|
<br />If to Owner, to:
<br />
<br />1901 E. 1st Street Partners, LLC
<br />c/o NDC Development
<br />4100 MacArthur Boulevard, Suite 150
<br />Newport Beach, California 92660
<br />Attention: Chief Legal Officer
<br />telefacsimile (949) 622-9019
<br />
<br />and,
<br />
<br />Hans Van Ligten
<br />Rutan & Tucker, LLP
<br />P.O. Box 1950
<br />Costa Mesa, California 92626-1950
<br />telefacsimile (714) 5436-9035
<br />
<br />A party may change its address by giving notice in writing to the other party.
<br />Thereafter, any notice, tender, demand, delivery, or other communication shall be addressed and
<br />transmitted to the new address. If sent by mail, any notice, tender, demand, delivery, or other
<br />communication shall be effective or deemed to have been given three (3) days after it has been
<br />deposited in the United States mail, duly registered or certified, with postage prepaid, and
<br />addressed as set forth above. If sent by telefacsimile, any notice, tender, demand, delivery, or
<br />other communication shall be effective or deemed to have been given twenty-four (24) hours
<br />after the time set forth on the transmission report issued by the transmitting telefacsimile
<br />machine, addressed as set forth above. For purposes of calculating these time frames, weekends,
<br />federal, state, County, or city holidays shall be excluded.
<br />
<br />5. DEVELOPMENT OF THE PROPERTY.
<br />
<br />5.1 City Obligations. In consideration for Owner entering into this
<br />Agreement and performing its obligations hereunder and in order to effectuate the purposes and
<br />intentions set forth in this Agreement and the Development Agreement Act, the City hereby
<br />agrees during the Term as follows:
<br />
<br />5.1.1 Vested Rights to Develop. Owner is hereby granted the vested
<br />right to develop the Project subject to the terms and conditions of the Applicable Rules and the
<br />Reserved Powers.
<br />
<br />5.1.2 Non-application of Changes in Applicable Rules. Any change
<br />in, or addition to, the Applicable Rules, including, without limitation, any change in the General
<br />Plan, zoning ordinance, subdivision ordinance, or building regulation adopted or becoming
<br />effective after the Effective Date, including, without limitation, any such change by means of
<br />ordinance, initiative, referendum, resolution, motion, policy, order or moratorium, initiated or
<br />instituted for any reason whatsoever, however denominated, and adopted by the City Council,
<br />Planning Commission or any City Agency, or by the electorate, as the case may be, which
<br />would, absent this Agreement, otherwise be applicable to the Project and which would conflict
<br />with the Applicable Rules, shall not be applied to the Project unless such changes represent an
<br />
<br />- 7 -
<br />
|