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• <br />b. City shall then receive $348,509, plus interest from June 3, 1993, <br />calculated at the prime rate on that date. The figure of $348,509 represents the City's <br />land costs and the amount of the fees it has waived. <br />c. Bank shall then receive $5980 plus an amount, to be determined, <br />representing additional interest on the outstanding principal amounts. The rate of the <br />additional interest shall be one percent. City shall review this amount of interest prior <br />to its distribution to Bank. The figure of $5980 represents the Bank's loan fee. <br />d. City shall receive any remaining sale proceeds. <br />The provisions of this paragraph shall be used as escrow instructions. <br />5. If Bank does not receive permission from the appropriate bank regulatory <br />agency as provided in paragraph 3, Bank shall sell the Property to a third party as provided <br />in paragraph 4. <br />6. Entire Agreement. This instrument constitutes the entire agreement between <br />the parties. No modification of this Agreement will be valid or binding unless such <br />modification is in writing, duly dated and signed by both parties. <br />7. Notice. All notices requited hereunder will be in writing and served <br />personally or by certified mail, return receipt requested, postage prepaid, at the addresses <br />shown below: <br />Bank: Community First National .Bank <br />749 Main Street <br />Pleasanton, CA 94566 <br />City: City of Pleasanton <br />Atta: City Manager <br />123 Main Street <br />Pleasanton, CA 94566 <br />8. Binding Effect. This Agreement will inure to the benefit of and bind the <br />respective parties, their successors, personal representatives, and permitted assigns. <br />9. Invali i In any term, provision, covenant or condition of this <br />Agreement, or any application thereof, should be held by a court of competent jurisdiction to <br />be valid, void, or unenforceable, all terms, provisions, covenants, and conditions of this <br />Agreement, and all applications thereof, not held invalid, void, or unenforceable, shall <br />continue in full force and effect and shall in no way be affected, impaired, or invalidated <br />thereby. The laws of the State of California shall apply to the enforcement of this <br />-3- <br />