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NOW, TT-~REFORE, in consideration of the mutual promises of the parties set forth in <br />this Property Development Agreement (the "Agreement°), Owner and Developer agree as <br />follows: <br />SECTION I EMPLOYMENT, TERM, TERMINATION <br />1.1 Emplovment <br />Owner hereby engages Developer as the exclusive developer to develop the Project for <br />the Term of this agreement and authorizes Developer to exercise, subject to the supervision of the <br />owner and upon all the terms and conditions hereof, such powers as may be necessary and <br />appropriate for the development of the property. Developer hereby accepts such engagement and <br />agrees to perform all supervisory, management, and operational services and functions, including, <br />without being limited to, those specifically set forth herein, reasonably necessary or incidental to <br />the development of the Project. Developer shall use its best efforts and devote such time as is <br />necessary to perform properly the duties of Developer described in this Agreement. Developer is <br />acting hereunder as an independent contractor, and this Agreement shall not be deemed to create <br />any employer-employee relationship, either express or implied, between Owner and Developer. <br />1.2 Term <br />This Agreement shall be effective as of the date hereof, and shall continue in effect until <br />terminated a provided in Section 1.3 (the "Term"). <br />1.3 Ternunation <br />1.3.1 T'his Agreement may be ternrinated by Owner in the event of a material default by <br />