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AMENDMENT NO. 2 TO SUBDIVISION AGREEMENT <br />(Tract 6982: Bridle Creek -Sycamore Funding Development Company) <br />~hi Amendment No. 2 to Subdivision Agreement ("Amendment") is made this ~th <br />day of , 2003, between Sycamore Funding Development Company ("Subdivider") and the <br />City of Pleasanton, a municipal corporation ("City"). <br />RECITALS <br />A. On April 1, 1999, City and Subdivider entered into a Subdivision Agreement ("Agreement") <br />concerning the property described as Tract 6982, Bridle Creek ("Property"), as modified by <br />Amendment No. 1 dated July 18, 2000, requesting a one year extension to complete off-site <br />improvements. <br />B. The Agreement called for Subdivider to construct, or cause to be constructed, off-site <br />improvements for the Property pursuant to the North Sycamore Specific Plan within one year <br />of the date of the Agreement, subject to reasonable extensions. <br />C. Subdivider has requested the release of the bond for onsite improvements at Tract 6982, <br />Bridle Creek when these improvements are accepted by the City, and will substitute a bond in <br />the amount of $80,709.00 for the offsite improvements on Old Sycamore Rd. for the Bridle <br />Creek Estate Lots. <br />D. City has determined that it is not detrimental to the public interest to substitute bond <br />descriptions and amounts as listed above. <br />NOW, THEREFORE, in exchange for mutual consideration, the receipt and sufficiency of <br />which is hereby acknowledged, the parties agree as follows. <br />Section 1, "Time of Essence, is amended to allow two additional years to perform <br />the offsite improvements on Old Sycamore Road. <br />2. Section 7, "Security," is amended to include the following: <br />Prior to the release of any outstanding bond for onsite improvements at Tract <br />6982, Bridle Creek when these improvements are accepted by the City, <br />Subdivider shall provide a performance bond and labor and materials bond each <br />for 100% of the value of the offsite improvements on Old Sycamore Road for the <br />Bridle Creek Estate Lots estimated to be $80,709. <br />Except as provided herein all other terms and conditions of the Agreement, as amended <br />by the First Amendment, shall remain in full force and effect. <br />Executed on the date stated above. <br />City of Pleasanton <br />Deborah Acosta McKeehan, <br />City Manager <br />Sycamore Funding Development Company <br />~~ <br />Ronald Mukai <br />Vice President <br />