SCHWALEN - PARCEL MAP OFF-SITE IMPROVEMENTS

~ ~ the estimate is acceptable then this cost shall be the actual cost. Thereafter, reimbursement shall be based upon actual cost.. 2. Ownership by City. Pursuant to the Parcel Map Agreement between City and Developer, ownership of said work shall vest in the City, with Developer having the right to connect or right to use said improvements in accordance with City regulation, and the right to reimbursement as provided below. 3. Benefit Area. The area which will benefit from the Improvements (the "Benefit Area") shall include those properties identified by Assessor's Parcel Number as shown on Exhibit "B" attached hereto and incorporated herein by this reference. 4. Reimbursement Principle. Each property within the Benefit Area shall be subject to payment of its fair share of the Improvement costs in accordance with principles consistent with reimbursement provisions in the Subdivision Map Act (Government Code Section 66485 e s 5. Establishment of Fee. a. City shall collect a reimbursement fee for the Improvements, calculated and adjusted as provided in Paragraphs 1 and 4 of this Agreement. b. An annual interest charge, at the legal rate as specified in the Code of Civil Procedure,. 685.010 (currently eight percent [8 %] per annum) shall be added to such fee for each calendar year in October, beginning with October, 1991. c. After ten (10) years has passed, this Reimbursement Agreement shall terminate. 6. Time of Collection. The City will require payment from landowners in the Benefit Area. Reimbursement fees will be required as a condition of tentative map approval and/or zoning approval or prior written agreement. The City will collect the reimbursement fees in conjunction with the approval of any final or parcel map for building lots or upon the issuance of a new building permit for any property within the Benefit Area, or by prior written agreement, whichever comes first. 7. Time and Manner of Disbursement. a. Disbursement by City to Developer shall be made within sixty (60) days of the date of collection of any reimbursement fee, subject to a deduction of five percent (5 %) of the amount received for City's administration costs. b. The right to reimbursement shall be personal to Developer and shall continue notwithstanding subsequent sale or transfer of the Property; provided that Developer shall have the right to assign its rights to such reimbursement to another person or entity at any time. -2-