Agmt14 Greystar GPII LLC Property Disposition Agreement

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If the Developer is in default with respect to any provision of this Agreement after Notice to the Developer and the expiration of the applicable cure period set forth in this Agreement, the City may, but shall have no obligation to, use the Deposit or any portion of the Deposit to cure such default or to compensate the City for any expense incurred by the City to cure such default. b, If this Agreement shall not have been theretofore cancelled or terminated, or the Deposit shall not have been returned to the Developer; the Deposit shall be used, disbursed and credited as follows: 1, The Deposit shall be used by the City to pay for costs incurred by the City after the date of this Agreement and from time to time prior to the Close of Escrow, in connection with the City's implementation of this Agreement, including, but not limited to, compliance with requests made under the Public Records Act (Gov. Code §6250 et seq,), provided, however, in no event shall the Deposit or Developer be required to pay any costs related to an actual or alleged default under this Agreement by City. 2. On a monthly basis, or more frequently if required based on the amount or number of expenses, the City shall provide Developer with an accounting of each cost item incurred by the City and paid for with the Deposit funds, together with copies of paid invoices or other documentation or description reasonably satisfactory to the Developer to evidence such costs. 200. DISPOSITION OF THE CITY PROPERTY 201. Sale and Purchase; Community Benefit Payment In accordance with and subject to all the terms, covenants and conditions of this Agreement, the City agrees to sell, and the Developer agrees to purchase for development, the City Property for the purchase price of THREE MILLION FIVE HUNDRED NINETY THOUSAND DOLLARS ($3,590,000.00) (the "Purchase Price") which the parties acknowledge and agree is equal to or exceeds the fair market value of the City Property, as established prior to the Effective Date, by an appraisal of such fair market value prepared by a licensed MAI appraiser selected and retained by the City.. The Developer shall, prior to or concurrently with the execution of this Agreement by the City, pay to the City the nonrefundable sum of ONE THOUSAND DOLLARS ($1,000,00) (the "Independent Consideration") as separate and independent consideration for the City's execution of this Agreement, which shall not be applied against the Purchase Price,. In addition, the Developer shall, not later than five (5)business days following the execution of this Agreement by the City, deposit into the Escrow (as defined in Section 202) the sum of THREE HUNDRED FIFTY-NINE THOUSAND DOLLARS ($:359,000.00) (the "Down Payment") as a deposit and down payment toward the Purchase Price.. The Down Payment shall be applied against the Purchase Price at the Close of Escrow. In the event of termination by the City under. Section 4061, pursuant to which the City is entitled to Liquidated Damages, the Independent Consideration and any applicable portion of the Down Payment, as specified in Section 4061, ATTY/AGR/2014 197/RDW GREYSTAR PEA REV:10-01-14 PT&VR 82483 W17\9102745-1 3 4