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GOLF COURSE SERVICES PURCHASE AGREEMENT <br />This Golf Course Services Purchase Agreement is made and entered into as of <br />this 30th day of June, (the "Date of Execution") by and between the City of San <br />Leandro, herein after referred to as Buyer, and Steve Elbe, hereinafter referred to as <br />Seller. <br />RECITALS <br />A. Seller owns and operates a golf course services corporation and desires to <br />sell this corporation, together with certain of its property and assets, as a going <br />concern on the terms and conditions herein set forth. The business is located at <br />13800 Neptune Drive, City of San Leandro, County of Alameda, State of California. <br />B. Buyer desires to purchase all of Seller's stock of Steve Elbe Golf Shop, <br />Inc., a California Corporation (the "Corporation") and is willing to assume certain <br />limited obligations and liabilities of Seller, all on the terms and conditions herein set <br />forth. <br />In consideration of the covenants herein set forth, the parties agree as follows: <br />1. Sale of Business <br />Seller agrees to sell and Buyer agrees to purchase all of Sellers' stock in the <br />Corporation. Prior to the Closing Date Seller will amend the Articles of <br />Incorporation of the Corporation to remove the name "Steve Elbe" from the corporate <br />name and to replace the existing corporate name with a generic title. The parties also <br />agree to terminate, at the Closing Date, the Golf Professional Services Agreement <br />dated December 7, 1987 by and between Buyer as "City" and Seller as "Golf <br />Professional'. <br />2. Purchase Price <br />As full payment for the transfer of all of the shares of stock of the Corporation <br />owned by Seller, Buyer shall pay to Seller the sum of TWO MILLION TWO <br />HUNDRED THOUSAND DOLLARS ($2,200,000). Buyer shall also pay to Seller <br />the sum of the ONE HUNDRED THOUSAND DOLLARS ($100,000) for the <br />cancellation of the Golf Professional Service's Agreement referenced above and the <br />covenant not to compete described in more detail in Section 15 of this Agreement. <br />GOLF COURSE SERVICES PURCHASE AGREEMENT rri�c 1 <br />rev 627/07. 6/30F7 <br />