NS-3087 - Village Specific Plan (1561 W. Sunflower Ave)

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2.8. Termination.This Agreement shall be deemed terminated and of no further effect upon the occurrence of any of the following events: 2.8.1. Expiration of the stated Term of this Agreement asset forth in Section 2.4, including any extension(s). 2.8.2. Entry of a final judgment by a court of competent jurisdiction setting aside, voiding,or annulling the adoption of the ordinance approving this Agreement and/or any Project Approvals as set forth in Exhibit C. 2.8.3. The adoption of a referendum measure overriding or repealing the ordinance approving this Agreement and/or any Project Approvals.In the event a referendum petition challenging the ordinance approving this Agreement and/or any Project Approvals is submitted to the City Clerk, Owner shall deposit with the City Ten Thousand Dollars ($10,000)("Petition Deposit")to cover the actual cost incurred by the City examining the petition and verifying signatures. Should the referendum qualify for the ballot, Owner may request, at or prior to the Council meeting at which the Council will take up the referendum issue,that the City Council repeal the ordinance and/or any Project Approvals rather than submitting it to the voters. If Owner does not request that the City Council repeal the ordinance and/or any Project Approvals and the City Council submits the referendum to the voters, Owner shall deposit Fifty Thousand Dollars($50,000)("Referendum Deposit")with the City. City may use the Referendum Deposit to pay any and all costs associated with the said referendum measure(e.g., legal fees for outside counsel),Any funds remaining in the Petition Deposit may be put toward the Referendum Deposit at the Owner's request.If at any time the Referendum Deposit account has Five Thousand Dollars($5,000)or less remaining,Owner shall,within three(3)business days of receiving notice from the City, deposit with the City Twenty-Five Thousand Dollars($25,000) as requested by the City to cover necessary costs and expenses associated with the referendum and holding the related election.Following certification of the election results,any funds remaining in the Petition Deposit or the Referendum Deposit account shall be returned to the Owner within thirty(30)days of certification of the election results. In the event Owner requests that the City Council repeal the ordinance and the City Council nonetheless determines to submit the ordinance to the voters, Owner shall have no financial responsibility for the costs associated with holding the election, including any obligation to make a Referendum Deposit. 2.8A. Completion of the Project in accordance with the terms of this Agreement,which is hereby defined to be: (i) issuance by the City of all required occupancy permits and final approvals for occupancy for the Project's 1,583 multi-family residential units,80,000 square feet of commercial uses,and 300,000 square feet of office space.(ii)acceptance by City or applicable public agency of all required dedications in connection with same; and(iii)written notification by City to Owner that the Project is complete. 2.8.5. Termination of the Agreement as provided under this Agreement, including but not limited to Section 7.4 herein, shall not constitute termination of any other Project Approvals. Upon the termination of this Agreement, no party shall have any further right or obligation hereunder except with respect to any obligation to have been performed prior to such termination or with respect to any default in the performance of the provisions of this Agreement that has occurred prior to such termination or with respect to any obligations that are specifically set forth as surviving this Agreement. Upon such termination, any Development Impact Fees paid by Owner to City on which construction has not yet begun shall be refunded to Owner by City. Ordinance No. NS-3087 Page 16 of 41