GREENBRIAR HOMES - IMPROVEMENT AGMT DEC '05

IMPROVEMENT AGREEMENT THIS AGREEMENT is made and entered into on the ~U' day of ~ ~-~'t~ 2005, by and between GHC Company 7, LLC ("Owner") and the CITY OF PLEASANTON, a municipal corporation ("City"). RECITALS WHEREAS, Owner is the owner and developer of real property commonly described as Tract 7240, Pleasanton, California, ("Property"); WHEREAS, Condition 29 of the Conditions of Approval for the development of the Property provides that no more than 75% of the building permits for the Property shall be issued until the vineyard plantings with permanent irrigation facilities (collectively, "the Improvements") have been completed; WHEREAS, Owner has requested to pull all the building permits for the Property in the fall of 2005 notwithstanding that the Improvements have not been completed based on the advice of its horticulturist that it would be better to install and complete the Improvements in the spring of 2006; WHEREAS, Owner has provided to City a performance bond in the amount of $182,362 to secure the completion of the Improvements; NOW, THEREFORE, in consideration of the promises and acts contained herein, the parties agree as follows: 1. Owner may pull all building permits for the Property before the completion of the Improvements. 2. Owner shall complete the Improvements by June 15, 2006 and, if it does not, City may exercise its rights under the performance bond that Owner has provided to secure completion of the Improvements. 3. City may also not provide final certificates of occupancy for the houses to be constructed on the Property until the Improvements are completed. 4. Any notice or communication required or provided for under this Agreement shall be given in writing and sent by fax or ordinary mail to the following addresses: CITY: City of Pleasanton P.O. Box 520 Pleasanton, CA 94566 Attn: Director of Planning and Community Development