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98328429 <br />2.4 Optionee: CITY OF SAN LEANDRO, and its successors and assigns. <br />2.5 Optionors: THOMAS K. McMANUS, JR., and JANET ANN <br />McMANUS, and their successors and assigns. <br />2.6 Property: The real property approximately one acre in size, described <br />as Alameda County Assessor's Parcel Numbers (APN) 79A-338-1-29 <br />and 79A-338-1-30. <br />2.7 Sale: Any transfer of title to the Property, or the execution of an <br />installment sale contract giving the purchaser a right to possess the <br />property before sale. Notwithstanding the foregoing, the following shall <br />not be considered a Sale: (a) the creation of a lien or other encumbrance <br />subordinate to this Option Agreement which does not relate to a <br />transfer of rights of occupancy in the Property; (b) the creation of a <br />purchase money security interest for household appliances; (c) a transfer <br />by devise, descent, or operation of law on the death of a joint tenant or <br />tenant by the entirety; (d) the granting of a leasehold interest of three <br />years or less not containing an option to purchase, (e) a transfer to a <br />relative resulting from the death of an Optionor; (f) a transfer where a <br />spouse or child of an Optionor becomes an owner of the Property; (g) a <br />transfer resulting from a decree of dissolution of marriage, legal <br />separation agreement, or incidental property settlement agreement by <br />which the spouse of an Optionor becomes a sole owner of the Property; <br />and (h) a transfer into an intervivos trust in which an Optionor is and <br />remains a beneficiary and which does not relate to a transfer of' rights of <br />occupancy in the Property. <br />3. GRANT OF OPTION. Optionors hereby grant to Optionee the option to <br />purchase the Property on the terms and conditions set forth herein. <br />4. CONSIDERATION. The Initial Option is granted in consideration of <br />Optionee's payment of $62,500 to Optionors, of which $12,500 will be <br />credited toward the purchase price if the Option is exercised during the Initial <br />Option Term. The Additional Option is to be granted in consideration of <br />Optionee's payment during the Initial Option Term of $25,000. Of this <br />$25,000, $12,500 will be credited toward the purchase price if the option is <br />exercised during the Additional Option Term. In the event Optionee does not <br />2 <br />