RUBY HILL DEVELOPMENT VINEYARD AVE S CURVE - REIMBURSEMENT AGREEMENT FOR IMPROVEMENTS - APRIL 2005

6. Interest. Interest shall accrue on the reimbursement at the rate of 8% per annum, beginning January 1, 2001, as set forth in Exhibit C. 7. Time of Collection. To the extent that any property owner within the Benefit Area pays to City Vineyard Avenue Corridor Specific Plan fees (in lieu of such property owner building infrastructure contemplated by the Vineyard Avenue Corridor Specific Plan),. City shall collect the reimbursement, plus interest as provided in paragraph 6, from the property owners within the Benefit Area either at the time the City approves any final or parcel map for property within the Benefit Area, or at the time the City issues a building permit to any property owner within the Benefit Area, whichever (as to any property) is the earlier. As to the property owned by the Pleasanton Unified School District, City will collect the reimbursement when the District issues a notice to proceed to the contractor who will develop the site. If the City approves a final or parcel map for property within the Benefit Area, the reimbursement shall be based on the number of parcels created, other. than for a parcel with a dwelling unit existing as of the date of this Agreement, or for a parcel that has been created for detachment or cancellation of Williamson Act purposes. 8. City Administrative Fee. City shall retain a percentage of the reimbursement collected to cover the City's costs to administer this Agreement. The City's administrative costs shall be determined as follows: Total Amount of Reimbursement City Reimbursement Fee $1 - $100,000 5% $100,001 - $500,000 $5,000 plus 3% of amount over $100,000 $500,001 and more $17,000 plus 1 % of amount over $500,000 9. Time and Manner of Disbursement. Subject to the Vineyard Avenue Corridor Specific Plan Shared Infrastructure Financing Program, City shall disburse to Developer the reimbursement collected within thirty (30) days of its receipt. The right to reimbursement shall be personal to Developer. Developer shall have the right to assign its interest to such reimbursement to another person or entity at any time by providing City written notice of such assignment. Developer hereby directs that reimbursement due to Developer shall be payable to the Developer and mailed to: Ruby Hill Development Joint Venture, L.P. c/o Signature Properties 4670 Willow Drive Pleasanton, CA 94588 ] 0. Term. City's obligation to collect and Developer's entitlement to receive reimbursement under this Agreement shall cease ten years from the date of this Agreement or until the City collects the entire reimbursement, as adjusted, whichever occurs earlier. 11. Disputes. Disputes arising out of this Agreement shall be resolved by the City Manager. Any appeal of the City Manager's decision shall be in writing addressed to the City Council. Final Council action shall be required before any suit is filed. Page 2