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SECOND AMENDMENT <br />VALLEY AVENUE EXTENSION UNDERPASS AGREEMENT <br />THIS SECOND AMENDMENT TO THE VALLEY AVENUE EXTENSION UNDERPASS <br />AGREEMENT is made , 2005 between the City of Pleasanton ("City") and Bernal <br />Investment Company, LLC ("BIC") and amends the Valley Avenue Extension Underpass <br />Agreement dated July 17, 2001 as first amended September 21, 2004. <br />RECITALS <br />A. BIC is required to construct a crossing at separated grades ("Underpass Project") at <br />the proposed extension of Valley Avenue and the tracks of the Union Pacific Railroad. <br />B. BIC has improvement plans describing the Underpass Project and specifically the <br />construction of a railroad bridge crossing the proposed extension of Valley Avenue ("Railroad <br />Improvements") and roadway improvements ("Roadway Improvements"). <br />C. City had plans prepared for the relocation and construction of channel improvements <br />("Channel Relocation Improvements"), including relocation of the channel that is necessary for <br />the Railroad Improvements and Roadway Improvements and acceptable to the permitting <br />agencies in context of the larger channel relocation project ("BIC Channel Relocation <br />Improvements"). <br />D. City also had plans prepared for other improvements related to the Roadway <br />Improvements and the Channel Relocation Improvements which are described in paragraph <br />l .b.iii of this Second Amendment ("Related Improvements"). <br />E. BIC has agreed to fund and construct the Railroad Improvements, the Roadway <br />Improvements, and the Related Improvements. <br />F. BIC has also agreed to construct the BIC Channel Relocation Improvements if BIC <br />and City could reach agreement as to the allocation of costs for such Improvements. <br />G. The parties have reached such agreement and now desire to amend the original <br />Agreement, as first amended, to address the allocation of costs to construct the BIC Channel <br />Relocation Improvements and to identify the plans for the Related Improvements. <br />NOW, THEREFORE, in consideration of the faithful performance of the conditions and <br />covenants set forth in this document, the parties agree as follows: <br />1. Responsibility. Section 3, "Responsibility" of the Agreement is further amended to <br />read as follows: <br />a. No change <br />