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Agenda - City of Santa Monica

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2.1 General Description. The Project includes all aspects <strong>of</strong> the proposed<br />

development <strong>of</strong> the Property as more particularly described in this Agreement and on the<br />

Project Plans. If there is a conflict or inconsistency between the text <strong>of</strong> this Agreement<br />

and the Project Plans, the Project Plans will prevail; provided, however, that omissions<br />

from the Project Plans shall not constitute a conflict or inconsistency with the text <strong>of</strong> this<br />

Agreement.<br />

2.2 Principal Components <strong>of</strong> the Project. The Project consists <strong>of</strong> the<br />

following principal components, as well as the other components delineated in the Project<br />

Plans, all <strong>of</strong> which are hereby approved by the <strong>City</strong> subject to the other provisions <strong>of</strong> this<br />

Agreement: (a) fifty-three (53) dwelling units, consisting <strong>of</strong> forty-five (45) market rate<br />

units, five (5) very low income one-bedroom units, and three (3) low income studio units,<br />

(b) approximately 6,664 square feet <strong>of</strong> Floor Area <strong>of</strong> commercial use, and (c) sixty-six<br />

(66) parking spaces in a two-level subterranean parking garage.<br />

2.3 No Obligation to Develop.<br />

2.3.1 Except as specifically provided herein:<br />

(a) Nothing in this Agreement shall be construed to require<br />

Developer to proceed with the construction <strong>of</strong> the Project or any portion there<strong>of</strong>.<br />

(b) The decision to proceed or to forbear or delay in<br />

proceeding with construction <strong>of</strong> the Project or any portion there<strong>of</strong> shall be in Developer’s<br />

sole discretion.<br />

(c) Failure by Developer to proceed with construction <strong>of</strong> the<br />

Project or any portion there<strong>of</strong> shall not give rise to any liability, claim for damages or<br />

cause <strong>of</strong> action against Developer, except as may arise pursuant to a nuisance abatement<br />

proceeding under SMMC Chapter 8.96, or any successor legislation.<br />

2.3.2 Failure by Developer to proceed with construction <strong>of</strong> the Project or<br />

any portion there<strong>of</strong> shall not result in any loss or diminution <strong>of</strong> development rights,<br />

except upon expiration <strong>of</strong> Developer’s vested rights pursuant to this Agreement, or the<br />

termination <strong>of</strong> this Agreement.<br />

2.3.3 Notwithstanding any provision <strong>of</strong> this Section 2.3 to the contrary,<br />

Developer shall be required to implement all conditions <strong>of</strong> approval required under this<br />

Agreement in accordance with Exhibit “D”.<br />

2.4 Vested Rights.<br />

2.4.1 Approval <strong>of</strong> Project Plans. The <strong>City</strong> hereby approves the Project<br />

Plans. The <strong>City</strong> shall maintain a complete copy <strong>of</strong> the Project Plans, stamped<br />

“Approved” by the <strong>City</strong>, in the Office <strong>of</strong> the <strong>City</strong> Clerk, and Developer shall maintain a<br />

complete copy <strong>of</strong> the Project Plans, stamped “Approved” by the <strong>City</strong>, in its <strong>of</strong>fices or at<br />

the Project site. The Project Plans to be maintained by the <strong>City</strong> and Developer shall be in<br />

a half-size set. Further detailed plans for the construction <strong>of</strong> the Building and<br />

9<br />

F:\RECORDSANDELECTIONSHARE\MEETINGS\WWW\2013\20130514\WORD DOCUMENTS\2013051407-A-2.DOC

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