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H. SUMMARY OF THE PROPOSED AGREEMENT <br />A. Description of the Site and the Proposed Development <br />Site <br />The site is comprised of real property ("Site") owned by the Agency, which will be deeded to the <br />Developer for development and construction of a new automotive lube and tune center. <br />The property comprising the Site is identified as follows: <br />The site of the new automotive lube and tune is approximately 23,000 square feet <br />(0.53 acres) on the north side of Davis Street, west of the new Shell/Burger King and <br />Phillips Lane in San Leandro. <br />Developer <br />The Developer is S.L. Vanuatu Properties, LLC, a limited liability corporation. <br />Project Description <br />The proposed development ("Project') will consist of an approximately 4,100 sq.ft. new automotive <br />lube and tune center. The project must conform to the provisions and property development <br />standards contained in the Disposition and Development Agreement (DDA). There will be no <br />publicly owned facilities. <br />B. Agency Responsibilities <br />As a condition precedent to the Agency obligation to sell and convey the Site to the Developer, the <br />Agency shall: <br />1. Provide to the Developer written approval of an executed lease between the <br />Developer and Paisa, Inc. d.b.a. Punffect Tune, a retail tenant. <br />2. Provide any necessary approvals for the construction and operation of the Project, <br />including prompt review and approval of the Developer's Acquisition Financing <br />Plan and Construction Financing Plan. <br />3. Provide a case closure letter documenting that the Site is free and clear of <br />contamination, including soil, groundwater, PCB's, underground tanks and asbestos, <br />or any other environmental contamination. <br />4. Approve the title report for the Site. <br />KEYS E R MA R S T O N ASSOCIATES INC. <br />1910A0001-002.DOC Page 3 <br />