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<br />duly executed and acknowledged by SELLER, conveying to AGENCY fee simple title to the <br />Property. Said Grant Deed shall be identical, or substantially similar to that attached hereto as <br />Exhibit C. <br />H. Guests. Motel guests who have checked in on a daily basis, have not been in residence <br />on the Property for more than seven days, and have not entered into a weekly contract. <br />I. Hazardous Materials. As defined in Exhibit D attached hereto. <br />J. Inspection. An examination conducted by or for the AGENCY to determine the <br />condition of the Property prior to purchase. <br />K. Leases. All written leases, occupancy, license, and right of entry agreements and other <br />forms of agreements granting third parties the right to enter onto, occupy or otherwise use all or <br />any portion of the Property. <br />L. Motel. The motel building located on the Property, also known as the Islander Lodge <br />Motel. <br />M. Permitted Exceptions. As defined in Section 6.2, below. <br />N. Preliminary Report. The preliminary title report prepared by Escrow Holder, showing <br />the state of title to the Property, together with legible copies of all documents referenced in the <br />exceptions set forth therein. A copy of the Preliminary Title Report shall be attached to this <br />Agreement as Exhibit B. <br />O. Purchase Price. As defmed in Section 3.1 below. <br />P. Residential Leases. Rental contracts of seven days or more in duration that SELLER <br />has entered into with Guests residing at the Motel located on the Property. <br />Q. Residents. Guests who are in residence on the Property and have a Residential Lease. <br />R. Review Period. The period of time commencing on the Effective Date and continuing <br />until the Close of Escrow. <br />S. Seller's Documents. As defined in Exhibit E. <br />T. Tax Affidavit. The Affidavit of Non-Foreign Status promulgated by the Internal <br />Revenue Service for state and federal tax purposes duly executed by SELLER. <br />U. Taxes. All real estate taxes and assessments levied against the Property. <br />V. Title Policy. As defined in Section 6.2.C, below. <br /> <br />2. PURCHASE AND SALE <br /> <br />SELLER agrees to sell to AGENCY, and AGENCY agrees to purchase from SELLER, in <br />accordance with the terms and conditions set forth in this Agreement, all of SELLER'S rights, <br />title and interest in and to the Property. SELLER and AGENCY acknowledge and agree that the <br />purchase and sale transaction contemplated under this Agreement is being made under threat of <br />and in lieu of condemnation of the Property. <br /> <br />3. PURCHASE PRICE <br /> <br />3.1 Amount of Purchase Price. The purchase price ("Purchase Price") paid by AGENCY to <br />SELLER for the Property shall be FOUR MILLION FIVE HUNDRED THOUSAND <br />DOLLARS ($4,500,000). <br /> <br />3.2 Deposit of Purchase Price Into Escrow/Payment to SELLER. In sufficient time to allow <br />for the Close of Escrow to occur on the Closing Date, AGENCY shall cause the deposit with <br /> <br />2 <br />