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<br />exercise of the City's Reserved Powers or are othelWise expressly allowed by this Agreement. <br />In the event that state or federal laws or regulations enacted after this Agreement has been <br />entered into, prevent or preclude compliance with one or more provisions of this Agreement, <br />such provisions of this Agreement shall be modified or suspended as may be necessary to <br />comply with such state or federal laws or regulations. <br /> <br />5.1.3 Reserved. <br /> <br />5.1.4 Agreed Changes and Other Reserved Powers. This Agreement <br />shall not preclude application to the Project of rules, regulations, ordinances and officially <br />adopted plans and policies in conflict with the Applicable Rules where such additional rules, <br />regulations, ordinances and officially adopted plans and policies (a) are mutually agreed to in <br />writing by Owner and the City, or (b) result from the Reserved Powers. <br /> <br />5.1.5 Subsequent Development Approvals. The City shall require <br />Owner to obtain only those Subsequent Development Approvals that are required by the <br />Applicable Rules or the Reserved Powers. City hereby agrees that it shall condition any <br />Subsequent Development Approvals based only on the Applicable Rules and/or Reserved <br />Powers. <br /> <br />5.1.6 Moratoria. In the event an ordinance, resolution or other measure <br />is enacted, whether by action of the City, by initiative, or othelWise, which relates to the rate, <br />amount, timing, sequencing, or phasing of the development or construction of the Project on all <br />or any part of the Property, City agrees that, unless required by applicable state law, such <br />ordinance, resolution or other measure shall not apply to the Project, Property or this Agreement, <br />unless such changes are adopted pursuant to the City's exercise of its Reserved Powers or other <br />applicable provision of this Agreement. <br /> <br />5.1.7 Timing of Development. The parties acknowledge that Owner <br />cannot at this time predict when or if the Property will be developed. Such decisions depend <br />upon numerous factors which are not within the control of Owner such as market orientation and <br />demand, interest rates, absorption, completion and other similar factors. Because the California <br />Supreme Court held in Pardee Construction Co. v. City of Camarillo (1984) 37 Cal. 3d 465, that <br />the failure of the parties therein to provide for the timing of development resulted in a later <br />adopted initiative restricting the timing of development to prevail over such parties' agreement, it <br />is the parties' intent to cure that deficiency by acknowledging and providing that except as <br />provided in and subject to Section 5.11, Owner shall have the right to develop the Property at <br />such rate and at such time as Owner deems appropriate within the exercise of its subjective <br />business judgment. <br /> <br />5.1.8 Additional Offsite Mitigation Measures. The offsite mitigation <br />measures (i.e., which clarify mitigation measures set forth in the Project entitlements) which <br />must be constructed by Owner are as set forth in Exhibit C to this Agreement. All funds or costs <br />for offsite mitigation measures required pursuant to the approvals set forth in section 2.4 of this <br />Agreement shall be paid or security provided therefor in conformance with the provisions of the <br />Subdivision Map Act, no later than recordation of the final subdivision map for the Project, or <br />issuance of the first building permit for the Project, whichever comes first. <br /> <br />- 8 - <br />