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6. The improvement of the aforesaid road along the northern edge of Parcels 1 and 2, if done at one time, may achieve cost savings to Property Owner as well as to other affected land owners and would be beneficial to the City in planning and completing a usable, safe street improvement. II. DESCRIPTION OF WORK Property Owner shall finance the planning and construction of the street improvements along the northern edge of Parcels 1 and 2 per its pro-rata share. These improvements may include, but are not necessarily limited to, curb, gutter and sidewalk, sewer line, water line and storm drain, and paving. III. TIME OF COMMENCEMENT The work to be performed under this Agreement shall be commenced at such time in the future as is deemed necessary by the City Engineer. Upon notification that the work is necessary, Property Owner shall pay for the work described in Exhibit "B" incorporated herein herein by this reference, which shall be the actual construction costs of public street improvements constructed along the northern edge of the subject property described in Exhibit "A". IV. MASTER CONTRACT City reserves the right to have all or a portion of the work specified herein done as part of a larger project by means of a master contract. In the event work is done pursuant to such a master contract, Property Owner hereby agrees to pay his share of the cost of the master contract, as stated in Paragraph III on a pro rata basis, within thirty (30) days of notification by the City Engineer of the completion of the work and the actual construction costs. V. DEFAULT: LIEN AGAINST PROPERTY In addition to other remedies allowed by law, the performance of the obligation of Property Owner contained herein are secured by the property described in Exhibit "A". In the event Property Owner should default on any obligation contained herein, City may exercise a power of sale of the site, pursuant to the provisions of the then existing State law, in order to satisfy the obligation contained herein. The election to cause the property to be sold may be rescinded by Property Owner if, after the filing of the notice of default and before the sale, Property Owner reimburses City for all costs, fees,. and expenses of bringing this action plus payment of the above stated construction costs. - 2 -