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AGREEMENT REGARDING PURCHASE OF CITY OWNED <br />FLOATING HOMES LOCATED AT BERTHS 103,114, AND <br />124 IN DOCKTOWN MARINA <br />ARTICLE 1. AGREEMENT TO PURCHASE. <br />1.01 Parties: The parties to this agreement are THE CITY OF REDWOOD CITY <br />("Seller") and BURKS AND CO. LLC. ("Buyer"). <br />1.02 Description of Assets: Subject non -real property Assets are three floating <br />homes located at Berths 103, 114, and 124 at Docktown Marina, 1548 Maple Street <br />Redwood City, California, 94063 as described in Attachment 1, attached hereto and <br />incorporated herein by reference ("Assets"). <br />1.03 Agreement: It is understood that this purchase agreement is to transfer the <br />Assets from Seller to Buyers. This agreement is binding on both parties. Buyer may <br />designate an assignee or nominee to this contract, subject to prior written approval of <br />Seller. Buyer may assign this agreement to an affiliate entity without the prior approval <br />of Seller, provided Buyer gives prior written notice to Seller. <br />ARTICLE 2. PURCHASE PRICE. <br />2.01 Purchase Price: Sixty Thousand Dollars ($60,000.00) ("Purchase Price") to <br />be paid all cash to Seller at close of escrow less all deposits made by Buyer. <br /># Vessel Serial Number 00204685 (Berth 103) $30,000.00 <br /># Vessel Serial Number CFZ5634KE292 (Berth 114) $10,000.00 <br />#Vessel Serial Number 2671999 (Berth 125) $20,000.00 <br />2.02 Earnest Money Deposit: Twenty One Hundred Dollars ($2,100.00). <br />2.03 Increased Deposit: Seven Thousand Nine Hundred Dollars ($7,900.00) at <br />reach of a 60 days contingency period. <br />2.04 Balance of Purchase Price: Balance of Purchase Price in the amount of <br />Sixty Thousand Dollars ($60,000.00) to be deposited with Escrow Holder pursuant to <br />Escrow Holder Instructions. All Cash Offer. <br />ARTICLE 3. ESCROW. <br />3.01 Escrow Holder: Bay Area Escrow Services, 2817 Crow Canyon Road, Suite <br />102, San Ramon, CA 94583. <br />3.02 Buyer's Closing Cost: Buyer to pay for Buyer processing fees, Buyer notary <br />fees, transfer fees to HCD and/or DMV as applicable, Buyer document delivery fees and <br />Buyer inspection fees. <br />REV: 08-18-21 RL <br />