ORIENT CORPORATION OF AMERICA, INC. (2)

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to exercise certain governmental powers at the time of entering into this Development Agreement rather than deferring its actions to some undetermined future date. The terms and conditions of this Development Agreement have undergone extensive review by the neighboring community, the City Planning staff, the Planning Commission and the City Council and have been found to be fair, just and reasonable, and the City has Concluded that the pursuit of the Development will serve the best interests of its citizens and the public health, safety and welfare will be best served by entering into this obligation. City acknowledges that Developer would not consider or engage in the Development without the assurances of development entitlement which this Development Agreement is designed to provide. H. The mutual undertakings, assurances, and covenants provided for in this Development Agreement provide public benefits to the City and its residents, including the promotion of compre- hensive planning, private and public cooperation and participation in the provision of public benefits, the increase in the City tax revenues from the Development, and the effective and efficient development of public facilities and infrastructure supporting the Development which was contemplated and promoted by Government Code Sections 65864 et seq. 1. This Development Agreement will promote and encourage the development of the Property by providing the Developer and its creditors with a greater degree of certainty of the Developer's ability to expeditiously and economically complete the development effort, and the parties agree that the consider- ation to be received by the City pursuant to this Development Agreement and the rights secured to the Developer hereunder constitute sufficient consideration to support the covenants and agreements of the City and the Developer. By entering into this Development Agreement, City desires to vest in Developer, to the fullest extent possible under the law, the development entitlements specified herein in order to promote the completion of the Development. NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties do hereby agree as follows: 1. Binding Effect of Development Agreement. This Development Agreement pertains to the Property as described in Exhibit "A", provided, however, that with regard to any portion of the Property as to which the Developer does not have a legal or equitable interest on the date of this Development Agreement, this Development Agreement shall apply to such portion only if and when the Developer acquires such an interest in such 3