Inst 2010 Agmt CIPP - Laserfiche WebLink

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The Improvements required for Lot 1 and Lot 2 combined are as shown on the Plans. As of the Effective Date, the estimated construction cost for all of the Improvements is Three Million, Three Hundred Seventy-Five Thousand, One Hundred Ninety-Three Dollars ($3,375,193). 5.2 Grant of Easement. Concurrently with the recordation of this Agreement and the Final Map, Owner shall execute and City shall record in the Official Records of Alameda County a Grant of Easement and Declaration of Restrictions substantially in the form attached hereto as Exhibit B ("Grant of Easement") separately over each lot comprising the Property. City hereby finds that each Grant of Easement is a form of security that is acceptable to the City within the meaning of subdivision (a)(5) of Government Code section 66499 and permissible under San Leandro Municipal Code. City will not have the right to prevent development pursuant to the Grant of Easement of any. particular lot comprising the Property if either: (a) construction of the Improvements required for the applicable lot (as described in Section 5.1) has been completed and accepted by City, or (ii) bonds or other security as described in Paragraphs A and B of Section 5.3 have been provided to City in the amount required by this Agreement for the applicable lot and in form acceptable to City. City will record a release and reconveyance of the Grant of Easement for each applicable lot upon the earliest to occur of the following: (i) completion of construction of Improvements for the applicable lot (as described in Section 5.1), (ii) submission to City of bonds or other security as described in Paragraphs A and B of Section 5.3 in form acceptable to City for the Improvements required for the applicable lot (as described in Section 5.1), (iii) City's approval of a revised development plan or re- subdivision of the Property, provided that (a) all improvements required by the subsequent improvement agreement related to said revised development plan or re- subdivision have been completed, and all other conditions required by the subsequent improvement agreement have been satisfied, or (b) security for the completion of such improvements and the satisfaction of such conditions, in form and amount acceptable to City, has been provided to City, (iv) City's approval of a parcel map evidencing a reversion to acreage or a merger and re-subdivision of the Property pursuant to Government Code section 66499.11 et seq., and San Leandro Municipal Code sections 7-1-1000 through 7-1-1035; or (v) or such other act, approval or occurrence that results in the Conditions of Approval (defined above in Recital C) and the entitlements for development of the Property being rescinded or superseded. 5.3 Security. Prior to the issuance of grading or building permits for Lot 1, Owner shall furnish City with the security described in Paragraphs A and B below with respect to the Lot 1 Improvements in a form reasonably satisfactory to the City Attorney and the City Engineer, and prior to the issuance of grading or building permits for Lot 2, Owner shall furnish City with the security described in Paragraphs A and B below with respect to the Lot 2 Improvements in a form satisfactory to the City Attorney and the City Engineer. Prior to City's initial acceptance of the Lot 1 Improvements, Owner shall furnish the security described in Paragraph C with respect to the Lot 1 Improvements, 1328680-7 5