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OPTION AGREEMENT <br /> PARCELS B1 AND B3 - 121 MAIN STREET <br /> PLEASANTON, CALIFORNIA <br /> <br /> THIS OPTION is given January 21 , 1987, by PLEASANTON JOINT <br />SCHOOL DISTRICT OF ALAMEDA AND CONTRA COSTA COUNTIES ("Owner"), <br />to the CITY OF PLEASANTON, a municipal corporation ("City"). <br /> <br /> 1. Grant of Option. Owner, in consideration of Five <br />Hundred Thousand and No/100 Dollars ($500,000.00) paid by City to <br />Owner, receipt of which is acknowledged by Owner, grants to City <br />the exclusive right and-option to purchase, on the following <br />terms and conditions, that real property in Alameda County, State <br />of California, described in Exhibit "A", attached hereto and <br />incorporated herein by this reference, together with improvements <br />thereon, consisting chiefly of the School Administration Center, <br />121 Main Street. = <br /> <br /> 2. Option Period. The term of this option shall be 344 <br />days, commencing on the date first above written, but cannot be <br />exercised until June 1, 1987. <br /> <br /> 3. Purchase Price of Property. The full purchase price of <br />the property is One Million and No/100 Dollars ($1,000,000.00), <br />which amount shall be payable as hereinafter provided if City <br />elects to exercise this option. <br /> <br /> 4. Application of Consideration to Purchase Price. If City <br />purchases the property described in this option, and under the <br />terms and conditions hereof, Five Hundred Thousand and No/100 <br />Dollars ($500,000.00) , the consideration paid for this option, <br />shall be applied to the purchase price. <br /> <br /> 5. Exercise of Option. City may exercise this option by <br />giving Owner written notice thereof, signed by City, before the <br />time herein set for expiration. After receipt of City's notice <br />to exercise its option, Owner shall deliver to City, against <br />payment of the purchase price, a grant deed to the property. <br />Tender of City's valid check for the purchase price at close of <br />escrow less the amount already paid by City and to be credited to <br />it, shall constitute a sufficient tender. <br /> <br /> 6. Assignability of Option by City. This option and all <br />rights hereunder shall be assignable by City as per the Real <br />Property Purchase Contract, executed on January 21, 1987 between <br />the parties hereto, without the consent of Owner, provided that <br />City, within 120 days of such assignment, notifies Owner of the <br />assignment and sends to Owner a copy of the assignment. <br /> <br /> 7. City's Right to Enter Land for Specified Purposes. On <br />execution hereof, City shall have the right to enter on the land <br />above described and carry out such preliminary work as may be <br />necessary, in a manner such as to cause the least possible <br />disturbance to the possession of Owner. If the option is not <br /> <br /> - 1 - <br /> <br /> <br />