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L L conditions of the Existing Approvals expressly identified in Exhibit B-1 as vested under this Agreement (the "Vested Elements"). The Developer recognizes that the Existing Approvals provide for various conditions to be satisfied for the development of the Property, including but not limited to: i. 2.1.1.A. The execution by the Developer and MHCSD of the THE JOE J. AND LILLIAN E. MACHADO FAMILY TRUST, dated March 17, 1993, and restated May 17, 1993 ("Machado') Master Acquisition and Reimbursement Agreement; and w 2.1.1.B. Thereafter to proceed in accordance with the provisions of Section 2.3.2. hereof including but not limited to conditions relating to jobs/housing balance, V affordable housing, roads and transportation facilities,the dedication and establishment of public parks, open space and recreation areas, and the provision of necessary infrastructure and public improvements facilities and services through Financing Mechanisms. v 2.1.1.0 Throughout the term of this Agreement,the County will monitor the development of the Community with respect to the policies, goals, standards and objectives `, of the Existing Approvals. Accordingly, any rights of the Developer under this Agreement are subject to such conditions and all other conditions of the Existing Approvals. L 2.1.2. Subsequent Development Agreements covering the Property, in whole or in part, shall incorporate or contain provisions in substantial compliance with the provisions of this Section 2., except as otherwise approved by the County in its sole discretion. Subsequent L Development Agreements covering portions of the Property shall be substantially consistent with each other to the extent deemed feasible by County in implementing and complying with the provisions of the Master Plan, Public Financing Plan and subject to the Special Conditions. Inasmuch as this Agreement may require Subsequent Development Agreements, and notwithstanding that the approval of such Subsequent Development Agreements is a legislative act, the Board of Supervisors shall not act in any arbitrary or capricious manner or in a manner in Lconflict with the provisions of this Agreement in considering the approval of any such Subsequent Development Agreements. 2.1.3. Developer agrees that the Property densities shall be governed and controlled by the Existing Approvals,subject to the terms of this Agreement, and expressly waives for the benefit of itself and its successors and assigns the benefits of and reliance upon L. any Law now existing or hereinafter enacted providing for density bonuses or other land use entitlements inconsistent with the Existing Approvals. L2.1.4. In the event of any conflict between the provisions of this Agreement and the other Existing Approvals, the provisions of this Agreement shall control. In the event of any conflict between the Existing Approvals,the latest of the Existing Approvals to be approved by L the County shall control. L2.2. Reserved Discretionary Approvals. LW02SF:"D\61481145.2 -25- L