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HomeMy WebLinkAboutPreannexation & Development Agreement - DRAFT.pdfRECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: City of Diamond Bar 21825 Copley Drive Diamond Bar, CA 91765 Attn: City Manager [Exempt from Recording Fees per Gov. Cade §61031 PREANNEXATION AND DEVELOPMENT AGREEMENT BETWEEN THE CITY OF DIAMOND BAR AND AERA ENERGY LLC Aera\Diamond Bar\Preannexation&DevelAgmt:07/18/06 1 PREANNEXATION AND DEVELOPMENT AGREEMENT BETWEEN THE CITY OF DIAMOND BAR AND AERA ENERGY TABLE OF CONTENTS Page DEFINITIONS...............................................6 1.1 "Agreement"..........................................6 1.2 "Agreement Date".....................................6 1.3 "Bond" ................................. 1.4 "CEQA"...............................................7 1.5 "City„...............................................7 1.6 "City's MAI Appraisal"...............................7 1.7 "Conceptual Grading Plan" ............................7 1.8 [Intentionally Deleted] ..............................7 1.9 "Conservation Easement" ..............................7 1.10 [Intentionally Deleted] ..............................7 1.11 "District"...........................................7 1.12 "EIR"................................................7 1.1.3 [Intentionally Deleted] ..............................7 1.14 [Intentionally Deleted] ..............................7 1.15 [Intentionally Deleted] ..............................7 1.16 [Intentionally Deleted] ..............................8 1.17 "HCP"................................................8 1.18 [Intentionally Deleted] ..............................8 1.19 "Impositions"........................................8 1.20 "LAFCO"..............................................8 1.21 "Land Regulations"...................................8 1.22 "Mortgagee"..........................................8 1.23 Intentionally Deleted . ..............................9 1.24 "Notices"............................................9 1.25 "Oil Facilities" .....................9 1.26 "Open Space".........................................9 1.27 [Intentionally Deleted] ..............................9 1.28 "Owner"..............................................9 1.29 Intentionally Deleted . ..............................9 1.30 Intentionally Deleted................................9 1.31 "Permitted Transferee"...............................9 1.32 "Project"...........................................10 1.33 "Project Approvals".................................10 1.34 "Project Phasing Plan"..............................10 1.35 "Pro Rata Basis"....................................10 AeralDiamond Bar\Preannex&Deve1Agt:0711$106 1.36 "Public Benefits"...................................1C 1.37 "Public Benefit Sites"..............................11 1.38 "Public Financing"..................................11 1.39 "Public Financing Plan" .............................11 1..40 [Intentionally Deleted] .............................11 1.41 [Intentionally Deleted] .............................11 1.42 "Reserved Authority"................................11 1.43 Intentionally Deleted..............................11 1.44 Intentionally Deleted..............................11 1.45 Intentionally Deleted..............................11 1.46 "Specific Plan".....................................11 1.47 "Substituted Security"..............................11 1.48 [Intentionally Deleted] .............................11 1.49 "AERA Brea Property"................................12 1.50 "AERA Orange County Property" .......................12 1.51 "AERA L.A. County Property" .........................12 1.52 "AERA Property".....................................12 1.53 "Transferred Property"..............................12 1.54 "USFWS".............................................12 1.55 Additional Defined Terms ...........................12 2. GENERAL PROVISIONS.......................................12 2.1 Binding Effect of Agreement .........................12 2.2 Relationship of the Parties .........................13 2.3 Duration of Agreement...............................14 2.4 Life of Subdivision Maps ............................14 2.5 Assignment..........................................14 2.5.1 All or Part...................................14 2.5.2 Assumption of Obligations .....................14 2.5.3 Assignment of Rights ..........................15 2.5.4 Release of Security ...........................15 2.5.5 Defaults......................................16 2.6 Amendment of Agreement..............................16 2.6.1 Amendment of Agreement ........................16 2.6.2 Minor Amendments..............................16 2.6.3 Assuming Permitted Transferee .................17 2.6.4 Non -Assuming Permitted Transferees ............17 2.7 Concurrent Approvals................................17 3. ANNEXATION AND PREZONING.................................18 3.1 Annexation..........................................18 3.1.1 Owner Institutes..............................18 3.1.2 Owner Cooperation .............................18 3.1.3 Mutual Cooperation ............................18 3.2 Prezoning...........................................18 3.3 Oil Well Production Taxes and Related Fees and Charges.........................................19 1! Aera\Diamond Bar\Preannex&Deve1Agt:07118106 3.4 Timing..............................................20 3.4.1 Recordation of Agreement ......................20 3.4.2 Annexation Timing .............................20 3.5 California Environmental Quality Act ................20 4. DEVELOPMENT OF THE AERA PROPERTY .........................21 4.1 Vested Right to Develop .............................21 4.2 Vested Dwelling Unit Entitlement ....................21 4.3 Permitted Use.......................................22 4.4 Application Rules, Regulations and Policies .........22 4.5 Exception for Uniform Codes .........................22 4.6 Development, Construction and Completion ofProject..........................................22 4.7 Standards of Development and Allocation -of Land Within the Specific Plan to All Types of and Intensities of Land Uses Identified Therein ........................23 4.8 Subsequent Enactments...............................23 4.8.1 Limits on Density and Intensity ...............23 4.8.2 Limits on Phasing .............................23 4.8.3 Location of Improvements ......................24 4.8.4 Discriminatory Application of Ordinances ......24 4.8.5 Exactions.....................................24 4.8.6 Reduction in Rights ...........................24 4.9 Impositions.........................................24 4.10 Intentionally Deleted.............................................................................25 4.11 Intentionally Deleted. Element Compliance".................................26 4.12 Taxes, Fees, Charges, Conditions and Dedications ....26 4.13 Reservations and Dedications ........................27 4.13.1 Reservation of Open Space ....................27 4.13.2 No New Dedications ...........................27 4.14 Park Site(s)........................................27 4.15 HCP.................................................27 4.16 Intentionally Deleted...............................28 4.17 Intentionally Deleted. 4.18 Police Power and Moratoria ..........................30 5. INFRASTRUCTURE AND OTHER PUBLIC FACILITIES ...............30 5.1 Owner Obligations...................................30 5.1.1 Lack of Jurisdiction Cooperation ..............31 5.2 Funding.............................................31 5.3 Public Financing Plan...............................31 5.4 Financial Assurances for Performance ................32 5.5 Storm Drain and Other Facilities Beyond Needs of Project.............................................32 5.6 Drainage Fees.......................................32 5.6.1 Payment Upon Recordation of Final Maps ........32 II1 Aera\Diamond Bar%Preannex&Deve1Agt:07/98/06 5.6.2 Excluded Areas................................33 5.6.3 Drainage Fee Credit ...........................33 5.7 Flood Control.......................................33 5.8 Grading.............................................33 5.9 Intentionally Deleted...............................34 5.10 City Park Sites and Other Public Infrastructure Maintenance.........................................34 5.11 Utilities...........................................34 5.12 Intentionally Deleted 5.13 Intentionally Deleted...............................36 5.14 City Pipeline Franchise .............................36 6. IMPLEMENTATION OF THIS AGREEMENT .........................36 6.1 Processing and Approvals ............................36 6.2 Environmental Review................................37 6.3 Design Reviews......................................37 6.4 Time Frame for City Review ..........................37 6.5 Building and Grading Permits ........................38 6.6 Other Governmental Permits ..........................38 6.7 Eminent Domain Powers...............................38 6.8 Cooperation in the Event of Legal Challenge .........39 7. STATEMENT OF COMPLIANCE..................................39 8. DEFAULT..................................................39 8.1 Events of Default...................................39 8.1.1 Breaches by Owner .............................39 8.1.2 Breaches by City..............................40 8.1.3 Breaches by Both Owner and City ...............40 8.2 Procedure Upon Default..............................40 8.2.1 Termination of Agreement ......................40 8.2.2 Default by Owner..............................40 8.2.3 Default by City...............................41 8.2.4 Rapid Dispute Resolution..........................................................42 9. ENCUMBRANCES AND RELEASE ON PROPERTY .....................44 9.1 Discretion to Encumber..............................44 n 9.2 Mortgagee Rights and Obligations ....................44 9.2.1 Right to Cure.................................44 9.2.2 Extended Cure Period ..........................45 9.2.3 Superior Lien.................................46 9.2.4 No Impairment of Lien .........................46 9.2.5 Election to Assume Obligations ................46 9.2.6 Request to Modify .............................46 9.3 Releases............................................47 9.4 Termination of Agreement with Respect to Individual Residential Lots Upon Sale to Public ................47 Iv Aera%Diamond Bar\Preannex&Deve1Agi:07118/06 10. MISCELLANEOUS PROVISIONS.................................47 10.1 Rules of Construction...............................47 10.2 Entire Agreement, Waiver and Recorded Statement .....47 10.3 Incorporation of Recitals ...........................48 10.4 Consent.............................................48 10.5 Covenant of Cooperation .............................48 10.6 Delay, Extension of Time for Performance ............48 10.7 Applicable Law; Severability; Forum; Service of Process; Attorneys' Fees ............................48 10.8 Time of Essence.....................................49 10.9 Estoppel Certificate................................49 10.10 Nonliability of City Officers and Employees ........So 10.11 Nonliability of Owner Officers and Employees .......50 10.12 Covenant Against Discrimination ....................50 10.13 Modification or Amendments .........................50 10_14 Successors and Assigns .............................50 10.15 Separate Counterparts..............................50 10.16 Agreement Negotiated...............................51 10.17 Captions...........................................51 10.18 Notices............................................51 11. EXHIBITS.................................................52 V Aera\Diamand Bar\Preannex&Deve1Ag1:07I18/06 PREANNEXATION AND DEVELOPMENT AGREEMENT BETWEEN THE CITY OF DIAMOND BAR AND AERA ENERGY LLC. THIS PREANNEXATION AND DEVELOPMENT AGREEMENT ("Agreement") is entered into this day of , 2006, between THE CITY OF DIAMOND BAR, a Municipal Corporation and a General Law City, organized and existing under the Jaws of the State of California ("City"), and Aera Energy LLC, a California limited liability company ("Owner"), with regard to the following recitals and facts: RECITALS A. Owner has an equitable and legal interest in the form of a fee interest in certain parcels of real property ("AERA Property") consisting of approximately three thousand (3,000) acres, of which: (i) Approximately ( ) acres ("AERA Orange County Property") are located within the unincorporated area of the County of Orange ("Orange County"); (ii) Approximately ( ) acres ("AERA L.A. County Property") are located in the unincorporated area of the County of Los Angeles ("L.A. County"). A legal description of the AERA Property is attached hereto as Exhibit "A". A legal description of the AERA Orange County Property ib attached hereto as Exhibit "A-111. A legal description of the AERA L.A. County Property is attached hereto as Exhibit "A-211. That portion of the AERA L.A. County Property described on Exhibit "A-3" attached hereto is within City's sphere of influence (the "AERA Diamond Bar Property"). A map identifying the location of the AERA Property is attached hereto as Exhibit "B" B. To strengthen the public planning process, encourage private participation in comprehensive planning and reduce the public and private economic risks of development, the Legislature of the State of California adopted Sections 65864, et seq. of the Government Code, which authorize City and an owner of real property to enter into a development agreement, establishing certain development rights and criteria for development of real property. City and Owner intend that this Agreement will provide for the orderly development of the AERA 1 AeraUamond Bar\Preannex&Deve1Agt:07/18/06 Diamond Bar Property in accordance with the objectives set forth in the currently adopted General Plan, and the "Specific Plan" (defined in Section 1.46 below). Moreover, City and Owner intend that this Agreement eliminate uncertainty in planning for, and securing orderly development of, the Project, assure progressive installation of necessary improvements, provide for public services appropriate to each stage of development of the Project, ensure attainment of the maximum efficient utilization of resources within City, and otherwise achieve the goals and purposes of Government Code Sections 65864 et seq. C. City enters into this Agreement pursuant to the provisions of Sections 65864, et seq. of the California Government Code. Pursuant to California Government Code Section 65865(c), City has adopted Resolution No. , and Rules and Regulations establishing procedures and requirements for consideration of development agreements. D. California Government Code Section 65865(b) permits City to enter into a development agreement with regard to real property within City's sphere of influence provided that the real property is timely annexed to City. Owner desires to annex the AERA Diamond Bar Property to the City and to develop all such property within the jurisdiction of City. Owner wishes to do so, however, only if it is provided assurance that City will permit such development in accordance with the terms and conditions set forth in this Agreement and the Specific Plan. E. Owner owns, maintains, and operates approximately ( ) active oil wells and oil operations on the AERA Property. In accordance with Section-3.3, it is the intent of the parties that Owner's economic burden with respect to the taxes, fees and charges Owner is paying to the County with respect to its Oil Facilities, oil operations and any abandonment and remediation costs related to the AERA Diamond Bar Property shall not increase, and indeed may decrease over time, as a result of the annexation of the AERA Diamond Bar Property to City. F. In order to avoid any misunderstandings or disputes which may arise from time to time between Owner and City concerning the proposed development of the AERA Diamond Bar Property, and to assure each party of the intention of the other as to the processing of any land entitlement which now or hereafter may be required for such development, and in order to avoid any misunderstandings or disputes relating to annexation and attendant development matters, the parties believe it is desirable to set forth their intention and understanding in this Agreement. Further, this Agreement shall be used as the basis 2 Aera\Diamond BaAPreannex&Deve1Agt:07/18/06 for the decision of the City Council of City to approve the annexation of the AERA Diamond Bar Property and the decision of Owner to consent to such annexation. G. Owner has created the Specific Plan, which includes development of the ( } number of market rate residential units and two hundred thousand (200,000) square feet of entertainment/commercial development set forth in Section 4.2 below as the principal land use, including detailed regulations, conditions and programs for development of the AERA Diamond Bar Property and for the phased development thereof with complete utilities, public streets, storm drains and all other necessary infrastructure and public facilities for such development, which development shall all take place pursuant to the Specific Plan (collectively referred to herein as the "Project"). Owner has agreed to provide the Public Benefits, in reliance on City permitting Owner to construct on the AERA Diamond Bar Property the number of market rate residential units and number of square feet of entertainment/ commercial development set forth in Section 4.2 below, which can be reduced by City only pursuant to specific provisions of this Agreement. H. Portions of the AERA Property.contain certain sensitive species of wildlife and habitat afforded protection under the Federal Endangered Species Act and State Endangered Species Act. Owner has agreed to undertake various conservation and mitigation measures in order to enhance protection of the environment. Pursuant to the Habitat Conservation Plan ("HCP""), entered into by Owner, Owner has agreed to set aside approximately ( ) acres of the AERA Property for wildlife and habitat preservation and conservation of the California Gnatcatcher, and other species as identified in the HCP. Development originally proposed for the areas identified for habitat preservation and restoration in the HCP has been re -allocated to other portions of the Project development areas. As a result, the Project provides for a total of approximately ( ) acres of open. space ("Open Space"). All of the foregoing are more particularly described in the Specific Plan. I. intentionally Deleted. J. Intentionally Deleted. K. To accommodate the phased development of the market rate residential units and the entertainment/commercial square footage set forth in Section 4.2 below and the oil field abandonment and remediation, it is necessary that the infrastructure for the Project, including offsite mitigations 3 Aera\Diamond Bar\Preannex&Deve1Agt:07118/06 described in the EIR be constructed in phases, which phased construction is described in the "Project Phasing Plan" (defined in Section 1.34 below). L. Implementation of the Specific Plan will result in the creation of a physical, social, and fiscal environment which will conform to and complement the goals of City, create a residential and commercial shopping center environment sensitive to human needs and values, and protect adjacent land uses from adverse impacts, consistent with the policies and elements of the City General Plan. M. Pursuant to the California Environmental Quality Act ("CEQA"), City prepared and circulated an Environmental Impact Report ("EIR") to analyze the environmental effects which would be caused by the Project. On , 200 City certified that the EIR was adequate, that it satisfied the requirements of CEQA, the CEQA Guidelines and applicable City Regulations, and that it fully and adequately described the Project. N. This Agreement will allow City to provide ingress and egress to certain real property that the City is in escrow to acquire, realize public facilities and economic, open space, conservation and preservation benefits, as more fully described in Section 1.36 below ("Public Benefits"). Many of the Public Benefits identified as consideration to City for entering into this Agreement are of regional significance, require Owner to contribute a greater percentage of benefits than would otherwise be required, and represent benefits which would not otherwise be provided but for this Agreement. O. Because of the complexities, interrelationships and costs of abandoning and remediating the oil operations on the AERA Diamond Bar Property, the cost of financing of the infrastructure, the cost of providing the Public Benefits, and generally developing the Project in phases, certainty in the development process is an absolute necessity. The phasing, timing, and development of public infrastructure, conveyance, in the form of oil field abandonment and remediation, necessitate a significant commitment of resources, planning, and effort by Owner for the public facilities financing, construction, and conveyance, in the form of dedication, to be successfully completed. In return for Owner's participation and commitment to these significant contributions of private resources for public purposes, City is willing to exercise its authority to enter into this Agreement and thereby permit certain development rights to vest, and will cooperate with Owner to secure public financing for various components of the Project, as described in the Project Phasing Plan, in accordance with the process 4 Aera\Diamond Bar\Preannex&Deve1Agt:07/18/06 described in the "Public Financing Plan" (defined in Section 1.39 below). P. In consideration of Owner's agreement to provide the Public Benefits, City intends to and by this Agreement does give to Owner assurances that it can proceed with development of the AERA Diamond Bar Property in accordance with City's "Land Regulations" (defined in Section 1.21 below), the Project Phasing Plan, and the Specific Plan. Owner would not enter into this Agreement or agree to provide the Public Benefits and improvements described in this Agreement if it were not for the commitment of City that the AERA Property can be developed in accordance with the General Plan, Specific Plan, and this Agreement. Q. Owner is not aware of any circumstances or conditions which would prevent, hinder or delay Owner's performance of Owner's obligations hereunder. City is not aware of any circumstances or conditions which would prevent, hinder or delay (i) City's performance of City's obligations hereunder, or (ii) Owner's full and timely realization of the essential rights bargained for by Owner in this Agreement. R. This Agreement constitutes an exercise of City's police powers and is intended to provide certainty to Owner in the development approval process by vesting the permitted uses(s), density, intensity of use, and the timing and phasing of development as described in the Project Phasing Plan and the Specific Plan, in exchange for Owner's commitment to provide, pursuant to the terms of this Agreement, the Public Benefits to City. S. The terms and conditions of this Agreement have undergone extensive review by Owner, the City Planning Commission, the City staff, and the City Council of City, and they each have found the Agreement to be fair, just and reasonable. T. On the following dates the Planning Commission of City, the hearing body for purposes of Development Agreement review pursuant to Government Code Section 65867, at duly noticed public hearings and following appropriate environmental review, adopted the following resolutions: (i) on , Resolution No. recommending to the City Council certification of the final EIR; (ii) on , Resolution No. recommending to the City Council adoption of the Specific Plan, with conditions; (iii) on , Resolution No. recommending to the City Council approval of pre -annexation Zone Change to "PC" (Planning Community) 5 AeraUamond BarlPreannex&Deve1Agt:07118106 for the AERA Property, with conditions; (iv) on Resolution No. recommending to the City Council approval of Tentative Tract Map with conditions; and (v) on Resolution No. recommending that the City Council approve this Agreement. U. On following a duly noticed public hearing held on , and following appropriate environmental review, the City Council adopted Ordinance No. approving this Agreement, finding that the Agreement is consistent with City's General Plan and the Specific Plan, and authorizing the execution of this Agreement. Ordinance No. shall be effective on NOW, THEREFORE, City and Owner agree as follows: 1. DEFINITIONS. The following terms used in this Agreement, unless the context otherwise requires, shall have the following meanings: 1.1. "Agreement" shall mean this Development Agreement, including the Exhibits attached hereto as referenced in Section 11 of this Agreement. 1.2 "Agreement Date" shall mean the effective date of Ordinance No. Agreement. , 200_, approving this 1.3 "Bond" shall have the meaning set forth in the Public Financing Plan. 1.4 "CEQA"" shall mean the California Environmental Quality Act, California Public Resources Code Sections 21000 et seq. and all applicable regulations. 1.5 "City" shall mean the City of Diamond Bar, California. 1.6 "Conceptual Grading Plan" shall mean that certain grading plan prepared by Hunsaker & Associates Irvine, Inc., dated , prepared for the Project, which is an exhibit to the Specific Plan. 1.7 Intentionally Deleted. 1.8 "Conservation Easement" shall have the meaning set forth in the HCP. 6 AeralDiamond Bar`Preannex&Deveftt:07118106 1.9 Intentionally Deleted. 1.10 "District" shall mean any special purpose district created pursuant to one of the statutory authorities described in Section III of the Public Financing Plan, and empowered to levy taxes or assess for capital items and/or services. 1.11 "EIR'" shall mean that certain Environmental Impact Report prepared in connection with the adoption of the Specific Plan. The EIR includes, without limitation, a draft environmental impact report dated , 200 , the Mitigation Monitoring Program prepared in connection therewith, and a final environmental impact report and response to comments dated , 200_, and any initial studies, reports, attachments, addenda and supplements prepared in connection with the EIR. 1.12 Intentionally Deleted. 1.13 Intentionally Deleted. 1.14 Intentionally Deleted. 1.15 Intentionally Deleted. 1.16 '"HCP"" shall mean that certain Habitat Conservation Plan, in all material respects in the form dated and a document footer dated , between Owner and the United States Fish and Wildlife Service ( "USFWs") . 1.17 Intentionally Deleted. 1.18 "Impositions" shall mean taxes, assessments, fees, and other charges imposed by City having an economic burden on Owner, including without limitation dedications of land and/or the provision of facilities and/or improvements. 1.19 "LAFCO" shall mean the Los Angeles County Local Formation Commission, as set forth in Section 3.1..2 below'. 1.20 "Land Regulations" means the General Plan, Specific Plan, and all of those ordinances, resolutions, codes, rules, regulations, and official policies (City Council, Administrative and Planning Commission) of City governing the development and use of the AERA Diamond Bar Property in effect as of the Agreement Date, including, without limitation, the permitted uses of the AERA Diamond Bar Property, the density or 7 AeraUarnond BarlPreannex&Deve1Agt:07/18/06 intensity of use, the maximum height and size of proposed buildings, the provisions for reservation or dedication of land for public purposes, and the design, improvement, and construction standards and specifications applicable to the development of the AERA Diamond Bar Property. City has delivered to Owner a set of certified binders ("Land Regulation Binders") entitled "Land Regulations for AERA Diamond Bar Property" dated as of , which include all of the Land Regulations, as of the Agreement Date, which are to govern the development and entitlement process for the Project, including Project Approvals on the AERA Diamond Bar Property. City and Owner agree that Uniform Codes, such as the Uniform Building Code, which as of the Agreement Date have been adopted,• and which may from time to time be amended, for general applicability throughout City are not included in the Land Regulation Binder. City, Owner and engineer for the Project shall each retain one set of the certified Land Regulation Binders. 1.21 "Mortgagee" shall mean the holder of any mortgage or the beneficiary of any deed of trust, including an affiliate of Owner, covering all or part of the AERA Diamond Bar Property, including the purchaser of all or any portion of the AERA Diamond Bar Property at a judicial or non -judicial foreclosure sale and any person or entity who acquires title to all or any part of the AERA Diamond Bar Property by deed -in -lieu of foreclosure, and any of their respective heirs, successors, and assigns, provided that such mortgage holder or beneficiary has delivered written notice to City stating its desire to receive notices of default hereunder pursuant to Section 9.2 below. 1.22 Intentionally Deleted. 1.23 "Notices" shall have the meaning as set forth in Section 10.1.8 below. 1.24 "Oil Facilities" shall mean, without limitation, all active and inactive oil and gas wells, pipes and pipelines, oil production and processing equipment, facilities, casings, buildings and the structures now or hereafter located on the AERA Property which are used for removing or injecting oil, gas, water and other substances into or from the subsurface of the AERA Property. 1.25 "Open Space" shall mean the approximately ( ) acres of real property owned by Owner and more particularly described in Paragraph H, above. 1.26 Intentionally Deleted. 8 Aera\Diamond Bar\Preannex&Deve1Agt:07/18/06 1.27 "Owner" shall mean Aera Energy LLC, a California limited liability company, and its successors and assigns under this Agreement pursuant to the provisions of Sections 2.5 and 9.2 .1 (b) below. 1.28 Intentionally Deleted. 1.29 Intentionally Deleted. 1.30 "Permitted Transferee" shall mean any person, partnership, joint venture, corporation, or other business entity to whom Owner may sell, transfer, or assign all or any part of the AERA Diamond Bar Property pursuant to the terms of Section 2.5 below. 1.31 "Project" shall mean shall mean the development of the AERA Diamond Bar Property in the manner described in the Specific Plan. 1.32 "Project Approvals" shall mean those certain future approvals for the Project which shall be processed in accordance with Article VI of this Agreement. 1.33 "Project Phasing Plan" shall mean the phasing plan signed by City and Owner concurrently herewith indicating their mutual acceptance, and incorporated herein by reference, which provides for the phased construction of the Project including all public infrastructure necessary for the development of the Project in accordance with the Specific Plan. 1.34 "Pro Rata Basis" shall mean in connection with a sale, assignment or transfer of all or a portion of the AERA Diamond Bar Property to a Permitted Transferee, that portion ("Substituted Security") of the economic security which (i) is reasonably related to the public infrastructure costs associated with a portion of the AERA Diamond Bar Property conveyed to the Permitted Transferee; (ii) is to be in lieu of and substituted for that portion of the economic security posted, pledged or otherwise provided by Owner for the benefit of City pursuant to Section 5.4 below; and (iii) Owner has negotiated with a Permitted Transferee to assume in writing for the benefit of City. The amount and nature of the Substituted Security must be reasonably satisfactory to the City Manager, provided that any combination of the following shall be provided: (i) an irrevocable standby letter of credit, in a form and with terms reasonably acceptable to the City Attorney, issued by a national banking institution; (ii) an irrevocable corporate surety bond, in a form and with terms reasonably acceptable to the City 9 Aera\Diamond BarlPreannex&Deve1Agt07/18106 Attorney, issued by a licensed California surety company; or (iii) cash or cash equivalents such as obligations of the United States of America. The amount of the Substituted Security must reasonably relate to the projected cost to install and/or complete public infrastructure and/or Public Benefits on or reasonably related to that portion of the AERA Diamond Bar Property so conveyed. 1.35 "Public Benefits" shall mean the following amenities that the Project will provide: (i) conveyance, in the form of dedication, in fee and/or sale, at below market value, of fee lands, and/or recordation of conservation easements to or for the benefit of public entities of approximately { ) acres, (ii) the provision of property for the purpose of constructing ingress and egress roads to certain real property which the City is in escrow to purchase; and (iii) the provision of a scenic corridor along the 57 Freeway adjacent to the AERA Diamond Bar Property. 1.36 "Public Benefit Sites" means all Open Space. 1.37 "Public Financing" shall mean the capital financing raised through the issuance of Bonds or other public financing mechanisms pursuant to the terms of one or more statutes described under the heading "Public Financing Law" in the Public Financing Plan. 1.38 "Public Financing Plan" shall mean the plan signed by City and Owner concurrently herewith indicating their mutual acceptance, and incorporated herein by reference, which provides for Public Financing. 1.39 Intentionally Deleted. 1.40 Intentionally Deleted. 1.41 "Reserved Authority" shall mean the City's right to be exercised, if at all, pursuant to this Agreement to adopt Uniform Codes pursuant to Section 4.5 below. 1.42 Intentionally Deleted. 1.43 Intentionally Deleted. 1.44 Intentionally Deleted. 1.45 "Specific Plan" means the Aera Specific Plan/ Master Planned Community/Aera Diamond Bar Planned Community Zoning Ordinance approved by City and Owner and incorporated 10 AeraUamond Bar\Preannex&Oeve1Agf:07/18/06 herein by reference, which includes acknowledgement of this Agreement as a pre -annexation zoning agreement pursuant to Government Code Sections 65859, 65865 and 65865.3. 1.46 "Substituted Security" shall have the meaning set forth in Section 1.35 above. 1.47 Intentionally Deleted. 1.48 "Aera Diamond Bar Property" means that portion of the AERA Property that is described in Exhibit "A-311. 1.49 "AERA Orange County Property" means that portion of the AERA Property now located within the unincorporated area of Orange County and which is described in Exhibit "A-111. 1.50 "AERA L.A. County Property" means that portion of the AERA Property now located in the unincorporated area of L.A. County and which is described in Exhibit 11A-2 1.51 "AERA Property" means the AERA L.A. County Property, AERA Orange County Property, and the AERA Diamond Bar Property on which the Project will be constructed, which aggregate real property is legally described in Exhibit "A", attached hereto. 1.52 "Transferred Property" shall mean that portion of the AERA Diamond Bar Property sold, assigned or conveyed to a Permitted Transferee. 1.53 "USFWS" means the United States Fish and Wildlife Service. 1.54 Additional Defined Terms. To the extent that any capitalized terms contained in this Agreement are not defined above, then such terms shall have the meaning otherwise ascribed to them in this Agreement. 2. GENERAL PROVISIONS. 2.1 Binding Effect of Agreement. All of the AERA Diamond Bar Property shall be subject to this Agreement. Until released pursuant to the provisions of this Agreement or until this Agreement is terminated pursuant to its terms or until Owner has fully performed its obligations arising out of this Agreement, the burdens of this Agreement shall be binding upon, and the benefits of this Agreement shall inure to, all successors in interest to the parties to this Agreement, and shall constitute covenants which shall run with the AERA Diamond 11 Aera\Diamond BaAPreannex&Deve1Agt:07/18/06 Bar Property, and in order to give notice thereof, this Agreement shall be recorded in accordance with applicable law. Subject to extension by the mutual agreement of Owner and City, on thirty (30) days, written notice from Owner to City or City to Owner given, if at all, after , this Agreement shall terminate ab initio and be of no further force or effect unless all of the following shall have occurred on or before (i) annexation of portions of the AERA L.A County Property to City shall have occurred and all applicable statutes of limitations for a referendum to qualify for the ballot and judicial challenge to be filed which can challenge the annexation shall have run without any such referendum having qualified for the ballot or judicial challenge having been filed; (ii) Owner shall have secured "will serve" letters from all applicable utility companies for not less than the maximum permitted number of residential units to be constructed on the AERA Diamond Bar Property; and (iii) Owner and USFWS have executed a binding HCP in all material respects in the form dated If this Agreement so terminates, City shall deliver to Owner a Notice of Termination of Development Agreement, in recordable form, and otherwise in form and content reasonably satisfactory to Owner in order to clear record title of the AERA Diamond Bar Property from the encumbrance of this Agreement. Notwithstanding the foregoing, except as set forth below, all of the terms and conditions of this Agreement shall be operative as of the Agreement Date; however, Owner and City shall not be obligated to fulfill any of their respective covenants hereunder and the term of this Agreement shall not commence to run unless and until all of the following have occurred: (a) portions of the Aera L.A. County Property have been annexed to City, which in no event shall occur until the condition in subsection 2.1(c) has been satisfied; and(b) all periods of time have run within which a referendum can qualify for the ballot or a judicial challenge can be filed challenging all or any part of this Agreement and no such referendum shall have qualified for the ballot and no such judicial challenge shall have been filed. Notwithstanding anything in this Agreement to the contrary, in the event this Agreement is terminated pursuant to this Section 2.1, all of the plans, agreements, and documents referenced in this Agreement including but not limited to the Specific Plan, Project Phasing Plan, and Public Financing Plan, shall also terminate ab initio and be of no force or effect. 2.2 Relationship of the Parties. It is specifically understood and acknowledged that the development of the AERA Diamond Bar Property constitutes a private project and that the contractual relationship between City and Owner as set forth in 12 Aera\Diamond Bar\Preannex&Deve1Agt;07118l06 this Agreement is such that Owner is an independent contractor and not an agent of City and City is not an agent of Owner. 2.3 Duration of Agreement. The term of this Agreement shall commence on the later of the dates described in Section 2 . i (a) , (b) and (c) above, and the term shall be for a period of twenty --five (25) years following the later of such dates, unless this Agreement is earlier terminated or its term is modified pursuant to this Section or Section 2.1 above. Such term is reasonable in view of the difficulty of predicting with precision the remaining life of the oil field production, time required to abandon and remediate the oil fields and then subsequently develop the remediated fields. If Owner has proceeded in good faith, but has been prevented, delayed or hindered from developing the AERA Diamond Bar Property by circumstances beyond its control, including but not limited to referendum, judicial injunctions, or delays caused by City, including City imposed moratorium or City's failure to meet the time frames set forth in Section 6.4 below, or City's breach of its obligations hereunder, or delays caused by other local, state or federal agencies, such term shall be extended for an additional period equal to the period of delay caused by such delays(s) and during the pendency of any litigation, including judicial reference, entered into by and between City, Owner and/or any third parties. 2.4 Life of Subdivision Maps. Pursuant to California Government Code Section 66452.6, the term of any tentative map for the AERA Property filed within the term of this Agreement shall automatically be extended for the term of this Agreement. 2.5 Assignment. 2.5.1. All or Part. Owner shall have the right to sell, transfer, and assign its rights and obligations hereunder, in whole or in part, to a Permitted Transferee at any time during the term of this Agreement, provided that any sale, assignment and transfer must be pursuant to an assignment of the interest of Owner in all or a portion of the AERA Property. 2.5.2 Assumption of Obligations. Each such Permitted Transferee shall execute and deliver to City an assumption agreement, in a form and with terms reasonably acceptable to City, wherein such Permitted Transferee covenants to observe and perform, for the benefit of Owner and City, all of the duties and obligations of Owner contained in this Agreement as such duties and obligations pertain to the portion of the AERA Diamond Bar Property sold, transferred and assigned to such Permitted Transferee. Any Permitted Transferee shall 13 Aera\Diamond Bar\Preannex&Deve1Agt:07118106 have all of the same rights, benefits, duties, obligations, and liabilities of Owner under this Agreement with respect to the portion of the AERA Diamond Bar Property sold, transferred and assigned to such Permitted Transferee. Any Permitted Transferee shall have all of the same rights, benefits, duties, obligations, and liabilities of Owner under this Agreement with respect to the portion of the AERA Diamond Bar Property sold, transferred and assigned to such Permitted Transferee, provided, however, without the prior written consent of Owner who is the original signatory to this Agreement, no Permitted Transferee (i) shall be entitled to enter into an amendment to this Agreement; or (ii) be entitled to any credits or reimbursements to which the original signatory Owner is entitled to hereunder. If the AERA Diamond Bar Property is subdivided, any subdivided parcel may be sold, mortgaged, hypothecated, assigned, or transferred to Permitted Transferee for development by them in accordance with the provisions of this Agreement. 2.5.3 Assignment of Rights. Concurrent with any sale, assignment or transfer or within fifteen (15) business days thereafter, Owner shall notify City in writing of such event, the identity of the Transferred Property and the name and address (for purposes of notices hereunder) of the Permitted Transferee, together with the corresponding number of dwelling units or entertainment/commercial square footage which can be developed on the Transferred Property, and Owner and the Permitted Transferee shall notify City which of Owner's obligations have been assumed, including the posting of Substituted Security. A failure of Owner to strictly comply with this subsection shall not constitute a material breach of this Agreement. 2.5.4 Release of Security. No sale, assignment, or transfer to a Permitted Transferee shall be effective under the terms of this Agreement unless and until the Permitted Transferee satisfies all of the following: (i) at Owner's option, either the Permitted Transferee provides to City Substituted Security reasonably satisfactory to the City Manager which secures performance of the Permitted Transferee's monetary obligations associated with the Transferred Property, or Owner provides written notice to City that Owner's security is not being substituted and shall remain in place; and (ii) the Permitted Transferee executes and delivers the assumption agreement referenced in Section 2.5.2, assuming those of Owner's other obligations hereunder with regard to the Transferred Property, as identified in such assumption agreement. Upon the satisfaction of the above conditions, Owner's obligations hereunder with regard to the projected public infrastructure costs appurtenant to the Transferred Property, including 14 AeraUamond B2APreannexBDeve1Agt:07118I06 security if substituted, shall be released on a Pro Rata Basis with regard to the Transferred Property. With regard to the Transferred Property only, after such release, City shall look solely to the Permitted Transferee for compliance with the provisions of this Agreement, as such provisions relate to the Transferred Property acquired by such Permitted Transferee. 2.5.5 Defaults. If Owner or the owner of the Transferred Property defaults under this Agreement, such default shall not constitute a default by the owner of any other portion of the AERA Diamond Bar Property hereunder (including, but not limited to, Owner) and shall not entitle City to terminate or modify this Agreement with respect to such other portion of the AERA Diamond Bar Property or the owner thereof who is not in default. 2.6 Amendment of Agreement. 2.6.1 Amendment of Agreement. This Agreement may be amended from time to time by mutual written consent of the parties or, except as otherwise provided in Section 2.5.2 above, their successors in interest, in accordance with California Government Code Sections 65867, 65867.5 and 65868. 2.6.2 Minor Amendments. Owner and City acknowledge that refinements and further development of the Project may demonstrate that changes are appropriate with respect of the details and performance of the parties under this Agreement. Owner and City desire to retain a certain degree of flexibility with respect to the details of the Project and with respect to those items covered in general terms under this Agreement. If and when the parties find that changes or adjustments are necessary or appropriate to further the intended purposes of this Agreement, including modifications to the Specific Plan, and to any agreements or other documents referred to herein, they may, unless otherwise required by law, effectuate such changes or adjustments through operating memoranda mutually approved by the parties, which, after execution, shall be attached hereto as addenda and become a part hereof, and may be further changed and amended from time to time as necessary, with further approval by City and Owner. Unless otherwise required by law, no such changes or adjustments or further changes or amendments shall require prior notice or hearing. By way of example, any amendment to this Agreement which does not relate to (i) the term of this Agreement; (ii) permitted uses of the AERA Diamond Bar Property; (iii) provisions for reservation or dedication of land; (iv) conditions, terms, restrictions, or requirements for subsequent discretionary actions; (v) the density or intensity of use of 15 AeralDiamond BarlPreannex&Deve1Agt:07118/06 the AERA Diamond Bar Property; (vi) the maximum height or size of proposed buildings; (vii) monetary contributions by Owner; or (viii) non -substantial deviations from the Specific Plan and tentative maps including with respect to the location and size of streets, buildings, and other physical facilities, shall not, except to the extent otherwise required by law, require notice or public hearing before City and Owner may execute an amendment hereto and shall be considered minor amendments to this Agreement and/or the Specific Plan. 2.6.3 Assuming Permitted Transferee. Where a portion of Owner's rights or obligations have been transferred to a Permitted Transferee and an assumption agreement has been executed in connection therewith, the signature of the Permitted Transferee shall not be required to amend this Agreement unless such amendment would materially alter the rights or obligations of such Permitted Transferee hereunder; provided, however, that any such Permitted Transferee shall be provided with thirty (30) days' prior written notice of any amendment to this Agreement. No Permitted Transferee shall be entitled to amend this Agreement without the written consent of the entity which is the named Owner or its affiliate in the introductory paragraph of this Agreement. 2.6.4 Non -Assuming Permitted Transferees. In no event shall the signature or consent of any person or entity who does not execute an assumption agreement for the benefit of City be required to amend this Agreement. 2.7 Concurrent Approvals. To further achieve the mutual goals of City and Owner, the City Council, on adopted Resolution No. , approving Tentative Map No. for the division of the AERA Diamond Bar Property for financing and conveyance purposes finding that all arterial roads provided for in the Specific Plan and finding that the Specific Plan, due to its provision of a wide range of housing opportunities, is consistent with the Housing Element of the General Plan. 3. ANNEXATION AND PREZONING. 3.1 Annexation. 3.1.1 Owner Institutes. Prior to the Agreement Date, Owner, with the cooperation of City, has instituted, and Owner and City shall cooperate to diligently pursue .to completion, all necessary proceedings for the annexation of the AERA Diamond Bar Property described in Exhibit "A--3" to City as an uninhabited annexation under the Municipal 16 Aera\Diamond Bar\Preannex&Deve1Ag#;07/18/06 Organization Act of 1977 (California Government Code Elections 35000 et seq., or under the District Reorganization Act of 1965 (California Government Code sections 56000 et seq.) Annexation of the AERA Diamond Bar Property shall be completed no later than the date specified in Section 3.4.2 below. Owner agrees to pay for all filing costs and administrative fees relating to the annexation. 3.1.2 Owner Cooperation. Owner shall give all necessary approvals, written consents, and any other requested assistance to accomplish such annexation, and specifically agrees not to protest such annexation, before the Los Angeles County Local Formation Commission (collectively, "LAFCO") or the City Council of City so long as the annexation is consistent with the terms and conditions of this Agreement and no conditions or burdens are placed on all or any part of the AERA Diamond Bar Property which are not applicable to all other property which is now within the jurisdiction of City, except as may be provided in this Agreement or otherwise agreed to by Owner and City. 3.1.3 Mutual Cooperation. Each party hereto also will support and cooperate with the other in any manner reasonably required to facilitate completion, of annexation of the AERA Diamond Bar Property. 3.2 Prezoning. City certifies that as of the Agreement Date, the Specific Plan fully meets the requirements of Chapter , Article Planned Community (PC) Zone of the City of Diamond Bar Zoning Ordinance then in effect, including but not limited to Sections through of Article and all other ordinances and codes applicable to said Article and, as a consequence of such certification and the provisions of this Agreement, becomes the sole zoning ordinance together with such other codes and ordinances specifically set forth in the Land Regulations Binders applicable to implementation of the Project as provided for in this Agreement. City further certifies that the Specific Plan serves as a binding pre -annexation zoning agreement consistent with the provisions of Government Code Sections 65859 and 65865. 3.3 Oil Well Production Taxes and Related Fees and Charges. A material inducement to Owner to agree to annex to City the AERA Diamond Bar Property is the agreement of City hereby made that following annexation Owner shall be entitled to continue the full operation and enjoyment of the Oil Facilities and that City shall not increase the economic burden to Owner over the economic burden now paid by Owner to L.A. County as a result of the existence operations, ownership, abandonment or 17 Aera\Diamond Bar\Preannex&DevelAgt:07118106 remediation of the Oil Facilities thereon. In accordance with the foregoing, and in consideration of the City's receipt of the Public Benefits, City hereby agrees that following annexation of the AERA Diamond Bar Property to the City, Owner Shall be entitled to continue the full beneficial use and operation of all Oil Facilities and City waives and agrees not to impose City's oil well production taxes on the Oil Facilities located on the AERA Diamond Bar Property, or any other fees, licenses or inspection fees including any abandonment and/or remediation permit fees, or transmission pipeline franchise fees or taxes which current or future City ordinances, rules or regulations would otherwise permit or require to be imposed or assessed against Owner, the AERA Diamond Bar Property, the Oil Facilities thereon, with the result that upon annexation and thereafter with regard to the AERA Diamond Bar Property, Owner will not suffer or pay any amount to City which is additive to or of a different character or is in excess of the amount which, on the Agreement Date, Owner would be obligated to pay to L.A. County in connection with the existence, operation or ownership of the Oil Facilities on all or any part of the AERA Diamond Bar Property, only the existing Land Regulations shall govern. Notwithstanding the foregoing, Owner shall abandon and remediate, as necessary, portions of the AERA Diamond Bar Property in accordance with all applicable law with regard to proposed land uses. 3.4 Timing. 3.4.1 Recordation of Agreement. This Agreement shall be recorded pursuant to the requirements of Government Code Section 65868.5. Pursuant to Government Code Section 65865(b), this Agreement shall be null and void unless the Aera Diamond Bar Property is annexed to City within the time periods prescribed in Section 3.4.2 below, plus upon City and Owner's mutual agreement, an amount of time equal to the time during which annexation is delayed (or if it becomes effective, is later voided) due to any litigation or referendum related to annexation, the Project, this Agreement, or Project Approvals, including litigation or a referendum pending on the Agreement Date. Notwithstanding the occurrence of any such circumstances, the Land Regulations in effect on the Agreement Date shall be the only statutes, ordinances, rules and regulations which govern the development of the Project, except as otherwise expressly provided herein. 3.4.2 Annexation Timin Bar Property shall be annexed to City on In the event that LAFCO annexation of such property to City on or g. The AERA Diamond or before has not approved the before 18 AeralDiamond Bar\Preannex&Deve1Agt:07/18/06 upon thirty (30) days' written notice from City to Owner or Owner to City, this Agreement shall be null and void. 3.5 California Environmental Quality Act. City hereby certifies that the final EIR for the Specific Plan meets the requirements for exemption from CEQA as set forth in Government Code Section 65457 in effect on the Agreement Date. City further hereby certifies that the final EIR is a program EIR for purposes of CEQA Guidelines Section 15168 and as such is meant to invoke those provisions, the provisions of Public Resources Code Section 21068.5 relating to "tiering" of further CEQA review and Public Resources Code Section 21080.7 and Government Code Section 65457 regarding future CEQA review of residential components of the Project and that City will take such reasonable actions as are required to assist in assuring that the Project will be able to qualify under the provisions of these statutes or such other comparable statutes as may be applicable to implementation of the Project. 4. DEVELOPMENT OF THE AERA PROPERTY. 4.1 Vested Right to Develop. Subject to all of the terms and conditions of this Agreement, Owner shall have the vested right, to the fullest extent allowed under the California Development Agreement statute (California Government Code Sections 65864 et seq.) to develop the Project on the AERA Diamond Bar Property in accordance with this Agreement. Except as may otherwise be required by this Agreement, or any of the other plan and agreements referred to and incorporated herein by reference, (i) Owner shall not be required to initiate or complete development of any particular phase of the Project, including infrastructure, within any period of time; (ii) Owner shall develop the AERA Diamond Bar Property, including infrastructure, in accordance with Owner's own time schedule as such schedule may exist from time to time; and (iii) Owner may determine which part of the Project shall be developed during each phase of the Project. By entering this Agreement, Owner shall not be obligated to build any homes or entertainment/ commercial improvements or make any other improvements, including infrastructure, or otherwise develop the AERA Diamond Bar Property. 4.2 Vested Dwellinq Unit Entitlement. In consideration of the Public Benefits, subject to the terms and conditions of this Agreement, Owner is hereby granted the vested right to develop on the AERA Diamond Bar Property ( ) market rate residential units and { ) square feet of entertainment/restaurant/retail improvements. 19 Aera\Diamond BarlPreannex&Deve1Agt:07118106 4.3 Permitted Use. Owner is hereby vested with the right to develop the AERA Diamond Bar Property with respect to the uses and requirements of the Zone and Zone established by the Land Regulations and Specific Plan, the uses and standards of development, approval of tentative maps, the density and intensity of use(s), the maximum height, bulk and size of proposed homes and other structures, provisions for reservation or dedication of land for pubic purposes and location of public improvements, construction standards and specifications applicable to the Project, location of public utilities and phasing of development, including infrastructures and other terms and conditions of development applicable to the AERA Diamond Bar Property, as set forth in this Agreement. 4.4 Application Rules, Regulations and Policies. Owner shall have the vested right to develop the AERA Diamond Bar Property subject to the terms of this Agreement, including the Land Regulations set forth in the Land Regulation Binders governing the AERA Diamond Bar Property and the Specific Plan. Notwithstanding the foregoing, Owner and City may mutually agree in writing that the Project will be governed by particular later enacted Land Regulations. No City Department heads are, or within the twelve (12) month period preceding the Agreement Date have been (and they are not aware that any other City employee or consultant has been) in discussions with representatives of any federal, state or county governmental entity regarding the enactment of any law which if enacted, would be in conflict with Owner's rights hereunder or under any Land Regulations. 4.5 Exception for Uniform Codes. The provisions of Section, 4.4 shall not govern the application to the Project of the Uniform Building Code and other applicable uniform construction codes. 4.6 Development, Construction and Completion of Project. In consideration of Owner providing the Public Benefits, Owner has been legally vested with the rights set forth in Sections 4.1, 4.2, 4.3 and 4.4 above. Owner shall be issued building permits for phases of development after: (i) permit applications are reviewed and approved by City under the Land Regulations; (ii) Owner provides City with the appropriate financial assurances, as more fully described in Section 5.4 below, to ensure that the identified private and public facilities will be provided; and (iii) all other conditions set forth in the Land Regulations are satisfied which are precedent to issuance of building permits and which as of the Agreement Date are regularly required by City of developers within the City. In exercising its discretion to implement the Specific 20 AeralDiamond BarTreannex&Deve1Agt:07/98/06 Plan and grant future Project Approvals necessary to implement the Specific Plan, City shall only take action which complies and is consistent with the Specific Plan and this Agreement. City and Owner will use their best efforts to ensure that all applications for future Project Approvals are sought and processed in a timely manner and in accordance with applicable law, including the Permit Streamlining Act, California Government Code Section 65920 et seq. 4.7 Standards of Development and Allocation of Land Within the Specific Plan to All Types of and Intensities of Land Uses Identified Therein. Consistent with the provisions of the City of Diamond Bar Zoning Ordinance Sections as in effect on the Agreement Date, the Specific Plan defines the standards of development and the substantive and procedural provisions applicable to the allocation of land within the Specific Plan for the land uses identified in the Specific Plan. 4.8 Subsequent Enactments. This Agreement shall not preclude City, in subsequent actions applicable to the AERA Diamond Bar Property or the Project, from applying new rules, regulations and official policies which do not conflict with the Land Regulations. Without limitation, any action or proceeding of City which has any of the following effects shall be considered in conflict with this Agreement and the Land Regulations. 4.8.1 Limits on Density and Intensity. Limiting or reducing the density or intensity of all or any part of the Project, inconsistent with the Specific Plan or this Agreement. 4.8.2 Limits on Phasing. Limiting, constraining, or restricting in any manner the rate, timing or phasing or accelerating the phasing of the Project, including infrastructure, which is not expressly provided for in the Project Phasing Plan. 4.8.3 Location of Improvements. Limiting the location of or increasing or decreasing the size of home sates or commercial pads or structures thereon, or requiring grading, or other improvements on the AERA Diamond Bar Property in a manner which is inconsistent with the Conceptual Grading Plan or in a manner which is discriminatory. 4.8.4 Discriminatory Application of Ordinances. Applying to the Project or the AERA Diamond Bar Property any Land Regulations, or interpreting or enforcing any Land Regulation in a stricter or more demanding fashion than was 21 Aera\Diamond Bar\Preannex&Deve1Agt:07/18/06 theretofore applied anywhere else within City or in a manner which is not uniformly applied on a City-wide basis to all development projects or project sites in City. Notwithstanding the foregoing Owner shall not be in a position to protest, and City shall not be in breach hereunder, in the event that any District is created at Owner's request and is established pursuant to understandings reached between City and Owner, if such District affects only the AERA Diamond Bar Property, or portions thereof. 4.8.5 Exactions. Imposing any Imposition, requirement, condition, exaction, or other restriction on the Project which is not expressly contained within, this Agreement, the Specific Plan, or Land Regulations. 4.8.6 Reduction in Rights. The enactment or imposition of any ordinance, resolution, rule, regulation, standard, directive, condition, or other measure that is directly or indirectly in conflict with this Agreement. The above list of actions is not intended to be comprehensive, but is illustrative of the types of actions that would conflict with this Agreement and the Land Regulations. 4.9 Impositions. Owner shall be subject to and be obligated to pay only those Impositions that are prescribed in the Land Regulations that exist on the Agreement Date. Notwithstanding the foregoing, the City may increase Impositions which are provided for in the Land Regulations based on any City wide increase in the reasonable cost to City for performing the work for which the particular fee or charge is paid, which increased amount will compensate the City for actual costs, as permitted pursuant to California Government Code Section 54990 or successor statute. 4.10 Intentionally Deleted. 4.11 Intentionally Deleted. 4.12 Taxes, Fees, Charges, Conditions and Dedications. Owner shall be obligated to pay only those Impositions prescribed in the Land Regulations and as provided in this Section. Except as otherwise expressly allowed in Section 4.9 and the next sentence, Impositions shall not be increased, nor new Impositions imposed or required with respect to the development of the Project, including any which might otherwise result from amendments instituted by City to City's General Plan or to the Specific Plan. Furthermore, the Impositions now authorized by the Land Regulations shall not be modified or 22 Aera\Diamond SarlPreannex&Deve1Ag#:07/18/06 renegotiated by City as a result of any Owner -requested amendment to this Agreement, including to the Specific Plan, including but not limited to any change occurring by reason of a change in any tentative or final map, or as a result of the filing of any new subdivision or processing of any lot line adjustment. 4.13 Reservations and Dedications. 4.13.1 Reservation of Open Space. Reservations and dedications of land are set forth in the Parks and Open Space Implementation Plan, which also describes the timing and methods by which Project Open Space shall be permanently protected through the granting of perpetual open space easements or the dedication of open space lands to the public in fee title. 4.13.2 No New Dedications. City shall not impose any additional or new dedications or improvements, whether through the exercise of the police power, the taxing power, or any other means (other than eminent domain, which power City retains). 4.14 Park Site (s) . The Park Site(s) shall be the full and final requirement of Owner for the dedication and/or payment of all in -lieu fees for park and/or recreational sites, facilities or equipment for the Project. 4.15 HCP. Pursuant to the HCP, Owner is obligated to carry out certain land dedication actions and wildlife preservation and restoration and management activities. By entering into this Agreement, City concurs that all such actions and activities are components of the development assurances provided for in this Agreement and City agrees to take such reasonable actions as may be required to carry out and implement the HCP as provided in Section 5.12.1 below. City will cooperate with and assist Owner in connection with any future amendment of the HCP and its Implementation Agreement to the extent such cooperation is reasonably related to carrying out the provisions of this Agreement. 4.16 Intentionally Deleted. 4.17 Intentionally Deleted. 4.18 Police Power and Moratoria. In the exercise of its police power, City shall recognize and consider the circumstances existing at the time this Agreement was 23 Aera\Diamond Bar\Preannex&Deve1A9t:07I18106 authorized. In addition, such exercise of the police power by City shall be consistent with the purpose and intent of the California Development Agreement statute (California Government Code Sections 65864 et seq.) and the objectives and intent of this Agreement. Nothing in this Agreement shall be construed to be in derogation of City's police power to protect the public health and safety, or mitigate loss of, or damage to, life, health, property, or essential public services involving the AERA Property or the immediate community. Subject to the foregoing circumstances, no moratorium affecting subdivision maps, building permits, utility hook-ups (other than water) or other land use entitlements, or the acts, timing or sequencing thereof shall apply to any part of the AERA Diamond Bar Property. City and Owner acknowledge that City may be restricted in its authority to limit its police power by contract pursuant to California Government Code Section 65864 and that the foregoing limitations, reservations, and exceptions are intended to reserve to City all of its police power which cannot be so limited. Subject to the foregoing, moratoria enacted by City to protect the public health and safety, and which are imposed on the AERA Diamond Bar Property, shall toll the time periods for performance by Owner set forth in this Agreement, shall serve to extend the term of this Agreement for the period equal to the period of the moratorium and City shall concurrently release any security held by City to ensure Owner's performance hereunder, which security shall be replaced by Owner within ninety (90) days following the lifting of any such moratorium and as a condition precedent to Owner's continuation of the benefits afforded Owner hereunder. S. INFRASTRUCTURE AND OTHER PUBLIC FACILITIES. 5.1 Owner Obligations. Except as otherwise may be provided in this Agreement or in the Public Financing Plan, Project Phasing Plan, Owner shall construct, at its sole expense, in accordance with the Project Phasing Plan and dedicate to City without charge, all necessary infrastructure and public facilities required to serve needs directly generated by the Project and which are set forth in the Specific Plan. 5.1.1 Lack of Jurisdiction Cooperation. In the event that Owner is prevented or delayed from implementing any mitigation improvement which is required to be performed by Owner under the EIR by the jurisdiction, including City, in which the mitigation is to take place, Owner's lack of performance or delay in performance with regard to such mitigation measure shall not constitute a default by Owner hereunder or serve as a basis for City not to perform or to 24 AeralDiamond BarlPreannex&Deve1Agt:07/18/06 delay performance of any of City's obligations hereunder or form a basis for the City not to timely issue building permits. 5.2 Funding. To the extent that funds are made available to City and/or could be made available to the City upon the City's initiative, for the purpose of constructing or performing any mitigation measures required of Owner under the EIR, City shall apply for and diligently attempt to secure such funds. In the event City elects not to receive such funds, or City does receive such funds but elects not to use such funds for such purposes, City shall, prior or concurrently with making such election, waive Owner's obligation to construct or perform such mitigation. 5.3 Public Financing Plan. City shall fully cooperate with Owner in implementing the Public Financing Plan, including the formation of one or more assessment Districts and improvement districts as set forth in the Public Financing Plan for the purpose of generating Public Financing to enable Owner to pay the costs associated with the planning, design, and construction of the public facilities and infrastructure and habitat maintenance areas, as more fully set forth in the Public Financing Plan. 5.4 Financial Assurances for Performance. Owner shall provide to City surety or performance bonds, letters of credit, set aside letters, deeds of trust, or other security, in each instance in a form and with terms reasonably acceptable to City or, in City's sole discretion, Owner's personal guaranty, in a form and with terms reasonably acceptable to City, in amounts sufficient to guarantee completion of the public improvements required as conditions of approvals in respective tract maps, unless Bond proceeds are available to finance the costs of such public improvements. 5.5 Storm Drain and Other Facilities Beyond Needs of Project. City recognizes that Owner's responsibility, as a condition of proceeding with development of the AERA Diamond Bar Property, to fund, construct or dedicate land for the storm drain facilities identified in Section 5.1 above and for Public Benefits and other facilities is not limited to facilities based upon a need created by the Specific Plan for the AERA Diamond Bar Property. If Owner elects to or is otherwise required pursuant to the terms hereof, to construct oversized storm drainage or other facilities, Owner shall be reimbursed for the value of such oversized facilities and/or dedicated land upon which it was constructed. Such reimbursement shall be made by City within thirty (30) days following City's acceptance of the storm drainage or other improvements. City shall accept the 25 Aera\Diamond Bar\Preannex&beve1A9t:07/18/06 storm drainage improvements or other improvements as and when provided for under the Land Regulations. 5.6 Drainage Fees. 5.6.1 Payment Upon Recordation of Final Maps. Subject to the provisions of Section 5.6.3 below, Owner shall be obligated to make payment -to City of Master Plan Drainage Fees only at the time that a final subdivision map records, which fees shall be related only to the real property included within such final map. 5.6.2 Excluded Areas. Notwithstanding any provision of this Agreement or in the Land Regulations, no drainage fees shall be imposed: (i) in connection with that portion of any real property included in any final subdivision maps from which surface water drainage will not drain toward or into the City; (ii) with regard to the land which is not included within the "blue boundary Lines" of any final subdivision map. 5.6.3 Drainage Fee Credit. Owner shall receive credits against City's Master Plan Drainage Fees in an amount equal to the value of all design and engineering fees and costs, plan check and inspection fees and costs of construction incurred by Owner in constructing on and about the AERA Diamond Bar Property of storm drain facilities. Furthermore, City shall negotiate in good faith with Owner one or more discounted pay- offs of the Master Plan Drainage Fees otherwise applicable to portions of the AERA Diamond Bar Property. 5.7 Flood Control. The flood plan management regulations of City shall be those currently required both by L.A. County and City under the Land Regulations. Owner shall comply with the National Pollution Discharge Elimination System (NPDES) requirements, including the payment of any fees imposed, as now existing or as may be imposed or increased in the future, by City or any other governing authority, to offset City's direct and reasonable (or such other governing body's) cost to comply with NPDES with respect to the AERA Diamond Bar Property. As used herein, NPDES includes any federal, state or county successor programs or additional programs of like or similar kind. 5.8 Grading. City shall approve grading plans on the AERA Diamond Bar Property and shall issue grading permits which will accommodate the Specific Plan provided that such plans are in substantial compliance with the Conceptual Grading Plan which is an exhibit to the Specific Plan approved by Owner and City. 26 Aera\Diamond Bar\Preannex&DevelAgt:07/18/06 In the event of any inconsistency between the provisions or requirements of Chapter of the Diamond Bar Municipal Code, or any amendments or modifications thereto or any successor provisions, and the Conceptual Grading Plan, the provisions of the Conceptual Grading Plan shall govern development of the AERA Diamond Bar Property. 5.9 Intentionally Deleted. 5.10 City Park Sites and Other Public Infrastructure Maintenance. City shall accept and maintain the Park Site(s), public rights--of--way, including trails provided for in the Specific Plan, as well as all streets, drainage facilities and green belts within and between development units in the Project, under one or more maintenance districts. 5.11 Utilities. City shall cooperate with Owner in the procurement, at Owner's cost, of all necessary utility services to the AERA Diamond Bar Property, including but not limited to water, sanitary sewer, electrical power, gas, telephone and cable television, whether provided by itself or its agents, franchisees, contractors, or other entities. 5.12 Intentionally Deleted. 5.13 Intentionally Deleted. 5.14 City Pipeline Franchise. Owner shall have the right to apply under the Land Regulations for a franchise from City for the purpose of installing, removing, re -installation, maintenance, repair, and use of pipeline transmission and monitoring facilities, along with ingress and egress thereto, under all public streets and public right-of-ways which are or become a part of the AERA Diamond Bar Property, and City shall timely process such application to completion. 6. IMPLEMENTATION OF THIS AGREEMENT. 6.1 Processing and Approvals. Upon submission by Owner of all appropriate applications for permits and approvals for the Project and payment of all appropriate processing fees as provided in this Agreement, City shall promptly commence and diligently complete all steps necessary to review, and if approved to issue, the requested permits or approvals including, but not limited to: (i) the holding of all required public hearings and notice for such public hearings; and (ii) timely review, consideration, and, if approved, granting of the requested permit or approval to the extent that it complies with this Agreement and is consistent with the Specific Plan. Such 27 Aera\Diamond BarlPreannex&Deveftt:07/18106 requested permits and approvals shall include, but not necessarily be limited to, approvals under the Specific Plan such as Village Plan approvals, tentative or final subdivision maps, phased final maps, lot line adjustments, building permits, grading plans and permits, landscape plans, wall and streetscape plans, urban edge treatment, design review approvals, and certificates of occupancy (the "Project Approvals"). City, at no cost to City, also agrees to assist and cooperate with Owner in securing any County, State, and Federal permits which may be required in connection with development of the Project. 6.2 Environmental Review. In connection with City's issuance of any permit or approval which is subject to CEQA, City shall promptly commence and diligently process, all at Owner's expense, any and all initial studies and assessments required by CEQA, and to the extent permitted by CEQA, City shall use the EIR and other existing environmental reports and studies as adequately addressing the environmental impacts of such matter or matters without requiring new or supplemental environmental documentation. In the event further environmental review and documentation is required, Owner shall comply with City's procedures for payment of the cost of preparation of such review and documentation. 6.3 Design Reviews. Prior to or concurrent with the first subdivision tract map submission for approval for Village I, Owner shall submit for City's approval, Community Design Guidelines which shall establish, among other matters, a spine street system, streetscape, entry monumentation, perimeter fencing and walls, trails and urban edge treatment for the Project. Application of such guidelines shall fall within the purview of City as part of the Design Review process set forth in the Land Regulations and the Specific Plan. Any amendments to the approved Community Design Guidelines shall be approved by City. 6.4 Time Frame for City Review. Provided tentative tract map, parcel map, and precise development plan applications are reasonably consistent with the Specific Plan, and provided that no additional environmental review is required in connection therewith, City shall promptly and diligently commence and complete all processes, including issuing notices of and holding of all required public hearings and taking final action on Owner's applications for land use permits and approvals within the time periods set forth in applicable law after such application has been accepted as complete or deemed complete pursuant to applicable law. 28 AeralDiamond BarlPreannex&Deve1A9t:07/18/06 6.5 Building and Grading Permits. Subject to the provisions of the last sentence of this Section, upon application by Owner after Owner has secured all permits and approvals required therefor, City shall issue residential building permits to Owner in quantities consistent with the Specific Plan and Project Phasing Plan. In addition, upon application by Owner, City shall issue site clearance permits, rough and final grading permits, demolition permits, and grading permits of any type required by Owner for grading operations consistent with this Agreement. 6.6 Other Governmental Permits. Owner shall apply from time to time for other permits and approvals as may be required by other governmental or quasi -governmental agencies and utility companies having jurisdiction over the Project in connection with the development of, or provision of services to, the Project. City shall cooperate with Owner in its efforts to obtain such permits and approvals, and from time to time at the request of Owner and at no cost to City, attempt with due diligence and in good faith to enter into binding agreements with any such entity necessary to assure the availability of such permits and approvals or services, including joint financing and joint use agreements, provided such agreements arc reasonable and not detrimental to City. 6.7 Eminent Domain Powers. City shall not impose any conditions of approval on the Project which require the acquisition of private property (other than may be owned by an affiliate of Owner) in order to fulfill the condition in such circumstances where City either does not or cannot exercise its powers of eminent domain. Nothing herein is a prejudgment of any of the matters concerning acquisition of real property, whether by condemnation or otherwise. 6.8 Cooperation in the Event of Legal. Challenge. If any legal or equitable action or other proceeding is brought by any party, governmental entity or official challenging the validity of any provision of this Agreement, the parties shall cooperate in defending such action or proceeding, at Owner's expense. In the event City and Owner are unable to select mutually agreeable legal counsel to defend such action or proceeding, each party may select its own legal counsel, at each party's expense. In the event of any litigation challenging the effectiveness of this Agreement, or any portion thereof, this Agreement shall remain in full force and effect while such litigation, including any appellate review, is pending. 7. STATEMENT OF COMPLIANCE. 29 Aera%Diamond Bar\Preannex&Deve1Agt:07118/08 Not more than once in any calendar year, Owner may request that City's Community Development Director provide to Owner a written statement confirming that Owner is in compliance with the terms and conditions of this Agreement, which statement shall be issued, if at all, within fifteen (15) days following Owner's request. In the event that such statement is not delivered within such period of time, then City shall deliver to Owner within such period of time a detailed written statement of findings as to how, when and where Owner breached its obligations hereunder and City's suggested remedial actions. Failure of City to timely provide to Owner such written statement of findings shall be deemed City's automatic and conclusive determination that Owner is in full compliance with Owner's obligations hereunder, and City's failure to issue such findings or certificate of compliance shall not be deemed a material breach of City hereunder. 8. DEFAULT. 8.1 Events of Default. A default by City or Owner, as the case may be, under this Agreement shall be deemed to have occurred upon the happening of one or more of the following events or conditions: 8.1.1 Breaches by Owner. Owner shall be in breach of Owner's obligations hereunder: (a) If a written warranty or representation or statement made or furnished by Owner to City is false or proves to have been false in any material respect when it was made. (b) If there is a finding and determination by City made following a periodic review under the procedure provided for in California Government Code Section 65865.1 that upon the basis of substantial evidence Owner has not complied in good faith with one or more of the terms or conditions of this Agreement. 8.1.2 Breaches by City. City shall be in breach of City's obligations hereunder: (a) If City does not accept timely review, or appropriately consider requested development permits or entitlements submitted in accordance with the provisions of this Agreement. 8.1.3 Breaches by Both Owner and City. City and/or Owner shall, as the case may be, each be in breach of its 30 AeraUamond BarlPreannex&Deve1Agt:07118106 respective obligations hereunder if either fails to perform any act required to be performed by it under this Agreement, or either commits any act prohibited by it under this Agreement. 8.2 Procedure Upon Default. 8.2.1. Termination of Agreement. Upon the occurrence of a default, the non -defaulting party shall deliver to the other, fifteen (15) days' written notice specifying the nature of the alleged default. In the event that such default is not one reasonably subject to cure within such fifteen (15) day period, the defaulting party shall not be deemed in default in the event that the defaulting party commences to cure within such fifteen (15) day period and diligently prosecutes such cure to completion. 8.2.2 Default by Owner. If City alleges a material default by Owner and alleges that Owner has not cured the default within the applicable cure period, the following shall occur: (a) City shall deliver to Owner not less than fifteen (15) days' advance written notice of the day and time of a hearing before the City Council, the purpose of which hearing shall be to determine whether this Agreement shall be terminated; (b) Owner shall have the opportunity to appear with counsel before the City Council to present its case on the merits of the alleged breach; and (c) City and Owner acknowledge that, if Owner fails to carry out its obligations under this Agreement, City shall have the right to refuse to issue any permits or other approvals to which Owner would otherwise have been entitled pursuant to this Agreement and which are directly related to such failure of the Owner to carry out its obligations. If City issues a permit or other approval pursuant to this Agreement in reliance upon a specified condition being satisfied by Owner in the future, and if Owner constructs the portion of the Project to which the permit or approval relates, but fails to satisfy such condition, City shall be entitled to specific performance for the sole purpose of causing Owner to satisfy such condition. City's right to specific performance shall be limited to those circumstances set forth above, and City shall have no right to seek specific performance to cause Owner to otherwise proceed with the development of the Project in any manner. 31 Aera\Diamond BaAPreannex&Deve1Agt:07/18/06 8.2.3 Default by City. If Owner alleges a material default by City and alleges that City has not cured such material default within the applicable cure period, Owner may: (i) terminate this Agreement on not less than fifteen (15) days' written notice to City; or (ii) petition the City Council for a hearing. Due to the size, nature, and scope of the Project, it will not be practical or possible to restore the AERA Diamond Bar Property to its pre-existing condition once implementation of this Agreement has begun. After such implementation, Owner may be foreclosed from other choices it may have had to utilize the AERA Diamond Bar Property and provide for other benefits. Owner has invested significant time and resources and performed extensive planning and processing of the Project in agreeing to the terms of this Agreement and will be investing even more significant time and resources in implementing the Project in reliance upon the terms of this Agreement. It is not possible to determine the sum of money which would adequately compensate Owner for such efforts. For the above reasons, City and Owner agree that damages would not be an adequate remedy if City fails to carry out its obligations under this Agreement. In addition to all other remedies at law (subject to the limitation set forth in Section 8.3), after exhausting any administrative remedy before the City Council for redress which appeal is not, in Owner's judgment, adequately responded to, Owner shall be entitled, subject to the provisions of Section 8.2.4, to seek writs of mandate or prohibition, including peremptory writs and injunctive relief, including mandatory injunctions, all without the requirement of having to make factual showing that damages are an adequate remedy. During the time when Owner alleges the existence of a City default and without limiting any of its other remedies, Owner shall not be obligated to proceed with or complete the Project or any phase of the Project, nor to reserve, dedicate or convey any property pursuant to this Agreement. Upon a City default, any resulting delays in Owner's performance shall neither be an Owner default nor constitute grounds for termination or cancellation of this Agreement by City. Any delays resulting from a City default, at Owner's option, shall extend the term of this Agreement for a period equal to the length of the delay. 8.2.4 Rapid Dispute Resolution. In the event City and Owner cannot resolve any conflict which arises hereunder within thirty (30) days following written demand of either party, or such longer period as the parties may agree, then either Owner or City shall have the right to submit the matter to a reference judge for a binding decision, in the manner and subject to the procedures set forth in Section 8 .2 .4 (a) below. 32 AeraTiamond Bar\Preannex&Deve1Agt:07/18/06 (a) Procedures. In the event of any dispute between Owner and City arising under this Agreement, such dispute shall be heard by a reference proceeding from the Orange County Superior Court pursuant to California Code of Civil Procedure Section 638 et seq. Owner and City agree that a single referee will try all issues, whether of fact or law, and report a finding and judgment thereon, and issue all legal and equitable relief appropriate under the circumstances of the controversy before him/her. The referee may be asked to issue orders for the settlement, cure, correction or remedy of any default, controversy or deadlock, or to enforce any covenant or agreement herein, to enter a judgment for damages, to issue mandatory or prohibitory injunctions, to issue a writ of mandamus, issue a declaration in any declaratory relief action, or to grant any other remedies consistent wilth the purposes of this Agreement. From the date of the filing of a complaint or petition with respect to this Agreement until the date upon which the one referee chosen by Owner and City agree to serve and in fact begins serving, the Orange County Superior Court Judge sitting as the writs and receivers judge shall be the referee for the purposes of issuing all orders in any proceedings hereunder. Any referee selected pursuant to this Section shall be considered a temporary judge appointed pursuant to Article 6, Section 21 of the California Constitution. Immediately upon the service of a complaint, counsel for Owner and City shall be obligated to cooperate in good faith to select and formally retain the services of a referee, in writing, through the services of the Judicial Arbitration and Mediation Service. If Owner and City are unable to agree on the identity of a referee within ten (10) days of the service of such a complaint, either party may seek to have one appointed pursuant to California Code of Civil Procedure Section 640. The cost of such reference proceeding shall initially be borne equally by the parties, but the prevailing party shall ultimately be awarded a judgment for its share of such costs. (b) Standard of Review. Owner is concerned that normally the judiciary extends to local agencies significant deference in the adoption of land use regulations which might permit City, in violation of the Reserved Authority and the provisions of Section 4.9 above, to attempt to apply to the AERA Diamond Bar Property any rules, regulations or ordinances which are inconsistent with the Land Regulations and this Agreement pursuant to the exercise of the Reserved Authority and the provisions of Section 4.9. Based on the foregoing, in the event Owner judicially (including by way of a reference proceeding) challenges the application of a future land use rule, regulation or ordinance as being in violation of this Agreement or as not being adopted pursuant to the Reserved 33 Aera%Diamond BarlPreannex&Deve1Agl:07118/06 Authority, the court (including by way of reference) shall render an independent judgment, based solely on the record and the provisions of this Agreement, that Owner shall bear the burden of proof in establishing that such rule, regulation or policy is inconsistent with the Land Regulations and/or the Specific Plan, and City shall thereafter bear the burden of proof in establishing that such regulation was adopted pursuant to and in accordance with the Reserved Authority or Section 4.9 and was not applied by City in violation of this Agreement. (c) Standard of Review; Alleged Owner Default. The findings of the City Council as to the existence of an. Owner default shall have no weight in any legal proceeding, including by judicial reference referred to in Section 8.2.4 above that is brought to determine the existence of an Owner default. The validity of any termination may be judicially, including by judicial reference referred to in Section 8.2.4 above, challenged by Owner, in which case the court or judge, as the case may be, must render an independent judgment as to the existence of good cause for termination, based solely on the administrative record and applicable law. Termination for an Owner default may result only from a material Owner default of a material provision of this Agreement. 9. ENCUMBRANCES AND RELEASE ON PROPERTY. 9.1 Discretion to Encumber. This Agreement shall not prevent or limit Owner, in any manner, at Owner's sole discretion, from encumbering the AERA Diamond Bar Property or any portion of the AERA Property or any improvement on the AERA Property by any mortgage, deed of trust, UCC Financing Statement and/or fixture filing or other security device securing the replacement of financing with respect to the AERA Diamond Bar Property or its improvement. 9.2 Mortgagee Rights and Obligations. The Mortgagee of the AERA Diamond Bar Property, or any part thereof, shall, upon written request to City, be entitled to receive from City written notification of any default by Owner of the performance of Owner's obligations under the Agreement which has not been cured within thirty (30) days following the date of default, provided that the failure of City to provide such required notice shall not constitute a material breach of this Agreement nor shall it affect the status of such Owner default other than that the period of time for the Mortgagee's right to cure the default shall not begin to run until it receives such notice. 34 Aera0amond 8ar\Preannex&DeveIAgt:07/18/06 9.2.1 Right to Cure. Notwithstanding Owner's default, this Agreement shall not be terminated by City as to any Mortgagee to whom notice is actually given and to which either of the .following is true: (a) The Mortgagee cures any default by Owner involving payment of money within ninety (90) days after Mortgagee's receipt of written notice of default; (b) As to defaults requiring title or possession of the AERA Diamond Bar Property, or any portion thereof, to effectuate a cure: (a) the Mortgagee agrees in writing, within ninety (90) days after receipt from City of the written notice of default, to perform the proportionate share of Owner's obligations under this Agreement allocable to that part of the AERA Diamond Bar Property in which the Mortgagee has an interest, conditioned upon such Mortgagee's acquisition of the AERA Diamond Bar Property, or portion thereof, by foreclosure (including a trustee sale) or by a deed in lieu of foreclosure; (b) the Mortgagee commences foreclosure proceedings to reacquire title to the AERA Diamond Bar Property, or applicable portion thereof, within said ninety (90) days and thereafter diligently pursues such foreclosure to completion; and (c) the Mortgagee promptly and diligently cures such default after obtaining title or possession. Subject to the foregoing, in the event any Mortgagee records a notice of default as to its mortgage, upon the Mortgagee's written request to assume Owner's obligations hereunder, City shall consent to the assignment of all of Owner's rights and obligations under this Agreement to the Mortgagee or to any purchaser of Owner's interest at a foreclosure or trustee sale, provided the Mortgagee or such purchaser executes and delivers to City an assumption agreement in a form and with terms reasonably acceptable to City, and Owner shall thereafter be released by City from liability hereunder with regard to the applicable portion of the AERA Diamond Bar Property which is transferred in accordance with Section 2.5 above. Notwithstanding the foregoing, City shall not impose any terms on the Mortgagee which are inconsistent with the provisions of this Agreement. 9.2.2 Extended Cure Period. Notwithstanding Section 9.2.1 above, if any Mortgagee is prohibited from commencing or prosecuting foreclosure or other appropriate proceedings including by any process of injunction issued by any court or by reason of any action by any court having jurisdiction or any bankruptcy or insolvency proceeding involving Owner, the times specified in Section 9.2.1 above for commencing or prosecuting foreclosure or other proceedings or 35 AeraUamond BarlPreannex&DeveiAgW7l18/06 curing any default by Owner, including the payment of money, shall be extended for the period of the prohibition. 9.2.3 Superior Lien. The Lien of any existing or future deeds of trust recorded against all or any part of the AERA Diamond Bar Property (other than the Public Benefit Sites) shall be superior and senior to any lien created by this Agreement or the recordation thereof. At the request of any lender whose loan will be secured by a deed of trust on all or any part of the AERA Diamond Bar Property (other than the Public Benefit Sites), City shall execute a subordination agreement, subordinating its interest hereunder to the lien of such deed of trust, which subordination agreement shall be subject to the reasonable approval of City. Notwithstanding the foregoing: (i) at the option of the Mortgagee any foreclosure of any such deed of trust shall not serve to extinguish or terminate this Agreement, provided that in no event shall any dedications or conveyances made by Owner to City be affected or reversed; and (ii) the lien of any Bond or assessment shall be superior to the lien of any deed of trust and this Agreement. 9.2.4 No Impairment of Lien. Neither entering into this Agreement nor a breach of this Agreement shall defeat, render invalid, diminish or impair the lien of any existing or future mortgagee or deed of trust on the AERA Diamond Bar Property made in good faith and for value. 9.2.5 Election to Assume Obligations. Except as provided to the contrary in this Agreement, no Mortgagee or beneficiary shall have an obligation or duty under this Agreement to perform the obligations of Owner or other affirmative covenants of Owner hereunder, or to guarantee such performance, and no Mortgagee shall be liable for any defaults or monetary obligations of Owner arising prior to acquisition of title to the AERA Diamond Bar Property by such Mortgagee or their respective successors or assigns; except that to the extent any covenant to be performed by Owner is a condition to the performance of a covenant by City, the performance thereof shall continue to be a condition precedent to City's performance hereunder. In the event a Mortgagee elects to develop the AERA Diamond Bar Property in accordance with the Specific Plan, the Mortgagee shall be required to assume and perform the obligations or other affirmative covenants of Owner under this Agreement. 9.2.6 Request to Modify. City acknowledges that the lenders providing financing for the Project may require certain modifications to this Agreement and City agrees, upon request from time to time, to meet with Owner and/or 36 AeralDiamond Bar\Preannex&Deve1Agt:07118106 representatives of such lenders to negotiate in good faith any such requirement for modification. To the extent that City Council action is required in order to lawfully adopt the requested modification to this Agreement, the City Council shall promptly and reasonably consider the request, without imposing any additional conditions, dedications, or exactions from Owner so long as such requested modification(s) do(es) not materially affect the terms of this Agreement. 9.3 Releases. City agrees that upon written request of Owner and payment of all fees and performance of the requirements and conditions required of Owner by this Agreement with respect to the AERA Diamond Bar Property, or any portion thereof, City shall execute and deliver to Owner appropriate release(s) of further obligations imposed by this Agreement in, form and substance acceptable to the County Recorder and title insurance company, if any, or as may otherwise be necessary to effect the release. 9.4 Termination of Agreement with Respect to Individual Residential Lots Upon Sale to Public. Notwithstanding any other provisions of this Agreement, this Agreement shall terminate with respect to any residential lot and such lot shall be released and no longer be subject to this Agreement without the execution or recordation of any further document when a final "Certificate of Occupancy", or its equivalent, is issued for any lot or parcel within a phase or tract. Such release of obligations shall occur automatically and shall not require the execution or recordation of any further document or instrument. 10. MISCELLANEOUS PROVISIONS. 10.1 Rules of Construction. The singular includes the plural; the masculine gender includes the feminine; "shall" is mandatory; "may" is permissive. 10.2 Entire Agreement, Waiver and Recorded Statement. This Agreement constitutes the entire understanding and agreement of City and Owner with respect to the matters set forth in this Agreement. This Agreement supersedes all negotiations or previous agreements between City and Owner, respecting this Agreement. All waivers of the provisions of this Agreement must be in writing and signed by the appropriate authorities of City and Owner. Upon the completion of performance of this Agreement or its revocation or termination, a statement evidencing completion, revocation, or termination signed by the appropriate agents of City, shall be recorded in the Official Records of County. 37 Aera\Diamond $arlPreannex&Deve1Agt:07118/06 10.3 Incorporation of Recitals. The Recitals set forth in Paragraphs A through and including U above are part of this Agreement. 10.4 Consent. Where the consent or approval of City, or Owner, is required or necessary under this Agreement, the consent or approval shall not be unreasonably withheld, delayed, or conditioned unless otherwise provided herein. 10.5 Covenant of Cooperation. City and Owner shall cooperate and deal with each other in good faith, and assist each other in the performance of the provisions of this Agreement. 10.6 Delay, Extension of Time for Performance. In addition to any specific provision of this Agreement, performance by either City or Owner of its obligations hereunder shall be excused during any period of delay caused at any time by reason of any event beyond the control of City or Owner, which prevents or delays performance by City, or Owner, of obligations under this Agreement, including, but not limited to, acts of God, judicial actions such as the issuance of restraining orders and injunctions, riots, strikes, or damage to work in process by reason of fire, floods, earthquake, or other such casualties. If City or Owner seeks excuse from performance, it shall provide written notice of such delay to the other within thirty (30) days of the commencement of such delay. If the delay or default is beyond the control of City or Owner, an extension of time for such cause shall be granted in writing for the period of the enforced delay, or longer as may be mutually agreed upon. 10.7 Applicable Law; Severability; Forum; Service of Process; Attorneys' Fees. This Agreement shall be governed by and construed under California Law. Nothing contained herein shall be construed so as to require the commission of any act contrary to law, and wherever there is any conflict between any provision contained herein and any present or future statute, law, ordinance, or regulation contrary to which the parties have no legal right to contract, the latter shall prevail but the provision of this Agreement which is affected shall be curtailed and limited only to the extent necessary to bring it within the requirements of the law without invalidating or affecting the remaining provisions of this Agreement. The parties hereto agree that the Municipal and Superior Courts of the State of California in and for the County of Orange, and the United States District Court for the Central District of California, Santa Ana Division, shall have exclusive jurisdiction of any litigation between the parties hereto arising out of or 38 Aera\Diamond BaAPreannex&Deve1Agt:07118106 connected to this Agreement. Service of process on City shall be made in accordance with the requirements for service of process on a public entity. Service of process on Shell Western E&P Inc. shall be made in any manner permitted by law and shall be effective if served on Aera Energy LLC's registered agent for service of process, PrenticQ Hall Corporation System Inc. of California, 5670 Wilshire Boulevard, Suite 750, Los Angeles, California 90036, with a copy mailed by certified or registered mail, postage prepaid, to Division Land Manager, 10000 Ming Avenue, Bakersfield, California 93309. 10.8 Time of Essence. Time is of the essence in the performance of the provisions of this Agreement as to which time is an element. 10.9 Estoppel Certificate. Within fifteen (15) days following a written request by either of the parties, the other party to this Agreement shall execute and deliver to the requesting party a statement certifying that: (i) this Agreement is unmodified and in full force and effect, or if there have been modifications hereto, that this Agreement is in full force and effect as modified and stating the date and nature of such modifications; (ii) there are no current uncured defaults under this Agreement or specifying the date and nature of any such default; and (iii) any other reasonable information requested. The failure to deliver such a statement within such time shall constitute a conclusive presumption against the party which fails to deliver such statement that this Agreement is in full force and effect without modification except as may be represented by the requesting party and that there are no uncured defaults in the performance of the requesting party, except as may be represented by the requesting party; provided, however, the fifteen (15) day period referenced above shall be extended as reasonably necessary if the party providing the statement has demanded in writing within the fifteen (15) day period additional information from the requesting party that is reasonably necessary for the providing party to obtain in order to provide the statement. 10.10 Non -liability of City Officers and Employees. No official, officer, employee, agent, or representative of City, acting in his/her official capacity, shall be personally liable to Owner, or any successor or assign, for any loss, costs, damage, claim, liability, or judgment, arising out of or connected to this Agreement, or for any act or omission on the part of City or such official, officer, employee, agent, or representative with respect to Owner. 39 AerakDiamond BarTreannex&Deveftt:07118106 10.11 Nonliability of Owner Officers and Employees. No officer, director, shareholder, parent or subsidiary corporation or other affiliate of Owner or any of their respective employees, agents, or representatives shall be personally liable to City, or any successor or assign, for any loss, costs, damage, claim, liability, or judgment, arising out of or connected to this Agreement, or for any act or omission on the part of Owner or such officer, director, shareholder, parent or subsidiary corporation or other affiliate of Owner or any of their respective employees, agents, or representatives. 10.12 Covenant Against Discrimination. Owner and City covenant and agree, for themselves and their respective successors and assigns, that there shall be no discrimination against, or segregation of, any person or group or persons on account of race, color, creed, religion, sex, marital status, national origin or ancestry in the performance of this Agreement. Owner shall comply with the Americans with Disabilities Act of 1990, as amended (42 U.S.C. Sections 12101, et seq.). 10.13 Modification or Amendments. No amendment, change, or modification of this Agreement shall be valid unless in writing and signed by all of the parties hereto. 10.14 Successors and Assigns. All of the terms and provisions contained herein shall inure to the benefit of and shall be binding upon the parties hereto and their respective heirs, personal representatives, and permitted successors and assigns. 10.15 Separate Counterparts. This Agreement may be executed in one or more separate counterparts, each of which, when so executed, shall be deemed to be an original. Such counterparts shall together constitute and be one and the same instrument. 10.16 Agreement Negotiated. The parties hereto have been represented by counsel of their own choosing throughout this transaction who have carefully negotiated the provisions hereof. As a consequence, the presumptions of' California Civil Code Section 1654 relating to the interpretation of contracts against the drafter or any particular clause shall not be applied in this case and therefore the parties hereto waive its effects. 10.17 Captions. The captions appearing at the commencement of the paragraphs hereof are descriptive only and for convenience in reference. Should there be any conflict 40 Aera\Oiamond BarTreannexWeveftt:07/18/06 between any such paragraph caption and the paragraph to which the caption refers, the paragraph and not such caption shall control and govern in the construction of this Agreement. 10.18 Notices. Any and all notices, demands or other communications ("Notices") required or desired to be given hereunder by any party shall be in writing and shall be validly given or made by any of the following methods: (i) by personal delivery; (ii) by facsimile transmission if also concurrently deposited for delivery by United States mail in the manner described in subparagraph (iii); (iii) by deposit in the United States mail, certified or registered, postage prepaid; or (iv) by delivery by a same -day or overnight courier (e.g., FedEx, UPS, etc.). Notices delivered personally or by courier shall be conclusively deemed made at the time of such personal delivery or refusal to accept delivery. Notice served by facsimile transmission shall conclusively be deemed to have been made as of the earlier of (a) the first business day following the date of transmission to the facsimile number, if any, set forth below, so long as the sender has reasonable confirmation of the receipt by the receiving facsimile machine of the facsimile transmission; or (b) the effective date of receipt of the concurrently mailed copy of the Notice. Notices delivered by mail shall conclusively be deemed delivered three (3) business days after the deposit thereof in the United States mail addressed to the party to whom such Notice is to be given. Any party hereto may change its address or facsimile number for the purpose of receiving Notices as herein provided by a written notice given in the manner aforesaid to the other party or parties hereto. Notices shall be directed as follows: If to Owner: 3030 Saturn Street, Suite 101 Brea, CA 92621 FAX No.: (714) 577-9149 Attn: George L. Basye with copies to: Aera Energy LLC 10000 Ming Avenue Bakersfield, CA 93311 FAX No.: (805) - Attn: General Counsel Donfeld, Kelley & Rollman 11845 W. Olympic Boulevard Suite 1245 Los Angeles, CA 90064 FAX No.: (310) 312-8014 Attn: Jeffrey E. Donfeld, Esq. 41 Aera\Diamond Sar\Preannex&Deve1Agl:07118/06 If to City: Diamond Bar, CA FAX No.: ( ) - Attn: City Manager with copy to: FAX No.: ( ) - Attn: 11. EXHIBITS. Esq. The following exhibits referred to in this Agreement are attached hereto and incorporated herein as though set forth at length and are identified as follows: Exhibit Designation Description "A"' AERA Property Legal Description "'A-11' AERA Orange County Property 11A-2"" AERA L.A. County Property "A-3" AERA Diamond Bar Property ""B"' Map of AERA Property The following documents referred to in this Agreement are incorporated herein as though set forth at length and are identified as follows: Project Phasing Plan Public Financing Plan Shell Specific Plan/ Master Planned Community/ Shell Diamond Bar Planned Community Zoning Ordinance [signatures on next page »] 42 Aera\Diamond Bar\Prearinex&Deve1Agt:07118/06 IN WITNESS WHEREOF, this Agreement has been executed by City, acting by and through its Mayor, pursuant to Ordinance No. authorizing such execution by City, and by Owner upon authorization by Resolution No. of the Board of Directors of Owner. Dated this day of , 2006. ATTEST: Name: City Clerk of the City of Diamond Bar APPROVED AS TO FORM: Name: City Attorney "OWNER" AERA ENERGY LLC a California limited liability company By: Name: Its Attorney -in -Fact "CITY" THE CITY OF DIAMOND BAR, a Municipal Corporation and a General. Law City, By: Name: Mayor of the City of Diamond Bar 43 Aera%Diamond Bar\Preannex&Deve1Agt:07/18/06 EXHIBIT "A" AERA PROPERTY DESCRIPTION [TBA] AeralDiamond BarTreannex&DevelAgL07118146 EXHIBIT "A-1 AERA ORANGE COUNTY PROPERTY [TBAI AeraTiamond Bar\Preannox&DevelAgt:07l18106 EXHIBIT "A-2" AERA L.A. COUNTY PROPERTY [TBA] Aeralbiamand BaAPreannex&DevelAgf:07/18/06 EXHIBIT "A-3" AERA DIAMOND BAR PROPERTY [ TBA] AeraTiamond Bar\Preannex&DevelAgt07118/06 P Pi F7 a Ft F-f F4 W W H MH W W W 0 W^ T