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other applicable provision of this First Amended_arid_R3estated <br />Qovel99 ent Agreement. <br />50A 6:8-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 />5.1.7 <br />5.1.8 "-Additional Offsite Mitigation Measures. The offsite mitigation <br />measures (i.e., which clarify mitigation measures set forth in the <br />Project entitlements) which must be constructed by Owner are as <br />set forth in Exhibit SD to this First Amended and Restated <br />Developlll" Agreement. All funds or costs for offsite mitigation <br />measures required pursuant to the approvals set forth in section 2.4 <br />of this First Amended and Restated Development Agreement <br />shall be paid or security provided therefor in conformance with the <br />provisions of the Subdivision Map Act, no later than recordation of <br />the final subdivision map for the Project, or issuance of the first <br />building permit for the Project, whichever comes first. <br />5.1.9 5.-10-Irrevocable Offer to Dedicate Easements or Land To <br />Implement Public Realm Improvement Plan. On the face of the <br />final map for the Project, or contemporaneous with offering the final <br />map for filing with the County if it is not placed on the final map, <br />Owner shall execute an irrevocable offer to dedicate to the City <br />such property interest (easement for the breezeway/lane along the <br />6W020.67.6-19\423191 2 5 1,48 53205, _ 14_ <br />75A-70