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EDEN ROAD PUBLIC IMPROVEMENT AGREEMENT Page 4 of 11 documents. The price to be paid by City to Applicant for the PUE shall be comprised of the following: i. One Million Dollars ($1,000,000.00) payment from City of San Leandro to Applicant, to be paid within 30 days following completion of all the following requirements: full execution of this agreement, development of the draft PUE, plan sets to execute the Project are approved, and submittal of bonds for performance of the Project with a surety rating of “A” or greater , or a letter of credit accompanied by a bank letter of guarantee that guarantees access to the credit line for the full estimated value of the project that is reviewed and approved by the City’s Finance Director (whichever of the above requirements occurs last). ii. Conditioned on the completion of the Project, passing of all regulatory inspections, and full execution of the PUE referenced in section (a), above, the City shall pay an additional sum of $2,000,000 (two million dollars) to the applicant within 30 days following completion of the above. At the same time the $1,000,000 payment stated above is due, City shall segregate the additional $2,000,000 into a discrete line-item identified for this specific project within the City’s accounts. . iii. It shall be further noted that the above-referenced payments totaling $3,000,000 solely reflect the mutually-agreed upon value of the PUE. As a privately owned road, Applicant shall be responsible for any and all costs associated with construction of the Project, including compliance with any relevant legal requirements associated with a privately constructed project on privately-owned property. b. Owner’s Contribution: Owner agrees to use a portion of its existing land for a vehicular turnaround area, that shall be constructed in compliance with City of San Leandro and Alameda County Fire Department requirements and standards. This turnaround shall be demarcated on the Eden Road plans submitted to the City. 4. Construction: Applicant shall construct improvements within Eden Road from Doolittle Drive to the western end of Parcel APN # 77A-746-10. City agrees to fully off-set the