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DEVELOPmeNT DEFERMENT AGP~EEMENT <br /> <br /> This is an agreement by and among George P. Oakes, <br />Teachers Management & Investment Corporation, a California <br />corporation ("TMI") and the City of Pleasanton, a municipal <br />corporation ("Pleasanton"). <br /> <br />RECITALS: <br /> <br /> 1. George Oakes, representing all the present owners <br />of an unimproved parcel of approximately 48.77 acres of land <br />located in Pleasanton, bounded generally by Highway 580 and <br />Santa Rita Road and more particularly described in Exhibit A <br />to this agreement (the "Property"), has entered into an <br />agreement to sell the Property to TMI. <br /> <br /> 2. TMI is an entity which, among other related <br />activities, invests the funds of California educators in <br />partnerships owning California land, which partnerships <br />thereafter retain the services of outstanding land-use planners <br />who, in close concert with the city and/or county in which <br />the Property is located, create a high quality specific <br />land-use plan for the Property. <br /> <br /> 3. Said agreement to purchase the Property is, by <br /> <br />its <br />TMI; <br /> <br />Management & Investment Corporation or to <br /> <br />terms, assignable to such a partnership to be formed by <br /> <br /> the term "TMI" shall hereinafter refer either to Teachers <br /> <br /> the partnership to <br /> <br /> <br />