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VALLEY AVENUE EXTENSION AGREEMENT <br /> (UTILITY VAULT) <br /> <br /> THIS AGREEMENT is entered into as of this day <br /> <br />of , 1986, by and between the CITY OF PLEASANTON, a <br /> <br />municipal corporation (the "City"), UTILITY VAULT COMPANY, a <br />Washington corporation ("Utility") and AUBURN PROPERTIES, a Washington <br />partnership ("Auburn"). <br /> <br /> RECITALS <br /> <br /> A. Utility leases certain parcels of land within the <br /> <br />City limits of Pleasanton in the vicinity of the proposed Valley <br />Avenue Extension (APN 946-1251-3 consisting of approximately <br />7.05 acres and APN 946-1251-2-4 consisting of approximately <br />13.18 acres), collectively referred to herein as "the Property," <br />more particularly described in Exhibit "A" hereto, which is incorporated <br />by this reference as if set out in full herein. <br /> <br /> B. Utility occupies the Property under a lease (the <br /> <br />"Lease") dated March 2, 1981 between Concrete Conduit Company, <br />Inc. (now Utility) and Auburn, the owner of the Property. Said <br />Lease expires on March 1, 1991 with Utility possessing an option <br />to extend the Lease until March 1, 2016. By the terms of said <br />Lease, Utility has the obligation to pay all taxes, including <br />assessments. Said Lease further provides that "Any proceeding <br />or proceedings for contesting the validity or amount of taxes, <br />assessments or other public charges, or to recover back any tax, <br />assessment or other imposition paid by Lessee, may be brought <br /> <br /> <br />