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<br />INITIALS INITIALS
<br />©2019 AIR CRE.All Rights Reserved.Last Edited:3/8/2022 9:08 AM
<br />OFA-20.20,Revised 10-22-2020 Page 1 of 11
<br />Dated:
<br />1.Buyer.
<br />1.1 City of San Leandro,or Assignee ,("Buyer")hereby offers to purchase the real property,hereinaŌer described,from the
<br />owner thereof ("Seller")(collecƟvely,the "ParƟes"or individually,a "Party"),through an escrow ("Escrow")to close 30 or 60 days aŌer the waiver or
<br />saƟsfacƟon of the Buyer's ConƟngencies,("Expected Closing Date")to be held by Fidelity National Title ("Escrow Holder")whose address is
<br />100 Pine Street,Suite 2460,San Francisco,CA 94605 Attn:Kellie Thompson,VP
<br />Commercial Escrow Officer,Kellie.Thompson@fnf.com ,Phone No.415-276-0225 ,Facsimile No.
<br />415-680-2331 upon the terms and condiƟons set forth in this agreement ("Agreement").Buyer shall have the right to assign Buyer's rights hereunder,
<br />but any such assignment shall not relieve Buyer of Buyer's obligaƟons herein unless Seller expressly releases Buyer.
<br />1.2 The term "Date of Agreement"as used herein shall be the date when by execuƟon and delivery (as defined in paragraph 20.2)of this document or a
<br />subsequent counteroffer thereto,Buyer and Seller have reached agreement in wriƟng whereby Seller agrees to sell,and Buyer agrees to purchase,the Property upon
<br />terms accepted by both ParƟes.
<br />2.Property.
<br />2.1 The real property ("Property")that is the subject of this offer consists of (insert a brief physical descripƟon)The Property consists of
<br />the fee simple interest in that certain real property (including,without limitation to
<br />the improvements thereon consisting of a Hotel/Motel with +/-16,930 s.f.of building,
<br />on a lot of +/-30,000 s.f and Seller's interests as a Landlord and Operator in any
<br />leases for the Property and Hotel/Motel Operations.is located in the County of Alameda ,is commonly known as
<br />(street address,city,state,zip)555 Lewelling Blvd.,San Leandro,CA 94579,and is legally described as:(APN:
<br />412-1-4-1 ).
<br />2.2 If the legal descripƟon of the Property is not complete or is inaccurate,this Agreement shall not be invalid and the legal descripƟon shall be completed or
<br />corrected to meet the requirements of N/A ("Title Company"),which shall issue the Ɵtle policy hereinaŌer described.
<br />2.3 The Property includes,at no addiƟonal cost to Buyer,the permanent improvements thereon,including those items which pursuant to applicable law are a
<br />part of the property,as well as the following items,if any,owned by Seller and at present located on the Property:electrical distribuƟon systems (power panel,bus
<br />ducƟng,conduits,disconnects,lighƟng fixtures);telephone distribuƟon systems (lines,jacks and connecƟons only);space heaters;heaƟng,venƟlaƟng,air
<br />condiƟoning equipment ("HVAC");air lines;fire sprinkler systems;security and fire detecƟon systems;carpets;window coverings;wall coverings;and all of
<br />Seller’s furniture,fixtures and equipment located on the Property,as described in the
<br />Inventory of Furniture,Fixtures and Equipment attached to this Agreement (see exhibit-
<br />inventory "Furniture,Fixtures and Equipment")(collecƟvely,the "Improvements").
<br />2.4 The fire sprinkler monitor:is owned by Seller and included in the Purchase Price,is leased by Seller,and Buyer will need to negoƟate a new lease
<br />with the fire monitoring company,ownership will be determined during Escrow,or there is no fire sprinkler monitor.
<br />2.5 Except as provided in Paragraph 2.3,the Purchase Price does not include Seller's personal property,furniture and furnishings,and all of
<br />which shall be removed by Seller prior to Closing.
<br />3.Purchase Price.
<br />3.1 The purchase price ("Purchase Price")to be paid by Buyer to Seller for the Property shall be $6,150,000.00 ,payable as follows:
<br />$184,500.00
<br />STANDARD OFFER,AGREEMENT AND ESCROW INSTRUCTIONS
<br />FOR PURCHASE OF REAL ESTATE
<br />(Non-ResidenƟal)
<br />(Strike any not applicable)
<br />(a)Cash down payment,including the Deposit as defined in paragraph 4.3 (or if an all cash transacƟon,the Purchase Price):
<br />(b)Amount of "New Loan"as defined in paragraph 5.1,if any:
<br />(c)Buyer shall take Ɵtle to the Property subject to and/or assume the following exisƟng deed(s)of trust ("ExisƟng Deed(s)of
<br />Trust")securing the exisƟng promissory note(s)("ExisƟng Note(s)"):
<br />(i)An ExisƟng Note ("First Note")with an unpaid principal balance as of the Closing of approximately:
<br />Said First Note is payable at per month,including interest at the rate of %per annum
<br />unƟl paid (and/or the enƟre unpaid balance is due on ).
<br />(ii)An ExisƟng Note ("Second Note")with an unpaid principal balance as of the Closing of approximately:
<br />Said Second Note is payable at per month,including interest at the rate of %per annum
<br />unƟl paid (and/or the enƟre unpaid balance is due on ).
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