impact Fee. 2.4.5. If any party other than Owner initiates litigation that challenges the Project, this Agreement (and/or the ordinance approving this Agreement), or any of the Existing Project Approvals, the Owner will have the right to toll commencement of the Term, except for the duty to record this Agreement within ten (10) days of receipt of the fully -executed, recordable Agreement from the City, and any obligations of Owner under this Agreement during the period of such litigation. The tolling shall commence upon receipt by the City of written notice from Owner invoking this right to tolling. The tolling shall terminate when the action, including any appeal, is finally resolved, whether by entry of a final, non -appealable judgment that upholds the Project and the Existing Project Approvals or voluntary or involuntary dismissal of the entire action (and the passage of time required to appeal an involuntary dismissal) by the moving party. Owner shall similarly have the right to toll commencement of the Term, except for the duty to record this Agreement within ten (10) days of receipt of the fully -executed, recordable Agreement from the City, and any obligations of Owner under the Agreement in the event a referendum petition challenging the Project, the ordinance approving this Agreement, or any of the Project Approvals is submitted to the City Clerk. The tolling shall terminate if and when: (1) the City Clerk determines the referendum petition did not receive sufficient signatures to qualify for the ballot; or (2) the election results of the referendum uphold the Project and the Existing Project Approvals and are certified by the City Council. This Agreement shall be null and of no further force and effect in the event that the City Council rescinds the challenged action. -7- Exhibit 4