SOWELS DAVID DBA 3N LAND AND BUILDING FUND REIT INC

SUBDIVISION AGREEMENT Tract 7975, (HERITAGE GROVE) /S— This Subdivision Agreement("Agreement") is made and entered into this My UI kf , by and between David Sowels, 3N Land and Building Fund REIT-INC, 2401 A- Waterman Blvd; PMB 143, Fairfield, CA 94534, (707)421-2304 office, (707) 421-1103 fax ("Subdivider") and the City of Pleasanton, a general law city("City"). RECITALS WHEREAS, Subdivider has a City-approved planned unit development plan (PUD-64) and vesting tentative map for Tract 7975(the"tract") for the development of 4 new single family homes in addition to one existing home on an approximately 13,000 sq. ft. site at 4238 First Street (the"site"); and WHEREAS, all or a portion of the area of the vesting tentative map is presented as a "final map" a copy of said map is on file in the office of the City Engineer, and by reference is included in this Agreement for all purposes as if attached hereto; and WHEREAS, said map and subdivision of land designates streets, easements and public ways for the City, and Subdivider proposes to dedicate this land set forth in.the final map to the City; and WHEREAS, as a condition precedent to accepting this offer of dedication by Subdivider, City requires the improvements of the public ways, installation or extension of certain City services at Subdivider's expense and certain protection for the City on behalf of the public; and WHEREAS, as mitigation measures and conditions of approval for PUD- 64 and the tract, Subdivider must also construct public and private improvements on the site. NOW, THEREFORE, in consideration of the faithful performance of the promises, terms, conditions and covenants set forth herein by Subdivider, 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 Subdivider shall be completed within one (1) year from the above-mentioned date of this Agreement. The City may extend the time for completion of improvements hereunder, upon good cause being shown by the Subdivider. Any such extension may be granted without notice to the Subdivider's surety; any extension so granted shall not relieve the surety's liability on the bond to secure the faithful performance of this Agreement. 2 . Work. Subdivider will do or cause to be done and performed the following described work: Improvements pursuant to plans and project bond estimates entitled: A. Improvement Plans for Tract 7975, (Heritage Grove) Subdivision Agreement Tract 7975,Heritage Grove Page 1 of 6