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office building known as School Administration Center as <br />described in Exhibit "B" as Parcel B1 and B3 for the sum of One <br />Million and No/100 Dollars ($1,000,000.00). The City shall <br />exercise the option during the period between June 1, 1987 and <br />June 20, 1987. If the option is exercised within the twenty (20) <br />day period stated in this paragraph, the Five Hundred Thousand <br />and No/100 Dollars ($500,000.00) paid for the option shall be <br />part of the consideration of the purchase price of Parcels B1, <br /> <br />B2, B3 and B4. The total purchase price of Parcels B1, B2, B3 <br />and B4 shall be One Million Three Hundred Thousand and No/100 <br />Dollars ($1,300,000.00). If the City exercises its option, the <br />City shall pay the remainder of the purchase price, Five Hundred <br />Thousand and No/lO0 Dollars ($500,000.00) at the time of the <br />close of escrow which may occur after the time period has expired <br />for the City to exercise its option to purchase Parcels B1 and <br />B3. <br /> <br /> 5. Lot Line Adjustment. The purchase price shall not be <br />decreased as a result of the minor lot adjustment as described in <br />Exhibit "C" attached hereto and incorporated herein by this <br />reference, and as generally shown as Parcel B4 in Exhibit "B", <br />consisting of approximately 1,012 square feet. City acknowledges <br />Owner is permitting lot line adjustment at the request of the <br />City. Owner shall take all appropriate actions to accommodate <br />the completion of the minor lot adjustment as stated in Exhibit <br />"C". If the purchase of Parcels B1 and B3 does not occur, the <br />value of parcel B4 shall be Fifteen Thousand and 00/100 Dollars <br /> <br /> ($15,000.00). <br /> <br /> - 3 - <br /> <br /> <br />