Deed - Portion of Williams St - File D-1394, 2005

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REAL PROPERTY AGREEMENT This Agreement made this AS) day of N'% 2005 (the "Effective Date"), by and among SKB-WESTGATE INVESTMENTS, LLC, an Oregon limited liability company ("SKB-Westgate"), HART WESTGATE, LLC, a Delaware limited liability company ("Hart"), and DEER VALLEY WESTGATE, LLC, a Delaware limited liability company ("Deer Valley"), as tenants in common (SKB-Westgate, Hart and Deer Valley are together referred to as the "Property Owner") and the CITY OF SAN LEANDRO (the "City"). RECITALS A. Property Owner is the owner of the real property located on 1933 Davis Street in San Leandro, California, also known as APN 079A-0395-006-11, and also known as Westgate San Leandro, and described in Exhibit A hereto (the "Property".) B. City desires to purchase a portion of the Property, as shown in Exhibit B, to extend Westgate Parkway from Davis Street to Williams Street ("Extension Property".) C. The fair market value of the fee acquisition for the Extension Property is $92,759 and for the associated improvements (landscaping and parking lot) is $20,165, for a rounded purchase total of $113,000 (the "Purchase Price"). D. The City owns certain real property in the vicinity of the Extension Property, which real property is more particularly described in Exhibit C (the "City Right of Way") and Exhibit D (the "Connector Property".) The Property Owner desires to acquire an option to purchase the City Right of Way property, and those portions of the Connector Property that may become surplus after the Connector Project is completed. E. In addition to the purchase and sale of the Extension Property, and grant of an Option to acquire portions of the City Right of Way, the parties wish to memorialize certain other understandings regarding the Extension Property. NOW, THEREFORE, the parties agree as follows: I:Tl7s"ulWin Section 1. Deposits in Escrow; Closing. 1.1 Purchase Price. No later than ten (10) days after the Effective Date, City shall open an escrow account at Placer Title Company at 433 Estudillo Avenue, Suite 107, San Leandro, CA 94577 ('Escrow Holder"), and City shall deposit with Escrow Holder cash (the "Deposit") in an amount equal to the Purchase Price. The Deposit shall be invested by Escrow Holder in a federally -insured interest -bearing account. References herein to "Deposit" shall include any and all interest accruing thereon. If the Close of Escrow occurs in accordance Westgate Agreement - t "