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PURCHASE AND SALE AGREEMENT <br />AND <br />JOINT ESCROW INSTRUCTIONS <br />This PURCHASE AND SALE, AGREEMENT AND JOINT ESCROW <br />INSTRUCTIONS ( "Agreement ") is made and entered into as of the Effective Date by and between <br />Seller and Buyer. <br />RECITALS <br />A. Seller is the fee owner of that real property which is legally described on Exhibit A <br />attached hereto and made a part hereof (the "Real Property"). The Real Property is unimproved. <br />B. Seller has offered to sell to Buyer the Real Property described herein for the price <br />and subject to the terms set forth below. Buyer has considered the offer by Seller and agrees to buy <br />from Seller the Real Property, as more specifically described below. <br />NOW, THEREFORE, in consideration of the mutual covenants and agreements contained <br />herein, and for other good and valuable consideration, the receipt and sufficiency of which are <br />hereby acknowledged, Seller and Buyer agree as follows: <br />I. Purchase and Sale. Seller hereby agrees to sell the Real Property to Buyer, and <br />Buyer hereby agrees to purchase the Real Property from Seller, on the terns and conditions set forth <br />in this Agreement. The term Real Property is defined collectively as the following: <br />(a) The fee interest in the Real Property to be conveyed by the Deed (defined in <br />Section S(a) below); <br />(b) All rights, privileges, easements, licenses and interests appurtenant to the <br />Real Property. Such rights shall be deemed to include, without limitation, all royalties, minerals, oil <br />and gas rights and profits, water and water rights (whether or not appurtenant) owned by Seller; and <br />(c) All personal property, equipment, supplies, and fixtures owned by Seller and <br />located at the Real Property; and <br />(d) All of Seller's interest under contracts, leases, and other agreements <br />associated with the Real Property; subject to a power of termination as set forth in the Deed. <br />2. Payment of Consideration. As consideration for the sate of the Real Property from <br />Seller to Buyer, Buyer shall, at the Closing (as defined below); pay to Seller the Purchase Price for <br />the Real Property. <br />3. Escrow and Deposit. <br />(a) Opening of Escrow. For the purposes of this Agreement, the escrow <br />( "Escrow ") shall be deemed opened ("Opening of Escrow ") on the date that Escrow Holder receives <br />a copy of this Agreement fully executed by Buyer and Seller. If an escrow holder is used, the <br />escrow holder shall be First American Title Company (Santa Ana office) or another escrow holder <br />mutually acceptable to Buyer and Seller. Buyer and Seller shall use their best efforts to cause the <br />.IM <br />