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Said Real Property, and business goodwill, if any, the total sum of: <br />FIVE HUNDRED EIGHTY-FIVE THOUSAND DOLLARS ($ 585000 ), <br />City agrees to deposit said purchase price in escrow with the Escrow Agent within THIRTY (30) <br />days after the date on which the City has approved this PSA, and the Escrow Agent is hereby <br />authorized to pay the same to Seller upon and after: <br />(a) Conveyance of Said Real Property by Seller to City as hereinabove provided; <br />(b) Acceptance by City of a Grant Deed conveying Said Real Property to City; <br />(c) Delivery to City of the policy of title insurance as hereinabove required; <br />(d) Recordation of the Deed conveying Said Real Property to City. <br />7. Possession. Seller agrees to deliver to City, on the date the Deed conveying Said Real <br />Property to City is recorded, quiet and peaceful possession of Said Real Property, which shall <br />be made free by Seller of all personal property. <br />8. Rental and Occupancy by Seller. Seller agrees to execute a complete, current and <br />correct statement of rentals (Seller Estoppels) on a form furnished to Seller by Buyer and to <br />deliver same to Buyer within fifteen (15) days hereof with copies of any written leases or rental <br />agreements attached. All rents will be prorated as of the close of escrow on the basis of a 30- <br />day month / 360-day year consistent with that statement, subject to approval of Buyer. Seller <br />hereby agrees not to rent any units on the premises which are now vacant, or which may be <br />vacated by the present occupants prior to close of escrow. Seller agrees that any and all tenant <br />security deposits pertaining to the subject property collected by or that are in the possession of <br />Seller prior to the close of escrow shall be transferred to and become the property of Buyer <br />during escrow. <br />Seller hereby warrants that the rental statement referred to shall include the terms of all rental <br />agreements, tenancies, and leases (oral or written, recorded, or unrecorded) and Seller agrees <br />to hold Buyer harmless from all liability from any such leases or agreements. Seller also <br />warrants that there are no oral or written leases on all or any portion of the subject property <br />exceeding a period of one month. <br />9. Waivers. The waiver by City of any breach of any covenant or agreement herein <br />contained on the part of Seller shall not be deemed or held to be a waiver of any subsequent or <br />other breach of said covenant or agreement nor a waiver of any breach of any other covenants <br />or agreements contained herein. <br />10. Heirs. Assigns, Successors in Interest. This PSA, and all the terms, covenants and <br />conditions hereof, shall apply to and bind the heirs, executors, administrators, successors and <br />assigns of the respective Parties hereto. <br />11. Time is of the Essence. In all matters and things hereunder to be done and in all <br />payments hereunder to be made, time is and shall be of the essence. <br />12. Permission to Enter on Premises. Seller hereby grants City, and its authorized <br />agents, permission to enter upon Said Real Property at all reasonable times prior to close of <br />P~gc3or8 Seller's Initials ~~~ <br />