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FIVE DOLLARS AND NO/100 DOLLARS ($38,385) <br />City agrees to deposit said purchase price in escrow with the Escrow Agent within Sixty (60) <br />days from and after the date on which the City has approved this Agreement, and the Escrow <br />Agent is hereby authorized to pay said purchase price to Seller only after or concurrent with the <br />satisfaction of the following conditions precedent: <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 provided; <br />(d) Recordation of the Grant Deed conveying Said Real Property to City. <br />(e) Escrow Agent shall not record the Grant Deed until City has deposited with Escrow <br />Agent the Purchase Price in full. <br />7. Possession. Seller agrees to deliver to City, on the date the Grant Deed conveying <br />Said Real Property to City is recorded, quiet and peaceful possession of Said Real Property. <br />8. Blank. This section intentionally left blank. <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 Agreement, and all the terms, <br />covenants and conditions hereof, shall apply to and bind the heirs, executors, administrators, <br />successors and 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 />escrow for the purpose of making necessary inspections. <br />13. Just Compensation. Seller acknowledges and agrees that said purchase price is just <br />compensation at fair market value for Said Real Property and severance damages. <br />Page 3 of 9 1 <br />Seller's Initials_ �' <br />