Agmt 2016 Sansome Pacific Properties, Inc. #3054

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PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS ,THIS PURCHASE AND SALE AGREEMENT AND JOI T ESCROW INSTRUCTIONS (this "Agreement") is made and entered into as of 1%,�-f t 7 , 2016 (the "Effective Date"), by and between the City of San Leandro, a California chaer city (the "City" or"Seller"), and Sansome Pacific Properties, Inc., a California corporation ("Buyer"). Seller and Buyer are collectively referred to herein as the "Parties." RECITALS A. City is the owner of that certain real property located in the City of San Leandro at 1188 E 14th Street, known as Alameda County Assessor's Parcel No. 077-0447-007-01 and more particularly described in Exhibit A attached hereto and incorporated herein (the "Property"). B. Concurrently upon execution of this Agreement, Buyer and the individuals and/or entities (the "Adjacent Seller") owning that certain real property, together with all improvements located thereon, commonly known as 1188 E 14`h Street, San Leandro, California, APN: 077-0447-014-06 (the "Adjacent Property"), have entered into a Purchase Agreement for the Adjacent Property (the "Adjacent Purchase Agreement"). C. The City hired a company with expertise in real estate appraisal, the Schmidt- Prescott Group, Inc., to appraise the Property. The appraisal valued the Property at One Million Two Hundred Eighty'rhousand Dollars ($1,280,000.00) on November 11, 2014. D. The City has decided that the sale of the Property would benefit the health and welfare of the City. E. Buyer desires to purchase the Property and has agreed to pay One Million Two Hundred Ninety Thousand Dollars ($1,290,000.00) (the "Purchase Price") to Seller for the purchase of the Property. F. Buyer agrees to purchase the Property from Buyer, and Seller agrees to sell the Property to Buyer, subject to the terms and conditions of this Agreement. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements contained in this Agreement, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged by the parties, Seller and Buyer hereby agree as follows: