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course traffic off Alisal Street, Sycamore Road, and Happy Valley Road is under construction or has been constructed. 3. No Further Subdivision. Owners covenant that Owners shall not subdivide the Property without the prior approval of the City of Pleasanton. 4. Design Review Approval. Owners covenant that Owners shall submit plans for the development of the Property to the City for the City's review and approval. Assuming that the Property is still in the unincorporated area of Alameda County at the time Owners intend to apply for a building permit for the Property, Owners shall neither apply for nor obtain a building permit from the County of Alameda unless and until City has approved the design of the plans for any proposed development on the Property. 5. Bonded Debt. Owners' consent that, upon annexation of the Property to the City, said Property shall be taxed to pay its share of existing bonded indebtedness of City. This Agreement shall serve as such consent, and a copy shall be filed with Treasurer-Tax Collector of Alameda County, if evidence of such consent is required; provided, however, that the Owners Property will be excluded from the City bonded debt existing on the effective date of this Agreement and from and after the annexation of the properties to the City for all utility facilities to which Property is not connected. 6. Benefit or Assessment Districts. Owners shall cooperate with City in the formation of any mutual benefit districts or assessment districts which City deems necessary for the installation of public improvements serving, in whole or in part, the Property, whether such districts are formed at the time of annexation or some time in the future. In this regard, Owners waive their right to protest the formation of any of said districts and shall do no act calculated or tending to prevent, impede, or defeat the successful formation thereof; provided, however, that this waiver is not intended, nor shall it be construed, to affect or limit the rights of the Owners to participate in the hearings and/or other aspects of the district formation proceedings to the extent necessary and appropriate to protect and further the Owners' interest or the public interests so long as said action does not tend to prevent or defeat the formation of the districts. 7. Successors and Assigns. This Agreement shall expressly run with the land and shall apply to, bind, and inure to the benefit of successors in interest of the Owners with respect to the Property. 8. Recording. This Agreement shall be recorded with the Recorder of Alameda County. Page 3 of 4