Agmt 2017 BAU Bay Area Urban Development, LLC 3190

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31 etc) PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS THIS PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS (this "Agreement') is entered into as of J ell,2,01T(the "Effective Date"), by and between the Successor Agency to the Redevelopment Agency of the City of San Leandro, a public agency (the "Seller") and BAU Bay Area Urban Development, LLC, a Delaware limited liability company ("Buyer'). Seller and Buyer are collectively referred to herein as the "Parties." RECITALS A. Seller is the owner of certain real property with an address of 2101 Marina Boulevard, San Leandro, California, also known as Alameda County Parcel Number 079A-0568-005-00, as more particularly described in Exhibit A attached hereto and incorporated herein by this reference (the "Property"). B. The Property is included as a "for sale" property in the long-range property management plan prepared by Seller and approved by the California Department of Finance. C. Seller previously issued a public request for proposals for the purchase and development of the Property (the "RFP"). D. Buyer submitted a proposal to Seller offering to pay the Seller Five Hundred Thirteen Thousand Dollars ($513,000) for the Property (the "Purchase Price"). D. Seller has reviewed the sales price of comparable properties, as well as other responses to the RFP, and has determined that the Purchase Price represents the fair market value of the Property. F. Buyer agrees to purchase the Property,' 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, Sellers and Buyer hereby agree as follows: -1 - 2804568.2