Agmt17 Ilya and Emilia Kabakov , Fung Colllaboratives, Inc

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ORIGINAL, PURCHASE AGREEMENT FOR ARTWORK „This Purc se Agreement for artwork ("Agreement") is made and entered into on this day of a 20V (the "Effective Date") by and among Ilya and Emilia Kabakov ("Artist"), Fung Collaboratives?Inc ("Consultant"), a California Corporation and the City of Redwood City, a California municipal corporation ("City"). City and Artist are sometimes referred to hereinafter individually as "Party" and collectively as "Parties." RECITALS WHEREAS, Artist has created a sculpture entitled "The Pirate Ship," which is described on Exhibit A ("Art and Artist Description"), which is attached hereto and incorporated herein by reference. (For purposes of this Agreement, the "Pirate Ship" sculpture shall be known as the "Artwork"); and WHEREAS, Artist has offered to sell the Artwork and related repair instructions to City pursuant to the terms of this Agreement; and WHEREAS, Consultant has represented Artist in negotiating the sale of Artwork to the City and Artist desires to have City remit payment for the Artwork to the Consultant rather than directly to Artist; and WHEREAS, City now desires to purchase the Artwork from Artist pursuant to the terms and conditions of this Agreement; and WHEREAS, subsequent to the purchase of the Artwork pursuant to this Agreement, City intends to explore installation of the Artwork in a new park adjacent to the Redwood Shores Library located at 399 Marine Parkway, Redwood Shores, CA.; and WHEREAS, City and Artist desire to collaborate on a children's book project related to the Artwork (the "Children's Book Project"). NOW THEREFORE, in consideration of the faithful performance of the terms and conditions set forth in this Purchase Agreement, the Parties hereto agree as follows: 1. PURCHASE OF ARTWORK AND RELATED DOCUMENTS. The City agrees to purchase, and Artist agrees to sell, the Artwork. In connection with the sale of the Artwork, Artist shall provide the design documents and repair instructions described in Exhibit A (the "Repair Documents"). 2. DELIVERY DATE. Prior to December 16, 2016 ("Required Delivery Date"), the Artwork and Repair Documents must be shipped and must be delivered to the City at the following address: 939 Valota Road, Redwood City, CA. Any failure by the Artist to meet the Required Delivery Date will constitute a material default of this Purchase Agreement. The Artist must notify the City immediately if the Artist reasonably believes the Artist will not be able to meet the Required Delivery Date for any reason and provide the City with a schedule that the Artist reasonably believes it will be able to meet. It is within the City's discretion whether it will accept the revised schedule. IMMAs 451 --MA Page i of 15 ATTY/AGR.2016.323/Purchase Agreement for Artwork - Kabakov - Fung