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5. Future Development and Specific Plaa Costs. Buyer and Seller acknowledge that this purchase agreement only relates to existing development conditions as of the effective date of the purchase agreement. If the remainder of the Seller's property is ever subdivided in the future, the new development shall be subject to specific plan reimbursement costs, yet to be determined. The specific plan reimbursement costs shall also include all of the costs related to this realignment project including any monetary expenses for land purchase or in-kind construction costs made to the Seller and other land purchases needed for the realignment project. 6. Closing and Related Costs. The Buyer shall pay for all costs including, but not limited to, preliminary soil testing, street vacation, title reports, escrow, title insurance, surveying, and appraisals associated with the purchase of the Property, except Seller shall pay for any sale commission arising out of this purchase. Buyer and Seller are not aware of any sales commission arising out of this purchase at this time. Each party shall pay its own attorneys' fees in connection with the negotiating this Agreement and closing the Escrow. Real estate taxes shall be prorated as of the date of the actual closing of the Escrow. 7. Time of the Essence. Time is of the essence of this Agreement. 8. Binding Effect. This Agreement will be binding upon and inure to the benefit of the heirs, executors, administrators, successors in interest, and assigns of the parties to it. 9. Closing Date. The transaction will be closed on or before November 30, 1996 or at such other times as the parties may mutually agree, otherwise this Agreement shall terminate. 10. Notices. All notices and other communications required under this Agreement will be in writing and delivered either personally or by depositing the communication, postage prepaid, in the United States mail addressed to the party to whom the communication is directed at the following addresses: Seller: Lutz Homes 740 Silvertip Way Sunnyvale, CA 94086 Buyer: City of Pleasanton 123 Main Street Pleasanton, CA 94566 Attn: City Manager Either party to this Agreement may change mailing addresses by written notice to the other. 3