DUCLAIR GARY & JANICE - Laserfiche WebLink

~-~TACHMENT B PURCHASE AGREEMENT ~~ This Purchase Agreement ("Agreement") is made the S day of /~ , 2005 between Gary DuClair and Janice DuClair ("Sellers") and the City of Pleasanton ("City" . RECITALS A. Sellers own an improved parcel of land ("the Property"), located at 4254 Vervais Avenue, Pleasanton, California. B. The Property is designated on the City's General Plan and the City's Downtown Specific Plan as Park. C. City desires to purchase the Property in order to develop the Property at some point consistent with its General Plan and Downtown Specific Plan. D. City has had the Property appraised by Smith & Associates, a Certified General Real Estate Appraiser, who has opined the estimated market value of the Property is $750,000. E. Sellers desire to sell, and City desires to purchase, the Property on the terms and conditions set forth herein. ARTICLE I -PURCHASE 1.1 Purchase/Closing Date. Sellers shall sell the Property to City, and City shall purchase the Property from Sellers, on all of the mutual terms, covenants and conditions hereinafter set forth. City and Purchaser shall mutually agree on the closing date ("Closing Date"); provided, however, in no event shall the Closing Date occur on a date later than August 31.2005. If the Property has not been transferred to City by August 31, 2005, this Agreement shall terminate and neither party shall have any further rights or obligations thereunder, except as expressly provided herein. 1.2 Purchase Price. The Purchase Price shall be Seven Hundred Fifty Thousand Dollars ($750,000), payable to Sellers by City at the Closing Date. 1.3 Closing Costs. Each party shall pay its own attorneys' fees in connection with negotiating this Agreement and closing the Escrow. City shall pay recording costs, any escrow fees, and if City chooses to acquire title insurance, the title insurance premiums associated with such insurance. Sellers shall pay the documentary transfer taxes, if any, incurred in connection with this transaction. City shall pay no brokers fees or commissions on this transaction. 1.4 Prorations. Real estate taxes shall be prorated as of the Closing Date.