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other communication shall be effective or deemed to have been given twenty-four (24) hours after the time set forth on the transmission report issued by the transmitting facsimile machine, addressed as set forth above. For purposes of calculating these time frames, weekends, federal, state, County, or city holidays shall be excluded. 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 of land 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 Back Units. a. Prior to Owner seeking issuance of a building permit for the final 43 residential units in the Project (excluding from this count units within the Residential Tower Study Area (Exhibit F hereto)), or for any residential unit located within the Residential Tower Study Area (Exhibit F hereto) (hereafter collectively referred to as the "Hold Back Units"), Owner shall have first obtained validly issued building permits for one hundred percent (100%) of the commercial component ofthe Project. b. Prior to seeking a certificate of occupancy for any of the Hold Back 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. 5.1.3 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 off site mitigation measures which must be funded or constructed by Owner are as set forth in Exhibit E to this Agreement. 8 758-383