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excepting only such other matters affecting title to , or use of, the Property which <br /> i <br /> are approved in writing by CITY . <br /> As consideration for acquisition of the Property , CITY shall make a one-time <br /> payment to COUNTY of $ 150 , 000 upon approval of this Agreement by both <br /> parties. In addition to that one-time payment, beginning on the date of approval <br /> of this Agreement, and continuing thereafter in perpetuity , CITY shall provide to <br /> COUNTY the use of fifty-six (56) covered parking spaces in locations acceptable <br /> to COUNTY . Access to those covered parking spaces shall be made available 24 <br /> hours per day . Beginning January 2005 , and annually thereafter, COUNTY may <br /> elect in writing to continue use of any or all of the fifty-six (56) covered parking <br /> spaces, or in lieu of said covered parking spaces , receive the cash equivalent <br /> value of any covered parking space not used by the COUNTY at the then. <br /> applicable annual rental rate . Failure of the COUNTY to make this annual <br /> election shall not terminate the right of the COUNTY to use of said parking <br /> spaces or the cash equivalent value . Trucks, cars, and other mobile equipment <br /> under the control of CITY or CITY's employees or CITY customers shall not be <br /> parked in such a manner as to obstruct parking spaces being used by COUNTY. <br /> Likewise, COUNTY shall not use its parking spaces in such a manner as to <br /> obstruct other parking spaces being used by CITY or CITY's customers, or as to <br /> obstruct the use of any CITY parking facility. <br /> 3 . For the purpose of consummating the purchase and sale of the Property in <br /> accordance with the terms herein set forth, CITY shall establish an escrow with <br /> Alliance Title Company, 3415 Brookside Road , Stockton , CA 95219 , hereinafter <br /> the "Escrow Holder. " <br /> 4 . COUNTY shall cause Escrow Holder to issue to CITY a current preliminary title <br /> report, the °Report° , covering the condition of title to the Property within five <br /> business days after approval of this Agreement by both the City Council of the <br /> City of Stockton and the San Joaquin County Board of Supervisors. Unless CITY <br /> gives COUNTY written notice, .within ten (10) business days after receiving the <br /> Report, objecting to matters shown in the Report, CITY shall be considered to <br /> have approved the condition of title as shown in the Report. If CITY so objects to <br /> any matter (a "Disapproved Matter ') shown in the Report, COUNTY shall have <br /> 30 days after receiving CITY's written abjection in which to remove the <br /> Disapproved Matter from record title or to obtain the Escrow Holder's agreement <br /> to issue an appropriate endorsement to the title policy. If COUNTY is unable or <br /> unwilling to remove the Disapproved Matter from record title or to obtain the <br /> Escrow Holder's agreement, CITY may terminate this Agreement by giving a <br /> termination notice to COUNTY and Escrow Holder within the 30-day period . if <br /> CITY so terminates this Agreement, CITY and COUNTY each shall pay one-half <br /> of all escrow and title cancellation charges and neither party will have any further <br /> obligation to the other under this Agreement. The term "Permitted Exception" <br /> means each matter shown in the Report that (i) is not a Disapproved Matter or (ii) <br /> is a Disapproved Matter for which COUNTY has obtained the Escrow Holder's <br /> Page 2 of 9 <br /> E0 3DVd A33d00 Avr VL0ZZ9V60Z Z9 : 11 V00Z / 90 /0r <br />