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accordance with the Existing Approvals, subject to the terms and conditions contained in this Agreement, in order to implement the intent of the County in enacting the Development Agreement Regulations. Recital T. Developer has represented to County that it is the owner of the Property, is a qualified applicant under the Development Agreement Regulations, and is entitled to file the application for and enter into this Agreement, and that,with respect to the encumbered portion of the Property described in Exhibit A-2,Developer has acknowledged and agreed that as a condition of this Agreement Developer shall either require the holders of any security interest in the Property to execute and agree to be bound by the terms of this Agreement or to cause said security interest to be removed, as provided in Section 1.3.2. Recital U. After due review of and report on Developer's application for this Agreement by the Community Development Director and other County agencies and departments, and consideration of all other evidence heard and submitted at a duly noticed public hearing pursuant to the Development Agreement Regulations,the Planning Commission found and determined that this Agreement is consistent with County's General Plan, Master Plan, and Public Financing Plan and Specific Plan III and that this Development Agreement complies with all the provisions of the Development Title (Title 9 of the Ordinance Code of San Joaquin County). Recital V. Thereafter on , 2006, the County Board of Supervisors held a duly noticed public hearing on this Agreement pursuant to the requirements of the Development Agreement Regulations, found that this Agreement is consistent with County's General Plan,Master Plan, Public Financing Plan, and Specific Plan III and that this Development Agreement complies with all the provisions of the Development Title(Title 9 of the Ordinance Code of San Joaquin County), and introduced the Enacting Ordinance in order to enact this Agreement as its legislative act. Thereafter, on 2006, the Board of Supervisors adopted the Enacting Ordinance enacting this Agreement as its legislative act. Recital W. Inasmuch as this Agreement provides for the participation of Developer directly and through Financing Mechanisms in financing the public improvements required to carry out the Existing Approvals, this Agreement constitutes a contract, obligation and evidence of indebtedness within the meaning and scope of Government Code Section 53511 in that it provides for a means of satisfying financing obligations for various improvements and facilities to be owned by or maintained for the benefit of County, the MHCSD and the public generally in the Community. W02SF:FPD\614811452 -6-