Agmt06 777 Bradford Street Purchase from Richard Gardella

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11/20/2005 11:09 5503542015 GARDELLA PAGE 03 ORIGINAL PlJRCHASE AND SALE AGREEMENT Vacant Lot - Bradford St. Redwood City, California This Purchase and Sale Agreement (this "Agreement") is made and entered into by and between Richard E. Gardella, individually and on behalf of Bradford Associates, a partnership ("Seller'') and the R.edeve.lopment Agency of the City of Redwood City, a public body, corporate and politic, duly organized and ex.isting pursuant to the Community Redevelopment Law of the State of California ("Buyer'~), with respect to the following, and hears the date for reference purposes of September 27,2006. RECITALS A. Seller is tbe owner of that certain parcel of vacant land located on Bradford Street, Redwood City, California, bearing Assessor's Parcel Number 052-372-170, and legally described in Exhibit <LA" to this Agreement. Said parcel of land and the appurtenances pertaining thereto are collectively referred to herein as the "Property." B. Buyer wishes to buy from SeUer, and Seller wishes to sell to Buyer, the Property upon the terms and conditions hereinafter set forth. NOW, THEREFORE, the parties heretO agree as follows: I. Incoroo@tionofRecitals. Th.e Recitals set forth above are true and accurate and incorporated herein by this reference. 2. Jlefinitions. a. The "Agreement Date" shall mean the date that both pa.rties have signed this Agreement or a counterpart thereof. . b. The "Close of Escrow" shall mean the moment when the Grant Deed is recorded in the office of the County Recorder of the County in which ~e Property is located in accordance with this Agreement. c. The "Escrow Bolder" and "Title Company" shall mean the Redwood City office of First American Title Insuran.ce Company. d. The "Gl"&Dt Deed" shall mean a California statutory grant deed. e. The "Owner's Policy" shall mean a CLTA Owner's Policy of title insurance insuring title in favor of Buyer subject only to the Permitted Exceptions. f. The "Permitted Exceptions" aoo those exceptions listed in the Preliminary Report. g. The "Preliminary Report" sh.all mean the Preliminary Title Report (2nd Amended Report), issued by the Title Company and dated as of August 11, 2006. h. The "Scheduled Closing Date" shall mean November 15,2006, or such later date as is necessary in order to satisfy the conditions to Close of Escrow identified in this Agreement, but not later than November 30, 2006. REOW\OOOl\DOC\O 16-3 1