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5 I �- 3 <br /> PURCHASE AND SALE AGREEMENT <br /> This Purchase and Sale Agreement ("Agreement") made and entered into this day of <br /> August, 2004 by and between Family Service Agency of San Mateo County, a California <br /> nonprofit corporation ("Seller") and Redevelopment Agency of Redwood City, a public body, <br /> corporate and politic, duly organized and existing pursuant to the Community Redevelopment Law <br /> of the State of California ("Buyer"), with respect to the following facts: <br /> A. Seller is the owner of that certain parcel of land upon which is located an office <br /> building and other improvements located at 707 Bradford, Redwood City, California. <br /> Said parcel of land and the building thereon and the appurtenances pertaining thereto are <br /> collectively refened to herein as the "Property." <br /> B. Buyer wishes to buy from Seller, and Seller wishes to sell to Buyer, the Property <br /> upon the terms and conditions hereinafter set forth. <br /> NOW, THEREFORE, the parties hereto agree as follows: <br /> l. Definitions. <br /> a. The "Additional DeposiY' shall mean the sum of Seventy Thousand <br /> Dollars ($70,000.00), to be deposited in accordance with the provisions of paragraph 4.a. <br /> b. The "Agreement Date" shall mean the date that both parties have signed <br /> this Agreement or a counterpart thereof. <br /> c. The "Approval Date" shall mean the 21 day after the Agreement Date. <br /> d. The "Close of Escrow" shall mean the moment when the Grant Deed is <br /> recorded in the office of the County Recorder of the County in which the Property is located in <br /> accordance with this Agreement. <br /> e. The "Disapproved Title Matters" shall have the meaning set forth in <br /> paragraph 11.(2)(a). <br /> f. The "Escrow Holder" and "Title Company" shall mean the Redwood <br /> City office of First American Title Insurance Company. <br /> g. The "Grant Deed" shall mean a California statutory grant deed. <br /> h. The Initial DeposiY' shall mean the sum of Seventy Thousand Dollars <br /> ($70,000.00) to be deposited in accordance with the provisions of paragraph 4.a. <br /> i. The "Owner's Policy" shall mean a CLTA Owner's Policy of title <br /> Insurance. <br /> j. T'he "Permitted Exceptions" shall have the meaning set forth in <br /> paragraph 1 l.(2)(b). ' <br /> k. The "Preliminary Report" shall mean a report issued by the Title <br /> Company identifying those matters, which Title Company would note as exceptions in the <br /> issuance of the Owner's Policy. <br /> 1. The "Scheduled Closing Date" shall mean the thirtieth (30 day after the <br /> Agreement Date. <br /> 11417.00002�BGLIB 1 \1225060.4 1 <br /> _ . ..... r _ ._. __ . <br />