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. s. DEVELOPMENT OFTIIlt PROPERTY. 5.1 Existinl Rules, Replatieas aad Polides.The roles. regulations and official policies governing the permitted U$C(s) of the Property.withrcspect to and only with respect to tbe pcrmittcdusc(s) density, height, size of structures and intensity of use of the Property. shall be the PrHxisting Approved Entitlements and al1 those rules. regulations, and policies app1icablc to the Property as of the effective date of this Agreement; provided., however. that nothing in this Agreement shall be deemed to apply to future discretionary approvals pursuant to the California Street Vacation Act, and other items to be reviewed and approved, approved with conditions, or denied., by the Planning Commission pursuant to the terms of the Pre-Existing Approval Entitlemcms as set forth in Exhibit D to this Agreement. and that this Agreement docs not apply or in any way constrain the Cityts discretion as to such fùtW't discretionary approvals. . 5.1.1 Offsite MltigatioD Measures. The offsite mitigation measures which mustbc constroctcd by Owner or City areas set forth in Exhibit C to this Agreement The design of all otrsite mitigation measut't$ consùuåed by Owner sball be subjoctto approval by tbe City's Public Works Agcncyprior to issuance of an encroad1mcnt permit. The Public Works Agency shall provide to the Owner an update to the 2004 estimate of the costs such offsite mitigations measures contained in said Bxbibit Cprior to issuance of final map and building permit .Owner shall have one year &om the effective date of this Agreemetttpursuant to scctìon 1.6. above, to acquire the real property referenced in paragraph S.a. and 8 of Exhibit C and U'ansfer title to the City, except as to the roundabout, for whic:b Owner sbalI &eCUre and transfer to City an easement (or other right to consttuct. mainwn and use the property as a roundabout). City shall accept transfer of this title and easement. Owner shan dcpositan amount equal to the estimate in cash for such offsite mitigation measures (including traffic studies) at thetîme ca11ed for in paragraphs 5..., 8 and 9 of Exhibit C. For all other items specified in Exhibit C, security in the form of bonds (i.e., a payment. a performance and a material bond) or other proof of ability to petfonn acceptable to the City's Executive D.irector of Public Works Agency shall be provided, together with an oft'site subdivision improvement agreement, prior to recordation of final map. For those otmtc mitigation measures identified in paragrapb$l-4, S.b.M8 and 10 which have not been acœptcd by the City as complete prior to issuance of a building pemút, no building permit shall issue until Owner deposits with the City cash; a direct draw. irrevocable letter of credit; or estab1ishes an irrevocable, escrowed cash account in a fonn reasonably acceptable to the City Attorney of City, in an amount specified by the City's Public Works Agency to guarantee perfonnance of said offsitc mitigation measures; provided, however, that City Executive Director of Public Works Agency sha11 release or partially release the bonds previously provided at tis point to the extent that they are duplicative of this new security. Any deposit shall be applied to suchc:osts and sball be, within thirty (30) days written request to Owncr:, supplemented to cover the actual costs incurred. Except as to paragrapb9 ofBxhibit C, City shall return any funds not spent on the offsite mitigation measures referenced in Exhibit C tooWDer within thirty (30) days~ subject to City accounting practices, after completion of all itemsrefere.oced in Bxhibit C and issuance of a Certificate ot Occupancy tor the Project. . @f Ordinance No. NS-2656 Page 11 of 45