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PURCHASE AND SALE AGREEMENT <br />AND JOINT ESCROW INSTRUCTIONS <br />KE~O : Z.Ot<~-(),Zr <br />THIS PURCHASE AND SALE AGREEMENT AND JO T ESCROW <br />INSTRUCTIONS (this "Agreement") is made and entered intp as of 17 , 2016 (the <br />"Effective Date"), by and between the City of San Leandro, a California ch er city (the "City" <br />or "Seller"), and Sansome Pacific Properties, Inc., a California corporation ("Buyer"). Seller <br />and Buyer are collectively referred to herein as the "Parties." <br />RECITALS <br />A. City is the owner of that certain real property located in the City of San Leandro <br />at 1188 E 14th Street, known as Alameda County Assessor's Parcel No. 077-0447-007-01 and <br />more particularly described in Exhibit A attached hereto and incorporated herein (the <br />"Property"). <br />B. Concurrently upon execution of this Agreement, Buyer and the individuals and/or <br />entities (the "Adjacent Seller") owning that certain real property, together with all <br />improvements located thereon, commonly known as 1188 E 14th Street, San Leandro, California, <br />APN: 077-0447-014-06 (the "Adjacent Property"), have entered into a Purchase Agreement for <br />the Adjacent Property (the "Adjacent Purchase Agreement"). <br />C. The City hired a company with expertise in real estate appraisal, the Schmidt- <br />Prescott Group, Inc., to appraise the Property. The appraisal valued the Property at One Million <br />Two Hundred Eighty Thousand Dollars ($1,280,000.00) on November 11, 2014. <br />D. The City has decided that the sale of the Property would benefit the health and <br />welfare of the City. <br />E. Buyer desires to purchase the Property and has agreed to pay One Million Two <br />Hundred Ninety Thousand Dollars ($1,290,000.00) (the "Purchase Price") to Seller for the <br />purchase of the Property. <br />F. Buyer agrees to purchase the Property from Buyer, 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 agreements <br />contained in this Agreement, and other good and valuable consideration, the receipt and <br />adequacy of which is hereby acknowledged by the parties, Seller and Buyer hereby agree as <br />follows: