RDA Agmt 2001 Lavery California Dealership Properties No. 1 LLC

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D) Developer has not had the opportunity to review and approve the Disposition and Development Agreement between the Agency and the Adjacent Developer by October 1, 2001 and any changes made to the DDA by the Agency thereafter. E) Developer rejects the draft parcel map by October 1, 2001. If Agreement is terminated pursuant to this Section 2.04, parties shall have no further obligation. Article Three: DISPOSITION OF PROPERTY 3.01 Sale and Purchase. The Developer shall purchase from the Agency, the Property pursuant to the terms, covenants, and conditions of this Agreement. 3.02 Purchase Price. The purchase price for the Property shall be $25.30 per square foot net of any road right of way ("Purchase Price"). Based on the proposed parcel map attached as Exhibit A, the estimated Purchase Price is $4,256,168.40 (FOUR MILLION TWO HUNDRED FIFTY SIX THOUSAND ONE HUNDRED SIXTY EIGHT DOLLARS AND FORTY CENTS). 3.03 Payment of Purchase Price. Upon execution of this Agreement by the Agency, the Agency shall notify Developer of the name and location of the title company and escrow account for the purchase and the anticipated Closing Date. No later than the Closing Date, Developer shall deposit the Purchase Price into escrow in immediately available funds. Agency shall notify Developer of the Closing Date no later than five business days before the Closing Date. The above-mentioned escrow shall close simultaneously with the escrow in which the Agency obtains title to the Property which shall close not before October 15, 2001 and not after November 14, 2001, if all conditions in this Agreement have been satisfied or waived ("Closing Date") 3.04 Condition of Title. Upon close of escrow for the Property, the Agency shall convey the Property to Developer by a Grant Deed in substantially the same form attached hereto as Exhibit B, subject to the following: (i) the conditions and effect of the Redevelopment Plan, as such plan then exists or is thereafter modified from time to time subject to Developer's right to approve modifications as provided herein; (ii) applicable building and zoning laws and regulations; Disposition and Development Page 7 of 32 Agreement (Lavery California Dealership Properties No. 1 LLC)