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6.3.C. - Page 9 <br /> 3. Purchase Price. The total purchase price for the City Property shall be <br /> Three Hundred Fifteen Thousand and 00/100 Dollars ($315,000.00) (the "Purchase <br /> Price"), payable by Buyer to City as follows: <br /> 3.1 Deposit. No later than two (2) business days after the Execution <br /> Date, Buyer shall deposit with Shelly Siegman, Senior Commercial Escrow Officer at First <br /> American Title Insurance Company, 2755 Campus Drive, Suite 125, San Mateo, CA <br /> 94403 ("Escrow Holder") the sum of Twenty-Five Thousand and No/100 Dollars <br /> ($25,000.00) ("Deposit"). The Deposit shall be invested by Escrow Holder with a financial <br /> institution acceptable to Buyer in a federally-insured interest-bearing demand account <br /> and the Deposit and all interest accrued thereon shall be credited to the Purchase Price <br /> upon Closing (as defined below). <br /> 3.2 Omitted. <br /> 3.3 Balance of Purchase Price. On or before the Closing, Buyer shall <br /> deposit with Escrow Holder the balance of the Purchase Price, in immediately available <br /> funds. <br /> 3.4 Disbursement of Purchase Price. At Closing, the Escrow Holder <br /> shall pay to the City the Purchase Price, minus the Holdback Escrow Funds (as defined <br /> in Section 8 below). <br /> 3.5 Time of the Essence. Time shall be of the essence with respect to <br /> Buyer's obligations to pay the Deposit, the balance of the Purchase Price, and perform <br /> all other obligations of Buyer under this Agreement. <br /> 4. Escrow. <br /> 4.1 Opening of Escrow. Within five business days after the Execution <br /> Date, Buyer shall open escrow ("Escrow") with Escrow Holder. Buyer and City agree to <br /> execute and deliver to Escrow Holder, in a timely manner, any supplemental escrow <br /> instructions necessary to consummate the transaction contemplated by this Agreement. <br /> Any such supplemental instructions shall not conflict with, amend or supersede any <br /> portion of this Agreement. If there is any inconsistency between such supplemental <br /> instructions and this Agreement, this Agreement shall control. Escrow Holder shall, upon <br /> receipt of a fully executed copy of this Agreement, sign and date the Receipt by Escrow <br /> Holder attached hereto as Exhibit F, and distribute it to all Parties listed in the "Notices" <br /> section of this Agreement. <br /> 4.2 Close of Escrow. For the purpose of this Agreement, the close of <br /> escrow is the date that the Grant Deed is recorded in the Official Records of the County <br /> of San Mateo ("Closing"), as described in Section 11. <br /> 5. Conditions of Title. The City Property shall be conveyed to Buyer 'by City <br /> subject to all matters of record by a grant deed, substantially in the form attached hereto <br /> as Exhibit E ("Grant Deed"). City shall remove or cause to be removed all monetary <br /> lien(s), if any, that City caused to be created upon City Property prior to Closing. <br /> OAK#4848-2211-8201 v3 <br /> Page 3 of 29 <br /> ATTY/AGR12016.297/BUTLER MAIN STREET PURCHASE&SALE AGREEMENT FOR 4 REMNANT PROPERTIES <br /> REV: 10-10-16 VR <br />