HOPYARD PARTNERS - PUBLIC IMPROVEMENT AGMT

PUBLIC IMPROVEMENT AGREEMENT Pleasanton Canal Parking and Storm Facilities THIS AGREEMENT is made and entered at Pleasanton, California on the 10th day of November 1986 by and between: HOPYARD PARTNERS, a California Limited Partnership (hereinafter referred to as "Developer") and the CITY OF PLEASANTON, a general law city, located in Alameda County, California, (hereinafter referred to as "City"). RECITALS A. WHEREAS, Developer has interest under PUD-85-10 to construct a parking facility over the existing Pleasanton Canal; and B. WHEREAS, Developer has entered into an Easement Agreement with City and Alameda County Flood Control and Water Conservation District with regards to accessing and maintaining the parking and storm facilities. NOW, THEREFORE, in consideration of the faithful performance of the promises, terms, conditions and covenants set forth herein, the parties hereto agree as follows: 1. Time of Essence. Time is of the essence in the performance of this agreement. The work and improvements required by this agreement to be completed by Developer shall be completed within one (1) year from the above-mentioned date of this agreement subject to delays beyond the control of Developer. The City shall extend the time for completion of improvements hereunder, upon good cause being shown by the Developer. Any such extension may be granted without notice to the Developer's surety, and extension so granted shall not relieve the surety's liability on the bond to secure the faithful performance of this agreement. 2. Work. Provided City obtains the easements, rights-of-way and other property rights necessary to construct the work, Developer will do or cause to be done and performed the following described work: - 1 -