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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 Subdivider shall be completed within the one hundred and twenty (160) working day period as provided in the Reimbursement Agreement between the parties. The City may extend the time for completion of improvements hereunder, as provided in the Reimbursement Agreement. Any such extension maybe granted without notice to the Subdivider's surety, any extension so granted shall not relieve the surety's liability on the bond/security to secure the faithful performance of this Agreement. 2. Work. Subdivider will do or cause to be done and performed the following described work (referred to herein as the "Improvements"): Improvements pursuant to plans and project bond estimates entitled: a) Improvement Plans, Tract 7815, THE ESTATES ON OAK RIDGE, Pleasanton, California dated December 18, 2006 and Bond Estimate for Tract 7815-THE ESTATES ON OAK RIDGE, dated December 7, 2006 and subsequent revisions to plans, prepared by Aliquot Planners Engineers and Surveyors and approved by the City Engineer; and, b) Landscaping, Irrigation and Joint Trench Plans, Tract 7815, THE ESTATES ON OAK RIDGE, Pleasanton, California." 3. Inspection Fees. As described more particularly in the Reimbursement Agreement, inspection fees shall be paid as follows: a) City shall cover the cost of inspectors who are City employees inspecting improvements related to the access road and utilities in the access road, except for third party inspectors described in subsection b., below; b) third party specialty inspectors not on staff with the City which are necessary to inspect masonry walls, trench backfill, roadway testing, utilities, and other improvements shall be paid by the Subdivider and subject to reimbursement by the City pursuant to the Reimbursement Agreement; c) Subdivider shall pay the cost of inspectors who are City employees inspecting improvements related to the development of the private lots, including, but not limited to, the access, emergency vehicle access, and retaining walls which benefit Lots 1 - 7 of Tract 7815; d) Subdivider shall pay fees charged by the City Building Division for review of retaining wall structural calculations, plan check and SUBDIVISION AGREEMENT TRACT NO. 7815, "THE ESTATES ON OAK RIDGE " Page 2 of 9