MARDEL - COST REIMBURSEMENT AGREEMENT

Recording requested by and after recording return to: Mardel LLC 2552 Stanwell Drive, Suite 203 Concord, CA 94520 Attn: Doyle Heaton, Member COST REIMBURSEMENT AGREEMENT THIS AGREEMENT ("Agreement") is entered into this ~~day of ~~~ , 2001, by and between the CITY OF PLEASANTON, a municipal corporation ("City"), and MARDEL LLC, a California limited liability corporation ("Developer"). RECITALS A. Developer owns certain real property located in the City of Pleasanton, County of Alameda, State of California, commonly known as the Vineyard Hill subdivision consisting of approximately 22.63 acres ("Property"). B. Developer has received approval to construct twenty-two single family homes pursuant to Planned Unit Development ("PUD") 99-6, PUD 99-8, PUD 99-9, PUD 99-10 and PUD 99-12 (collectively the "PUD approval"), as well as Tract 7160 ("Project"). C. In connection with the development of the Property, Developer intends to construct water main and sanitary sewer main improvements (collectively, the "Improvements"), more fully described in the attached Exhibit A, incorporated herein by this reference, that will benefit the Property and other nearby properties more fully described below. The Improvements will contain supplemental size and capacity in order to benefit the Project and other anticipated development on nearby properties. The construction of these improvements was required by Condition 53 of the PUD approval. D. Pursuant to the Subdivision Map Act, Government Code section 66487, the Developer is entitled to reimbursement for a portion of the costs of the Improvements which benefit other development, including but not limited to the amounts attributable to interest and administrative costs ("Reimbursable Costs"). NOW, THEREFORE, in exchange for mutual consideration, the receipt and value of which is hereby acknowledged, the parties agree as follows: