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4 <br /> • Ilk <br /> AGREEMENT BETWEEN THE CITY OF <br /> RANCHO PALOS VERDES AND V.H. PROPERTIES, CORPORATION <br /> FOR INSTALLATION AND MAINTENANCE OF SEWER LINES <br /> THIS AGREEMENT is made and entered this 16th day of December, 2003, by and <br /> between the City of Rancho Palos Verdes, a California municipal corporation("City") and V.H. <br /> Properties Corporation("Developer"). City and Developer are sometimes referred to singularly <br /> herein as "Party" and collectively as the"Parties." <br /> RECITALS <br /> A. Developer is the owner of that certain real property more particularly and legally <br /> described in Exhibit"A" attached hereto and encompassed within Tentative Tract Map No. <br /> 50666 and Tract Map No. 50667, a portion of which is proposed for single-family residential <br /> development(the"Property"). The Property is owned by Developer and is generally located at 1 <br /> Ocean Trails Drive, Rancho Palos Verdes, California, commonly known as the Ocean Trails <br /> Project("Ocean Trails"). Ocean Trails consists of a 258-acre site bounded by Palos Verdes <br /> Drive South on the north, the Portuguese Bend Club on the west, the Pacific Ocean on the south <br /> and Shoreline Park on the east. <br /> B. City approved various applications for the Ocean Trails project to allow the <br /> construction of a Residential Planned Development of 75 single-family dwelling units and the <br /> development of an 18-hole golf course with associated clubhouse and parking facilities. <br /> C. As a component of the project, Developer is required to provide eight(8) <br /> affordable housing units (four units located on the Property and four units located off-site). As a <br /> condition precedent to issuing the final permit to allow Developer to operate the 18-hole golf <br /> course included in the Project,the on-site affordable units must be completed and certified for <br /> occupancy. <br /> D. The four on-site affordable housing units are not located in an area that is subject <br /> to the geologic stability issues on the Property, and Developer desires to complete the <br /> improvements necessary to obtain certificates of occupancy for the affordable units. Developer <br /> has requested approval to construct a sewer line to serve the affordable housing units and the <br /> maintenance building on the Property in advance of completing the other improvements on the <br /> Property required by Tentative Tract Map No. 50666. Said sewer line will traverse the Property <br /> and will be located partially within areas that eventually will be part of the public rights-of-way <br /> once the streets for Tentative Tract No. 50666 are accepted by City. <br /> E. In consideration for City's approval of this request, Developer desires to enter <br /> into this Agreement whereby Developer promises, at its sole expense, to install and complete all <br /> sewer line improvement work described in Exhibit"B," attached hereto and incorporated herein <br /> by this reference (the"Improvements") in accordance with the Improvement Plans included in <br /> Exhibit"B", and to operate and maintain said Improvements in accordance with the terms and <br /> conditions described hereinafter. <br /> R6876-0001\756737v2.doc <br />