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11/30J/U 21 0�4 00 1l 101943L 220" A92 LODI SRECR£ATZOS PAGE B202 PURCHASE AND SALE AGREEMLNT THIS PURCHASE AND SALE AGREEMENT CAgreeiment"), is entered as of Aprtl 27, 2001, by and between HERMAN HARRY WEBBER, TRUSTEE OF THE WEBBER REVOCABLE LIVING TRUST and IDA PEARL WEBBER, TRUSTEE OF THE WEBBER REVOCABLE LIVING TRUST("Sellers"), and the CITY OF NODI, a Californla Municipal Corporstion( Purchaser ). RECITALS A. Sellers are the owners of certain real property ("Property )located at 17 East Elm Street (APN# 043-082-01) and at 22 East Locust street (APN* D4"82-02), described in attached Exhibit A and depleted in attached Exhibit B, both of which are Incorporated by reference. 8. Purchaser desires to purchase the Property and Sellers' desire to sell the Pmperty on the terms and conditions in this Agreement. For good and valuable consideration,the reosipt and adequacy of which are acknowledged,the parties agree as follows: PURCHASE AND SALE Sellers agree to sell and Purchaser agrees to purchase the Property subject to the terms and conditions in this Agreement. PURCHASE PRICE The purchase price for the Property shall be One Hundred Thousand Dollars ($100,000,00)(Purchase Price) net to Sellers upon the otase of escrow as follows: (a) Within five (5) business days after full execution of this Agreement by the parties, Purchaser shall deposit in to an escrow eatablished with an escrow company of Purchasers choosing the sum of One Hundred Five Thousand Dollars ($105,000.00), which shall be held In an Interest bearing account with all interest credited to Purchaser, and applied in accordance with the terms of this Agreement. (b) Purchaser shall pay all closing ooh. CONDITIONS PRECEDENT TO CLOSING (a) Prior to closing and as a Condition Of sale, Purchaser shall, at Purchaser's sole expense, perform a Phases I environmental study on the Property. Should such study indicate that the Property has or may have hazardous substances