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<br />11/20/2005 11:09 <br /> <br />5503542015 <br /> <br />GARDELLA <br /> <br />PAGE 04 <br /> <br />2. Purchase Price. The Purchase Price for the Property sh.all be One Million Two <br />Hundred Thousand Dollars ($1.,200,000.00) (the "Purchase Price"). <br /> <br />3. Intentionallv Omitted. <br /> <br />4. Payment of Purchase Price. Buyer shall pay the Purchase Price for the Property <br />in cash upon the Close of Escrow: <br /> <br />5. Convevance: Insurance of Title. <br /> <br />a. On the Scheduled Closing Date, if aU Buyer's Closing Conditions and <br />Seller's Closing Conditions, as set forth in. this Agreement, have been satisfied or waived, S~ller <br />shall convey to Buyer by Grant Deed fee title to the Property, subject only to the Permltted <br />Exceptions. <br /> <br />b. Insurance of title to the Property shall be in the fonn of an Owner's Policy <br />naming Buyer as the insured, which insurance shaU be in an amount not less than the Purchase <br />Price. SU.ch Policy shall be -subject only to the Permitted Exceptions and the standard printed <br />exceptions contained therein. <br /> <br />6. Escrow. <br /> <br />s. Seller opened escrow on August 29, 2006, with Escrow Holder. <br /> <br />b. .Buyer and SeIJer shall deposit this Agreement with Escrow Holder and <br />shall execute additional escrow instmctions if so requested by Escrow Holder, provided, <br />however, that the terms and conditions of this Agreement shall contra] over such escrow <br />instructions to the extent of any conflict between said escrow instructions and this Agreement. <br /> <br />c. Possession of the Property shan be given to Buyer at Close of Escrow. <br /> <br />d. Buyer shall deposit with Escrow Holder, three (3) business days prior to <br />the Scheduled Closing Date, Buyer's funds necessary to consummate the transaction described in <br />this Agreement. <br /> <br />e. Sellcr shall deposit with Escrow Holder, prior to the Scheduled Closing <br />Date, Seller's Grant Deed, duly executed and acknowledged, conveying the Property to Buyer. <br /> <br />f. Escrow shall close on the Scheduled Closing Date unless extended due to <br />an Enforced Delay as provided in Section 26 or by mutual written agreement of the parties. <br /> <br />7. Property Documen~. Within three (3) business days after the Agreement Date, <br />Seller shall deliver the following documents to Buyer, to the extent the same are in Seller's <br />possession: <br /> <br />a. <br /> <br />Soils reports, environmental reports, and similar reports regarding the <br /> <br />Property; and <br /> <br />b. The most recent available property tax. bill for the Property. <br /> <br />8. Right ofEntrv for Investigation. <br /> <br />Buyer and its agents may enter the Property at any time or times beginning on the <br />~greement Date fur the putpose of inspecting the Property, and Sellet' hereby grants Buyer a <br />license from and after the Agreement Date for the duration of this Agreement to so enter the <br />Prope~; provided, however, such lieense shall not extend to the conduct of any drilling or soil <br />samplmg unless Buyer fIrst obtains Seller's written consent. which consent may be subject to <br /> <br />.REDWIOOOl\DOOoI 6-3 <br /> <br />2 <br />