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DRAFT subsequent to the Effective Date of this First Amendment), shall not expire during the term of this Development Agreement remains in effect. (4) Notwithstanding subsections (2) or (3) hereof, if, at the end of the original or any modified term, the Sky Lofts Property is in the process of being developed, the term of this First Amendment shall be further extended until such construction in process is completed, not to exceed an additional three years after expiration of the original or modified term. (5) The expiration of this First Amendment shall not terminate any land use approvals approved concurrently with or subsequent to the approval of this First Amendment, but shall merely end the period as to which such approvals are vested against subsequent changes in applicable law pursuant to Section 5 of this First Amendment. (6) Upon the expiration or termination of this First Amendment for any reason, the City and Owner and its successors and assigns agree to cooperate and execute any document reasonably requested by the other party to remove this First Amendment from the public records as to the property or any applicable portion thereof. DEVELOPMENT OF THE PROPERTY. 5.1 Existing Rules, Regulations and Policies. The rules, regulations and official policies governing the permitted use(s) of the Sky Lofts Property, with respect to and only with respect to the permitted use(s), density, height, size of structures and intensity of use of the Sky Lofts Property, and provisions for reservation or dedication of land for public purposes and any other exactions or mitigation measures applicable to the Sky Lofts Project shall be those rules, regulations, and policies applicable to the Sky Lofts Property as of the Effective Date, including those set forth in SD-59, as amended concurrently herewith. 5.1.1 Exclusion from Existing Rules, Regulations and Policies. Pursuant to Government Code Section 65866, and Pardee Construction Co. v. City of Camarillo (1984) 37 Cal.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 First Amendment ("Reserved Powers"), including without limitation: (1) Municipal laws and regulations which do not interfere with Owner's vested rights to develop and use the Sky Lofts Property in accordance with this First Amendment. Owner and its successors and assigns and all persons and entities in occupation of any portion of the Sky Lofts Property shall comply with such non-conflicting laws and regulations as may from time to time be enacted or amended hereafter. Specifically, but without limitation on the foregoing, such non-conflicting laws and regulations include the following: 75A-80