Agmt 2003 Bayside Business Center LP

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PURCHASE AND SALE AGREEMENT This Purchase and Sale Agreement ("Agreement") is entered into between the Bayside Business Center, LP a limited partnership, ("Buyer"), and the City of San Leandro, California, a municipal corporation ("Seller"). RECITALS A. Seller is the owner of fee title to certain real property ("Subject Property") located in San Leandro, California, more particularly described in Exhibit A, which is attached and incorporated into this Agreement by this reference. B. Buyer wishes to purchase the Subject Property to construct a road to access the Bayside Business Center. For good and valuable consideration, the receipt and adequacy of which are acknowledged, the parties agree as follows: Section 1. Purchase and Sale. Seller agrees to sell and Buyer agrees to purchase the Subject Property subject to the terms and conditions in this Agreement. Seller shall not permit any liens, encumbrances, or easements to be placed on the Subject Property, nor shall Seller enter into any agreement regarding the sale, rental, management, repair, improvement, or any other matter affecting the Subject Property without the prior written consent of Buyer. Section 2. Purchase Price. The purchase price for the Subject Property shall be seven dollars forty seven cents per square foot multiplied by 6,072 square feet, being the total square footage to be conveyed, for a total purchase price of forty-five thousand three hundred fifty eight dollars ($45,358.00) ("Purchase Price"). Buyer has agreed to the conditions set forth in City of San Leandro PLN2002-00031, including Condition XIII.B.7.a (hereinafter "the Condition".) The Condition provides that Buyer shall advance the total costs of the improvements required at the intersection of Davis Street and Doolittle Drive. Pursuant to the Condition, the City will reimburse Buyer 85% of the total improvement costs, thus resulting in the Buyer paying no more than 15% of the required intersection improvements. At the Close of Escrow, the Purchase Price shall be credited to the Seller's reimbursement of funds for the intersection improvements, so the reimbursement amount shall be reduced by the Purchase Price. The Buyer's total improvement cost obligation under the Condition shall not be reduced in any way. Purchase and Sale Agreement Between February, 2003 Bayside Business Center and the Page 1 of 7 City of San Leandro 618488