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<br />Seller before conveyance of Said Real Property to City. <br /> <br />6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept <br />from City, as and for the full purchase price for Said Real Property, improvements pertaining to <br />the realty, business goodwill (if any), and severance damages (if any), the total sum of Seven <br />Hundred Fifty Thousand Dollars and No/100 ($750,000). City agrees to accept the <br />improvements to Said Real Property in their physical condition as of the close of escrow. City <br />agrees to deposit said purchase price in escrow with the Escrow Agent within THIRTY (30) <br />days from and after the date on which the City has approved this PSA, and the Escrow Agent is <br />hereby authorized to pay the same to Seller upon and after; <br /> <br />(a) Conveyance of Said Real Property by Seller to City as hereinabove provided; <br /> <br />(b) Acceptance by City of a Grant Deed conveying Said Real Property to City; <br /> <br />(c) Delivery to City of the policy of title insurance as hereinabove provided; <br /> <br />(d) Recordation of the Deed conveying Said Real Property to City. <br /> <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 /> <br />8. Rental and OccUDanCy bY Seller. Seller agrees to execute a complete, current and <br />correct statement of rentals (Seller Estoppel) on a form furnished to Seller by Buyer and deliver <br />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 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 in the possession of Seller <br />prior to the close of escrow shall be transferred to and become the property of Buyer during <br />escrow. <br /> <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 /> <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 /> <br />Page 3 of9 <br /> <br />Seller Initials <br /> <br />/('-{ <br /> <br />CAO Initial~ <br />