03 - AGMT - 1902-1914 N Main St - Acq from Steadfast

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DRAFT Non-delinquent rental income from said real property shall be prorated as of 11:59 p.m. on the date of Closing. Rents delinquent as of the date of Closing, but collected later, shall be prorated as of the date of Closing when collected. Rents collected after the date of Closing shall be deemed to apply first to rentals which were delinquent at the date of Closing and second to the current rental due at the time of payment. All other income from, and expenses of, said real property shall be prorated as of the date of Closing. The liability to the Escrow Agent under this Agreement is limited to performance of the obligations imposed upon it under Paragraphs 4, 6, 8, 9 and Exhibit "B" of the General Provisions of this Agreement. 5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year within which said real property is conveyed to Agency as are unpaid at the time of said conveyance shall be cleared and paid in accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of California. Seller shall be eligible for a refund under Section 5096.7 of the Revenue and Taxation Code of the State of California for that portion of property taxes on said real property for said fiscal year which have been paid prior to the date the Grant Deed conveying said real property to Agency is recorded which is allocable to that portion of the fiscal year which begins on the date the Grant Deed conveying said real property to Agency is recorded and made uncollectible if unpaid by reason of Section 4986 of the Revenue and Taxation Code of the State of California. All unpaid taxes on said real property for any and all years prior to the fiscal year within which said conveyance is made shall be paid by Seller before conveyance of said real property to Agency. 6. Payment of Purchase Price. Agency agrees to pay to Seller, and Seller agrees to accept from Agency, as and for the full purchase price for said real property, improvements pertaining to the realty, business goodwill (if any), and severance damages, the total sum of ONE MILLION THREE HUNDRED THOUSAND DOLLARS AND No/100 ($1,300,000.00). Agency agrees to deposit said purchase price in escrow with the Escrow Agent on or before February 27, 2009, and the Escrow Agent is hereby authorized to pay the same to Seller upon and after: (a) Submission by the Agency into escrow a copy of a fully executed Disposition and Development Agreement between the Agency and The Charles Bowers Museum Corporation, a California non-profit public benefit corporation (or entity affiliated, associated or controlled by The Charles Bowers Museum Corporation), covering said real property. (b) Conveyance of said real property by Seller to Agency as hereinabove provided; (c) Acceptance by Agency of a Grant Deed conveying said real property to Agency; (d) Delivery to Agency of the policy of title insurance as hereinabove provided; (e) Recordation of the Grant Deed conveying said real property to Agency. 3~ .: 3-5