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2 the Roundabout, and (ii) accept the transfer of the Caltrans Property in accordance with this Agreement. 2. Term of Agreement. This Agreement shall commence on the Effective Date and continue in perpetuity unless terminated by mutual agreement in writing by the Parties. 3. Project Costs. San Leandro will be responsible for one hundred percent (100%) of the cost of design and construction of the Project and the Caltrans Property acquisition costs. 4. San Leandro Acquisition of Caltrans Property. a. Caltrans staff has informed the Parties the following: The Caltrans Property (i) is currently going through the decertification process; (ii) will be appraised and sold at fair market value to San Leandro; and (iii) will be conveyed by a Director’s Deed (the “Caltrans Property Director’s Deed”), subject to approval by the California Transportation Commission (“CTC”) and the Federal Highway Administration (“FHWA”). b. Following approval of the sale of the Caltrans Property by the CTC and FHWA, San Leandro, at its cost and expense, shall purchase the Caltrans Property and accept conveyance of the Caltrans Property pursuant to the Caltrans Property Director’s Deed. 5. Design and Construction of the Project. a. San Leandro has provided to Oakland design drawings in electronic format for review and Oakland has provided design review comments to San Leandro. Once the plans are approved by Oakland staff, Oakland staff will present to the City Council for its consideration a resolution to approve the final construction plans. b. Oakland staff will process a P-Job permit (“Construction Permit”) and if it meets permit requirements, issue the Construction Permit to San Leandro’s contractor to construct the portions of Project within Oakland’s jurisdiction. As part of the resolution referenced in Section 5(a) above, Oakland staff will seek City Council approval to waive the fee for the Construction Permit. c. San Leandro, at its cost and expense, shall construct, or cause to be constructed, the Project pursuant to the Construction Permit and all other permits and governmental approvals required for construction of the Project. 6. Conveyance of Caltrans Property to Oakland. Following completion of construction of the Project, San Leandro shall convey the Caltrans Property, at no cost or expense to Oakland, pursuant to a Grant Deed (the “Caltrans Property Grant Deed”) in accordance with California Government Code Section 66428, and Oakland shall accept the Caltrans Property pursuant to the Caltrans Property Grant Deed. 7. Maintenance Obligations. San Leandro, at its cost and expense, shall maintain the improvements comprising the Roundabout, including, but not limited to, sidewalks, paving, pavement striping and markings, street lights, street signage, the retaining wall, and landscaping, located within the area shown on Exhibit C attached hereto (the “Roundabout Maintenance