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<br />J. The City Planning commission and the City <br />Council have found and determined that this Development <br />Agreement: (i) is consistent with the City's general plan <br />and all specific plans as of the date of this Development <br />Agreement (as referenced in Government Code 55 65450 et seq.) <br />applicable to the Development; (ii) is in the best interest <br />of the health, safety, and general welfare of the city, its <br />residents, and the public; (iii) is entered into pursuant to <br />and constitutes a present exercise of the city's police <br />power; and (iv) is entered into pursuant to and in compliance <br />with the requirements of Government Code 5 65867, the city <br />Development Agreement Resolution No. 82-92; and the City <br />Council has adopted an ordinance authorizing the execution of <br />this Development Agreement. <br /> <br />NOW, THEREFORE, in consideration of the mutual <br />covenants and agreements contained herein, and other good and <br />valuable consideration, the receipt of which is hereby <br />acknowledged, the parties do hereby agree as follows: <br /> <br />1. Bindinq Effect of Development Aqreement. The <br />Development Agreement pertains to the Property as described <br />in Exhibit A. The burdens of the Development Agreement are <br />binding upon, and the benefits of the Development Agreement <br />inure to all successors in interest of the parties to the <br />Development Agreement, and constitute covenants which run <br />with the Property, and in order to provide continued notice <br />thereof, this Development Agreement will be recorded by the <br />parties. The assurances provided to Developer in this <br />Development Agreement are provided pursuant to and as <br />contemplated by Government Code 55 65864 et seq., and in <br />consideration for the undertakings of Developer as set forth <br />in this Development Agreement, and are intended by the city <br />to be and have been relied upon by Developer to its detriment <br />in undertaking the obligations and covenants provided in this <br />Development Agreement and in expending monies and making <br />improvements pursuant to this Development Agreement. The <br />parties agree that the consideration to be received by the <br />city pursuant to this Development Agreement and the rights <br />secured to Developer hereunder constitute sufficient <br />consideration to support the covenants and agreements of the <br />City and Developer. <br /> <br />2. Relationship of the Parties. It is hereby <br />specifically understood and acknowledged that the Development <br />is a private project and that neither the City nor Developer <br />will be deemed to be the agent of the other for any purposes <br />whatsoever. <br /> <br />3. Reservations and Dedications. It is hereby <br />further understood and agreed that no reservations or <br />dedications of land will be required by the City as a <br />condition to development of the Property during the Term (as <br /> <br />OCll\DBC\CAL-PAC\CAL-PAC.AG4 4 <br />