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TABLE OF CONTENTS Page ARTICLE I PURCHASE AND SALE....................................................................................... 2 Section 1.1 Purchase and Sale...................................................................................... 2 Section 1.2 Acquisition Price........................................................................................ 3 Section 1.3 Initial Acquisition Price and Balance Payment Schedule .......................... 3 Section 1.4 Limitation of Liability; No Pledge of City Taxing Power or General Fund Revenues............................................................................. 3 ARTICLE II COMPLETION OF SALE.................................................................................. 4 Section2.1 Place and Date............................................................................................ 4 ARTICLE III TITLE TO THE LEVEE ASSETS.................................................................... 4 Section3.1 Levee Assets. ..� ............................... .................. .................................. 4 ARTICLE IV REVIEW OF THE LEVEE ASSETS................................................................ 5 Section 4.1 Delivery of Documents.............................................................................. 5 Section 4.2 City Inspectior6Rights................................................................................ 5 ARTICLE V REPRESENTATIONS AND WARRANTIES ................................................... 6 Section5.1 Seller.......................•................................................................................. 6 Section5.2 City............................................................................................................. 8 Section 5.3 Discovery of Inaccuracy............................................................................ 8 ARTICLE VI COVENANTS REGARDING LEVEE ASSETS ............................................. 8 Section6.1 SCOA Covenants....................................................................................... 8 Section 6.2 Seller Covenants...................................................................................... 10 Section 6.3 Levee Improvements Operations............................................................. 11 ARTICLE VII DISCLAIMERS ............................................................................................... 11 Section 7.1 Limited Reliance on Due Diligence Documents ..................................... 11 Section 7.2 As -is Sale; Disclaimers............................................................................ 11 ARTICLE VIII CONDITIONS PRECEDENT...................................................................... 12 Section8.1 Seller........................................................................................................ 12 Section8.2 City........................................................................................................... 13 ARTICLEIX CLOSING .......................................................................................................... 14 Section9.1 Procedure................................................................................................. 14 Section9.2 Possession................................................................................................ 15 OAK #4819-4834-1908 v20 Exhibit C