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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 I ZO1m(the "Effective <br /> Date"), by and between the Successor Agency to the Redevelo ent 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 /> • <br /> -1 - <br />