SUMMERHILL ROSE DEFERRED IMPROVEMENT AGREEMENT

Recording requested by and after recording return to: City of Pleasanton P.O. Box 520 Pleasanton, CA 94566 Attn: City Clerk DEFERRED IMPROVEMENT AGREEMENT s ~H'- This Deferred Improvement Agreement ("Agreement") is entered into this r~ day of `~' U 1._.. , 2000, by and between the City of Pleasanton ("City"), a municipal corporation, and SummerHill Rose Ltd. ("Developer"). RECITALS A. Developer owns property commonly know as Tract 7143 (Nolan Farms), more particularly described in the attached Exhibit. "A", incorporated herein by this reference. B. On November 2, 1999, the City Council of the City of Pleasanton approved PUD-99-O5, a development plan for the subdivision of 15.2 acres into 361ots, with an approximately 1.8 acre remainder site with 2 existing homes, located at 1015, 1027 and 1500 Rose Avenue, Pleasanton. C. Condition No. 10 of PUD-99-OS requires the Developer to pay its pro-rata share of the future sewer and water main extensions along the Fairgrounds property to Valley Avenue. D. The City Engineer of the City of Pleasanton has determined the pro-rata share for each new lot, and the Developer has agreed to pay, currently and in cash, its pro-rata share for the sewer and water main extension construction costs. E. However, the Developer and the City have not reached agreement regarding the cost of the easement for the improvements; thus the Developer will post a bond based on the City's estimated cost of acquiring the easement, but will agree to pay the full cost (if any) of its pro-rata share at the time the easement is required. NOW, THEREFORE, in exchange for valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows: 1. The Developer has paid, and the City acknowledges receipt of, Seventy Thousand One Hundred and Twenty-Eight Dollars (361ots x $1,948 per lot = $70,128.00), which represents the Developer's pro-rata share of the sewer and water main extension improvement costs.