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. that itsball not apply to th6 Project any subsequently adopted ordinqœ. regulation or po1içy Chat would adversely affect tho design or reduce the size. of the project, or the timin¡ or sequt8Chtg of construction of the Project (including without limitation. through allocation of square footage or floor area allocation of water and sewer permits, school and traflie capacities and modificaticms of floor area rations to open space or other public improvements. and revisions to historical dMig,utf;ons). . 5.6 ProcculDa 'ca. All fees and charges intended to cover City costs associated with processing development of the Property. including but not Jimited to fees and charges for applicationBtprocessing. inspections, pIan review. plan processing, and/or environmental rcview~ which are existing or may be revised or adopted during tho term of this A¡reemea1t shan apply to 1110 dovelopmentofthe Property. No newly adopted fee or charge impo&ed solely on commercial buildings exceeding ten (10) stories in heiaht or one hundred thousand (100,000) square feet size shall apply to devcMopment of the Property, unless said fee or charge is mandated by federal or Statclaw. 5.7 Ameødmeats or Additions to Citywide Fee Proarams. This Agreement shall not preclude the inclusion of and changes to fee programs, taxes whether special or ~ or assessments (hereafter collectively referred to as "fees' adopted by the City after the çffeçûve date of this Agreement, which shall be applicable to the Project or the Property provided tMt. they (1) are standard fees applicable to all development in the City (although actual fee rates may vary within the City where bona fide Citywide fee zonesbave been established)" (2) are not applicable primarily or only to this Project, or (3) are DOt imposed to duplicate any project design features conditions of approval. Agreements. or mitiption measures already contained in Enviromnenta11mpact Report No. 99..01 or this Agreement. 5.8 Co»dido. Preœc1eat to Issu.aee Of Auy BaiIcIiog Permit. The Owner shall not be issued any building p«mit, or rough grading pemùt permitting grading exceeding tWelve inches (12j in depth (except as provided in section 5.9(3), below), for the Project until it provides evidence that the Owner has obtained binding commitments for 1easc of not less than 50% of tho net leasable area in tho Project ftom tenants who would qualify as "Investment Grade Tenants" (BBB- or greater) as rated by either Standard It Poor's or MoodYs rating agencies. Non-rated pub1ic1y held, or private companies with a rating ofBB Of BB+ may meet tbis requirement by providing a "Shadow Rating" iÌ'om either ø¡ency depicting a minimum of a neutral credit outlook. Law firms shall provide evidence of a rating oe"A V»Û"Om Martindal~ Hubbell or equivalent rating agency. Binding commitments to lease shall be in a fonnand content normally accepted by convenlionallending institutions and subject to the review and approval of the Citÿs Executive Director of Planning and Building, which approval sban not be unreasonably withheld. Owner shan have the right to commence demolition of existing non- historic buildinþ, and removal and relocation of historic buildings and rough grading (only to the twelve inch (12") depth permitted by the ñrst sentence of this seçtion) prior to the review and approval oftbe City pursuant to this section. 5.8.1.Paymeut Of'Prevalltn¡ Wage. Forthc provision of the payment of "Prevailing" and/or «Area Standard. Wages" as appropri~ the Owner shall submit evidence that it has entered into a labor agreement with the Lœ AnseJes and Orange Counties Building and . ~p Ordinance No. NS-2656 Page 13 of 45