SUMMERHILL SYCAMORE MASS GRADING AGREEMENT TRACT 7193

MASS GRADING AGREEMENT TRACT 7193 THIS AGREEMENT is made at Pleasanton California on September 2, 2003, between Summerhill Sycamore LLC, a California limited liability company (Developer), and the City of Pleasanton (City). RECITALS WHEREAS, New Cities Development Group (New Cities) has an approved tentative map for Tract 7391; and WHEREAS, the City Council will consider on September 2, 2003 a final map and improvement plans for Tract 7391, including the mass grading for the site; and WHEREAS, New Cities intends to sell to Developer the property within Tract 7391; and WHEREAS, Developer would like to begin mass grading of the property after the City Council approves the final map and improvement plans but before the final map is recorded; and WHEREAS, City is willing to allow Developer to begin the mass grading provided certain conditions as set forth in this agreement are met; and WHEREAS, Developer is willing to meet those conditions. NOW, THEREFORE, in consideration of the faithful performance of the promises, terms, conditions and covenants set forth herein, the parties agree as follows: 1. Time of Essence. Time is of the essence in the performance of this Agreement. The work required by this Agreement to be completed by Developer shall be completed within one year of the date of this Agreement. City may extend the time for completion upon good cause being shown in writing by the Developer. City may notify Developer's surety company of such extension however any such extension may be granted without notice to the Developer's surety, and any extension so granted shall not relieve the surety's liability on the bond to secure the faithful performance of this Agreement. SUBDIVISION AGREEMENT -Mass Grading Agreement Tract 7381, Busch/Ponderosa Property Page 1 of 6