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PURCHASE AND SALE AGREEMENT <br />AND JOINT ESCROW INSTRUCTIONS <br />THIS PURCHASE AND SALE AGREEMENT AND JOINT ESCROW <br />INSTRUCTIONS (this "Agreement") is entered into as of Julq Iq ZD( (the "Effective <br />Date"), by and between the Successor Agency to the RedevelopYnent Agency of the City <br />of San Leandro, a public agency (the "Seller") and David Langon Construction Inc., a <br />California corporation ("Buyer"). Seller and Buyer are collectively referred to herein as <br />the "Parties." <br />RECITALS <br />A. Seller is the owner of certain real property with an address of 268 Parrott <br />Street, San Leandro, California, also known as Alameda County Parcel Number 075- <br />0005-012-00, as more particularly described in Exhibit A attached hereto and <br />incorporated herein by this reference, and 1595 Washington Street, San Leandro, <br />California, also known as Alameda County Parcel Number 075-005-011-00, as more <br />particularly described in Exhibit B attached hereto and incorporated herein by this <br />reference (collectively, the "Property"). <br />B. The Property is included as a "for sale" property in the long-range property <br />management plan prepared by Seller and approved by the California Department of <br />Finance. <br />C. Seller previously issued a public request for proposals for the purchase and <br />development of the Property (the "RFP"). <br />D. Buyer submitted a proposal to Seller offering to pay the Seller One Million <br />One Hundred Fifty Thousand Dollars ($1,150,000) for the Property (the "Purchase <br />Price"). <br />D. Seller has reviewed the sales price of comparable properties, as well as <br />other responses to the RFP, and has determined that the Purchase Price represents the <br />fair market value of the Property. <br />F. Buyer agrees to purchase the Property, and Seller agrees to sell the <br />Property to Buyer, subject to the terms and conditions of this Agreement. <br />NOW, THEREFORE, for and in consideration of the mutual covenants and <br />agreements contained in this Agreement, and other good and valuable consideration, the <br />receipt and adequacy of which is hereby acknowledged by the parties, Sellers and Buyer <br />hereby agree as follows: <br />-1 - <br />