Item 24 - Joint Public Hearing Adopt Resolution and Approve Purchase and Sale Agreement

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EXHIBIT 5 City Responsibilities The following describes the responsibilities that the City will take on 1. Purchase and Sale: The City agrees to purchase the Property for $190,000, including fee interest, rights, privileges, easements, licenses, and interests related to the Property, all personal property, equipment, supplies, fixtures, and Successor Agency's interest under contracts, leases, licenses, easements, and other agreements. 2. Payment of Consideration: The City shall pay the Purchase Price at the date the deed is recorded (Closing Date). 3. Closing without Escrow: At the election of the Successor Agency, the City shall transfer funds to the Successor Agency within one business day after the deed is recorded if the Successor Agency elects to proceed without an escrow holder. 4. Right of Entry: The City and its representatives shall have the right to enter the Property for inspections and tests from the effective date, as defined by the Purchase and Sale Agreement (Effective Date), through the Closing Date, with reasonable prior notice to the Successor Agency. 5. Investigation of the Real Property: The City shall have the right to engage an environmental consultant for necessary investigations. If the City determines not to proceed with the purchase based on these investigations, it may cancel the Purchase and Sale Agreement before the contingency date, as defined by the Purchase and Sale Agreement (Contingency Date), and provide written notice of termination to the Successor Agency. The City shall provide all reports and test results to the Successor Agency and bear any costs associated with restoring the Property to its original condition if the Property is disturbed by the environmental testing, and if requested by the Successor Agency. 6. Condition of Property: The City shall accept the property in "as is" condition, with no warranties from the Successor Agency regarding its physical condition, presence of hazardous materials, or suitability for development purposes. 7. Environmental Precautions: Post -closing, the City shall take all necessary precautions to prevent the release of hazardous materials from the Property and comply with all relevant governmental requirements. 8. Buyer's Title Policy: The City shall obtain a CLTA owner's policy of title insurance (Title Policy) in the amount of the Purchase Price, showing fee title to the Property vested solely in the City, subject to standard exceptions, liens for taxes not yet delinquent, matters created by or with the City's consent, and matters approved in writing by the City. The City may obtain extended coverage at its own cost if desired. 9. Physical and Legal Inspections and Studies: The City shall approve or disapprove matters of title disclosed in the preliminary title report, exceptions, legal