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11111 (-Aft <br /> SECOND AGREEMENT BETWEEN THE CITY OF <br /> RANCHO PALOS VERDES AND V.H. PROPERTIES, CORPORATION <br /> REGARDING GEOLOGIC ISSUES <br /> THIS SECOND AGREEMENT BETWEEN THE CITY OF RANCHO <br /> PALOS VERDES AND V.H. PROPERTIES, CORPORATION REGARDING <br /> GEOLOGIC ISSUES ("Second Agreement") is made and entered this 16th day of July, <br /> 2004,by and between the City of Rancho Palos Verdes, a California municipal <br /> corporation("City") and V.H. Properties, Corporation("Developer"). City and <br /> Developer are sometimes referred to singularly herein as "Party" and collectively as the <br /> "Parties." <br /> RECITALS <br /> A. Developer is the owner of that certain real property encompassed within <br /> Tentative Tract Map No. 50666, a portion of which is proposed for single-family <br /> residential development(the"Property"). The Property is part of a larger golf course and <br /> residential project that is being constructed on the Property, which is owned by <br /> Developer and is generally located at 1 Ocean Trails Drive,Rancho Palos Verdes, <br /> California, commonly known as the Ocean Trails Project("Ocean Trails"or"the <br /> Project"). Ocean Trails consists of a 258-acre site bounded by Palos Verdes Drive South <br /> on the north, the Portuguese Bend Club on the west, the Pacific Ocean on the south and <br /> Shoreline Park on the east. <br /> B. City approved various applications for the Ocean Trails project to allow <br /> the construction of a Residential Planned Development of 75 single family dwelling units <br /> and the development of an 18-hole golf course with associated clubhouse and parking <br /> facilities. <br /> C. The Property encompasses three landslide areas. Because portions of the <br /> Property that are being developed for residential purposes and for public parks and trails <br /> may be affected by one or more landslides on the Property, the public safety, health and <br /> welfare require that the geological and geotechnical conditions of the Property be <br /> thoroughly analyzed and addressed before the entire eighteen-hole golf course can open <br /> for public use. <br /> D. City and Developer have each retained experts to analyze the geological <br /> conditions that underlie the site and to make recommendations regarding the potential <br /> development of the Property. However, given the inherent complexity of the geology on <br /> the Property and the inherent subjectivity of the science of geology, the Parties' <br /> respective experts have not always agreed on the geologic conditions on the Property. <br /> 784710.3 <br />