R-093-16 Authorize the Purchase of Parcel 0163-362-26 and to Amend the Fiscal Year 2016-2017 Budget to appropriate $75,000 for the purchase od Parcel 0163-362-26

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2.5.1 By Buyer. No less than one (1) day prior to Closing, Buyer shall deposit into Escrow: (i) funds required to pay the Purchase Price; (ii) funds required to pay all Closing Costs; (iii) a certificate accepting the Grant Deed and consenting to recording of same; (iv) Preliminary Change of Ownership Report form; and (v) such other documents. and sums, if any, required of Buyer under this Agreement and by Escrow Holder in the performance of its contractual or statutory obligations. 2.5.2 By Seller. No less than one (1) day prior to Closing, Seller shall deposit into Escrow: (i) a properly executed and acknowledged Grant Deed; (ii) certificate required under the Foreign Investment in Real Property Tax Act (Internal Revenue Code Section 1445), also known as a "FIRPTA" certificate; (iii) appropriate Real Estate Withholding Certificate required under California Revenue and Taxation Code Sections 18661 et seq., also known as "California Form 593"; and (iv) such other documents and sums, if any, required of Seller under this Agreement and by Escrow Holder in the performance of its contractual or statutory obligations. 2.6 Buyer's Conditions Precedent to Close of Escrow. The Close of Escrow and Buyer's obligation to accept title to the Property and pay the Purchase Price are subject to the satisfaction of the following -described conditions for Buyer's benefit (or Buyer's waiver thereof, it being agreed that Buyer may waive any or all of such conditions) on or prior to the Closing Date: 2.6.1 All representations and warranties of Seller set forth in this Agreement shall be true and correct as of the Effective Date and as of Close of Escrow. 2.6.2 Seller shall have timely performed all obligations required to be performed by Seller prior to the Close of Escrow by the terns of this Agreement. 2.6.3 Escrow Holder shall have received an irrevocable commitment from the Title Company (defined below) to issue the Title Policy (defined below) required pursuant to this Agreement, as set forth in more detail in Article 3 of this Agreement. 2.6.4 Buyer shall have approved Escrow Holder's estimated closing costs statement. 2.7 Seller's Conditions Precedent to Close of Escrow. The Close of Escrow and Seller's obligation to convey the Property are subject to the satisfaction of the following - described condition for Seller's benefit (or Seller's waiver thereof, it being agreed that Seller may waive any or all of such conditions) on or prior to the Closing Date: 2.7.1 Buyer shall have timely performed all obligations to be performed by Buyer prior to Close of Escrow by the terms of this Agreement. 23152.06319129248878.1