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1.2 <br /> <br />1.3 <br /> <br />1.4 <br /> <br />1.5 <br /> <br />1.6 <br /> <br />Purchase Price. The Purchase Price shall be Forty Five Thousand One Hundred Eighty <br />Dollars ($45,180), payable as follows: Purchaser will pay City $45,180 at the Closing <br />Date. <br /> <br />Lot Line Adiustment. Within 30 days from the date that the purchase price has been paid <br />in full to the City, Purchaser shall initiate and thereafter complete a lot line adjustment so <br />as to merge the Property with the property at 4160 Stanley Boulevard. Purchaser shall be <br />responsible for all costs associated with processing the lot line adjustment. <br /> <br />Restrictions on the Use of the Property. The City's transfer of the Property shall be subject <br />to the following restrictions which shall be set forth in a separately recorded Declaration of <br />Restrictions: The Property shall not be developed or redeveloped in any manner <br />whatsoever other than with a Class II accessory structure as defined in Section 18.08.545, <br />Pleasanton Municipal Code. Purchaser shall obtain the written approval of the City prior to <br />the development of the Property in any respect. <br /> <br />Litigation Concerning City's Sale of the Property. Purchaser acknowledges that a lawsuit <br />has been filed concerning the City's proposed sale of the Property to Purchaser. Due to <br />the litigation, Purchaser acknowledges that City shall not be required to transfer the <br />Property for a period of 60 days from the date of this Agreement in order to allow the <br />lawsuit referenced in the prior sentence to be heard in Superior Court. Purchaser may <br />delay the Closing Date until 60 days after the litigation has been settled or otherwise <br />ended. <br /> <br />Closing Costs. City and Purchaser agree that the customary closing costs in Alameda <br />County are shared as follows. Each party shall pay its own attorneys' fees in connection <br />with negotiating this Agreement and closing the Escrow. Purchaser shall pay recording <br />costs, any escrow fees, and if Purchaser chooses to acquire title insurance, the title <br />insurance premiums associated with such insurance. City shall pay the documentary <br />transfer taxes, if any, incurred in connection with this transaction. There will be no brokers <br />fees or commissions paid on this transaction. <br /> <br />1.7 Prorations. Real estate taxes shall be prorated as of the Closing Date. <br /> <br />2.1 <br /> <br />ARTICLE 2 - CONDITIONS OF PURCHASE AND SALE <br /> <br />"As-Is~ Sale. Purchaser shall acquire the Property in its "as-is" condition with no <br />representations or warranties from City. Within the sixty-day (60) period following the date <br />of this Agreement (the "Due Diligence Period"), Purchaser shall be permitted to make <br />complete physical, environmental, legal (including title review) and other inspections of <br />the Property and all other matters which in Purchaser's judgment affect or influence <br />Purchaser's intended use of the Property and Purchaser's willingness to acquire the <br />Property. Purchaser's investigations shall include review of title records, taxes, present and <br />proposed assessments, the applicable CC&R's, permissible uses, development fees, zoning, <br />whether the Property is within a flood plain, soils and environmental matters and <br />accessibility and location of utilities. Purchaser recognizes the City would not sell the <br /> <br /> <br />