PONDEROSA HOMES STORM DRAIN REIMB

0 • SECOND AMENDMENT REIMBURSEMENT AGREEMENT FOR STORM DRAIN FACILITIES Ponderosa Homes This Second Amendment to the Reimbursement Agreement for Storm Drain Facilities Ponderosa Homes is entered into this )g'r/tday of Ail , 2016, by the City of Pleasanton ("City") and Ponderosa Homes II, Inc., a California Corporation ("Developer") whose principal place of business is 6130 Stoneridge Mall Road, Ste, 185,Pleasanton,CA 94588. RECITALS WHEREAS, the City and Developer entered into the Reimbursement Agreement for Storm Drainage Facilities, dated March 18, 2008, and thereafter executed the First Amendment Reimbursement Agreement for Stormdrain Facilities, dated July 6, 2015 (together hereinafter referred to as "Reimbursement Agreement"), recognizing that the Developer had installed storm drain and related infrastructure that would benefit, in part,nearby properties; and WHEREAS, in exchange for certain considerations, Developer is willing to limit the interest on the reimbursement required of the Kie-Con Property(APN 946125100704);and WHEREAS, the City and Developer have agreed that said limitation is reasonable given the value of the future benefit to the Kie-Con Property; and WHEREAS, Developer advises the City that the Lehman/Selway Property(APN 946457400700 / 946457400600) has fulfilled it reimbursement requirement to Developer under the Reimbursement Agreement and the City is not required to collect any Reimbursement Fee from the Lehman/Selway Property. NOW THEREFORE, the parties agree to amend the Reimbursement Agreement on the following terms and conditions: 1. Section 6. Establishment of Fee, will be replaced in its entirety with the following: City shall collect from the Kie-Con Property Owner reimbursement fees in the amounts specified in the attached Exhibit C plus adjustments made each January 1st of each calendar year up to and including January 1, 2018, to reflect the addition of interest per Section 7 ("Reimbursement Fee or Reimbursement Fees"). Thereafter there shall be no additional interest added to said Reimbursement Fee for the Kie-Con Property. 2. Section 11 Term., will be replaced in its entirety with the following: Fifteen(15) years after the date of the Agreement, City shall cease collecting Reimbursement Fees and Developer shall not be entitled to the receipt of any further Reimbursement Fees pursuant to this Agreement; and any further changes to this Agreement may only occur when agreed to by the City and the owner of the Kie-Con Property. -1-