RES 93026 - Laserfiche WebLink

PURCHASE AND SALE AGREE1VIENT THIS PURCHASE AND SALE AGREEMENT is made and entered into this __ day of , 1993, by and between the CITY OF PLEASANTON, hereinafter referred to as "City" and ROTARY CLUB OF PLEASANTON NORTH, hereinafter referred to as "Rotary." A. City is the Owner of real property ("the Property") located at the comer of Palomino Drive and Concord Street in the City of Pleasanton, County of Alameda, State of California, and more fully described in Exhibit A attached hereto and incorporated herein by this reference. B. City desires to sell and Rotary desires to purchase the property for the purpose of constructing seven residential units generally described as follows: Four units that are three bedroom houses, approximately 1,443 square feet in size, with an attached two-car garage, and three units that are two bedroom houses, approximately 1,212 square feet in size, with an attached two car garage. NOW, THEEFOE, in consideration of the mutual covenants, agreements and conditions contained herein, City and Rotary agree as follows: 1. Purcha~ Price. Rotary shall pay to City the sum of One Dollar ($1.00). 2. Grant Deed. City shall convey fee simple title to Rotary by grant deed free and clear of liens and encumbrances, except as specifically provided for herein. 3. ConstructiOn of Residences. Rotary shall construct seven residences on the property pursuant to the plans and specifications submitted and approved by the City's Design Review Board and Building Department and based upon the construction cost breakdown and the Rotary Commons Financing Statement attached hereto as Exhibit B and hereby incorporated by this reference. 4. Option to Purchase Agreement. City and Rotary shall also execute the Option to Purchase Agreement, attached hereto as Exhibit C and incorporated herein by this reference. 5. Restrictive Covenant. City shall record prior to sale to Rotary the Restrictive Covenants and Resale Restrictions and Option to Designate Eligible Purchasers Agreement, attached hereto as Exhibit D and incorporated herein by this reference. 6. Financing Contingency. Rotary's purchase of the property is conditioned upon Rotary obtaining acceptable construction loan financing to be funded within sixty (60) days of the effective date of this Agreement. If acceptable financing cannot be funded within said sixty (60) day period, the parties hereto may extend by written mutual agreement this condition, or, if no such extension can be mutually agreed upon, rescind this agreement, each having no rights or claims against the other. If financing cannot be