Laserfiche WebLink
--7 (02 . <br /> FEE DEFERRAL AGREEMENT <br /> N° <br /> This Agreement ("Agreement") is made and entered into this day of <br /> J v/JCi , 2011, by and between the Surplus Property Authority of Alameda County, a <br /> public corporation("SPA") and the City of Pleasanton, a municipal corporation("City"). <br /> RECITALS <br /> A. City and SPA have entered into the Agreement for Purchase and Sale of Real <br /> Property and Escrow Instructions dated December 6, 2010, as amended by First Amendment to <br /> Agreement for Purchase and Sale of Real Property and Escrow Instructions dated the same date <br /> of this Agreement (collectively "Purchase Agreement") setting forth the terms and conditions <br /> for the purchase by City from SPA of approximately 4.8 acres (Lot 4) for park purposes in <br /> connection with the Staples Ranch development. The City is obligated to pay SPA for the <br /> purchase of park land as set forth in the Purchase Agreement. <br /> B. That certain agreement titled "Funding and Improvement Agreement" dated <br /> September 7, 2010 among SPA, City, Hendrick Automotive Group, and Continuing Life <br /> Communities Pleasanton, LLC ("Funding Agreement") sets forth terms and conditions <br /> regarding improvements to the approximately 4.8 acres purchased by City for park purposes <br /> pursuant to the Purchase Agreement. <br /> C. As set forth in that certain agreement titled "Development Agreement By and <br /> Between City of Pleasanton and the Alameda County Surplus Property Authority" dated <br /> September 1, 2010 by and between City and SPA ("Development Agreement") SPA is <br /> obligated to pay certain development fees in connection with the Staples Ranch development, <br /> which fees are set forth on Exhibit A (the "Development Fees"). <br /> D. The Development Agreement requires SPA to pay the Development Fees to City <br /> upon the recordation of the Final Subdivision Map for the Staples Ranch development. <br /> E. The parties have determined that it is in their best interests to defer SPA's <br /> payment of the Development Fees until Close of Escrow under the Purchase Agreement as more <br /> particularly provided in this Agreement. <br /> NOW, THEREFORE, BE IT MUTUALLY AGREED AS FOLLOWS: <br /> 1. Deferral of Payment of Development Fees. City agrees that SPA's payment of <br /> the Development Fees shall be deferred to the date of Close of Escrow under the Purchase <br /> Agreement as follows: City shall deposit in escrow City's share of the Purchase Price (as <br /> provided in Section 2.4(a)(i) of the Purchase Agreement) less the amount of the Development <br /> Fees. Upon Close of Escrow, SPA shall accept such reduced Purchase Price and SPA shall have <br /> been deemed to have paid in full the Development Fees to City. <br /> 2. No Changes to Purchase Agreement, Funding Agreement, and Development <br /> Agreement. Except as provided in Section 1,this Agreement does not change, amend, or <br /> 000299.0044\1820517.3 1 <br />