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DEFERRED PAYMENT AGREEMENT THIS DEFERRED PAYMENT AGREEMENT (Agreement) is entered into August 15, 2007 between the City of Pleasanton (City) and Peak Property Main Street, LLC (Owner). Recitals A. Owner is the owner of real property in the City of Pleasanton at 600 Main Street (the Property). B. Owner has been renovating the historic structures (the Project) on the Property in phases. C. Owner now wishes to pull building permits for Phase II of the Project. D. City development fees for Phase II of the Project are estimated to be $162,076. E. City development fees are to be paid prior to the City's issuing a building permit. F. Owner has obtained financing from Mt. Diablo National Bank to cover the cost of the City's development fees (a copy of the commitment letter from the Bank is attached as Exhibit 1) but funding of the loan will not occur until next week. G. Owner wishes to pull building permits on August 15, 2007. H. City is willing to issue the building permits for Phase II of the Project subject to the terms and conditions of this Agreement. NOW, THEREFORE, in consideration of the mutual promises expressed herein, the parties agree as follows: 1. Owner shall pay City all City development fees for Phase II of the Project, estimated to be $162,076, by August 24, 2007. 2. City shall issue all building permits for Phase II of the Project on August 15, 2007. 3. In addition to other remedies allowed by law, if Owner fails to pay all development fees by August 24, 2007, City shall issue a "Stop Work" notice for the Project and Owner shall perform no further work on the Project until all development fees have been paid. 4. Any notice or communication concerning this Agreement shall be sent by facsimile or by email, or delivered in person. 5. This Agreement shall run with the land and be binding on any successors in interest.