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EXHIBIT 4 <br /> June-,2014 <br /> VIAFEDERAL EXPRESS AND HAND DELIVERY <br /> Mr. Nelson Fialho <br /> City Manager <br /> City of Pleasanton <br /> P. O. Box 520 <br /> Pleasanton, CA 94566 <br /> Re: Satisfaction of Bernal/I-680 Freeway Interchange Improvement <br /> Obligations Under Section 3.6(a)of the Development Agreement <br /> Dear Mr. Fialho <br /> In accordance with the City Council's action at its meeting on Tuesday,June 3,2014,this <br /> letter of understanding will confirm Bernal Investment Company, LLC's("BIC")agreement to <br /> pay to the City on or before June 10, 2014 an amount equal to Four Million Five Hundred <br /> Thousand Dollars($4;500,000.00)in complete satisfaction of the remaining obligations under <br /> Section 3.6(a) of the Banal Property Pre-Annexation Development Agreement dated October <br /> 19, 2000(the"Development Agreement"). Upon making the Four Million Five Hundred <br /> Thousand Dollars ($4,500,000.00)payment to the City, any and all obligations of the"Property <br /> Owner"(as defined in the Development Agreement), including the Property Owner's successors <br /> and assigns,under the provisions of Section 3.6(a)of the Development Agreement shall have <br /> been satisfied in full. <br /> Please confirm the City's agreement that this letter correctly sets forth our understanding <br /> by executing one(1) copy of this letter and returning it to the. <br /> Sincerely yours, <br /> Bernal Investment Company, LLC, <br /> a Delaware limited liability company <br /> By: GHC Bernal Investors, LLC, <br /> a Delaware limited liability company, <br /> Its Manager <br /> By: Greenbriar Homes Communities, Inc., <br /> a California corporation, Its Manager <br /> By: <br /> Gilbert M. Meyer <br /> 037232\6215169v1 <br />