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a. Al~the Bonds will be segregated in a ma~ acceptable to both <br />Developer and the City; <br />b. A portion of each Bond will be assigned to each residential building lot <br />("Lot"), being Lots 1 through 88 inclusive, as shown on the map of Tract <br />6740; <br />5. As a condition of the approval of the final map of Tract 6740, City required that <br />Developer and/or Developer's successors-in-interest agree to pay all Bonds levied against the <br />Property on the terms and conditions set forth in this Agreement. <br />6. Developer hereby covenants and agrees for itself and its successors-in-interest and <br />assigns that all of the Bonds shall be paid on the fallowing terms and conditions: <br />a. The obligations represented by the Bonds shall be paid, after segregation, <br />on a Lot-by-Lot basis; <br />b. Prior to the conveyance of title to any individual Lot in the Property on <br />which construction of a residence has commenced, the owner of fee title to <br />that Lot shall contact the City of Pleasanton Finance Department and shall <br />pay all Bonds assessed against that Lot in full including Bond redemption <br />premium, publishing. and processing fee, escaped levy, accrued interest, <br />and any other administration fees for bond payments. <br />c. For purposes of this Agreement, the term "construction of a residence" <br />shall mean that: (i) a building permit has been obtained for the Lot; (ii) a <br />foundation(s) has been poured on the Lot; and (iii) framing has started on <br />the Lot; <br />d. Title to an individual Lot cannot be conveyed to any person or entity who, <br />during its period of ownership of the Lot, will obtain a certificate of <br />occupancy for the residence on that Lot, unless the Bonds assessed against <br />that Lot, and costs stated in sub-paragraph ti(c) have been paid in full; and <br />e. Title shall not be deemed to have been conveyed if title is conveyed to a <br />trustee under. a deed of trust recorded against the Property or any portion <br />thereof for the purposes of securing construction financing for the Property <br />or any portion thereof. <br />7. Conveyance of title to any Lot in violation of the provisions of this Agreement <br />shall render the conveyance null and void and of no force or effect, automatically, without the <br />need for further action by the City. In addition, any conveyance in violafion of the provisions of <br />this Agreement shall entitle the City to declaze that all of the Bonds assessed. against that Lot are <br />immediately due and payable by the Developer in full to the City. <br />2 <br />