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PUBLIC IMPROVEMENT AGREEMENT <br /> <br /> Chabot Drive (South) Improvements <br /> Pleasanton, Alameda County, California <br /> <br /> THIS AGREEMENT is made and entered at Pleasanton,° California <br /> <br /> on the day of , 1985 by and between: <br /> <br /> THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, 4309 Hacienda Drive, <br /> Suite 500, Pleasanton, CA 94566 (hereinafter referred to as <br /> "DeVeloper") and the CITY OF PLEASANTON, a general law city, <br /> located in Alameda County, California, (hereinafter referred to <br /> as "City"). <br /> <br /> RECITALS <br /> <br /> WHEREAS, Developer has filed with Alameda County Recorder a <br />Parcel Map 3858 describing property in the City of Pleasanton; <br /> <br /> WHEREAS, PUD 81-30 has been adopted and runs with the <br />described property; <br /> <br /> WHEREAS, on June 4, 1985 Developer received approval of PUD <br />Modification 81-30-08M which, in part, approved an extension of <br />Chabot Drive South between Stoneridge Drive and Inglewood <br />Drive; and <br /> <br /> WHEREAS, Developer now desires to proceed with construction <br />of Chabot drive (South) to facilitate access and provide improved <br />frontage to developable lots. <br /> <br /> NOW, THEREFORE, in consideration of the faithful performance <br />of the promises, terms, conditions and covenants set forth <br />herein, the parties hereto agree as follows: <br /> <br /> 1. Time of Essence. Time is of the essence in the <br />performance of this agreement. The work and improvements <br />required by this agreement to be completed by Developer shall be <br />completed within one (1) year from the above-mentioned date of <br />this agreement subject to delays beyond the control of Developer. <br /> <br /> The City shall extend the time for completion of improvements <br />hereunder, upon good cause being shown by the Developer. Any <br />such extension may be granted without notice to the Developer's <br />surety, and extension so granted shall not relieve the surety's <br />liability on the bond to secure the faithful performance of this <br />agreement. <br /> <br /> - 1 - <br /> <br /> <br />