RES 85411 - Laserfiche WebLink

PUBLIC IMPROVEMENT AGREEMENT Baker Drive Improvements Pleasanton, Alameda County, California THIS AGREEMENT is made and entered at Pleasanton, California on the ........... day of .......... 1985 by and between: THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, 4309 Hacienda Drive, Suite 500, Pleasanton, CA 94566 (hereinafter referred to as "Developer") and the CITY OF PLEASANTON, a general law city, "Cit" . (hereinafter referred to as y ) RECITALS WHEREAS, Developer has filed with the Alameda County Recorder a Parcel Map 3858 describing property in the City of Pleasanton; WHEREAS, PUD 8]-30 has been adopted and runs with the described property; WHEREAS, on June 4, 1985 Developer received approval of PUD Modification 81-30-08M which, in part, approved the location of a new street (Baker Drive) north off of Gibraltar Drive (North) between Willow Road and Hacienda Drive; and WHEREAS, Developer now desires to proceed with construction of Baker Drive to facilitate access and provide improved frontage to developable lots- 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 performaH~ 6~" ~h] S ~eement. The work and improvements required by this agreement to be completed by Developer shall be completed within one (1) year from the above-mentioned 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. - 1 -