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1. Time of Essence. Time is of the essence in the performance <br />of this agreement. The work and improvements required by this agree- <br />ment to be completed by Subdivider shall be completed within one (1) <br />year from the above-mentioned date of this agreement. <br /> <br /> The City may extend the time for completion of improvements <br />hereunder, upon good cause being shown by the Subdivider. Any such <br />extension may be granted without notice to the Subdivider's surety, and <br />extension so granted shall not relieve the surety's liability on the <br />bond to secure the faithful performance of this agreement. <br /> <br /> 2. Work. Subdivider will do or cause to be done and performed <br />the following described work: <br /> <br />Traffic signal at the intersection of Mission Drive <br />and Sunol Boulevard. Plans prepared by John J. <br />Forristal dated October 1981. <br /> <br />Perimeter fencing around the tract. Plans prepared <br />by MacKay and Somps dated October 1980. <br /> <br /> 3. Inspection. Inspection fees have been paid previously <br />by the Developer. <br /> <br /> 4. Soils Report. Subdivider shall provide a preliminary soil <br />report as required by Section 66490 of the Government Code. Said data <br />shall be compiled by a qualified soils testing engineer without <br />expense to the City. <br /> <br /> 5. Plans. All of said work shall be done and materials furnished <br />in strict accordance with the approved plans for said tract filed with <br />the City Engineer, and in accordance with the standard specifications <br />and details of the City of Pleasanton. It is further understood that <br />the work and materials shall be under the supervision of the City <br />Engineer, and performed and installed to his satisfaction. <br /> <br /> 6. Related Contracts and Proceedings. Any prior contracts <br />between City and Subdivider and any prior approvals by Boards, <br />Commissions or Council of City shall not be affected by the provisions <br />of this agreement unless specific modification is set forth herein. <br /> <br /> 7. Security. On signing this agreement, the Subdivider shall <br />present to the City and file with the City Clerk, improvement security <br />as defined in Section 66499 of the Government Code of the State of <br />California. Said improvement security as approved by the City Attorney, <br />shall consist of the following as determined by the City: <br /> <br />a. cash deposit made with the City, or <br /> <br />b. bonds by duly authorized corporate surehies, or <br /> <br />instruments of credit from financial institutions <br />subject to regulation by state or federal government, <br />or <br /> <br />-2- <br /> <br /> <br />