25F - ACQUISITION OF RIGHT OF WAY DYER AND REDHILL

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and the Escrow Agent is hereby authorized to pay the same to Seller upon and after. (a) Conveyance of said real property by Seller to City as hereinabove provided; (b) Acceptance by City of a Grant Deed conveying said real property to City; (c) Delivery to City of the policy of title insurance as hereinabove provided; (d) Recordation of the Deed conveying said real property to City. If the foregoing is not completed within ninety (90) days after the City has approved this Agreement, Seller may, but is not obligated to, cancel this Agreement and the Purchase Price, less the Deposit, if any, shall be returned to City. 7. Possession. Seller agrees to deliver to City, on the date the Deed conveying said real property to City is recorded, quiet and peaceful possession of said real property, which shall be made free by Seller of all personal property. Seller may, but shall not be required, to remove any improvements or trees or plants, located on said real property prior to the closing. 8. Condition of Property. City agrees that City has performed all inspections of said real property as it deems necessary and is satisfied and accepts said real property in its present condition. City acknowledges, agrees, represents and warrants that City is acquiring said real property on an "AS-1S WHERE IS" basis and with all faults as of the date of recordation of the Deed conveying said real property to City. 9. Waivers. The waiver by either party of any breach of any covenant or agreement herein contained on the part of the other party shall not be deemed or held to be a waiver of any subsequent or other breach of said covenant or agreement nor a waiver of any breach of any other covenants or agreements contained herein. 10. Heirs. Assigns, Successors in Interest. This Agreement, and all the terms, covenants and conditions hereof, shall apply to and bind the heirs, executors, administrators, successors and assigns of the respective parties hereto. 11. Time is of the Essence. In all matters and things hereunder to be done and in all payments hereunder to be made, time is and shall be of the essence. 12.Permission to Enter on Premises. Seller hereby grants City, and its authorized agents, permission to enter upon said real property, following no less than twenty-four (24) hours notice to Seller, at all reasonable times prior to close of escrow for the purpose of making necessary inspections. In accordance with, Government Code §990, et. seq., the City acknowledges that they are self-insured for liability up to $1,000,000.00 per occurrence. Specifics as follows:.01$ to $1M Self Insured Retention (SIR); $1M to $2M risk shared by 5 Big Independent Cities Excess Pool (BICEP) members; $2M to $10M reinsurance of BICEP Master Memorandum of Liability Coverage by Everest Reinsurance Company; $10M to $12M excess insurance by Everest National Insurance Company; $12M to $27M excess insurance by North American Specialty Insurance Company. 13. Just Compensation. Seller acknowledges and agrees that said purchase price is just compensation at fair market value for said real property and severance damages. Page 3 of 27 25F-23