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MODEL HOME AGREEMENT <br />Tentative Tract No 18988 <br />This Agreement is made and entered into this 20th day of December 2016 by Lennar <br />Homes of California, Inc whose business address is 980 Montecito Dr, Ste 203, Corona <br />California 92879, ('Builder") and the City of Redlands, a municipal corporation ("City") <br />RECITALS <br />WHEREAS, Builder is the developer of certain real property for which Tentative Tract <br />No 18988 has been approved and which is more particularly shown in Exhibit "A," attached <br />hereto and incorporated herein by this reference ("Property"), and <br />WHEREAS, Builder desires to construct three (3) model homes on the Property, on Lot <br />No 1, Lot No 2, and Lot No 3, and an associated parking lot on Lot No 4, prior to the <br />recordation of a final map for Tentative Tract No 18988, and <br />WHEREAS, Builder agrees to provide security to assure Builder's performance under <br />this Agreement, in the form of a surety bond from an approved insurance company ("Surety") <br />and in a form acceptable to City, <br />NOW, THEREFORE, foi good and valuable consideration, the receipt of which is hereby <br />acknowledged, the City of Redlands and Lennar Homes of California, Inc hereby agree as <br />follows <br />AGREEMENT <br />Section 1 Model Homes Builder may construct three (3) model homes on the <br />Property which shall be used solely foi the purpose of display and sale of similar dwelling units <br />to be constructed within Tentative Tract No 18988 Such model homes shall not be sold or <br />occupied for residential purposes until a final map is recorded creating a separate legal lot for <br />each model home <br />Section 2 Builder's Obligations Builder shall convert the sales office of the model <br />homes into a residential garage, prior to, and as a condition of, City's issuance of a certificate of <br />occupancy for the model homes on Lots No 1, 2, and 3 of the Property Builder shall further <br />demolish and remove the associated parking lot prior to, and as a condition of, City's issuance of <br />a building permit for a single fancily residence on Lot No 4 of the Property <br />Section 3 Security and Surety„Consent The amount of security for the performance of <br />this Agreement is Sixty Thousand Dollars ($60,000) in the form of a corporate surety bond <br />approved by City It is understood that by providing security for this Agreement, Surety <br />consents in advance to any written extension of time as may be given by City to Builder and <br />waives notices of such extensions The making of an application for an extension of time by <br />Buildei shall, upon granting of the application by City, constitute a waiver by Buihdei and by <br />Surety of all defenses of laches, estoppel, statutes of limitation, and other limitations of action in <br />any action of proceeding filed by City within the period of four years immediately following the <br />date to which the time of performance was extended <br />