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5.1,3 Agreed Changes and Other Reserved (sowers. This First <br />Amended and Restated Development Agreement shall not preclude <br />application to the Project of rules, regulations, ordinances and <br />officially adopted plans and policies in conflict with the Applicable <br />Rules where such additional rules, regulations, ordinances and <br />officially adopted plans and policies (a) are mutually agreed to in <br />writing by Owner and the City, or (b) result from the Reserved <br />Powers, <br />5.1.4 Subsequent Development Approvals. The City shall require <br />Owner to obtain only those Subsequent Development Approvals <br />that are required by the Applicable Rules or the Reserved Powers. <br />City agrees that it shall condition any Subsequent Development <br />Approvals based only on the Applicable Rules and /or Reserved <br />Powers. <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 otherwise, <br />which relates to the rate, amount, timing, sequencing, or phasing of <br />the development or construction of the Project on all or any part of <br />the Property, City agrees that, unless required by applicable state <br />law, such ordinance, resolution or other measure shall not apply to <br />the Project, Property or this First Amended and Restated <br />Development Agreement, unless such changes are adopted <br />pursuant to the City's exercise of its Reserved Powers or other <br />applicable provision of this First Amended and Restated <br />Development Agreement. <br />5.1.6 Timing of Development. The parties acknowledge that Owner <br />cannot at this time predict when or if the Property will be developed, <br />Such decisions depend upon numerous factors which are not within <br />the control of Owner such as market orientation and demand, <br />interest rates, absorption, completion and other similar factors. <br />Because the California Supreme Court held in Pardee Construction <br />Co, v, City of Camarillo (1984) 37 Cal. 3d 465, that the failure of the <br />parties therein to provide for the timing of development resulted in a <br />later adopted initiative restricting the timing of development to <br />prevail over such parties' agreement, it is the parties' intent to cure <br />that deficiency by acknowledging and providing that except as <br />provided in and subject to Section 5.11, Owner shall have the right <br />to develop the Property at such rate and at such time as Owner <br />deems appropriate within the exercise of its subjective business <br />judgment. <br />0676M54488520 12 <br />