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MOLLER RANCH ASSOCIATES
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MOLLER RANCH ASSOCIATES
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10/11/2007 11:56:45 AM
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LONG TERM AGREEMENTS
LONG TERM AGREEMENTS - DOCUMENT DATE
12/19/2000
LONG TERM AGREEMENTS - NAME
MOLLER RANCH
LONG TERM AGREEMENTS - TYPE
REIMBURSEMENT AGMT
LONG TERM AGREEMENTS - RECORD SERIES
704-06
LONG TERM AGREEMENTS - DESTRUCTION DATE
PERMANENT
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<br />The City's portion of the Improvement costs total twenty three thousand eight <br />hundred and seven dollars ($23,807.00). However, the parties have agreed that the <br />pressure valve to be installed by the City has a value to the Developer of eleven thousand <br />nine hundred and three dollars and fifty cents ($11,903.50). This amount will be credited <br />against the City's Portion of the Improvement Costs. <br />Therefore, the final reimbursement due to the Developer from the City totals <br />ELEVEN THOUSAND NINE HUNDRED AND THREE DOLLARS AND FIFTY <br />CENTS ($11,903.50) (the "Reimbursable Costs"). <br />Section 3. Ownership of Improvements. <br />Developer shall dedicate the Improvements to the City upon completion, and City <br />shall own the Improvements after acceptance by the City Council. Thereafter, Developer <br />shall have the right to connect to and use the Improvements in accordance with City <br />regulations and the right to reimbursement for the Reimbursable Costs, as provided <br />herein. <br />Section 4. Reimbursement. <br />Upon approval of this Agreement by the City Council, the City shall pay the <br />Reimbursable Costs to Developer within thirty (30) days. <br />Section 5. Manner of Disbursement. <br />The right to the Reimbursable Costs shall be personal to Developer and shall <br />continue notwithstanding the subsequent sale or transfer of the Property. Developer shall <br />have the right, in its sole discretion, to assign its interest to the Reimbursable Costs to <br />another person or entity at any time by providing City written notice of such assignment. <br />The Developer hereby directs that any Reimbursement Fees due to the Developer <br />pursuant to this Agreement shall be payable to the Developer and mailed to: <br />Boulevard Development <br />P.O. Box 20567 <br />Castro Valley, CA 94546 <br />Attn: Hamid Taeb <br />~~~, ~ <br />The Developer may change the payee and/or address of payments by notice in <br />writing to City, such notice to be effective upon receipt by City. <br />Section 6. Term <br />Upon payment by City to Developer in full after the date of acceptance of the <br />Improvements by the City, this Agreement shall terminate. <br />2 <br />
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