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of closing is extended by mutual consent of the parties. Upon the satisfaction of all <br />conditions precedent thereto the purchase money, less prorations, title report and <br />policy, and a filed conformed copy of the dismissal of action No. 483141-5 shall be <br />delivered by the escrow agent to Defendants or their legal representative. The escrow <br />agent shall record the grant deed and deliver to the City a conformed copy thereof as <br />well as the title report and policy and the security provided in paragraph 10. <br />10. Possession and Remaining Improvements. Notwithstanding any of the <br />provisions of this agreement to the contrary, Defendants and City acknowledge the <br />presence of improvements upon the subject parcel the possession and removal of which <br />by the City as of the Date of Closing, would damage and injure the remaining and <br />contiguous property and improvements of Defendants. The purpose of this paragraph is <br />to insure the expeditious removal of said improvements in a manner which will not <br />damage Defendants. <br />(a) Except as provided herein, on the Date of Closing City shall have <br />unconditional possession of the subject parcel and all improvements thereon <br />for public right of way and other purposes. <br />(b) That structure (hereinafter referred to as the remnant structure) which <br />is a portion of the larger structure remaining on the contiguous real <br />property of Defendants shall, on the Date of Closing, constitute and is <br />hereby declared a purpresture. <br />(c) License is hereby granted to Defendants, for a period not to exceed one <br />year, to use the subject parcel for the removal of the remnant structure <br />and the reconstruction of the remaining structure which is situated on the <br />contiguous real property. Defendants shall not, nor shall they permit their <br />assigns or lessees to occupy the remnant structure for any purposes <br />whatsoever during the term of this license. <br />(d) Defendants shall obtain and deposit into escrow security in the amount <br />of $14,000 and in the form of cash, certificate of deposit with the City <br />named as payee, letter of credit or a bond issued by a duly authorized <br />corporate surety to secure faithful performance of this paragraph, <br />specifically: the removal of all structural improvements of whatsoever <br />nature on the subject parcel within one year after the date of execution of <br />this agreement. <br />-4- <br />