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4- Ala -680 DD- 046921 -01 -0I OPTION TO PURCHASE For the purchase of the real property described in the Director's Deed attached hereto and made a part hereof the City of Pleasanton (hereafter referred to as PURCHASER) hereby agrees to the terms of this option, and further agrees to pay to the State of California, Department of Transportation (hereafter referred to as STATE), for the purchase of the real property described as 4-Ala-680; DD- 046921 -01 -01 (hereafter referred to as the "Property"), the total sum of One Hundred Sixty Thousand Two Hundred Dollars ($160,200.00), as a deposit and as full payment for the purchase of said property. TERMS OF OPTION: I. TERM OF SALE: PURCHASER shall pay STATE a deposit in the amount of $160,200.00 by check made payable to the Department of Transportation. This amount represents the deposit as well as the full purchase price for the Property. 2. OPTION PERIOD: The Option Period shall commence on the date that the PURCHASER makes a deposit in the amount of $160,200.00 (which represents the full payment price for the Property). This option shall run 120 days in order to give the parties sufficient time to obtain approvals from the California Transportation Commission and the City Council for the City of Pleasanton. 3. The sale under this option is subject to the approval of the California Transportation Commission. If the sale is not approved, the option deposit money of $160,200.00 will be refunded without interest. 4. The STATE and the PURCHASER reserve the right to cancel the sale in part or its entirety any time prior to the approval of the sale by the California Transportation Commission or the City Council for the City of Pleasanton. In the event of cancellation of sale the respective deposits of money shall be refunded without interest. 8. Upon approval by the California Transportation Commission, STATE shall convey to the PURCHASER a marketable title to the Property by Dnc1Aut's Deed. The right, title and interest in the Property shall not exceed that vested in the State of California, and the sale is subject to all title exceptions and reservations of record. The PURCHASER may obtain a policy of title insurance at its own expense. 9. The PURCHASER shall pay all recording fees, documentary stamp taxes, or other real estate transaction taxes or fees by whatever name known, including escrow fees or brokers commission, if any, and personal property sales taxes where applicable. It is the understanding of the parties that neither PURCHASER nor the STATE have contacted a real estate broker in connection with this transaction. 10. Should the PURCHASER desire a survey of the property, this may be accomplished by an independent survey at the PURCHASER'S expense. No warranty is made by the STATE relative to the ground locations of property line other than monumented highway right of way lines. 11. The PURCHASER shall be responsible for checking and complying with local building codes and ordinances. This property is sold in an "as is" condition. 1