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I • �� <br /> at 1480 Industrial Way (collectively referred to as the "Permits"), will not increase the <br /> usable square footage of the existing buildings located on the Property; and <br /> WHEREAS, undergrounding all the Lines would be prohibitively expensive at this <br /> time; and <br /> WHEREAS, Owner is willing to deposit a certain sum of money to cover the cost <br /> of installing the overhead power lines located in front of the Property underground. <br /> NOW, THEREFORE, the parties agree as follows: <br /> 1. DEPOSIT Prior to any further occupancy of the building located on the <br /> Property, Owner shall deposit the sum of Fifty Thousand Dollars ($50,000), in cash or <br /> cash equivalent, (the "Deposit") with the City of Redwood City for the future <br /> undergrounding of the overhead power lines located in front of the Property on <br /> Industrial Road, in Redwood City (the "Industrial Road Lines"). Delivery of the Deposit is <br /> a condition precedent to the issuance to any occupancy permit on the Property. <br /> 2. TENANTS IMPROVEMENTS This Agreement only pertains to the <br /> tenants improvements which are contemplated for the two (2) buildings located at the <br /> Property and approved pursuant to the Permits and does not in any way refers or <br /> pertains to other improvements that may be undertaken at the Property. Construction of <br /> a new structure and/or addition to existing buildings or any other improvement on the <br /> Property will require full compliance with all pertinent City Ordinances regarding the <br /> installation of underground utilities. <br /> 3. USE OF DEPOSIT The Deposit shall be used only to install the Industrial <br /> Road Lines underground within the public right-of-way. Installation of on-site <br /> Agmt-387 2 <br /> flsh/sh/RC/Council <br /> FXS:rg <br /> 08/08/00 <br /> _. . .�._ . _..w r _ <br />