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ATTACHMENT B <br /> <br /> PURCHASE AGREEMENT <br /> <br /> ..... <br /> This Purchase Agreement ( Agreement ) is made the day of~..~_, 2005 between Gary <br />DuClair and Janice DuClair ("Sellers") and the City of Pleasanton ("City"}'. <br /> <br /> RECITALS <br /> <br /> A. Sellers own an improved parcel of land ("the Property"), located at 4254 Vervais Avenue, <br /> Pleasanton, California. <br /> <br /> B. The Property is designated on the City's General Plan and the City's Downtown Specific <br /> Plan as Park. <br /> <br /> C. City desires to purchase the Property in order to develop the Property at some point <br /> consistent with its General Plan and Downtown Specific Plan. <br /> <br /> D. City has had the Property appraised by Smith & Associates, a Certified General Real Estate <br /> Appraiser, who has opined the estimated market value of the Property is $750,000. <br /> <br /> E. Sellers desire to sell, and City desires to purchase, the Property on the terms and conditions <br /> set forth herein. <br /> <br /> ARTICLE I - PURCHASE <br /> <br />1.1 Purchase/Closing Date. Sellers shall sell the Property to City, and City shall purchase the <br /> Property from Sellers, on all of the mutual terms, covenants and conditions hereinafter set forth. <br /> City and Purchaser shall mutually agree on the closing date ("Closing Date"); provided, <br /> however, in no event shall the Closing Date occur on a date later than August 31. 2005. If the <br /> Property has not been transferred to City by August 31, 2005, this Agreement shall terminate and <br /> neither party shall have any further rights or obligations thereunder, except as expressly provided <br /> herein. <br /> <br />1.2 Purchase Price. The Purchase Price shall be Seven Hundred Fifty Thousand Dollars ($750,000), <br /> payable to Sellers by City at the Closing Date. <br /> <br />1.3 Closing Costs. Each party shall pay its own attorneys' fees in connection with negotiating this <br /> Agreement and closing the Escrow. City shall pay recording costs, any escrow fees, and if City <br /> chooses to acquire title insurance, the title insurance premiums associated with such insurance. <br /> Sellers shall pay the documentary transfer taxes, if any, incurred in connection with this <br /> transaction. City shall pay no brokers fees or commissions on this transaction. <br /> <br />1.4 Prorations. Real estate taxes shall be prorated as of the Closing Date. <br /> <br /> <br />