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<br />transmitted to the new address. If sent by mail, any notice, tender, demand, delivery, or other
<br />communication shall be effective or deemed to have been given three (3) days after it has been
<br />deposited in the United States mail, duly registered or certified, with postage prepaid, and
<br />addressed as set forth above. If sent by telefacsimile, any notice, tender, demand, delivery, or
<br />other communication shall be effective or deemed to have been given twenty-four (24) hours
<br />after the time set forth on the transmission report issued by the transmitting facsimile machine,
<br />addressed as set forth above. For purposes of calculating these time frames, weekends, federal,
<br />state, County, or city holidays shall be excluded.
<br />
<br />5. DEVELOPMENT OF THE PROPERTY.
<br />
<br />5.1 Existing Rules, Regulations and Policies. The rules, regulations and
<br />official policies governing the permitted use(s) of the Property, with respect to and only with
<br />respect to the permitted use(s), density, height, size of structures and intensity of use of the
<br />Property, and provisions for reservation or dedication ofland for public purposes and any other
<br />exactions or mitigation measures applicable to the Project shall be those rules, regulations, and
<br />policies applicable to the Property as of the Effective Date, including those set forth in District
<br />Plan No. 59, as amended concurrently herewith.
<br />
<br />5.1.1 Phasing of the Project. The City agrees and acknowledges that the
<br />Project may be phased by Owner pursuant to the Phasing Plan attached to this Agreement as
<br />Exhibit D.
<br />5.1.2. Reserved DCH!opment of Commel cia! Component Tic~
<br />DeH!opmcnt \If Hold Dack U lIits.
<br />
<br />a. PliO! tu OWllel seekillg issual,ce ofa buildiltg pellllit fOI tlte fil,al4J
<br />lcsidclttial llllits ill tile PlOjCCt (excluding flOlll tl,is COUllt ultits witl,il, tile RGsidential Towel
<br />Study AlGa (Exllil,it r Ileleto)), 01 fOl allY IGsidelttial Ullit located withilt tin: Residel,tial TOWGI
<br />Study Alea (LAllibit r Ileleto) (Ileleaftel collectively lefe/,ed to as tile "lIold Bad. Ullits"),
<br />OWltel sl.alll,ave filst obtdilled validly issued building pCllllits fOI olte IIUlldled pelceltt (100%)
<br />uftlle cOIII/llelcial cOlllpOneltt of tile PlOject.
<br />
<br />b. PI iOI to SCGkillg a cel tificatc of occupancy f01 alty of tlte 1I0ld Back UI,its,
<br />OWltel shallllave cOlllpleted all illlplovelllents, includil,g site inlplovelllellts alld excludillg Oldy
<br />tellallt illll'! 0 v elllellts, 1'01 Olle IILllldl ed pel celtt ( 100'%) of tile COIII/llel cial COlllp.)llel1t of tile
<br />Ploject.
<br />
<br />5.1.3 Remaining Offsite Mitigation Measures. The parties acknowledge and
<br />agree that Owner's predecessor in interest under the Original Agreement, has constructed or
<br />caused to be constructed many of the offsite mitigation measures required by the Original
<br />Agreement, which mitigation measures were scaled to mitigate impacts from a substantially
<br />larger project than Owner's. Therefore, the sole remaining offsite mitigation measures which
<br />must be funded or constructed by Owner are as set forth in Exhibit E to this Agreement.
<br />
<br />8
<br />
<br />75A-231
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