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r ' PURCHASE AGREEMENT THIS PURCHASE AGREEMENT ("Agreement") is made this ~ day of 996, by and between LUTZ HOMES, a California corp~P~i~i ("Seller") and the CITY OF PLEASANTON, a municipal corporation ("Buyer"). RECITALS A. Seller is the owner of certain real property located in the City of Pleasanton. B. Seller's property is located in an area through which the City Council has approved the realignment of Vineyard Avenue. A portion of the Seller's property, consisting of an area of approximately 4,108 square feet, generally consisting of a portion of Parcel 3, Parcel Map 4296, Assessor's Parcel No. 946- 1735-31, more particularly described in Exhibit A, attached hereto and incorporated herein by this reference (hereinafter "Property"). B. The Buyer has a need to realign Vineyard Avenue for public safety and health reasons and the Property has been selected as the best location for the realignment, and Seller is willing to sell the Property to the Buyer. NOW, THEREFORE, the parties agree as follows: 1. Property To Be Sold. The Seller shall sell and convey the Property to the Buyer as provided herein. 2. Purchase Price. The Seller shall sell the Property to the Buyer for Two Dollars ($2.00) per square feet or the total purchase price shall be $8,216, payable to Old Republic Title Company as escrow agent, for a grant deed with full covenants, duly executed in proper form for recording so as to convey to the Buyer a good and marketable record and title to the Property free and clear of all liens, easements, encumbrances, restrictions and conditions, except those acceptable to Buyer. Buyer shall take possession of the Property on the date of closing. The Buyer further agrees to additional terms for the sale as follows: (a) Water, sewer, and storm water lines shall be extended to an appropriate location in the Margo Lane right-of- way; and 1