SIGNATURE PROPERTIES TRACT 6738 - Laserfiche WebLink

5. As a condition of the approval of the final map of Tract 6738, City required that Developer and/or Developer's successors-in-interest agree to pay all Bonds levied against the Property on the terms and conditions set forth in this Agreement. 6. Developer hereby covenants and agrees for itself and its successors-in-interest and assigns that all of the Bonds shall be paid on the following terms and conditions: a. The obligations represented by the Bonds shall be paid, after segregation, on a Lot-by-Lot basis; b. Prior to the conveyance of title to any individual Lot in the Property on which construction of a residence has commenced, the owner of fee title to that Lot shall contact the City of Pleasanton Finance Department and shall pay all Bonds assessed against that Lot in full including Bond redemption premium, publishing and processing fee, escaped levy, accrued interest, and any other administration fees for bond payments. c. For purposes of this Agreement, the term "construction of a residence" shall mean that: (i) a building permit has been obtained for the Lot; (ii) a foundation(s) has been poured on the Lot; and (iii) framing has started on the Lot; d. Title to an individual Lot cannot be conveyed to any person or entity who, during its period of ownership of the Lot, will obtain a certificate of occupancy for the residence on that Lot, unless the Bonds assessed against that Lot, and costs stated in sub-paragraph 6(c) have been paid in full; and e. Title shall not be deemed to have been conveyed if title is conveyed to a trustee under a deed of trust recorded against the Property or any portion thereof for the purposes of securing construction financing for the Property or any portion thereof. 7. Conveyance of title to any Lot in violation of the provisions of this Agreement shall render the conveyance null and void and of no force or effect, automatically, without the need for further action by the City. In addition, any conveyance in violation of the provisions of this Agreement shall entitle the City to declare that all of the Bonds assessed against that Lot are immediately due and payable by the Developer in full to the City. 8. Any conveyance of title which appears to be in violation of the terms of this Agreement shall not be a violation if a document in which the City consents to the conveyance has been signed by the City and recorded in the Official Records of Alameda County. 9. Upon payment in full of the Bonds against an individual Lot, the City shall record a document evidencing such payment in the Official Records of the County of Alameda and all parties shall be entitled to rely upon such document as conclusive evidence of payment in full as to that particular Lot. Concurrently therewith and without the necessity of further action, this Agreement shall terminate with respect to such Lot.