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<br /> ORIGINAL <br /> PURCHASE AND SALE AGREEMENT <br /> Vt~ <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 The Redevelopment Agency of the City of Redwood City, a <br />public body, corporate and politic, duly organized and existing pursuant to the Community <br />Redevelopment Law 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 referred 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 />1. Definitions. <br /> a. The "Additional Deposit" 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 st 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 Deposit" 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 /> 1. The "Owner's Policy" shall mean a CLTA Owner's Policy of title <br />Insurance. <br /> J. The "Permitted Exceptions" shall have the meaning set forth in <br />paragraph 11.(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 (30th) day after the <br />Agreement Date. <br />11417.00002\BGLIBl\1225060.5 1 <br /> T T· " -.., <br />