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• • <br />monetary value far land received than land transferred as based <br />on that particular appraisal completed by Donald H. Ashley & <br />Associates, entitled "Appraisal Report of 5.2 acres off Dolores <br />Avenue and 4.1 acres off Junpero Drive, Pleasanton, California," <br />dated February 15, 1985. <br />I. Pursuant to Minor Modification to PUD-84-15-1M, on <br />October 1, 1985, the City did realign certain proposed <br />residential subdivision lots to accommodate an equal monetary <br />value for the property exchange between City and Developer <br />increasing proposed Parcel B's size from 4.1 acres to 4.7 acres. <br />J. The City finds the property exchange will be a benefit <br />to the City. <br />K. Developer has entered into an agreement to sell the <br />property of which Parcel B is a portion and has reserved in such <br />agreement the power and ability to convey or to direct conveyance <br />of Parcel B to the City at Developers demand. <br />NOW, THEREFORE, in consideration of the mutual covenants and <br />promises of the parties, the parties hereto agree as follows: <br />1. Description of__Real__ Property. The .real property <br />parcels, Parcel A and Pa.rce_l B, which are the subject of this <br />real property exchange agreement are described in Exhibit A <br />(hereinafter "Property"). <br />2. Interest of Developer. Developer represents that it <br />entered into an agreement to acquire the rights of Castlewood <br />Valley Homes, Inc. which had purchased an option in the subject <br />- 3 - <br />