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PURCHASE AGREEMENT <br />This Purchas Agreement (hereinafter referred to as "Agreement") is entered into <br />this /,)- ay of 1996 by and between Katy S. Meador, Trustee of the <br />Bankruptcy Estat7of Murr y and Paula Kelsoe (hereinafter referred to as "Seller") and <br />the Redevelopment Agency of the City of San Leandro (hereinafter referred to as 'Purchaser"). <br />I. PROPERTY TO BE SOLD <br />Purchaser agrees to buy and Seller agrees to sell all the bankruptcy estate's and <br />Seller's right, title and interest in that certain real property consisting of approximately <br />thirty thousand seven hundred twenty square feet (30,720 sq. ft .), located at Marina <br />Boulevard in San Leandro, California, Assessor's Parcel Nos. 077A-0719-028 and 077A-0719- <br />029 (the "Property"). <br />II. PURCHASE PRICE <br />The purchase price for the property shall be Four Hundred Fifty Thousand Dollars <br />($450,000) ("Purchase Price"). An additional sum of Fifty Thousand Dollars ($50,000) shall <br />be deposited into an escrow account by Purchaser to be used by the Purchaser to pay for <br />the costs of preparing, submitting, and carrying out a work plan for the removal of remaining <br />underground storage tanks and pump island, and the installation and managing of monitoring <br />wells of the Property in conformance with the requirements of the City of San Leandro <br />Fire Department Hazardous Materials Division, and all other environmental remediation <br />actions determined to be necessary by any other local, state or federal regulatory bodies <br />exercising authority over the Property. Any sums remaining from the Fifty Thousand <br />Dollars ($50,000) after the Purchaser has completed the required remediation and obtained <br />a case closure letter, or their equivalent, shall be released to the Purchaser. <br />The Purchase Price includes as consideration any relocation benefits to Katy S. Meador, <br />Trustee of the Bankruptcy Estate of Murray and Paula Kelsoe, Murray Kelsoe, Paula Kelsoe <br />and any agents, employees, tenants or sub -tenants of the foregoing. <br />III. ESCROW AND DEPOSIT <br />The sale shall be consummated through an escrow established with Placer Title <br />Company, 801 Davis Street, San Leandro, California, California 94577. Placer Title Company <br />