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� i EXHIBR, 6. � I �."" AGREEMENT FOR PURCHASE AND SALE OF REAL I PROPERTY (INCLUDING ESCROW INSTRUCTIONS) [3272 Rolison Road] THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY (the "Agreement") is entered into as of , 2010, by and between the CITY OF REDWOOD CITY, a charter city and municipal corporation of the State of California ("Seller"), and , a California nonprofit public benefit corporation , ("Buyer"). It is hereby mutually agreed between the parties as follows: ARTICLE 1. GENERAL l.l. The Property. The City provided Community Development Block Grant (CDBG) Funds to help rehabilitate certain real property consisting of approximately 0.17 acres (approximately 7500 sq. ft.) of land located generally at 3272 Rolison Road, in the City of Redwood City, County of San Mateo, State of California, which is legally described in the Legal Description attached hereto as Exhibit A and incorporated herein by reference (the "Property"), including the seven (7) multi-family residential units located on the Property (the "Affordable Units"). 1.2. Background. In order to prevent the Property from being sold in foreclosure proceedings, the City acquired the Property in 1995. Due to the location of the Property, the City has not been able to sell the Property and has maintained it as affordable housing. On September 13, 2010, the City adopted Resolution No. 15051, making certain findings related to and authorizing initiation of negotiations for the proposed sale of the Property, to be maintained as affordable housing. 1.3. Purpose. The purpose of this Agreement is to provide for the purchase and sale of the Property and to set out the other obligations of the parties provided for hereunder. 1.4. Effective Date. The effective date of this Agreement ("Effective Date") shall be the date upon which the last party to do so signs this Agreement. ARTICLE 2. PURCHASE AND SALE 2.1. Purchase and Sale. Seller agrees to sell the Property to Buyer, and Buyer agrees to purchase the Property from Seller in accordance with and subject to all of the terms, covenants and conditions specified in this Agreement, for the purpose of maintaining the Affordable Units on the Property for rent to Eligible Households (as set forth below). 2.2. Purchase Price. The total purchase price for the Property shall be ONE HUNDRED SEVENTY THOUSAND DOLLARS ($170,000.00) (the "Purchase Price"). 2.3. Payment. Subject to the terms, covenants and conditions of this Agreement, Buyer shall deposit the Purchase Price and other sums required hereunder with the Escrow Agent (as defined in Article 3). The Purchase Price shall be in the form of a certified or cashier's check, 1 8248 3.00000�.55 7 I 002.3 ATTY/AGR/2010.120 103010