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5. DEVELOPMENT OF THE PROPERTY. 5.1 Existing Rules, Regulations and Policies. The rules, regulations and official policies governing the permitted use(s) of the Property, with respect to and only with respect to the permitted use(s)~ density, height, size of structures and intensity of use of the Property, and provisions for reservation or dedication ofland for public purposes and any other exactions or mitigation -measures applicable to the Project shall be those rules, regulations, and policies applicable to the Property as of the Effective Date, including those set forth in District Plan No. 59, as amended concurrently herewith. 5.1.1 Phasing of the Project. The City agrees and acknowledges that the Project may be phased by Owner pursuant to the Phasing Plan attached to this Agreement as Exhibit D. 5.1.2. Development of Commercial Component Tied To Development of Hold Rack Units. a Prior to Owner seeking issuance of a huilding permit for the fina 1 41 residential units in the Project (excluding from this count units within the Residential Tower Study Area (Exhihit F hereto)), or for any residential unit located within the Residential Tower Study Area (Exhihit F hereto) (hereafter collectively referred to as the "Hold Rack Units"), Owner shall have first ohtained validly issued huilding permits for one hundred percent (100%) of the commercial component of the Project h Prior to seeking a certificate of occupancy for any of the Hold Rack Units, Owner shall have completed all improvements, including site improvements and excluding only tenant improvements, for one hundred percent (100%) of the commercial component of the Project "' 1 1 Remaining Offsite Mitigation Measures. The parties acknowledge and agree that Owner's predecessor in interest under the Original Agreement, has constructed or caused to be constructed many of the offsite mitigation measures required by the Original Agreement, which mitigation measures were scaled to mitigate impacts from a substantially larger project than Owner's. Therefore, the sole remaining offsite mitigation measures which must be funded or constructed by Owner are as set forth in Exhibit E to this Agreement. 5.2 Exclusion from Existing Rules, Regulations and Policies. Pursuant to Government Code Section 65866, and Pardee Construction Co. v. City of Camarillo (1984) 37 Ca1.3d 465,208 Ca1.Rptr. 228, 690 P.2d 701, the City retains the right to enact police power regulations on matters not covered by this Agreement, including without limitation ("Reserved Powers"): a. Municipal laws and regulations which do not interfere with Owner's vested rights to develop and use the Property in accordance with this Agreement. Owner and its successors and assigns and all persons and entities in occupation of any portion of the Property shall comply with such non-conflicting laws and regulations as may from time to time be enacted 758-211