Exclusive Master Developer with City. For and in consideration of the covenants of the Developer contained in this Agreement and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged and agreed by the parties, the City hereby appoints the Developer as the exclusive master developer of the Property and grants to the Developer the exclusive right: (i) to acquire or lease the right, title and any interest of the City in and to the Property (exclusive of the Storm Water Detention Pond Area), including fee simple title in accordance with this Agreement; (ii) to develop the Property in accordance with applicable local, state, federal laws and regulations and this Agreement; and (iii) to obtain all permits, licenses and other governmental approvals as necessary to effectuate the Master Development Plan as the same may be amended in accordance with this Agreement. If authorized to do so by the Developer and with written notice to the City, a Developer Subsidiary may exercise the rights of the Developer granted by this paragraph in connection with a Developer Improvement. Notwithstanding anything to the contrary herein, any approval granted by the City under this Agreement is for the purposes of this Agreement only and does not affect or constitute any approval required by any other City department or agency, or pursuant to any City ordinance, code, regulations or any other applicable governmental approval, including but not limited to those portions of the Downtown Overlay contained in the City’s Ordinance Code which requires the City and/or DDRB review and approval for any and all development permits, development orders, vertical construction, horizontal construction and any other development of the Property, which would normally be required to obtain said approval. Nor does any approval by the City pursuant to this Agreement constitute approval of the quality, structural soundness or safety of the Property or the Project.
