Deed - 15693-15739 East 14th St - File D-1383, Pending

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�J 4asuS� t , �y—, 294, O�910/ cluly_ 14 Eric Hohman Vice President, Acquisitions & Development Madison Marquette 660 Davis Street San Francisco, CA 94111 RE: Agreement for Reimbursement of Certain Costs Related to Appraisal of King Property Dear Eric, The Redevelopment Agency of the City of San Leandro ("Agency") has executed an agreement with Roland H. Burchard ("Appraiser") to provide appraisal services related to certain property otherwise known as the "King Property" near Bayfair Mall off of East 14th Street in San Leandro. The APN for the King Property is 80c-500-31,32,33 and ponsists of approximately 3.2 acres. &kAeL Bayfair Sublessee, LLC, a-Galifelimited liability company ("Developer") agrees to reimburse the Agency for expenses incurred by the Agency to investigate the feasibility of acquiring the Property ("Costs") pursuant to the terms and conditions of this letter agreement ("Agreement"). Costs shall consist of: (1) Agency and City of San Leandro expenses including consultant and attorney's fees necessary to assist Appraiser in completing the appraisal services, and (2) all fees and expenses paid by Agency for Appraiser services. The rates for Agency attorney's fees and the Appraiser are as shown in Exhibit A. Developer shall pay the Costs within 30 days of receipt of each invoice from the Agency. Each invoice shall contain an itemization of the Costs including the total number of hours of work performed by staff, consultants, and attorneys, and a description of the work performed, as well as copies of all invoices submitted by the Appraiser. Developer shall not be responsible for Costs in excess of $50,000. The Parties anticipate that the Appraiser shall complete his services on or before August 31, 2004 and it is the intention of the Parties that the Agency shall not be entitled to reimbursement for services performed after such date unless this Agreement is otherwise amended in writing by the Parties. Any failure by a party to perform any term or provision of this Agreement, which failure continues uncured for a period of 30 days following written notice of such failure from the party to whom performance is due (unless such period is extended by written mutual consent), shall constitute a default under this Agreement. Upon receipt of any notice of default, the parties to this Agreement shall immediately confer in order to make a good faith effort to allow for any default to be cured prior to the expiration of the cure period. If the alleged failure is cured, then no default shall exist and the noticing party shall take no further action. If the alleged failure is not cured, then a default shall exist under this Agreement and the non - defaulting party may exercise any of the remedies available to it under law or equity, which remedies the Page 1 of 2 �r.