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successor laws, codes, rules or regulations. Hazardous Materials will also include petroleum products, petroleum by-products and fractions thereof. Hazardous Materials shall not include chemicals necessary to maintain the swimming pool located on the Property. (g) Permitted Exceptions. The exceptions shown on the Preliminary Title Report, which are approved by Buyer pursuant to Paraaraph 6 below. (h) Preliminary Title Report. A current preliminary title report issued by Title Company, describing the Property and listing all exceptions to title insurance coverage. (i) Prooertv. That real property (and all improvements and fixtures located thereon) located in the City of Redwood City, County of San Mateo, State of California, having the street address of 1306 Main Street, more particularly described as follows: APN #053-184-010. The exact legal description shall be provided by the Title Company and inserted through escrow. 0) Title Companv and Escrow Agent. Fidelity National Title Insurance Company, whose address is 570 EI Camino Real, Suite 240, Redwood City, CA 94063 Telephone: (650) 482-5151; Facsimile: (650) 482-5150 ATTN: Michele Piazza. 2. OFFER AND ACCEPTANCE. Seller shall have until July 9, 2009, at 5:00 p.m. PST to accept this Offer. Seller may accept this Offer only by (a) signing in the section of this Agreement entitled "ACCEPTANCE BY SELLERII and (b) delivering to Buyer such executed Agreement or counterpart thereof. If this Offer is not accepted in the manner and by the time provided above, then this Offer shall terminate unless Buyer elects otherwise. If this Offer is terminated, then Seller shall return all deposits to Buyer. Subject to approval by the Buyer's City Council, if this Offer is accepted in the manner and by the time set forth above, then this Offer shall: (i) become a binding contract for the purchase and sale of the Property; (ii). constitute the entire Agreement between Buyer and Seller with respect to the purchase and sale of the Property; and (iii) supersede all prior discussions, negotiations and agreements between Buyer and Seller, whether oral or written. Any counter-offer or amendment to this Offer must be in writing and must be signed by both Buyer and Seller. 3. PURCHASE PRICE. Buyer shall pay to Seller the amount of Two Million Four Hundred Ten Thousand Dollars ($2,410,000.00) as the purchase price for the Property ("Purchase Pricell), in the manner specified in Paraaraph 4 below. 4. PAYMENT OF PURCHASE PRICE. Buyer shall pay the Purchase Price as follows: (a) Initial Deoosit. Buyer shall deliver three percent (3%) of the Purchase Price as Buye~s initial deposit ("Initial Deposit") in the amount of Seventy Two Thousand Page 2 of 16 C:\Oocuments and Settings\Oell Optlplex GX520\My Documents\PurchaseAgrTt7.6.09redline\PurchaseAgnt.doc