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DEVELOPMENT DEFERMENT AGREEMENT <br />1- <br />THIS AGREEMENT is entered into as of Vey (2- 1984, by and <br />between THE CITY OFPLEASANTON, amunicipal corporation (the <br />City "), and WELLS FARGO BANK, NATIONAL ASSOCIATION, asTrustee <br />under its Trust No. 5- 102510 for the benefit ofSTONERIDGE <br />PROPERTIES, aCalifornia limited partnership ( "Properties "), and <br />is executed with reference to the following circumstances: <br />RECITALS <br />A. This Agreement refers to the development and allocation <br />of sewer capacity to that commercial development in north Pleasanton <br />commonly known as the Stoneridge Shopping Center Project ( "Stoneridge <br />Project "). The Stoneridge Project is comprised of the elliptical <br />area of land within Stoneridge Mall Road commonly known as the <br />Stoneridge Regional Retail Shopping Center ("Center") and certain <br />parcels adjacent thereto commonly known as Stoneridge Peripheral <br />Peripheral Land "), all as more particularly depicted on the <br />plat attached hereto as Exhibit A. <br />B. The Taubman Company, Inc., asagent for Properties and <br />for the then owner of the Peripheral Land, purchased, forthe <br />initial development of the Center and the Peripheral Land, from <br />the City and the Dublin San Ramon Services District ( "District ") <br />an aggregate allocation of sewer discharge capacity in the amount <br />of 149,700 gallons per day (the "Original Capacity "). The Original <br />Capacity was acquired in respect of the Stoneridge Project pursuant <br />tothat Agreement, dated November 8, 1972, between the City, the