PRUDENTIAL INSURANCE FOOTHILL RD. RESERVOIR SITE

funding in advance of the formation of the North Pleasanton jlater Improvement District to accelerate the construction of the Foothill Reservoir in order that development of its proposed project can proceed expeditiously, subject to Prudential obtaining necessary governmental approval. D. The preliminary design of Foothill Reservoir was completed by contract between the City and Camp, Dresser & McKee, Inc. dated November 9, 1982. The City was reimbursed by Prudential for the cost of the preliminary design pursuant to an agreement dated December 6, 1982. E. On July 12, 1983, the City authorized a contract for Phases II and LII (final design and construction services for the proposed Foothill Reservoir) with Camp, Dresser & McKee, Inc. F. On July 26, 1983, the City and Prudential entered an agreement providing for reimbursement to City for final design of Foothill Reservoir, site acquisition costs, assessment district engineering costs and site construction services. G. City has prepared an initial study of site preparation and construction of Foothill Reservoir dated October 6, 1983. NOW, THEREFORE, in consideration of the faithful performance of the promises, terms, conditions and covenants set forth herein, the parties hereto agree as follows: 1. Time of Essence. Time is of the essence in the performance of this agreement. The work and improvements required by this agreement to be completed by Developer shall be completed within one (1) year from the above- -?_-