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6. Pay all fees and charges of the City of San Leandro in connection with the <br />processing and consideration of the City permits and approvals required for the <br />Minimum Project. <br />Presuming that the above conditions are met, and subject to the specific terms and conditions stated <br />in the Agreement, the Developer shall: <br />1. Purchase the Site from the Agency for the agreed upon price in the DDA. <br />2. Develop, construct and open the Minimum Project in accordance with the Scope <br />of Development in the DDA and within the time frame specified in the <br />Agreement. The Minimum Project will include a ground -floor restaurant of not <br />less than 2,000 sq.ft. of net rentable area (NRA). Should the Developer fail to <br />lease the 2,000 sq.ft. restaurant space within the time frame specified, then the <br />reuse value will increase by $250,000. <br />The Developer will work with the local organization Friends of the Creek and <br />other interested parties on creek access, creek clean-up and improvements, <br />relationship of buildings to creek, etc. <br />4. The Developer will work with the Condominium Owners Association on aspects <br />of the Minimum Project that affect the adjacent property on Carpentier Street. <br />5. The Developer will assume all responsibility for the environmental condition of <br />the Site upon conveyance. <br />6. Pay all assessments payable, bear the cost of the title policy and property survey. <br />7. Pay one-half of the conveyance and transfer taxes, recording fees, and escrow fees. <br />Maintain David C. Irmer as the President and managing principal of Developer, <br />with a minimum of 50% ownership interest in the Site for a minimum of five years <br />from the date of completion of the Minimum Project. <br />9. Assume all assessments and governmental fees related to the site, including the <br />underground utility conversion fee and the City of San Leandro Development Fee <br />for Street Improvements, (DFSI). This Developer obligation also includes funding <br />of a traffic signal at San Leandro Boulevard as determined by the City's Traffic <br />Engineer. <br />Keyser Marston Associates, Inc. <br />19096.001\002-001.doc Page 5 <br />