Agmt 2003 Bayside Business Center LP

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Section 3. Establishment of Escrow. An escrow ("Escrow") shall be opened to assist the parties to consummate the sale of the Subject Property according to the terms of this Agreement at the office of the Commonwealth Land Title company. The designated title officer at Commonwealth Land Title shall be the "Escrow Agent". Section 4. Condition of Property Seller is selling the Subject Property "as-is" and makes no representations about the condition of the Subject Property. Section 5. Conditions to Buyer's Performance Buyer's obligation to perform under this Agreement is subject to satisfaction of Seller's performance of all of the obligations which it is required to perform pursuant to this Agreement. Seller also understands that Buyer's performance under this Agreement is expressly conditioned on the occurrence of the following events. If any of Buyers obligations pursuant to this Agreement are not satisfied or any of the following events do not occur, Buyer may terminate this Agreement: A. Deposit into Escrow an executed grant deed conveying the Subject Property. Section 6. Conditions to Seller's Performance. Seller's obligation to perform under this Agreement is subject to satisfaction of Buyer's performance of all of the obligations which it is required to perform pursuant to this Agreement. If any of Buyer's obligations pursuant to this Agreement are not satisfied, Seller may terminate this Agreement. A. Deposit of the costs described in Section 7.C. of this Agreement in immediately available funds. Section 7. Escrow. A. Written Escrow instructions in accordance with the terms of this Agreement shall be prepared jointly, and the instructions shall be signed by the parties and delivered to Escrow within five (5) days prior to the Close of Escrow. Buyer and Seller shall also deposit into Escrow all instruments, documents, and other items identified in the Escrow instructions or reasonably required by the Escrow Agent to close the sale on the Close of Escrow. B. The Escrow shall be closed ("Close of Escrow") after the satisfaction of the conditions set forth in Sections 5 and 6 of this Agreement and the recordation of the Purchase and Sale Agreement Between February, 2003 Bayside Business Center and the Page 2 of 7 City of San Leandro 618488