RUBY HILL DEVELOPMENT TRACT 7014

1. Time of Essenc~ime is of the essence in the performa~e of this Agreement. The work and improvements required by this Agreement to be completed by Subdivider shall be completed within one (1) year from the above-mentioned date of this Agreement. The City may extend the time for completion of improvements hereunder, upon good cause being shown by the Subdivider. Any such extension may be granted without notice to the Subdivider's surety, any extension so granted shall not relieve the surety's liability on the bond to secure the faithful performance of this Agreement. 2. Work. Subdivider will do or cause to be done and performed the following described work: Improvements pursuant to plans entitled "Improvement Plans, Tract 7014, Ruby Hill, Pleasanton, California," prepared by RJ Associates, approved by the City Engineer 1998. 3. Inspection. City shall inspect all of said work through an inspector employed by City at the cost and expense of Subdivider, and Subdivider shall pay City the cost of such inspection as fixed by Ordinance. The City Engineer has tentatively fixed the inspection costs due upon execution of this agreement as follows: $35,565 4. Soils Report. Subdivider shall provide a preliminary soils report as required by Section 66490 of the Government Code. Said data shall be compiled by a qualified soils testing engineer without expense to the City. 5. Plans. All of said work shall be done and materials furnished in strict accordance with the approved plans for said tract filed with the City Engineer, and in accordance with the standard specifications and details of the City of Pleasanton. It is further understood that the work and materials shall be under the supervision of the City Engineer, and performed and installed to his satisfaction. 6. Related Contracts and Proceedings. Any prior contracts between City and Subdivider and any prior approvals by Boards, Commissions or Council of City shall not be affected by the provisions of this Agreement unless specific modification is set forth herein. 7. Security. On signing this Agreement, the Subdivider shall present to the City and file with the City Clerk, improvement security as defined in Section 66499 of the Government Code of the State of California. Said improvement security as approved by the City Attorney, shall consist of the following as determined by the City: a. cash deposit made with the City, or b. bonds by duly authorized corporate sureties, or c. instruments of credit from financial institutions subject to regulation by state or federal government, or 2