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that the City Council may, in its sole and absolute discretion and during a regular, regular <br /> adjourned, or special meeting of the City Council, extend the deadline for payment of the Subject <br /> Fees without obtaining the approval of Owner or an amendment or modification of this <br /> Agreement. Any extension granted by the City Council pursuant to this Section 3.1.1 shall <br /> automatically be deemed to be part of the Deferral Period for purposes of this Agreement. <br /> 3.1.2 Payment of Subject Fees. Owner, or its successor in interest to the <br /> Property or any portion thereof, shall be liable for the payment of the Subject Fees pursuant to <br /> this Agreement. The Subject Fees for a residential building constructed on the Property shall be <br /> due and payable at the termination of the Deferral Period.No certificate of occupancy shall be <br /> issued for the building, any portion, or any residential units thereof on the Property unless and <br /> until all Subject Fees ordinarily required to have been paid absent this Agreement have been paid <br /> in full. <br /> 3.1.3 Subject Fee Amount. Except as may otherwise be provided for by a <br /> statutory development agreement for the Property, as approved by the City,the amount of the <br /> Subject Fee for each residential unit to be developed on the Property shall be determined <br /> according to the rate of the Subject Fee adopted by the City and in effect on the date when the <br /> building permit for the residential building is issued by the City. Upon issuance of each building <br /> permit, the City shall complete and attach the form set forth in Exhibit"B"to this Agreement to <br /> reflect the amount of the Subject Fee applicable at the time of issuance of that building permit <br /> and attach a copy of the building permit, which shall collectively thereafter be incorporated as <br /> part of this Agreement. <br /> 3.1.4 Obligation for Payment of Subject Fee. Owner hereby acknowledges and <br /> agrees that Owner's obligation to pay the Subject Fees shall continue and remain an obligation of <br /> Owner, or any successors in interest of Owner, including,without limitation, any successor in <br /> interest to the Property or any portion of the Property. Without limiting the nature of the <br /> foregoing, any Subject Fees that remain unpaid following the time that they are required to be <br /> paid may be collected by the City as a personal obligation of the Owner, or any successor of <br /> Owner, as a special assessment against the property (collected at the same time and in the same <br /> manner as ad valorem property taxes), or by any combination of the foregoing. <br /> 3.2 Covenant of Owner. Owner covenants that he, she or it is eligible to enter into <br /> this Agreement and has fulfilled the requirements for approval of deferral of the Subject Fees. <br /> Should Owner and/or the Property be deemed at any time prior or subsequent to execution of this <br /> Agreement to be ineligible for a deferral of Subject Fees regardless of whether Owner <br /> intentionally or unintentionally misrepresented to the City that Owner was eligible for a deferral <br /> of Subject Fees, City may terminate this Agreement and require all Subject Fees ordinarily <br /> required to have been paid absent this Agreement to be immediately paid in full. <br /> 3.3 Recordation of Agreement.Upon the execution of this Agreement,the City shall <br /> cause this Agreement to be recorded in the Official Records of the County of Orange, California. <br /> All costs assessed by the County of Orange for recordation of this Agreement shall be paid by <br /> the Owner. <br /> 1525165.2 <br />