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WHEN RECORDED, RETURN TO: City Attorney P.O. Box 520 Pleasanton, CA 94566 DEFERRED STREET IMPROVEMENT AGREEMENT S AGREEMENT is made and entered into on this ~ day of ~, , 1991 by and between JOE MACIAS AND VERNA MACIAS, hereinafter referred to as "Property Owner") and the CITY OF PLEASANTON, a municipal corporation (hereinafter referred to as "City"). The City and Property Owner agree as set forth below. I. RECITALS THIS AGREEMENT is made with reference to the following facts and objectives: 1. Property Owner is the owner of real property in the City of Pleasanton described in Exhibit "A," attached to this Agreement and made a part of it by this reference, which consists generally of an approximately 1.0 acre site located at 6248 Amber Lane, more particularly described as Parcel Map 5657, Alameda County, State of California. 2. Property Owner has applied for and received City approval to subdivide the subject site into two single family residential lots. 3. As a condition of approval, No. 7 in the letter from the City of Pleasanton to Mr. and Mrs. Joe Macias, dated June 6, 1989, Property Owner shall enter into an agreement with the City requiring the owner of Parcels 1 and 2 to be responsible for the construction and related pro-rata share of its cost for street improvements along the northerly boundary of Parcels 1 and 2 when said construction is deemed necessary by City Engineer in conjunction with development of adjacent properties to the north. 4. Although street improvements are normally done at the time properties are developed, the Property Owner wishes to defer improving the aforesaid street improvements until such time in the future that such public improvements are warranted as determined by the City Engineer. 5. Because the subject improvements to be done by Property Owner would be of little value done alone, approval of the project has been conditioned upon improvements being done at such time in the future as this is deemed necessary by the City Engineer. - 1 -