CHANG, LILY - Laserfiche WebLink

AMENDED REIMBURSEMENT AGREEMENT FOR IMPROVEMENTS Tract 6339, Vista Diablo This AMENDED REIMBURSEMENT AGREEMENT is entered into this 8th day of September, 2000, between the CITY OF PLEASANTON, a general law city ("City") and Lily Chang and Chao Wu, individuals (collectively the "Owners"). RECITALS A. On December 15, 1992, City and Silicon Valley Bank entered into a Reimbursement Agreement concerning certain public improvements that would benefit Tract 6339, Vista Diablo (the "Property") as well as property of others. B. Thereafter, Vista Diablo Limited Partnership, whose general partner is Chalet Woods, Inc., a California corporation, (collectively referred to hereafter as "Developer") purchased the Property and obtained an assignment of the Reimbursement Agreement from Silicon Valley Bank. In connection with the development of the Property, Developer constructed certain improvements (the "Improvements"), more fully described on the attached Exhibit A, that will benefit the Property and other properties more fully described below, and City has accepted the Improvements. C. Thereafter, Developer assigned its interests, rights, obligations and benefits under the Reimbursement Agreement dated December 15, 1992 to Owners, a copy of which is attached hereto as Exhibit C. D. Pursuant to the Subdivision Map Act (Government Code §§ 66410, et seq.), Owners are entitled to reimbursement for certain costs for the Improvements and City is willing to administer the reimbursement of costs to Owners as set forth herein. NOW, THEREFORE, it is agreed as follows: 1. Improvements: Developer has constructed the Improvements described in more detail on the attached Exhibit A and City has accepted the Improvements. 2. Principles of Reimbursement: The Improvements will benefit other property owners. Because the Improvements benefit other property owners, Owners are entitled to be reimbursed from these property owners for their predecessor-in-interest's pro rata share of the final construction costs of the Improvements. Owners' share of the cost of the Improvements are deemed contributed by their acceptance by the City Council, subject to reimbursement as herein provided. 3. Ownership of Improvements: Under the Subdivision Agreement between the City and Developer, City owns the Improvements in that the City has accepted the Improvements. 4. Benefit Area and Method of Reimbursement: The properties that will benefit from the Improvements (the "Benefit Area") shall include those properties shown on the attached 00180002/172963-4 -1-