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<br />AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY <br />AND JOINT ESCROW INSTRUCTIONS <br /> <br />THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY (this <br />"Agreement") is entered into by and between the REDEVELOPMENT AGENCY OF THE <br />CITY OF SAN LEANDRO, a public body corporate and politic ("AGENCY") and ST AHL- <br />WOOLDRIDGE CONSTRUCTION COMPANY, a partnership ("SELLER"), on the Effective <br />Date (defined below), who agree as follows: <br /> <br />RECITALS <br /> <br />A. SELLER is the owner of that certain Property located in the City of San Leandro, County <br />of Alameda, State of California, more fully described in EXHIBIT A attached hereto. The <br />property and improvements thereon shall hereinafter be referred to as the "Property". <br /> <br />B. AGENCY is acquiring the Property for public use. Pursuant to Government Code <br />Section 7267.2, AGENCY and SELLER have negotiated AGENCY's acquisition ofthe Property <br />under threat of and in lieu of condemnation and as a complete settlement of all claims related to <br />compensation for the Property. AGENCY has the power of eminent domain and AGENCY's <br />acquisition of the Property is considered to be an involuntary conversion under Internal Revenue <br />Code Section 1033 and California Revenue & Taxation Code Section 24943. <br /> <br />C. AGENCY and SELLER have agreed on the purchase of the Property by AGENCY from <br />SELLER upon the terms and conditions set forth in this Agreement. <br /> <br />NOW THEREFORE, in consideration of the mutual covenants set forth in this Agreement and <br />for valuable consideration, receipt and sufficiency of which is hereby acknowledged, the parties <br />agree as follows: <br /> <br />1. DEFINITIONS <br /> <br />When used in this Agreement, the following terms shall have the meanings set forth <br />below: <br /> <br />A. AGENCY's Agents. AGENCY's officers, directors and employees. <br />B. Closing or Close of Escrow. The recording of the Grant Deed conveying the Property to <br />AGENCY in the Official Records of Alameda County. <br />C. Closing Date. The earlier date of (i) Close of Escrow or (ii) September 22,2005. <br />D. Effective Date. The date the AGENCY executes this Agreement, as evidenced by the <br />date below the signature of the Agency Executive Director. <br />E. Escrow Holder. Placer Title Company, 801 Davis Street, San Leandro, CA 94577. <br />Tel: 510-667-6405. <br />F. Escrow. The escrow to be opened pursuant to Section 4.1 below for the purpose of <br />consummating the transaction contemplated by this Agreement. <br />G. Grant Deed. The standard form of California grant deed, in recordable form, <br />