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consideration for: (a) the payment of $257,796.00 in cash, check or money <br /> orderwhich shall be delivered to Dublin and accepted by Dublin no later than August <br /> 10, 1999 or as otherwise agreed in writing by Dublin and ACFD, and (b) such other <br /> consideration as provided in this Agreement. <br /> (2) San Leandro. Dublin sells to San Leandro 32% ownership <br /> of Truck in consideration for: (a) the payment of $149,990.00 in cash, check or <br /> money order, which shall be delivered to Dublin and accepted by Dublin no later <br /> than August 10, 1999 or as agreed in writing by Dublin and San Leandro, and (b) <br /> such other consideration as is provided in this Agreement. <br /> (3) Dublin. Dublin retains 13% ownership of Truck. <br /> B. Title and Registration. ACFD shall be identified as the owner of <br /> Truck on the Pink Slip or such other document as may be required by the California <br /> Department of Motor Vehicles to transfer title to Fire Truck. Truck shall be annually <br /> registered with the California Department of Motor Vehicles by ACFD. ACFD shall <br /> be identified as the owner of Truck on such registration. Notwithstanding any rights <br /> ACFD may have as the owner indicated on the Pink Slip or registration, ACFD shall <br /> be bound by this Agreement, including, but not limited to Section 3.C. "Buy-Out" <br /> below. <br /> C. Buy-Out. <br /> (1) Offer to Purchase Ownership Interest. Should any Party <br /> desire to sell all or part of its ownership interest in Truck, that Party shall first notify <br /> the other two Parties. The notification shall offer non-selling Parties the opportunity <br /> to purchase the selling Party's interest. The procedures in this Section 3.C. shall be <br /> followed unless the Parties all agree in writing to another method of buy-out and/or <br /> termination. <br /> (2) Cost of Ownership Interest. The cost of purchasing the <br /> ownership interest in Truck shall be determined by multiplying the percentage <br /> ownership by the depreciated value of Truck as of the date of the notification to non- <br /> selling Parties as indicated in Exhibit 2 hereto. For example, if on March 1, 2005, <br /> San Leandro notifies ACFD and Dublin of its desire to sell its entire interest in the <br /> Fire Truck, the cost of purchasing San Leandro's interest shall be $292,950.63 times <br /> 32% or $93,744.20. <br /> (3) Acceptance of Offer to Sale Terminates Agreement as to <br /> Selling Party. If, within ninety (90) days of the date the selling Party notifies the <br /> Agreement Between City of Dublin, City of San Leandro and Page 3 of 12 <br /> ACFD Regarding Joint Ownership of a 1994 LTI Truck March 10, 1999 <br />