RES 85139 - Laserfiche WebLink

IMPROVEMENT AGREEMENT SANTA RITA ROAD SOUNDWALL IMPROVEMENTS PLEASANTON, ALAMEDA COUNTY, CALIFORNIA THIS AGREEMENT is made and entered this day of , 1985 by and between: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 4637 CHABOT DRIVE, SUITE 203 PLEASANTON, CALIFORNIA 94566 (hereinafter referred to as "Developer") and the CITY OF PLEASANTON, a municipal corporation (hereinafter referred to as "City"). WITNESSETH: WHEREAS, the City, through the proposed Nort~ Pleasanton Improvement District, has planned to install soundwalls to replace rear yard fencing generally along Santa Rita Road between Morganfield Road and Mohr Avenue in order to mitigate the increased noise levels created by traffic generated by growth and development in the north Pleasanton area; and WHEREAS, Developer wishes to install the necessary soundwalls in advance of the formation of the North Pleasanton Improvement District in order to reduce noise levels at affected residences as early as is feasible; and WHEREAS, the City desires the early installation of soundwalls for the benefit of its citizens and may provide for the reimbursement and/or credit of Developer for the costs therefor upon the formation of the North Pleasanton Improvement District; 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 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.