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AGREEMENT FOR ACQUISITION OF REAL
<br /> EEMPROPERTY
<br /> This AGREEMENT.is made and entered into on 1`'AY 15 2061 , by
<br /> and between the CITY OF STOCKTON, a municipal corporation, (hereinafter referred to as
<br /> "Buyer") and AUTO INVESTMENT CO. ASSOCIATES, a California Limited Partnership,
<br /> (hereinafter referred to as "Seller"). It is agreed by and between the Buyer and Seller follows:
<br /> 1. Property To Be Purchased: Seller agrees to convey in fee to Buyer, and Buyer agrees
<br /> to purchase and accept from Seller, all rights, title, and interest in the following real property (the
<br /> "Property") situated in the State of California, County of San Joaquin, City of Stockton:
<br /> All of Block 24 West of Center Street in the City of Stockton according to the
<br /> official map or plat thereof on file and of record in the office of the County
<br /> Recorder of Said County of San Joaquin, commonly known as 424 North Van
<br /> Buren Street APN 137-230-02 and 411 North Monroe Street—APN 137-230-05
<br /> including all improvements,personal property, all easements and other rights appurtenant,
<br /> including without limitation, all mineral rights (collectively, "Improvements"), as described
<br /> below:
<br /> any structures located on the Property including an approximately 21,000 square
<br /> foot concrete tilt-up building
<br /> upon the terms and conditions herein set forth and free and clear of and from all liens,
<br /> encumbrances, conditions, restrictions,judgments, easements, rights of possession, and leasehold
<br /> interests excepting the following: '
<br /> a. Except as otherwise mentioned in this agreement, any liens, encumbrances,
<br /> conditions, restrictions,judgments, easements, right of possession, and leasehold
<br /> interests that are revealed by the title report Buyer obtains prior to the execution
<br /> of this Agreement pursuant to Paragraph 6;
<br /> b. Any environmental contamination in and/or on the Property;
<br /> C. That certain unrecorded lease between Seller and Charter Way Tow, Inc., a
<br /> California corporation, dated April 28, 1998, as amended by the Addendum to
<br /> Lease, dated September 30, 1998; and
<br /> d. Such other matters affecting title to,possession or use of the Property that are
<br /> approved in writing by Buyer.
<br /> Seller may retain possession of the Property until close of escrow and Buyer shall be entitled to
<br /> actual possession not Iater than said date, subject to the lease identified in Section 1(c), above.
<br /> 2. Buyer Takes Subject To Existing Lease: Buyer agrees to take title to the Property
<br /> subject to the existing Lease, and, if relocation of the tenant is required due to a public project,
<br /> Buyer shall be responsible for any and all relocation costs, if any. Seller shall be entitled to all
<br /> Page Exhibit 3
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