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<br />(3)the provision has the effect of reducing the fair market value of the lot; <br />and <br /> <br />(4)the provision does not meet any of the exemptions contained in subsection <br />(3) of Measure 37. <br /> <br />Where a regulation is not applied, the comparable regulation that was in effect at <br />the time that LPI acquired the lot shall govern. <br /> <br /> <br />Approved by the City Council this ___ day of ____, 2006. <br />Page 4 of 4 <br />