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<br />THIS DISPOSITION AND DEVELOPMENT AGREEMENT is made on or as
<br />of this day of MA - 20 1998, by and between the Redevelopment
<br />Agency of the City of Sai Leandro (hereinafter "Agency") and S.L. Vanuatu
<br />Properties, L.L.C. (hereinafter "Developer"), a Limited Liability Corporation.
<br />WITNESSETH:
<br />1. Pursuant to its authority granted under California law, the Agency has
<br />the responsibility to carry out the City of San Leandro Plaza II Redevelopment
<br />Project, which was approved and adopted on December 26, 1967, by the City
<br />Council of the City of San Leandro by Ordinance No. 67-62, Serial BA23623, Reel
<br />2137, Images 753-756, and amended on October 26, 1971, by Ordinance No. 71-28,
<br />on February 25, 1974, by Ordinance No. 74-14, on December 17, 1979, by
<br />Ordinance No. 79-39, on March 30, 1981, by Ordinance No. 81-019, on November
<br />29, 1982, by Ordinance No. 82-093, on October 10, 1983, by Ordinance No. 83-
<br />026, on January 6, 1986, by Ordinance No. 83-026, on January 6, 1986, by
<br />Ordinance No. 85-049, on December 15, 1986, by Ordinance No. 86-039, on July 5,
<br />1988, by Ordinance No. 88-013, by Ordinance No. 94-019, on August 15, 1994, by
<br />Ordinance No. 94-029, on December 19, 1994, Ordinance No. 95-05, on February
<br />27, 1995, and Ordinance No. 95-06, on February 27, 1995. Said redevelopment
<br />plan as described and as thereafter from time to time amended is referred to herein as
<br />the Redevelopment Plan" and is incorporated into this Agreement by reference. Any
<br />amendments to the Redevelopment Plan which change the uses or development
<br />permitted on the Property or otherwise change the restrictions or controls that apply
<br />to the Property shall require the consent of the Developer which consent shall not be
<br />unreasonably withheld. Amendments to the Redevelopment Plan applying to other
<br />property in the Project Area shall not require the consent of the Developer.
<br />2. In furtherance of the Redevelopment Plan, the Agency and Developer
<br />entered into a letter of intent on October 6, 1997, (incorporated herein by this
<br />reference and on file in the office of the Agency Secretary) for the purchase and the
<br />development of approximately twenty-three thousand (23,000) square feet of real
<br />property within the City of San Leandro and more particularly described on the
<br />attached Exhibit A incorporated herein by reference. Said real property, which is
<br />located in an area governed by the Redevelopment Plan, is hereinafter referred to as
<br />"the Property." The Property as described in Exhibit A is the real property shown on
<br />the Preliminary Development Plan attached hereto as Exhibit B. It is contemplated
<br />that the Preliminary Development Plan will be revised and refined into the Final
<br />Development Plan in accordance with Section 1.03 below.
<br />Disposition and Development Page 1 of 30
<br />Agreement - Vanuatu Properties Draft December 4, 1997
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