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NOW, THEREFORE, in consideration of the recitals (which are incorporated <br />into the Agreement by this reference) and for other good and valuable consideration, the <br />receipt and sufficiency of which are hereby acknowledged, the County and the Applicant <br />agree as follows: <br />AGREEMENT <br />1. Effective Date and Termination. <br />1.1 Effective Date. The Effective Date of this Agreement is the last date upon <br />which it was signed by the Parties hereto. <br />1.2 Term. This Agreement shall be effective for five (5) years consistent with <br />Exhibit G "Phasing Plan"; provided, however, that the term of this Agreement shall be <br />automatically extended for the effective life of any required permit or approval, plus any <br />approved extensions thereof, for the development contemplated herein, so long as a <br />complete application for such permit or approval has been received prior to the expiration <br />date of this Agreement. Upon expiration of such period, or as may be extended above, <br />this Development Agreement shall automatically terminate. Upon the County granting <br />the Final Plat for the last phase of the Project this agreement shall automatically <br />terminate. <br />1.3 Termination. This Agreement may be terminated, in writing, by mutual <br />agreement of the Parties to this Agreement. <br />2. Definitions. <br />For purposes of this Agreement, the following terms, phrases, words, and their <br />derivations shall have the meaning given herein where capitalized; words not defined <br />herein shall have their ordinary and common meaning. When not inconsistent with the <br />context, words used in the present tense include the future, words in the plural <br />number include the singular number, words in the singular number include the plural <br />number, and the use of any gender shall be applicable to all genders whenever the sense <br />requires. The words "shall" and "will" are mandatory and the word "may" is permissive. <br />References to governmental entities (whether persons or entities) refer to those entities or <br />their successors in authority. If specific provisions of law referred to herein are <br />