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i Approvals and the terms of this Agreement, with respect to the permitted land uses, densities, and major infrastructure required for the Property, in order to allow Developer to undertake and r, complete the planning,public and private financing and development of the Property, and to protect the capital investments that will be made by Developer, lenders,bond purchasers and others who may invest in the development of the Property. Developer intends to form an assessment district covering its property for the purpose of financing the construction, installation and maintenance of infrastructure improvements. Subject to all the terms of this Agreement(including, but not limited to,terms governing assignments and transfers of Developer's interest hereunder), Developer intends to re-parcel, subdivide and sell the Property subject to and with an assignment of Developer's rights under this Agreement to others. Subject to the terms of Section 1.6 of this Agreement, Developer may joint venture or reorganize its ` ownership interests as the planning, financing and development of the Property is undertaken. Recital P. Developer and County desire to provide the parameters within which the ` obligations of Developer for public and other improvements will be met,and otherwise to provide the criteria for the planning and development of the Property in order to obtain the foregoing benefits. i Recital 0. The Parties acknowledge that Developer cannot accurately predict the time schedule within which the Property will be developed, or the order in which particular phases or other portions of the Property will be developed, and that the rate, timing, order, and sequencing of the development of the Property will depend on numerous circumstances beyond Developer's control, including, without limitation, market trends, demand, the condition of capital markets, ` interest rates, availability of financing and other economic and non-economic factors. Recital R. This Agreement is voluntarily entered into by Developer in order to implement L the Existing Approvals and in consideration of the rights conferred and the procedures specified herein for the development of the Property. This Agreement is voluntarily entered into by County in the exercise of its legislative discretion in order to implement the Existing Approvals and in consideration of the agreements and undertakings of Developer hereunder. County and Developer recognize and agree that but for Developer's contribution to and participation in programs to mitigate the impacts of the development of the Property and the cumulative impacts Lof the development of the Community, County would not approve the development of the Property as contemplated by this Agreement. County's approval of the development of the Property as contemplated hereunder is in reliance upon and in consideration of Developer's agreements to make contributions, assume obligations, and be subject to the restrictions referred to in this Agreement to mitigate the impacts of the development of the Property and the cumulative impacts of the development of the Community. L Recital S. For these reasons, County has determined that this Agreement is appropriate in order to achieve the goals and objectives of the County's land use planning policies and to provide appropriate assurances to Developer regarding its ability to proceed with necessary 6s subsequent actions leading to the development of the Property. This will in turn eliminate uncertainty in planning for and secure orderly development of the Property, assure progressive installation of necessary improvements and provision for public services appropriate to each stage of development of the Property, insure attainment of the maximum effective utilization of LW02-SF:FPD161481145.2 -5- L