Agmt95 Belmont Elementary District AKA Belmont - Redwood Shores School District

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sale pursuant to the City's bidding requirements and other requirements as may be prescribed by law. If City determines such requirements are not applicable, City shall so notify District. Any such offer made by City shall also include an offer of a license' for the use of the remaining area of the Sandpiper Joint Use Site, as set forth in paragraph 5, below. The offer for sale made by City may include, at City's sole option, such reversionary provisions as are described in subparagraph (e), below. C. In response to the City's offer made pursuant to the City's bidding and other legal requirements, or upon notification by City that such bidding and other legal requirements do not apply, District shall make a formal offer to purchase the School Site, and acquire the license described in paragraph 5, below, in the total amount of $2,975,000. At the time that such offer to purchase is made by District, District shall establish an escrow account with an established escrow holder, and deposit the amount of $297,500, in an interest bearing account, representing ten percent (10%) of the purchase price, into such account. Such offer shall conform to all applicable legal requirements, and shall be conditioned on the following events: (1) completion of an environmental review under the California Environmental Quality Act, as set forth in paragraph 20, below, (2) final agreement between City and District on shared costs incurred to date, as set forth in paragraph 28, below, (3) City's purchase of the Egret Lane Property, as provided for in paragraph 3, above, (4) the removal of any and all conditions, covenants and restrictions on all of the property comprising the entire Sandpiper Joint Use Site, which would in any way prohibit or impair any 4 ATTY/AGR/2017/AMENDMENTS/AMEND NO. 1 TO JOINT USE AGREEMENT - SANDPIPER REV: 03-02-17 JS Page 11 of 42