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ATTY/RESO.0130/CC RESO APPROVING PURCHASE AND SALE AGREEMENT OF REAL PROPERTY – EXHIBIT A REV: 12-18-25 VR Page 2 of 10 2.2 Disposition of the Property is subject to DOF’s review and approval of the Oversight Board’s action pursuant to Health and Safety Code Section 34179. DOF is not a Party to this Agreement. 3. Purchase Price. The purchase price for the Property to be paid by Purchaser to Seller is Nine Hundred Thousand Dollars ($900,000) (the “Purchase Price”), which the Seller and Purchaser agree to be the fair market value of the Property based on an independent appraisal report prepared on May 6, 2025, by Carneghi-Nakasako & Associates. Purchaser shall deliver payment directly to Seller without escrow. Purchaser shall transfer the full Purchase Price amount to the Successor Agency Fund at least one (1) business day before the Conveyance Date (defined in Section 5). 4. Conveyance. Conveyance of the Property (the “Conveyance”) will occur by a date not later than thirty (30) days after the Effective Date (the “Conveyance Date”). The recordation of the grant deed in the form attached to this Agreement as Exhibit B (“Deed”) shall be a determinative indication that the Conveyance has occurred. Actions required to record the Deed shall be completed by City staff. 5. Preliminary Title Report. Seller shall deliver to Purchaser a preliminary title report (“Preliminary Report”) not later than ten (10) days after the Effective Date. The Preliminary Report shall be issued by Old Republic Title Company; 524 Gibson Drive, Roseville, CA 95678; Attn: Tracey Gant, Senior Vice President, Traceyg@ortc.com (“Title Company”). Purchaser shall have five (5) days after receipt of the Preliminary Report to approve the Preliminary Report. If there are any changes to the Preliminary Report between the time of Purchaser’s approval of the Preliminary Report and Conveyance, Purchaser shall have five (5) days after receipt of the revised Preliminary Report to approve such changes. Purchaser agrees to take title to the Property subject to the following “Permitted Exceptions”: (a) standard printed exceptions in the Preliminary Report and (b) any other title exceptions expressly approved by Purchaser. 6. Purchaser’s Conditions. Purchaser's obligation to purchase the Property is subject to the satisfaction of all of the following conditions or Purchaser's written waiver (in Purchaser’s sole discretion) of such conditions on or before the Conveyance Date: 6.1 It is a Purchaser’s Condition that, on the Conveyance Date, Seller convey to Purchaser marketable and insurable title to the Property and cause to be delivered to Purchaser from the Title Company an ALTA Owner’s Extended Coverage Policy of Title Insurance with liability in the full amount of the Purchase Price, insuring title to the Property to be vested in Purchaser, subject only to the Permitted Exceptions (“Title Policy”). The Title Policy must also include such special endorsements or guaranties as Purchaser may request and the Title Company agrees to provide, which special endorsements or guaranties shall be at Purchaser’s sole cost and expense. Seller must deliver to the Title Company such instruments, documents, releases, and agreements and must perform such other acts as Title Company may reasonably require in order to issue the Title Policy.