Agmt16 Butler Realty III, LLC - Laserfiche WebLink

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3. Purchase Price. The total purchase price for the City Property shall be Three Hundred Fifteen Thousand and 00/100 Dollars ($315,000.00) (the 'Purchase Price"), payable by Buyer to City as follows: 3.1 Deposit. No later than two (2) business days after the Execution Date, Buyer shall deposit with Shelly Siegman, Senior Commercial Escrow Officer at First American Title Insurance Company, 2755 Campus Drive, Suite 125, San Mateo, CA 94403 ("Escrow Holder") the sum of Twenty -Five Thousand and No/100 Dollars ($25,000.00) ("Deposit'). The Deposit shall be invested by Escrow Holder with a financial institution acceptable to Buyer in a federally -insured interest-bearing demand account and the Deposit and all interest accrued thereon shall be credited to the Purchase Price upon Closing (as defined below). 3.2 Omitted. 3.3 Balance of Purchase Price. On or before the Closing, Buyer shall deposit with Escrow Holder the balance of the Purchase Price, in immediately available funds. 3.4 Disbursement of Purchase Price. At Closing, the Escrow Holder shall pay to the City the Purchase Price, minus the Holdback Escrow Funds (as defined in Section 8 below). 3.5 Time of the Essence. Time shall be of the essence with respect to Buyer's obligations to pay the Deposit, the balance of the Purchase Price, and perform all other obligations of Buyer under this Agreement. 4. Escrow. 4.1 Openinq of Escrow. Within five business days after the Execution Date, Buyer shall open escrow ("Escrow") with Escrow Holder. Buyer and City agree to execute and deliver to Escrow Holder, in a timely manner, any supplemental escrow instructions necessary to consummate the transaction contemplated by this Agreement. Any such supplemental instructions shall not conflict with, amend or supersede any portion of this Agreement. If there is any inconsistency between such supplemental instructions and this Agreement, this Agreement shall control. Escrow Holder shall, upon receipt of a fully executed copy of this Agreement, sign and date the Receipt by Escrow Holder attached hereto as Exhibit F, and distribute it to all Parties listed in the "Notices" section of this Agreement. 4.2 Close of Escrow. For the purpose of this Agreement, the close of escrow is the date that the Grant Deed is recorded in the Official Records of the County of San Mateo ("Closing"), as described in Section 11. 5. Conditions of Title. The City Property shall be conveyed to Buyer by City subject to all matters of record by a grant deed, substantially in the form attached hereto as Exhibit E ("Grant Deed"). City shall remove or cause to be removed all monetary lien(s), if any, that City caused to be created upon City Property prior to Closing. OAK #4948-2211-8201 v3 Page 3 of 29 ATTY/AGR/2016.297/BUTLER MAIN STREET PURCHASE & SALE AGREEMENT FOR 4 REMNANT PROPERTIES REV: 10-10-16 VR