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ARTICLE II <br /> TERM AND VESTING RIGHTS <br /> Section 2.01 Term. This Agreement shall commence on all phases and bind the Parties on the Effective Date <br /> and continue uninterrupted for a period of forty-five (45)years. This Agreement however may be terminated, in <br /> whole or in part, by express written agreement executed by both Parties. <br /> Section 2.02 Vesting Rights. The City acknowledges that the Property known as Cotton Center and any <br /> additional land shall be deemed vested from the Vesting Date (as described in subparts a. and b. below). This <br /> acknowledgement by the City is not intended to waive any of the exemptions to vesting codified in Section <br /> 245.004 of the Local Government Code. A vested right under this Agreement shall not apply to regulations <br /> mandated by state law, or that are necessary to prevent imminent harm to human safety or property, which may <br /> be modified and made applicable to the Project even after the Effective Date. <br /> a. For any portion of the Property for which a Preliminary Subdivision Plat application has been submitted <br /> within five (5)years following the Effective Date, the Vesting Date for that portion of the Property shall <br /> be the Effective Date and shall remain the Vesting Date for that portion of the Property unless the <br /> Preliminary Subdivision Plat(including any applicable extensions) expires. <br /> b. For any portion of the Property for which a Preliminary Subdivision Plat application has been submitted <br /> from and after five (5)years after the Effective Date the Vesting Date for that portion of the Property <br /> shall be the date for which a Preliminary Subdivision plat is submitted and shall remain the Vesting Date <br /> for that portion of the Property unless the Preliminary Subdivision Plat(including any applicable <br /> extensions) expires. <br /> c. To the extent of a conflict between this Agreement and City Codes, this Agreement shall <br /> control. Notwithstanding the foregoing, from and after five (5)years following the Effective Date, the <br /> City Codes in place at the time of any given Preliminary Subdivision Plat application shall control for <br /> the vesting period of the applicable Preliminary Subdivision Plat, over the following articles of this <br /> Agreement: <br /> i. Article VII Circulation and Connectivity <br /> ii. Article VIII Lot Standards and Site Design <br /> iii. Article IX Architectural Design <br /> iv. Article X Parking Access <br /> v. Article XI Building Permits <br /> vi. Exhibit C Development Waivers <br /> Section 2.03 Owner's Rights to Continue Development. The City agrees to strictly comply with Subchapter <br /> E, Chapter 212 of the Texas Local Government Code during the term of this Agreement in enacting any <br /> )ratorium on property development in Cotton Center. The City may impose temporary moratoriums uniformly <br /> Loughout the City and its ETJ in accordance with Subchapter E, Chapter 212 of the Texas Local Government <br /> Code. <br /> 9 <br />