NS-3071 -Approving Development Agreement No. 2023-02 for Related Bristol

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Exhibit "C" — Development Plan and list of Project Approvals 2. GENERAL PROVISIONS. 2.1. Binding Effect of Agreement. The Property is hereby made subject to this Agreement. Development of the Property is hereby authorized and shall be carried out in accordance with the terms of the Development Plan, the Project Approvals, and this Agreement. This Agreement shall be recorded against the Property, subject to the terms and conditions of the Joinder attached hereto, which shall be executed by the Fee Owners and shall also bind the fee title to the Property subject to the terms and conditions of the Joinder attached hereto. 2.2. Ownership of Property. Owner represents and covenants that it has an option to enter into the Ground Lease, which Ground Lease constitutes an equitable interest in the Property. The Property's fee simple owners are the Fee Owners as defined in Section 1.1.18. Owner does not have a fee simple interest in the Property. 2.3. City Council Findings. The City Council finds that: 2.3.1. This Agreement is consistent with the City's General Plan. 2.3.2. This Agreement ensures a desirable and functional community environment, provides effective and efficient development of public facilities, infrastructure, and services appropriate for the development of the Project, and enhances effective utilization of resources within the City. 2.3.3. This Agreement provides public benefits beyond those that are necessary to mitigate the development of the Project, as set forth in Section 4 below. 2.3.4. This Agreement strengthens the public planning process, encourages private participation in comprehensive planning, and reduces costs of development and government. 2.3.5. The best interests of the citizens of the City and the public health, safety, and welfare will be served by entering into this Agreement. 2.4. Term. 2.4.1. The initial term of this Agreement shall commence on the Effective Date and shall continue for a period of twenty (20) years thereafter (the "Initial Term"), unless modified or extended pursuant to the provisions of this Agreement. Together, the Initial Term and any extension under this Agreement shall constitute the "Term." The Term, including all possible extensions, shall not exceed twenty -five -years unless this Agreement is amended to allow further extensions. Owner shall execute this Agreement which shall be recorded against the Property no later than ten (10) days following Owner's receipt of the fully -executed, recordable Agreement from the City. If Owner fails to enter into the Ground Lease within one (1) year of the Effective Date then this Agreement shall be null and void and of no further force or effect and the parties shall record a "Termination Release" as set forth in Section 10.1 below. (a) Owner has represented to City that Fee Owners are aware and understand of all of the terms of this Agreement and have consented to recordation of this Agreement against the Property subject to the terms and conditions of the Joinder attached hereto. Fee Owner shall Ordinance No. NS-3071 Exhibit 4