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HomeMy WebLinkAbout _ 4.1(b)--First Amendment to the PSA with Technisoil Industrial Inc; Stillwater Business Park GI �" Y C� F � � �- ' � ° � � i � CITY OF REDDING �� REPORT TO THE CITY COUNCIL MEETING DATE: October 7, 2025 FROM: Jason Gibilisco, Management ITEM NO. 4.1(b) Assistant to the City Manager ***APPROVED BY*** 7�aso Ci e c�, a�aa�caaiu t t�sivi�i�t tc�ilr�C itY�7t7r�n�ux '3,29'2(�25 t�S�8 c1 �, I1t � ' C i�f l/�Q�v,`+ jgibilisco@cityofredding.org sbade@cityofredding.org SUBJECT: 4.1(b)--First Amendment to the Purchase and Sale Agreement with Technisoil Industrial Inc. Recommendation Approve and authorize the following actions regarding the sale of real property located at 6155 Venture Parkway, Stillwater Business Park Lot 12 (Assessor's Parcel No. 054-260-004) to Technisoil Industrial Inc.: (1) Approve the First Amendment and Reinstatement to the Real Estate Purchase and Sale Agreement (G10825) for approximately 25.41 acres of City of Redding (City)-owned property, thereby extending the due diligence period and closing escrow by January 9, 2026; (2) Authorize the Mayor to execute all related documents needed to complete the transaction; and (3) Find the sale of the City-owned property is categorically exempt from review under the California Environmental Quality Act G�uidelines Section 15312 (surplus Government Property Sales) Fiscal Impact On June 18, 2025, an appraisal of the City of Redding (City) owned property - Parcel 12 at Stillwater Business Park located at 6155 Venture Parkway, Assessor's Parcel N�umber 054-260- 004 (Property) - was completed and established a value of $1,080,000 - the agreed upon purchase price. The net funds from the purchase, after subtracting any closing eosts, will be deposited into the City's Capital Project Fund. Per Council Policy 1901 Disposition of City- Owned Real Property, Section Q U.se of Proceeds, the use of these funds is subject to City Council's (Council) consideration and approvaL There is no negative impact to the General Fund with this action. Alternative Action The Couneil could choose not to extend the closing date, thereby canceling the original contraet with Technisoil Industrial Inc. (Technisoil), and place the property back on the market. Report to Redding City Council October 1,2025 Re: 4.1(b)--FirstAmendment to the PSA with Technisoil Industrial lnc;Stillwater Business Park Page 2 Background/Analysis Technisoil, submitted an offer to purchase the subject City-owned property, depicted in the attached parcel map. Technisoil plans to expand their inanufacturing of machine technology at the site. Escrow was originally scheduled to close on August 11, 2025, per the terms of the Purchase and Sale Agreelnent (C-10825). The First Amendment to the Real Estate Purchase and Sale Agreement extends the due diligence period to December 10, 2025, and extends the escrow closing date to January 9, 2026. Technisoil anticipates that escrow will close sooner, but this extension allows for extra time in the event of unforeseen delays. EnviNonmental Review The sale, inclusive of this amendment, of the City-owned property presents no significant impact on the environment and is therefore categorically exempt from review under the California Environmental Quality Act Guidelines Section 15312 (Surpl�us Government Property Sales). Council Priority/City Manage� Goals This is a routine operational item. Attachments ^First Amendment and Reinstatment ^Location Map Purchase and Sale Agreement Staff Report May 6, 2025 FII�ST AId�[EN l�1ENT ��D INSTATEIVIEI�T TO AL ESTATE PURC ASE ANLI SALE AGRIEEMENT This First Amendrnent and Reinstatement to the Real Estate Purchase and Sale Abreement {"F'xarst�imendment"), is entered into this day of October, 2025,with regard to that certain Purchase and Sale Agreement (`tAgre�ment"j dated May 13, 2025, by and between THlE CIT�' OF DDING, a California municipal ct�rporation ("Seller'S}, and TECHl>TiS�IL INDUST AL Inc., ("Pa�rchaser"), coneerning that certain real property consisting of appro�imately 25.41 acres, in the Stillwater Business Park, Lot 12 (Assessor's Parcel Nurnber 054-260-004); located at 6155 Venture Parkway in Reddinb, California ("Property„}; as more particularly described in the Agreement. WHEREAS, the parties desire to modify the Agreement pursuant to the terms as herein set fortha AG EMENT NOW THEREFOR:E,in consideration of the mutual covenants set forth below and other gaod and valuable consideration, the receipt of sufficiency of which is herelay acknowledged by the parties hereto, it is agreed as follaws: 1. All capitalized terms not otherwise defined herein sha11 have the meanings ascribed to them in the Agreement. All references in the Agreernent and/or this First Amendment shall hereafter cQnstitute a reference to the Agree�nent, as amended by this �irst Arnendment. 2. The parties hereby agree to amend the Agreement as more particularly set forth in paragraph 3 below. 3. The parties hereby acknowledge and agree thaf the Due Diligence Period(as set forth and defined in Section 1�.1 af the Agreement) is hereby further extended to S:OOPM Pacific Tiine on December 10, 2025, for Lot 12. All tzme periods in the Agreernent that are calculated usinn the expirat�c�n of the Due I)iligence Feriod shall mean and refer ta the Due Diligence P�riod as extended by the terms of this First Arnendment. 4. The parties acknc�wledge that they have had �nput into the draftin�, of this First Amendment, have had the oppc�rtunity to consult an attc�rney in connection herewith, and that any construction of this First Arnendment shall nat be construed for a�: against any pa��ty, but rather shall be given a fair and reasonable interp�etatian, based on the plain language of this First Amendment and the express intent of the parti�s herein. 5. This First Amendment is intended to modify the Agreement and shall be deemed to amend any language in the Agreement which is contrary to the provisions set forth he1°ein. Any covenant t�r provision af the Agreement which is nc�t inconsistent with this Amendment shall rernain in fi.ill farce and effect. 6. This First Amendment may be executed in any number of counterparts all c�f which taken together shall canstitute ane and the same instrurnent. This First Amendment rnust be manually sigr�ed and shall be bindinb as an original. jSigrcature Page FolloyvsJ SIGNATU P'AGE IN WITNESS WI�E OF, the parties have executed this First Amendment as of the day and year first above written. SELLEI2: THE C'ITY t�F I�D►IN�, a California municipal corporation By: Jack Munns, Mayor FUR�HASER. Technisc�il Industrial Inc., � By: � �„ �� ����,""�'�,���-� ��ean Weaver, President APPROVED AS TO FQRM: By: Christian M. Curtis, C1ty Attorney ATTEST; , City Clerk Stillwater Business Park Parcel 12 �a m.� �. .rN� - �� � � �� ���p � �� z ��� 2/24/2025, 3:00:13 PM 1:9,028 0 0.075 0.15 0.3 mi � Pa rcel �,� , � ,T, � ,� GIS Number o o.� 0.2 0.4 km Redd�g GIS � � Sources Esn,HERE,Garmin,Intermap,incremenY P Corp.,GEBCq USGS, Internal Map Viewer City ofRedding GIS �L E�TATE PURCHASE AI�TI�► �ALE A.G EMENT Tl�is Re�l Estate Purchase and �ale A�ree�n�nt ("A�reement"), clatecl fc�r reference �ui-}�c�ses anly as c�f ��'�"�°` � .� ,2025, is tnat�e by�nd L�etweetl t�ie City ofReelciing,��r�unicipal cc�rpc�ratican ("�eller"},and Te�l�xaisail I�xdusirial Ii».,�I��laware Gorpc��•atiott ("Bz�yer"),(colle�tively the"Parties'> or individually a`"Party"),T11e latest date fc�l•whicls this A�reemerlt is��nutt�ally execilted���d cleliveced by both parties is heceil7after r�fe�°r•ed to as the"Effective I��te;" +CITALS A, �eller° is the�wr�ei�of tl�at cert�i�� �•eal prope��y loc�ted in the City of Reddi�7g,County of Sl�asta; State �f California, in tl�e developr��s�t r�f St�lSwater Business Park, cc���nrnc�nly knc��vr� as G155 Venture Paekway,Redding, Califorrt`ra 9C�002,and �1h�sta Cc��.�nt}�Assessor's Farc�1 Nc�,�54-2fi(}- 00�, a�1d legally described �s follaws. I'�rcel 12, �s s1�ow��on tt�►e Map of Still�vater�3�asi�aess Fai°k f'arcel M��5-U7& I'I�4- t}7, ML7�VI l�.ecorded May 8; 2(}08, in �3�c�k 37 of Farcet Maps at 1'age 93; and mc�re particu��r�y c�escribec� in Exl7i6it"A„l�et-eto (the "I'roper-ty"). I�. T�r,���er desires to ��urcl�ase tlle Prc�perfi�� fr�m Sellet°; �nci Seller desires tc� s�ll tlae PI°e�perty to Buye1°, on tl�e terins a1�d conditic���s set fo�°ti1 hereiia. NCC�t�V, TI�EREFC� , Se�[er and St'ye�agree as follows: 1. Proner't�.�'ur~chased a�nd Sot�l. 5eller agrees to sell �r�ci cc���vey all of Se1le�•'s rights, title ar�d inte��est i�t1�e Property to Bt�yer, �rtd�uye�°a�rees tc�p���•chase�nd accept t1�e cot�veyance c�i� ali of Seller's ri�E�ts,titie,ancl interest`rn ttie Propet•ty fr�m Se�Ier,c�n the terms and cc�nc�itior�s set�c�rth het�ein. Tl�e Pt�c�perty s(�alf incl��c�e all of �e11er's rig��ts, title, anci interest, if ar�y; in and tc� �a} al;l bLrildia�gs and illl}�rov�lnents lacated on tt��T'roperty,(b)all water,inineral ar�d otl�er rights�ppurte��ant to tlae prc�pel•ty, tc� t[�e extent o�rned by Selter•, a��ci (d) t1�e Seller's i�lterest ir1 al[ tra��sferable permits and licenses, if any, ►��I�ting tcr tl�e Pro�e�•ty: �. 1'urchase Price. 2.1. Tl�e pti�rchase price fc�r the Prc�pea-ty sh�11 be tl�e �'air �narket vale�e of t�e fee sirtlp�e �st�te i�1 the �`roperty; at its l�ig��est�nd be�t use. Sz�ch val��e sl�all be dete�•minec� by appraisal as r�f a ciate tl�at is �Zo earlier tl�an sixty (6tl} days prior to the Effec�ive Da�e in accc�rcianee with tl�is Secticar� 2, �'��� 2.2. T1�e �el1e�� sha11 ��etain a1� appraises- tc� apprAaise tl�e fa�r market valu� c�f tl�� � , Pt-operty as�a�°ovicled for C�e��ein(th�"Appraiser"}.Sucl�Apprais�r sl�all be ar�NIAI 17esigt�ated�nembet• .�w af the Ap�rais�l Instit�:ite (`<MAI") whc� l7as a �nir�i�n�.»n af ten (t�) years c�f expe►�ience appc�aisir►� �� si�riilar �1-o��rties witl-�i�� tlie State of Calil`ornia; Tl�e apprais�l ac�d resulti�zg �ppraisal repc�rt (tl7e �``�3 "Appraisal Repart'") s1�a11 be a standalc�ne app��aisal of tl�e fair inarket value of tl�e P�•ape��ty c�nl}�(i.e., ��� It sha�1 nat be � new or updateel apprais�l of t1�e fair market v�Iues of a]I r�f'the S�11er's�.�nsc�ld �a�c�ls �` witl�in stiltwater����sii�ress Fark)• RL.hL LSTATG PURCI-IA;'sL'ANI�SALC AGR�'CM�NT' Page B CITY CfF R�I?I�IIVGf TG�I-INiS(7IL IN1?US"PRIAL iNC. �,� ������ ,��'��.� �� ��� `����.`� � 2.3. T�ze an�lyses, opit�ic�ns, and ccrnc�usions c�f t(��Appraiser sh�.11 be based ��pon, �tzd tf�e Appraisal R�par�sh�.11 be pYeparecl ir�co��fc�ran�nce witl�, t�e g�xide[i��es a��c�recc�mmendations set fcat�th i�i tl�e Ur�rifarin Star�cl��•ds ofProfess'raa�al Appraisal Practice,ancl tl�e�ec��,�ir�inents crfthe+�c�de of�'rc�fessic�r�al Gtl�ies ancl Sta�zda�:ds c�f Prc�fessic�nal Appr•aisal Practice of t11e App�aisal Institute. B�.�y��•���d 5e11er sh�1l be inter�ci�d tiise�s c�fth��pprais�C ax�dAppraisal Repc�rt. �.�. The �ppr�isal and 1�pp►•aisal Re�c�t•�s]�all be �c�i-rrpleted no l�ter tl�an fo��y-�ve (45) days fallcawi���tl�e Effective Dat�. Seller sl�all prc�vicle�3r.�yee•wit�r a�c�}�y csf tl��Appraisal Report }�rol��tly follc�wi��g receipt tl�e�wec�f fro�n t1�e A�praiser: The fair i�al�ket vaiue c�f the �'rc�perty as set fortl� il� t11e Ap�►�ais�1 Repeart s�1a1I be t[�e purchase price fc�r tt�e P�Y��erty (th� "F''urcl7ase Pric�"}. IF B�ayes•does nc�t�pprc�ve afti7e P��rchase Pt�ice�s deter•mii�ed by t1�e Appraisal.Repo�t,Suyer sha1l h�ve t1�e ri�l�t to terr��i�°�ate this Cc�nte�ct withir► five �5} I�usin�ss days of Btayer's rec�ipt of the Apprais�I Re�ort. �f �uye� terrninates t(�is Gontract �.ancle�: t1�is Pat�agraph by prc�viding i�c�tic� to Seller, �ll refi�nc�abie E�r��est Mc�ney, s1�all l�e cet�irned to 8uyer anci the parties sha11 be r�liev�d of any fii�her o�ligatic���s [�ereu��tlet:. 2.5. Selier tc� p�y for appr�isal cc�sts� 3. �°.�yment; D►e�osit. BL�yer s[7all p�y the F��rch�se Peice ta Seller t��cic�l��h t1�e Esc��aw as foltows: 3.1. Witl�i�� �ve (5}business days fc�Ilc�wi��t�the Eff`ecti�ve Da�e,Sctyer shall deliver to the Escrc�w �getzt tl�e su�x� of Te�� Thousa��d D+�l�ars ($10,�OO.tlO} by u�i�°� transfer c�t° c�tl�er i1���netiiat�ly availal�le f�ancls(tlze"I�epc�stt").Tl�e Deposit shall be a��alicable(lj to th�Pcatchase Price upon t]�e C1�se c�f Escrow, shc�lsld fih�� c��cur, or (b} refi�t�d�d to tl�e Buyer if this Agreemcnt is t��mi�ratecl by ��7�� �'arty wit�����t cactse pri�r tc��he eacpiratit�n c�fthe l�tae cliligenc�F'eriad , c�r(c}�air� tcr tl�e Sel1e�-as liquidated da�n�ges, in eacl�case as other�wise provieled l�ep�ein: �.�: At least two{2) l���si��ess day priot•to the Close c�f Escrc��, Suy�r shall cleliver tc� tlae Escrow A�,art�tt casla t�r crtl�ter in�t�nedi�tely availab]e f�.ands in a��t �tnca�;�nt �c�ual to the T'urchase Price, less tl�e I�e�aosit(the "R�l�rtce ofthe P�.��ich�se Frice"�.. 3.3. The I'�.�ecl�ase Price, �ess a11 cl�al:�es to Seller's acc�ur�t p�•ovit�etl fc�r I�ereit�, wi�l 1�e distrib�t�cl ta �e�ler frc��� t]1e Ese�°�w t��c�n t]�e Clc�se c�fEscrow. 4: L��tentianarlv C)mittedl.Tl7is section has beei� intenti�a��a11y left blar�k. 5. �scrcaw: Witl�in �ve {5} l���si��ess days fc�llc�wi�7��I�e �ffective D�t�, Buyer���d �eller s1�a11 c�petz an escz•ow ("Es��°c�w") ir►�erest-l�e�ring accc��:tnt witta Piace�Title Cc�mpar��, 2I4S Lacksp��r Lane, Suite A, I��.dcling, Catifc�r��ia 9�0�12a �tt�ntic�r�: Nc�rm�,Chicoir�� (the "Escrc�w Agent"). Tf�is agr•eernent shall co��stitcate escrow it�st�°Llctions tc� 1nd for tl�e beixe�t�f`ti7e E�c�ow A�ent tc� facititate th� Clo�ing (as �Icfined Iaelow), P"rior to tlte C1c�si��g Date, Seller and Buyer ir�ay each g�ve any additic�nal written escrow instr��ciiorls tc� the Escrc�w Agent wP�icl� are r�asor��bly r�ecessary tc� aceomplish tl�e Clc�sing rn aecorcfa��ce witl�this�greement; prc�vided that, ir�the ev�nt c�f ar�y cor�flict betw�en ���y st�cla stiXppies��ental escrow; it�structic�ns �nd the pt,ovisic�a�s c�f' this Agreement, tt�e provisior�s of tl�is Agreeinent sl�all cu��tra(. f. �Icase of Escrow. �ieliveries ��:���sTArE rv�ci-�Asr��v�s���:acr�rrn�r�r r���a C1TY UI'TtGD]31NGJ"TCCHNTS�II,INC�US1'RIAL INC. 6.1. T1�e ��arcl�ase az�c3 sale c�f the Prc�perty �vi11 be accc�a�plis}�ed t[�rc�iagl� tl�e Escrc�w. Seller�ha1l cc�n�ey title to the P�operty to�uyet�by Quitcla.irn Deed in tl�e for��t attacheci l�et•eto as E�I�ibit"B'> (the "Quitcl�irn Deed"), "C�asc af Esc�c�w" c�r "Closing" is defir�ed to be the date tl�e Quitclaim De�d, rs recc�rded i�� the Clfficial Recards of Sl�asta Coutlty, California (the "fJf�ci�l Recc�rcis").Tl�e Quitclai�n Ueed shall be�•ec�rcied and th�Escrc�w s��all cic�se tl-►irty{3�)days fc�llowin�; tl�e e�piratian c��"t�rte Due Drli�e��ce I'er�c�d�as c{eflned l�el�tw}{the"�]sasin���te")>provided,hc�w�ve�, that F�uyer sl�a��h�ve the�•ig��t tc�e[eet at�earlier C[osi��g Date ifthe conc�iti�ns tca tE�e C�ose of Escrc�w and ��ayer's and aeller's c�birgations sek forth in Sections 12 and I3 belc�w, or elsewt�ere l�ter°ein, �re satis�ied or waiV�ci by sl�ch e�rlier Closing Uate, Fi.2. Seller sltall depc�sit th� foIlt�wt'n�; items wit1� t11e Escrcrw Ag�nt �t Ie�st two bz.�siness (2j days �rios• to tl�e Clc�se of Escrc��r, and shall ca��se such ite�ns tc� be r�ct���c�ed at�d/or clelivere�to Buyer at the Close of EscrQw: G.2.I. The Q�itc[ai�rt� L�eed, d��1y execc�ted a��cl ackl�owleci�;ec1 by tl�� 1Vlayc�r c�f the Cit�t c�f Recldi�l�oi� bel�alf of tl�e �e1�er� approued as to forn� by tl�e �ity Attarney, anc3 Elttest�c� to by ftze City Clerk, conveyi��g fee title to the Property to 8i�yer, �ubject c�nly tc� t1�e Appt�aved Exce�atic��7s(as�IefilYed below); �nci C�.2.2. ��.�ct1 4thet� certificates, assurances, ct��s�nts atld dt�ctaments as are us��al ��zd custt����ary in Sl�asta Coc�rlty, California andCor as tnay re�s�nably be required by the Bt�ye�; Esc1•ow Agei�t, c�r Title Company in cor�r�ection w�t[� tt�e ccrnst�mmatior� c�f t1�e ttansactions cc�ritemplated IZe7°et�y, i��cludin�, but��c�t 1ii�ited t�, any�ffidavits e�r t�tl���• itis�ruments required by the Trtie Cc�mpany to enab�e it t� iss�e the Title Po�icy {as defir�ed bel�w) tc� Bt7ye�•(prtavide�l, l�owev�r; that �e11e1• slaall ��at, be obligated to provide the Escrc�w A�etit or Title Ccrmpat�y witf� any incle�tlnity agt�eernent, or a��y owr�er's �ffi��vit, info�:tnati�tl staternent, or other re�resentatio�� o�• vvarranty, it� orde��tt� ind�.�ce tl�e Title Cornpa7�y to iss�le tl�e Tit]e Pc�licy to �i�yer here�ander): �;3. �3�.�yec shal� depcasit t��e f�I�owi��g itetns �vitlz t�e E�crow A�ent at 1ea�t tw�a l�usiness(2}days prior to fihe Cl�se ofEscrow,�nd shall,except for tf�e funds p��c�vid�d far in sc�bsection G.3.3, ca�rse sucl� iter�s to be delrvered to Seller at tl�e Ciase of Es�row: b.3.1 T]��I�al���ce c�ftl�e I'urch�se F'rice in imrn�di�tely av�i��l�[e fi►ncls; 6.3.� Irnrnedi�tely available fc��lds ia-���i ainoc���t s��fficse��t to pay t11e fees and cc�sts �aya6le by I3i�yet:tri�cler tl�is Agi•eerner�t; a��d 6.3.� Sucl�ot[�zer arlel fut�her c��-ti�cates,assu��ances;consents and dc�curnents as are�isual and c�r.rstomary in Sh�sta County, ��lifarnia at�ci may reasc�nably be require� l�y Selter,the �scrc�w Agen1,or Title Ca��pat�y in�onl�ectiio��with tl�e cc�nsutn�natiar�of th�trai�sactic���contelnplated 1°ret�eby. C�.�� I�nmecii�tely following tlie�°ecording ofthe Quitcl�im Ueed,the EscrowAgerrt shall (a) disbx.lrse tl�e PL�rchase Price, less all charges t� Seller's �ccc�unt prc�vided fcrr l�e�ein, ta Se11et;(b)dist��ib�ate any at�d�tl conveyanc�s,a�signmei�ts and a11 oth�r inst�uments and docu�nents as may be re�sonabiy necessary in c�rcler tc� complete the transa��ion I�ereit� prc�vided anc� ta c�rry c�ut tl�e intent and p�irposes c�f�his Agreernent. REAL LSTATC PZ1RC[IASi:ANl7 SAL�AGR�1CNiLNT Page 3 CIT'Y t�T'RGi�t?[NGt"I'I�CIIT*lISOIL TNDUSTRIAL lN�: "7. Title. 7.I �elle�•shall eonvey title to tlze Property to Buyer by the Q��itclaim Deed,�ubject to all ct�vet�at�ts; �onditions, t`estrictiolas, re�ervation, encurnb�al�ces, �nd c�thet• inatte�:s affectirt�g title tc�tt�e Pro�erty,tl�e i��npr�veln�nts tl�e�eon,al�y inter�st thereir�,o�,any portian tl�e�:eof, w��etl�rer car�aot of�•ecot:d. I3uye�N s1�a11 c�btait7 ti�e Title I'e�licy described in Sectian 8.'7 t�e�c�w for�l�e p�rposes c�f ir�sl�rin;tl�e Btiayer's titIe tc�tl�e 1'r�p�rty. 8. I'r�liminar�Titl�Re�ark; Title�nsurance. 8.1. Title R.epo�-k. Sellet: sliall be �es}�c�l�sibl�, at its ow��► �x�ezlse, for- obtai��iz7g a prelilniraary re�c�r�t iss��ed l�y tl7e Title Corx�parly cave��in�the Ftoperty<and best available�ap�es of a1�y a��d alI ii�str�irnents referred to tl�erein as col�stitcNtii�g �xce�tions, cc���ditic�t�� car r�strictiot�s upon title to t[1e I'r�per�ty a��d b�st avail�ble co�ies of any ���c� �1I instr��ments referr�d tc�tl�erein as cc�nstit�atu�g excep#ians, cc�nditio��s c�t° restrsctioz�s upcin title tt� tl�� P�a}�erty ("Title R�pos�t"}. Witl�in t�n (lt�) ���si��ess days fol]c��vin�tlae Lffective L}ate; Setler s1�a�H �t�c�er a Tit1e Repc�r�and ���sur� it is de�'rvered tc�Stiye�-i�l�medi�te�y ai`t��� it is issr,red l�y il�e Title Co�npany. 8.2.St�l�vev. Wi�laiXz ter� (10) b�asiness days after tlae �ffective �7ate, Seller sl�all provicle l3ti�yer witl� a copy of tl�e existing st�rvey�f tl�� Property c�arrently rn tlxe �ossessiorl c�f�eller, if at�y {°`Existing Sur•vey"). If Buyer sca elects, �Gtyer• �nay oi•�ier �n upd�te c�fthe Existin� Sti�rvey ("Upcl�teci 5�.���vey"),at Bu�er's sole cost, 8:3.Tit1e Qbjectic�rt�s. No ��tet• th�n ten (1(l} b���iness days pric�r to tl�e expiratio�7 of tl�e D�xe L}iligenc� Pe�•iod, 8uyer= s��all pcovide writt�t� nc�tice tc� Se11e�' disa��rc�vi��g �ny title �n�tter� set for��t rn tl�e Tit1e Repor•t and tl�e Existing ��irvey (�r tl�e Upd�ted �u�•v�y if of�tair7ed by B�iy�r prior to t17e Due D�ligen�e �eriod) {"13uyer's Title Notic�;"), IfiBexyer f�ils to pr�ovide writte��n�tice, Buyer sl�all b�d��med tc� liave accepted and�:pp��oved �(�e rnatters set fortl� im fil�� Titl� R�po��t and the Existing �urvey c�r Updated 5ia�°vey. Selle� shall ��ave five (5) business d�ys ("Se11er's Respo�7se Pei:iod") after receipt c�f Buyer's Title Nc�tic�to nc�tify B�rye�-of Seiler"s intei�t to c��,�se any ite�ns clisapproved by Biayer to l�e�•etnc�ved or ci�red by the�los�ofEsc���w. Tf�e1ler f�ils tc�notify�3�jyer witlYin �e1[er's Rcspo��se F'eriod that Seller tioes not inte$�d to cause th� disap�s�•o��d ite�ns tc� be re�r�oved �r cc�red,then Selt�r s4�aEi be d�emed to �ave nat agreed tcr t��move or c�zre s��cE� disap�rov�c� itert�s. If, wi�[�in Selle�•`s R�sp�nse Pericad, Se�ler not��es Buyer that Se�[er daes not i«te��c3 tc�cause tl�e disapprc�ved it�rn�to [�e so r•ernoved�r c�ared (or is dee�ned tc� 11ave �greed r�c�t tc� rei�nove oi: cLare tl�� satlae), t1�en BL�yer shall, lay tl�e l�tez of five (S) bLasir��ss d�ys afte�tl��expiration c�f 5�11���'s Respanse P�riad oX tl�te expiratioi�c�ftlle Lue Uiligen�e I'eric�c�,wl�ici�evet•is earlier;eith��•wa�ve B�ayer's e�bjectio��s t�tl�ose title inatters tl�a� �e11ez l�as ��ot ��reed to rez�c�ve or c�.�x:e, or ter�ninate tljis Agree��e��t u�c�z7 ����:�ttet� notice to �'e1te�-���d Esc�•ow Ag�nt. Tf'this termination r�effective pr�ic�r to tl�e expiration t�f t1�e si�ty {Ei(}} day 1���e Ai�igence Perioci, �3z�yer shall irn�nediately �•eceive a fi��l reFL�t�d of t��e Deposit, neitl�er Party st�aE� hav� �i�rt��er liabi�ity c�r o6ligatir,t� 4�et�eunde�; exc�pt as othe�•�vise e�pressly pzrovided 1��reu��der. 8.4.At�proved Exce�tfc�cas. Any title matters app��crveet by Buyer {�r f�r whicl� E3uye� I��s waived a�1 c�bjectic�n} p��rsi»:��t to Sectiot� 8.3 above, �11 r�atfiers causec�, RCAL CSTATG PURClTASCAND SAL�AGT�GL;MGNT 1'age 4 CITI't�lA ItGt?DINGCTS�f:IiNl aC1IL INllll�1'RIt3L INC: cre�ted, �ppx�c�ved or expressly permiited by Buyer in writings and ail taon-deirnqu�nt g�nex-a1 and speci�l real prop�rty taxes ar�cl assessrnents for �h� c�arrent fiscal year are refe�t•�d to laerein as the"APPrcaveci Exc�ptio��s."Natwithstandi��g tlle pr�ceding senter�ce, Sectian �.3 �bove, or any othet provisiran c�f this Agreemer�t to tl�e cont�s�i•y, in no event s17a11 ta�p�:oved Exceptio�zs i��cllzde, xaaX{ s1�a11 B�.tye� 1�e rec��.lired'tc� provide any objection to, a17y aftl�e fc��lc�wing (collec�ively,"Mcaraetary Liens"): {aj a��}� ��ort�age, deed of tr�ist; or ot19e��i��strul�►ent seccaring a��y��tancial c�bligatio��af any�'���ty otl�er tl�an B�yer,(�)any tax [iens, absta�acts �f j�rd�t�el�ts, ��ecl�anics' Iiens c�r si�ni�ar•]ie��s c�r en��rrnb�:a��c�s wl�ich rec�c�it•e any rr�c�ne�ary paymer�t to remov�oe re]ease,{c)the lien of an�deli��c�uent taxes or assess�ne��ts�ancl(d)any nc�tices c�f`default,foreclosure nc�tices,�r similar��otices reflectin� any action bein�taken to assert ar fc�reciosu�-e ���on any lien or encumbrance. �.5.�e11ei's Obli�atic�n to F�emove. Seller,at its sc�Le cost and expense,sh�[l t�� obli��ted to r�nlc�ve a��d release; on c�r before tl�e Close of E��row {and witho�lt any i��depender�t rigl�t to extenci tlle Closi��� l��te), {a) zny lnatte�• wl�ere; pursuant to Section 8.3 abov�, 5eller l�tas ag�:eed, c��• is dee�nec� tc� l�ave ag��e�d, to rer�nave; {b) any Manet�r°y L,ier��, a��c! �c) ��y additional titl� e��c�.r�nbr�nces or excepti�t7s (whethe�� or ��ot sr.acl� co�zstiti�te � Mc�netary Lien) wlzicl� beco�ne k��own, aris�, �a� �re cre�ted fol�owing t[�e e�pit•�tior� aft[�e Due I�ilige��ce Period, otl�er tl�tan thc�se placed c�rt tt�e l'rc�perty by Buyer or c�tl�erwis��ccepted by���yer in writi��g��otifying Seller tl7�t need not remo�ve ot•z�ele�se tl�e t�atte�•. �.fi.Title U�date or Sc�ppletnent. In the everlt any�xpd�t�ofthe Tit[e R�port ar tl�e �xistiin� Sttrvey (or Upclated SurveY), if any s�iows any new �natters c�7: conditic�ns affect�ng title to tl7e Propei°ty nat s�t f�a��tl�0�1 tl�e c�rigii�al Title I�epo�-t or Existing �c�rvey (eacl7, a �`Nev�% Title Matter•"); tl�e1�, ��o latier tl�ar� tl�e later t11i�e� (3) t�usi��ess days afte�' Bi�ye��'s recei��t of`sracll ��pdated Title 12epo�-t, �i��er s1�a11 11ave tl7e rig��t to abject t� any s��c17 ��natter; i�� r�uhic]�► event the same proced�:�res for res�c�nse,t�rmin�tic�n ar�d waiv�r set fart[� abc�v� in ��ctioa� 8.3 and Se1�er's abli�atic��as with r�spect tca 1l�lor�etary Lien� sh�C1 appty tc�ea�h New Title Mat�e�; �.7.Title Insctrance. Seller�1�a11 c�cise Tit1e Ce�rnp�n}�to�coinrrrit ta issu�te� Buyer at tlze Glose of Escrc�w an ALTA stanciard coverage c�wne�y's pc�lic�c�ftitle ir�s��ranc� (2006) i��su�ia�� ��ee t`rtle ta tl�e Pz�opet�ty vested in B�rye�-; su�ject o��ly to tlYe Approved Excej�tior7s,wit[�coverage i�t a��ain�unt eq��al to t]�e Purcl�ase Price ancl scacl�endarsezneY7tis re�i�est�d b;� L�uy�r(cc�llectively,tl�e"Title Policy"). �. Sell�r�s F�°+� er Uoci�ments. Wrthin ten (r(l} da�s foll�wing the Effective Dat�, �eIler sllall deliv�r tl�e fc�llo��n�to B�.�ye�•: (a) a N�tc�ral Hazard Disclos�are FZe�ac�rt�itli respect to tl�e Praperty, {b)a Title Re�ot-t if any; and (c)tt��e, cc���reet ar�cl cc�naplete copies of any pe�rinits, apprc�vals ag�d athet� ite�ns relatir�g to goverl�z�nental ei�title�ne��ts, ar�y �a�gir7eet�ing, geolagical, archeologic�[, l�iola�;ica1 sti�dies, sc�ils; ox otl�er stc�d'aes,t�sts, o�: a�eperrts; aa�y environ�nental and l�azai�dc�us m�teri�l ��epc�rts �nd a�atices; copies r�f all le�ses ar�cl ca��traets, if any, affectin� tl7e 1'rc�pe�-ty and �ny arnendmer�ts or sicle tetters theretog,tax ar�d a�s�ss�nent state�nents; pt��rli� nc�tiees per�t�itling tc� tlae Prc�p�x�ty; all "�'��ase I", "1'1�ase II'° ar�cl c�tl�er st��dies, assess�rret�ts, a7: ��p�rts relati��g tt� the e��vironment�l ec�r�ciiti�t�e��th�Prc�perty,artc(al���•chit�ct€�ra�,ertgi�leet�irtg,�r�cCit�►g�nd other p�arts arrd sir�nilar data relati��� tc� tt�� F'roperty; any docu►nents regarding �ny fil�ci o�• threaterted litigatic�r� affecting c��•rel�ti�ag to t1�e Pr�pei�ty,a�1c� any e�tl�er��tateria� dat�artad infortta�tit�n abocit the Prop�rty in Selle�•°s pc�ssessic�n or•aY°e x•easonably available to 5�lter{collectively,"Seller's Property DocL�metlts"), RCt�1,GSTATG PURCt-IA:iL ANi?SALE ilGRE1;MENT Page S C[TY Ctt'I�EDDINGI TLCHNIS(?IL,INDUSTRIAL ING; In the event Seller pre�ares c�r�cqt�ires any of ti�e fo��e�;c�ing or sirr�ilar items after the Effective Date, Seiler shall prc�►�n�tly de�ivel capies tl�ereof to Buyer: 10. Entr�,Tnspe�ti�n and A��prcrval Ri�ht�; Dne Dili�ence Perivd. l(�.1. Fc�� purposes c�ftl�is �lgree�ner�t; tl�e ter�rr "L��ae Dili�e���e Peric�c�', �nearxs tl�� peric�d begin��il�g o��the EFfective 17a�e and endir�� �t 5:(}{� p.tn., lc�cal tii�ne, on t1�e si�tietl� (60t1�}d�y fa]�s�wing tl�e Effc�ctive TJJate.Prior tc� the ex�iratic�n c�f the L3�ae L)ili�ence Peric�ci, Bc�yer �n� I3��yer's ei�n�Io�ees, a�et�ts,ce,nsc��t�ti�ts, independet�t ct���tracto��s and 1enclers sha�i have tl�e►�►o��-�xcli�sive�-i�l�t t�a enter upa��the l'ro�erty to condact a11��tspectior��an�l investigations c�f"the Pr�aperty as Buy�r c�eems necessary or advisablc i�� its sole discretic�n. Any ��.�ch insp�ction c�r investrg�tion �nay c�n[y be conducted after prc�v'rc�in�reasc���able�zatice tc�Seller.�uch inspections a��cl inv�sti�ations may i��clt�de, b�it shall ��at t�e li�nited tc�, Pl�ase l, I'l�ase 2 �nd c�tl7er e��viron�ne��tal site assessrnents. All costs assaciated wltl�s�icl� ir�spe�tio���azzci i1-�vestigatioz�s sl�all l�e bc��:ne by B��yer; 1�.2, L���yer's c�t�Iigatior� to purcl-��se t11� Proper-ty is expressly conditio��e� upc�n B�:�yer's appi�val, i��iits�c��e discretioa�,c�f�ny�nc�a11 matt�rs clisclosect by Se1lea�'s�'rt�perty Doc��me���s and/c�r an� i��s�rectic���s�nd il�v�stigaticr��s o�`c��•relatin�tca the I'��caperty ���ye�•elects tc� undertake. In tl�e event B�.�yer c�is�pptc�ves c�fatzy s�.��h iten�s,Bt�yer sha1l deliver wri�ten r�otice thereafto Selle►•attd t��e Es�r�rw Ag�r�t c��7 e�r before tl�e expiratic�n crf t��e I�ue Diligence �'�ric�d.If B�Uyer fails to delive��� written n�tice of clis�pprav�l ta Selle�� at�c� t[�e EsGrc�w Agent withu�sucl� ti�ne p�riac�, Buyer s��aC1 be deemed to i�ave �pprt�ved of'ali ofthe Se1le��'s �`��oper�y Docut��ents c�eliver•ed tc� ��.�yer a��d Buyex�'s iy�s��cti�l�s ��xd investi"r,�atio�as of tl�e Propex-ty; a�d tl�is tcansactioia sljall �roceed, No approval or deem�ci app�-oval of Seller°s I'rc�perty Dc�cu�nents ���d I�uyer's inspectic���s an� i��vestigations nf tl�e Pz•c�perty sl�all re�ietre Seller frc�ln an�r Iiability c�r c�bli�atic���s for breacl�or de�'a�.�lt of a��y rept-esentatic�r�, warranty, cc�v���ant or a�reetnent c�f Sel1e�-]�erei��. If B�lyer delivers � writtez� i�otice of disapprc�val tc� Seller pz•i�r tc� t1�e e�pirat'rc�n c�f the sixty (60} day I�ue Diiigert�ce Pel�iad, thei� t1�is Agree�ne��t sh�Cl �e���ni��ate; tl�� I�e�aosit;s1��I1 be returned to F3z�ye�, anci neitl�er party shall have ar�y fi�rthet• liability�rr ob�i��tian c�nde�°tt�is t���eem�nt�xcep�as other�ise pravic�ed l�erein. 10.3. B��ye� sl�all provide tc� 5efler, at nc� charge, ct�pies of at�ty site specific explorat�ry re��rts ir�cluding sc�ils and enviror►tnental assess�7�e��ts� �f an�, o� tlze Pr�pe��ty or tl�e i�raprovec3�e��ts tf�e�,�o�� witl�in �ve (5) d�ys followialg a��y ter�ninatic�n c�f this A�ieement. �uyer is ���der ��o obligatiiori tc� pr�vide repo��ts ar�d analysis tl�at is speci�c tc� fixtc�re b�:t�lcli�g(s} and or is propr�etary ix1��ature to tl�e desigl�and c�pe�:atic�ns c�fthe fi�t��re builclings and l�t,asir�ess, t�}.4: L3��yet� sha11, �t Buyer's sc�le cc�st and expense, prc���nptly repair �ny af�c[ aC1 clalna�e to tl�e Pt•caperty or any improve��ents tl-tetec�n resulting fi�o�� arty test�, studies, inspections and ir�vestigatior�s �aet•formec� b}� o�• ort behaCf of Buy�r pursuant tc� this �ection l0. S��yer shalt alsc� i►�dei�ailify, defen�3, pr�tect and l�old Selier; ancl its elected officiaCs; agents, emplc�'yees� inclepex�cie��t cont�actoi:s, trustors, tr��stees, beneficiaries, suceessc�rs �t�d assigns;, a��d tl�e Prr�pe��ty and i��nproveinents�l�ex�eorl,l�arrnless fro���r1d<agair�st any and a11 clairras,dern��7d�,c�ama�es,liability; loss; cc�st c�c experlse {inc[uding attc�rneys` fe�s; cc���rt c�sts and c�tl�e1• ��easonal�le costs of d�fe�lse) arising ca��t c��c�i: relati��� ta ai3y inspectiox�s or ir�v�stigatic�ns �f tl�e Pra�erty or t1�e ��rtprovem���ts tl�er�otr l�er�c�nc(er; any �ct, a�nissic���; o�-neg]ig;enc� c�f T3��yer ot� any c�f its agertts, emplcayees, cons��ttants, c�r it�dep���det�t contr�ctt�x•s it� �onnection tl�erewi�t7; a�d/or any bre�ch of`I3wye�•'s �bligati�ns under ti�is Sectic�n 14. B���er's irxde►�nnity ancl defer�s� c�b�igatic�ns her�under shail �pp�y even if B��yer itself is n�t��egtigent, WitE�out limiti�lg the generality of tl�e foregc�ir�g, Biiyer sh�l1 pay �t•c�t��erwise t•e�nave any rnecl�atYic's, rrr�teri�lrna��r's c�r other lien r�eeorded agait�st the Prc�perCy ar�►dlor an� imprar�ements by �zc�t��srAr�r�Rc�-r�sc�r�r�s��,r��cr�ccn�cr��r ���e� CI"fY C7F RCDI3tNG(TECI-dNISC�CC.1NCtIJSTC2IAL 1NC; any Party pz•c��idin� labc�r; inatea���Es or services at t1�e �equest of Buyer, or at�y agent, cc�ns�altant, c��• ir�dependent cc�ntt�a�tc�t•af�3��yer. The Buy�r'� c�bli��tions under tIz'rs �L�bsectic��� 10;4 slzall sL�rvi�e tl�e Close of Es�row ar�d a��y expiration; cai�cellatic�n c�r e�i:��er te�mil��tiott of this Ag�•�ement, [ic�wever caused. 11. ��li�r's R�p�resentatic�us �nci Warranties. Seller llereby repz•esents anc� warrants t� Buy�r that t1�e fo1(owing ar�tr��e�nd cc�rrect as c�f the ci�t���ereof and,ex�ept as c�tl�erwise rec���ired c�r perinitted elsewhere]terein,s�ta11 be t��ue ancl cc�rrect as c�f the C1ase c�f Esct{ow. 11.�. Sel]�r]Y�ts the lega��ac�we�:,rr�;�it ancl authority tc� enter� intc�tF�is Agreeinent and the 'r��stru�nents refe�encecl l�ereit�, a��d t€� cans�annrnate tl�e transactions cante��nplated 1�e1•eby, at�d all requisite action (1��rnicip�[ �i:c�therwise) l�as laecn taken by Seller in cc�nnection witl�tl�e entering into of t1-�is �greer�ner�t, the i��strLtr�nents referer�cecl l�r�reit�, and the cotlsurrri°nat'ron of tl�e transactians cc�nte�rrplateci l�er�by. S�ller's exec�ation and cie�ivery of tl7is Agreernent, and tl�te perfarimance �f i�� ablig��tions 1�er•eLu�dex, wi1C not (a) conflict with o�� violate at�y st�t�;zte, law, �n��r�icipal code; rule, ce�ul�tic�t7� or policy �pplical�le to �eller or•t�e I'roperty, c�c (b} vicrlate o�� ��e�u�t in the breach or t[�e ter�ni�lation of,�r otl�et�wise �ive a►�y contracti��;p�rty the right tt�terEr�i�ate c�r d�clare a defau�t unde�, ti�e tea•►ns�f, any wri�ten a�reerr�e�It�•elating tc�the Prr�perty�o w3�ich ��Il�r is a part�c�r by whietl tk�e P�-t�per�y may be bo��nd. This �lgreemer►t a��d �1] �{e�currier�ts reqairec� I�eceb� �o be exec�Fted by �elle�: are a��d sI�aII be valicf,Iegalty bindi��g obligati�ns c�fand enfc�rceable against S�ll�r in accordance wit�� tl�eir 1:er�ns, subject onniy ta a�plicable ba��kri,Tptcy; i1�►�alveizcy, rear•ganiz�ticr��, �nor�tc�riuin or simila� l��vs ar eql�it�ble p�•incip�es affccting or lirniting tlae cights c�fcontracting pat:ties�enerally, 11.2, To tl�e best of �ell�r's knowl�c��e and belief tl�er�� are ��a recorciecl �r �anrec�rcled coiltz�a�ts or�gre�ments relating to t1�e owizeislzrp, c�cc��pancy,use, c�p�ratian,maintenance or�erformal�ce c�t service�t���t�r witEz respect to th�Prc�perty,except a�discic��ed in t1�e Title Repc�t-t. 11.a, To tl�e best of Seller°s kt�awiedge �nc� belief ther� are no unrecc�rded leases, optic���s to p�trcliase, ri�hts offirst refirsal,or oti�e�:cat�tracts g��nting tlte rig(�t to�t�rcl�ase c��' iease t�re Prc�perty i�� any way ti7at will b�binding o��Prc>perty at t�losiilg. 11.4. To tl�e best c�f Se1le��'s ki�cawlecl�e a��d belief tl�eYe are t�c� iVl�netary I:.iens, ��ai��st; r•elatrng tc�,or:t�tl�e�•wise afi�ecti���a11 or a11y po��ion of t11e P��ope��ty or any it�te�-est tl�ereiz�. 11.5, S�Iler's I'rc�per�y Il�octi���n�nts are at�cl sl�all be tt•u�,cc���rect,ancl cc�tnplete in �(1 rn�tterial respects,a��cl are alI the inateria� docurn�nts ar7c1 infc�rmatic�n it� 5eller•'s pc,ssessic�n or contY-c�1 relatirtg ta the F't�aperty. 11.6. Tc� t17e b�st of Seller's lcnc�r�ulec{ge and belief; {�} t��e��e has been no star�g�, tr•��t��nent;use, c�ispc�s�l or rele�se €�n or�.�ncler t11e T'ropei�ty �f�ny Hazardc���s Subst�nces by �eller o�• ar�y tena�lt o�•p�°evio�is c�wr�e�•o�•tez��nt of tl�e I'rope��ty; {l�)tl7er� are l�o I-iaz�rdaus S�bstances present ira til�e soil a��d/o�•�rc�ut�ci�ate�•�n or�:�1�der•tlae Properiy,(c)tl�ere are��o pe��din�or tl�reate��ed lawsti�its; �csve��ni��ea�tal i����estigati�ns c��° c��her �rc�ceedirlgs r�lating i�� a1�y way to tI-�e pr�sence, stc�rages tr��,t�ner�t, ciispc�s�l or release r�f any Haza�•doc�s �ti�bst���ces c�n or u7-�cier t1�e Pro�e�•ty c�r any adjc�inin� re�1 p�•operty;and�c�}fil�ere I�ave been���a cc��t��nc���icatic�ns ot•agrr:ee�n�nts witl�any Federal,state c�r Iocal �ove�•nrnenta�ager�cy c�r atzy private person ar�ntity�ir�cl�.2ci7n�,witl�a�.r�Iim�t�ation,any prior c�wne�of tlle �'rc�pei�ty ar a��y �djoini�ag real �t•aperty a1�d ar�y present or foriner c�cc��p�nt oftl�e P�operty or-�ny adjoil�ing;re�1 p�•operty) rel�tii�g i�i any wa�to t17� pr�sen�e, sta�•age,tt-eatment, di�posal or release c�f RGAt.�57'ATG 1'URCCiA:>EANIJ-SALCACrRrCMrNT P�g�7 CiTY Ol�Tt�DDING(TG�t-1NISC7[L tNDUSTRIAL 1NC: �ny Ha��rdo��s ��.�bstances c�n ar under tl�e Property or an� adjoinin� real property. Ft�r}���rp��cs t�f tl�is Ag�•eetnent; (i)the term �`I��zardc�us IVl�terials" rn�ans any in��erial, substance c�r waste d�si�nat�d �� hazarc�c�c�s, taxic, ladre�actYv�, injc�riati�s c�r potentially inj�ario«s to 1����nan healtl7 or the envit•onment, t��• as a p�llutant or cor�ta�-ni��ant,or woi�ds of si�nilar impoz-t, c�nder any E1�vironmental Law,ir�cl�ading,but not lilnited tcr> Petrol�:u�� anc� pet�c�leuzn prc�d��cts, sc�lv�l�ts, asbestos, �nt�ld, �o1yc1�[c�rinated bipl�enyls, ure� formaldel�yde, radc��1 �as, ���ciioactive ��nat�e�, meclical �vaste, and c��e�nicals �vhich rrnay c�c�s� cancei or• reproc�l�ctive tc��:icity, a��d (ii) the terrn ,'Er�viror�ment�l Laws" rneans any fedel�al, st�te �t loc�l la�, statute, re�cilatian or �ardizlance r�ow o�� I�ereafter in fo�•�e; as amended fro�n time to time, pe�tai��ing to inatex•iais, s��bst���ces o3� wastes wl�icl� are injuric�us oa• pc�tentially inj�.rric�i�s to 1�ulnan l�ea�tl� or t��e envi�t�nrnent or the rele�se, disposal c�r trat�s�c�rtatic�l�c�fw�aich is c�th�rwi�e reg�tlated by any a�erlcy or t�ae federal,state or an}�local;gt�vernrne��t wit[��urisdictic��z over the F'ropet�ty or any such r��aterial,stabst����e o�•waste reinovecl�l�rerefron7,oi in any w�y pert�ining tc��t�(Iutit�n or contaminaticrn of tl�e ait�, soil, sulfiace r�vater c�� grot�ndw�ter, 'i��cludi��g, b�st not lirnited to, tlae Ce�tnpr�he��sive E��viroi�inental R�s�onse, Ca���pe��sation ar�cl Liabi(°rty Act t�f:1980, �s ame��cled (4� U.S.�. Secticrz� 964�I et s�q.),tlie£t.esc�urc�C�a�servatic�n anc�I�.ecc�very�ct(4�IJ.S.C. Secticar�6�{7l et seq.),tl�e Clean Wate��Act (33 (J',�.C. Sectio�z 1251 et sec�.), the ��fe Dayink��ng Wate►•Aet (42 'U.S.C. Sect�e�n 3(}C}f et see�.), ti7e Haz���d���s Materials Tr�nsportatioil Safety ap�c! Secl�rity R.eautl�ori�atir�n Act (4� U,S.C. Section S 1 Q 1 �t sec�.),tlle C[e�n�ir Act{42 U.�.C. Sect3ol�s 74�1 et sec�.),t1�e"I'oxic SG�hstance Control Act(l 5 tJ:S.C. Section 26{}1 et seq.);the Federal Insectieide,Fun�icid�,anci Rc�de��ticide Act{'7 L�.S.C. Secti�ans 1�6 et seq.), the Atorr�ic Et�ergy Act af 1954 (42 U.S.C. Sectic�ns 2011 et sec�.), �h�N��clear Waste I'Qlicy Act crf 1982 (42 U.S.C. �ecti�ans 1t1101 et s�q.),the Hazardoits Sctbstance Acct�unt Act {C�tifornia Hea�tlz �nd Safety +�c�de Sectioi� 253(7�, et s�q.); the Hazardc�«s Waste Gc�ntral Law (C�lifc�rtzi� He�1tF� and Safety Cod`e Secti�ax� 251OC?, et seq.}> the Medic�l Waste Managemer�t ��t {�alifc�rt�ia He��t�� and �afety Code �ectic�n t 17600, et �ec�.); tl�e �afe Ua-i��in� �Vater and' T'c��ic E1�forcement Act�f 19�6(Califarrtia Health a��d aafety�o�le Sectic�n�5249.5,et seq.},an�i the Porte�:- Colo�ne Water(��a�.lity Cantr•ol�ct{Califoc•ni� Water Code �ectiot� 13(}00, et seq.): 1 l.'7. To t11e bes�c�f Se11er's ka�o4vledge a��►d laelief Seller and tl�e I't�operty are iz�fu11 and cc�mplete ce�cnplia��ce witl7 ai� federal, state ant� lc�cal Iaws, orcli��arrces, r��les anc� reg�zlaticatzs applicabie to t17e Prc��erty, i��el��ding, witl�c��at �imitatian, tlie Ca�ifot:��ia Subd�vision M�p Act (C�l. Govt. �ode §�6G�1(},et seq.)a��cl a11 Envi�°c�nrn�nt�i La�vs: 1�.�. Tlaet•e are a1c��Cnc��vn actit�ns,�uits,prc�ceedit��s c�r investigations penc[it��c�r,t� the �iest of S�lie��'s �nowledg� �a1�3 belief, t��reate��ed a�ains�or affe�tin�the I'�ropet�ty in any �c�ti�rt or befi�re €�r by ai�y�;c�ver��mental depat:tn�ent, boarcl; agency, rar instrumental�ty; c�r any arbitrator. � 1.�, T1�eie ���e s�o lcnown pro��il�itiiaxls of or i��npedianents ta the trailsfe�• or assi�nmer�t c�ftl��Prc��erty, or�ny pt�rtic�n th�rec�f;ancl t�e Prop�t-ty is otl�erwise fc�1ly transferabl�antl assi�t�table. �1.1 fl. Seller has compliecl;or sllall ca�nply prior to t�ae Closing,witlrt a#1 statutes,la�s; orc�ina��ces,7��z1es,ar�ci regc�Iati�z�s�.ppli�able tc��e11�r�nc�lo��the sale aft�e Pro�a�rt}�by Seller to�3t��e�• 1��r�tmcier,a��d I�as satisfied, a�shali:s�tisfy pric�r tc�the C1c�sing, a(l ct���diti�ns prec�d�nt tca s�.�ch sale oftl�e Prc�per•ty re�tii�•ecl by l�w. 1�.l 1. T4 tl�e E�est af Seller'� Knc�wl�d�e anc� beli�f ther� az:e nc� buildings a��c� i��ap�•�vetnents Ic�catecl �n th� 1'roperty, tl�e l'�•operty c�t� be ove��gro�v�� by vegetatior� antl dry in tl�e sumrr�er mc�t�t(�s: Rc.n�,�;sr�-r�rur�crr�s�nrvr�s��.L.�c�r�r���rvs�riT n���s CITY OP RGDDtNGI"PGC`I�INlSUIL INDL7STRIAL]N�: 1 l.l 2. The Selier hereby d"rsG[oses to t(�e buyer tl�at,to tl�e best c�f�eller's knowled�e and belief, tlle a���y�ccess tc�t�1e Prop�rty is by� gated d�rt rc�ad ta tl�e West c�f tM�e:I'rcaperty. To tl�e fi�I�est e�te��t a11c�r�ed by law; S�l1er a���ees tc�i��den�nify;defel�d,p��otect and lzold 8uye1 alad its respecti�v� office�s, directors, sl�a�el�t�ldeis, mer�nbers, �narlage�•s, age��ts, einpl�ye�s, ir�depende��t contra�tors (i��cic�ding pri�ne co�ltr�c�ors ar�d subco�ltractt���s c�i� �ny construction pi•�j�ct relating to th� I'rc+pe�°ty), s�.recess�r:s �r�cl �ssrgns l�a��nless frc��n ancl a�ains� �iny ar�d a�I claims� demands, dar�nages, Ii�bility, ���es, pena�ties, loss, cost c�t• expense �irtcluding attc�ri�eys' �'ees, cc�urt costs�nd otl�er ccrsts of cl�fense)arising o�.�t c�f car relating to any inacc��racy in,c�x•b�:each or defa�llt by Sell�r of; any of fie�lei•'s representations c��°wari°anti�s ce,��tained in this Sect;ions �1, abave: �el(er 1-�er�e�y acknowl�d�es and �gre�s that tl�e foregoing representatic�ns a1�d warranti�s are �n�tecial and l�eirr� celiecl ��po�� by Buyer in cor�x��ctic�n with the exec��tion c�f this Agreement, and tl�e acc��,�isiticall c�f t(��Pr�op���y. All re�re�en��tions; w�rranties at�d cc�ve��ants of Se�Ie�• c�ntainec� i�� t1�is Secti�n 11 sh�1l s�arvi�r�tl�e C(ose af Gscrc�w�e�d the recarding c�ftl�e Qx►itclaim Deec�i��t���C�ff°tci�l Rec�rds. 12. Adclition�tl C:avenants of��11er P�ndin� the Clasin�. Be�inning c�n the Eff�"e�tive L�ate ac�d ��ntil tl�e earlier oftl�e�I�se of Escraw or tl�e termination c�f tl�:is A�re�r�nent, Se13er s1�a1I: 12.�,. Maintai�� t1�e Prr�perlv. Maintain (or cause to be rrraitltain�d) the Pt:opex�y i;n tl�e sar�ne colld�tion existin� as c�f tlle Eff�ctive Date except f��� tl�e co��str��ction or installatic�n af additivt��l strt�ctur•�1 iinprc�veme��ts n�cessary for tl�e Prc�perty. 12.2. Pay����r�t c�f Ub�igatit�ns and Taxes. P�y� �s �nct whe�1 tl�e same are due, a11 payments c�n at�y ��cumbrances, or assessments �res�ntly �ffecting t1�e Property �exc��,tdrng Iiea�s or en��t�nbrances c��ts�d by Buyer} �ncl any artd alI taxes, assess�nents ar�d tevies in r�spect c�f the F'rope�-ty thrc��.i�l�the Ciosing�►ate. 12.3. �o�n�[y with Laws. Camply in �[1 m�terial r�spects with al� laws, stat��tes, rute�; reglrl�.tio��s; orclinai$ces that are applicable to tl7e Prope��ty, �nclti�cli��g, bl�t r�ot lirnited tt�, Envit•or�mental Laws. 1�.4: No E��cu��bral�c�s. Unless rec��.�ired by a (ac�vernrnental�lutl�arity as a cc�nditian to tlie entitl��n�nts, ��11er s1�a1C not grant c�r eor�ve� or �i�ter int€� any e�ser�ent, lease, licexls�; p��•����t,a��•eement or�ny c�ther leg�1 vr b�ne�cial il�iterest in c��w tc� the I'ro�erty;v��thc�ut tl�e �ricar written cons�nt �af B��yer, wh'ic1� ��r�sent sha![ not be c�na�easc�nably wit]�held, conditianed c�r delayed.Ur�less req��ired by a Ciove�°nmet�tal A��tf�ority�s a co►�ditic�n to tl�e entit[�ments, �eI�er sl�all not undertake�ny actic�ns w�zlch'€mpaiY•any and a�I ri�hts ofwa�; e�se��e��ts; grarrts, appc�rtenances, enc���nbrances, liens, cc�venan�s, concCitions, o�� privil�ges ar��l licenses in favor ar cca�lsisting�ny par-ti4n ofthe I't•€�per�y. 12.5. Ncrtif}� B�rxe�• c�f�ertain Mattei:s, At all ti�nes prior to tl�e Glc�se of Esc�•ow; Selle�� shall �arocn�tly advis� ���yer i�1 wi,iting c�f�r1y �n�t�rial �dverse change i1� tl�e conditiol� t�f tl�e Prc�pet•ty, t��e c�cc�zcrence of any event c�r dis�cc�very c�f a��y fact wl�ticl� wou�d rendel any rep�°�s��7tatiol�or r�v�rra��ty c�f 5elier tc� B��ye� in tl�is Agreem�nt����true c�r rnisleac�in�, ar�c� any w�-itt���notic�or c�tl�e��co�r�t��u�ii�atic�r� frc��r� any tl�ircl p�rson c�r el�tity altegin�tl�at t��e coal�ea�t of suc]1 thic•d persai� or entity may be reqr.tiree2 in �c�����ectior� with ttze t�•ar�s�ctic��� conte�nplat�d by t1�is Agree��tent. I�.6: M�rk�tirt�, �e11er st�all nc�t anarket tl�e Prc�perty for s�le, nc�r�e��ter intcr any agreemerlts, �r accep�any c�ffe�•s wit1�respect to tl�e s�ale c�f t1x� Propez•ty. RPAL CSTATE PURC(-IASCAND 5AI.GAGRI��MENT Page 9 G17'Y C?f�GT�T?ING!7`EC1-INISOII�1Nl?U5'CitIAL ING: 13. C�nditions to_I�uver's t�bii�at►cans.The fotlowing a�•e conditions tc�tl�e Clc�se€a� Escrow("Clc�sit�� Cc�nditions")and tl�e c,bligatic�n of Bu��er to pt�rchase the Prop�rty: 13.1. Buy��•sl�all��c�t l�av�c�elivered a�uyer's Title N�tice tc� Sell�r and the Escrow Agent p�.�t-suant to alrtd wit��in the tirnu lilnits prc�videc� far in �uE�sectic�7� 8.3; above; �3uyer s�rall n�t h�ve cleliverecl � �vritten n€�ti�e af c�is�pp��ova� to Se11�r anc! the Escrc�w Agent purstgan�tc��$�d within tl�e titne linzits prc�vided fc�t� itY Si�f�sectiQn 1(1.2. 1�.2, The Titl� �ompany sl��ll have issuecl or cc�ln�nittcd tcr issuc tc� Buyer the Title Poliey,tc�tl�e Bc�y�r as ofthe G]o�e c�f�scrow in a mart��er�nd substance as defit�e�3 in Subsectic���8.7; above; I�.�. Tl��re �11a11(�ave bee����o �nate�ial advel-se c1��t��e ii�the cot�ditic�n c�f or title to tl�e P��crpet�y priox°te�tl�e C1c�se of Escrc�w; a��d 1;�.4: �}x� Qr before the Clc�sii��, Seller s��all have p�rfcrr:med a1t c�f its oblrt�ation� ����der tl�is Agree�nent rec�uired ta be }�erf�r��ned o�1 c�r befc�i:e the Close of Escrr�w, �r�d, except as otl�c�•wise�arovic��d l�erei��,tl�e Selle�'s��e��esentations a��d wal•ranties l�er4e�a�lder sl�all be tr�ue at and as of t11e C�c�se of Esc��ow as if rr��c�e as c�f s�acl�time; T1ae fore�c�ing c4nditions ar�create�for the bene�t�f tlie B�t�er onl�> Sueh cc���d�tions may be waived �y tl�e l��ayer in writir�g to Seller�1�ci tl�e EscrowAgent. 24. +C�nditians t+�Se11ee•'� C1bli��tions.Th�fi��ic�wit�g�r�ceanditic�ns tc�the Clc�se of Eser•+�w an�l the ot�ligation c�f Se�ler to seil the Property: 14.1 Brayer s��all l��v� deliverecl the Purchase pcice, ar�d �11 otl�er fi�r�ds, docc't��ents ar�d inst�°ul�nents Buy�r is req�.�ired t�cieliver plxrs�a���t to Subsec�ion 6.3,abc�ve,to tlae E�crow Agent withi�a tl�e ti��e 1�n�its pre�videcl fc�r hea�ei7�; 14:2 (�r� or befc�t�e the Cto�ing; I3��yer shal� I�ave perforrned �.11 of its o�1i��.tions u��d�t:this Agr��tnent rec���ire�i to be�ei�fc�rmed�n c�r iaefore the�Ic�se af Escr�w anci the B�ty�r��represei�t�tic�ns and wacranties heceu»dez•sh�ll be tr�cae at arad as afthe C�ose of�sct�c�w�s if tnade�s c�f such tirrte. The fo�•e�c�i��g cc�ndition is createci fc�r the b���e�t caf tl�e �e�ler ctr�ly; Stac� cor�clitit�n �nay be waived by tl�e S�Iler �n writing to Buyer and tl�te Escrc�w'Agent. 15. �sti�t�re of Conditions. If���ty c�nditic��� specifietl in �ectiota 13 or l4, above, is nat sat��fied e�r waiv�d witllir�the a��li�ab�e ti�ne limit prc�vided,tl�en Buyer, if Buyer is nc�t the�1 in d�fa�alt of any of its obli�atit�ns Linder this Agreement, c�r Se]let;; if Se11�r is nc�t then in defat�tt c�f any �fits representatiotzs; �r�rranties, covenants �r a�x�eements �.�nt�et�thi�A�reement, may thereafter terrt�inate tl�e Esct•ow and t[ais Agr�ee��n�r�t by giving written p�otice to tlle Escl�caw Agetit�nd the c�ther 1'arty, Upon a»y suc1�termination, the I�eposit sl�all be returnec� to Bti�yer, at�cl neit��e1•Party shail have any further ]iabi�ity ��•t�bli��iiott hereu��c1er except as c�therwise provic�ed herein. �+lc�twithst��ldi��g the �c�re�oin�, if any co�ldition set fot:th in �ection 1`� c�r 13, ab�ve, 3�as faile� a� a t�es��lt c�f a br�ach or defa��lt by Se11er or Buyer,the ot�ler Patty shall h�v�tla�rights a��d�•e��nedies set forth ii� Sectic�n 1� c�r 19, b��aw, as th�case i��ay ta�:. 1G. �ma�e ar Destructio�. I��tl�e event c�f any mater�a]c�ain�ge tt��r d�str�ctic�n�ftl�� P��per�y or i�nprove�nei�ts tl�ereon pric�r to th� Clcssili�, B�.,yer s��al[, E�y written r�otice to ��1�er RLAL CS'TATL PURCt-IA:S�AND SALEAGRELMGNT [�age IO e'I"1`l'(�r RGbT�iNG!"I'C�1-iN1St7iL IND[ISTt�CAL 7NG: delivered witl��1�t���a{10)day�ofreceiving written g�tot�ce frc��n Sellet:ofsuc�h event{a"5ell�r's Datnage Nc�tic�"},elect to eit��er: (a)tez�rrtinate tI�is A�r�e�nent ar�s�tf�e Escrc�w,in whiclr ev�nt tl�e I��posit s}�al[ be retu�ned to the Buyer, and neither pat�ty sl�aii have a.ny firrther IiaE�ility c�r oblig�tion �knde�: th'rs A�teer�nent, except as otl�erwi�e p�avided l�erern; ot- (b) cor�st�mr�r�te 'rts purchase of the Prc�perty p�,�i:s��ant to t1�is A�reernent, F'or p�.��•pc�ses of the foregoiilg, clatr�age to or destructi�n of the Prt��a�rty or i�nprc�veme��ts therec�n shalt be dee�ned to be mater�al if, but c�nly if;tl��cc�st to �epair sc�c1� clama�e or destructian is r�asol�ably e$ti�r�ated tc�exceed the sum afAMC?IJNT��lt}(?;(}t�Q.O(}}. IfBuyer f�i1s to deli�ver writtera ncrtice to ae11e�witl7in �ucl�ten (1�)day period,Briyet•sha11 be con�lusively dee�r�ed t+� l��;ve elected ta ca��s�.aminate it�purcllase of tl�e Praperty. Iftl�e da�nage tc�or destruction c�fthe Praperty or improvernei�ts is ��ot material, or Buyer el�cts or is deemed tc� l��ve �lected tc� cc�nsutnlnat� its pt�rcl�ase oft��e P��c�pe��y: (i}tl�ere shall be r�o recl�rction in the amo��nti oftl�e P�rrcl�ase Price�s a�wesu(t c��`tl�e cCam�ge ta o� destrc�ctic�n c�f the Pr•ope�•ty or impr�av�rnents; and (ii} �el[er shal[ at the �Ic,sin� (A) pay to Buver all insLlrance pl•�eeeds, if any, p�•eviot,�sly receivet� by Seller wit1� respect ta sctcll d��nage ar dest�l�c�ion (less at�y �c�l:tiorl tl�ereof exp�i�ded by Seller�tc� rep�ir, mitigate, or avo�d such d���ta�e �r dest����ctic�n,andlu�°to sec��rt•e tl�e P�•operty), ���cl (B) �ssigl�to B�iyer a!1 �f Se11er's ri�hts, �� arty;�o a11 addition�l inst�rance p�oceeds, if at�y, payable!�y reason c�f s�ch datnage or de�tcr�ctit�t�;T��e �lo�itlg Date s�ia11 be extendecl if���d to t�le extent nec�ssary tQ prc�vie�e Buyer with tl�e ful[ ten (10} d�y periad to Ira�ke �ts electior�}�et°eurzder.A»�r extensian oftl�e Clasing Date pt�rsuant tt�the pre�eding se��tence s11�1� be ia7 additic�i� to a11 otl�er exte3�si�n rigl��s }�rc��icled �c3r l�erein. Buyer ur�derstands tlaat Se]ler�loes rt�ot�r��intair�fire or otl�er insura��c�cc�verin�dainage tc�th�ix��p��ve�ner�ts c���tlae I'rt���erty. The parties agree that tl�is Sectic�n sh�l1 �pply in the �vent c�f any d�ma�;e to or destruc�io�� af tl�e F'z•operty t�r u�npt�vements thereo�a i7� lieu �f tl�e LTnift�rrrt V'end�r and F'tirchaser E2.isk Act, and lZereby waiv� the provisi�ns of Califar►�i� Civil Code "1662 r�uitl� t��spect to ar�y da�nag�tc� or destructic�rt c�f tl�e I'�°operty or i��nprc�veinents il�erc��� pric�P to the Closin�: 17. F�-operty'Ta�es. C�il�rent real property ta�ces ncrt yet delinq�.�ent reiatin�to the Property� if any, slsall be prc�ratet� betw�ei� �eller ai�c� Buyer as e�f the Closing L)�te c�n the b�srs of a thi�ty-d�y r�aonth, an�, to tC�►e extent c�f irtf`c�rmatio�l t1�e�� available; su�1� prorations �E�al1 be rnade �t the Ct�sing. St�ch prot�atic�t�s sl�all be aciju�ted, if n�cessa�•}�, and cozr►pleted after the Clc�sin� �s sc�c�n as fin�I inf�t��r�atian becomes�v�il�bl�. 18; +Clasin� and Clther Cost�. Bu�er an�l ;Sell�r s17aI1 equally pay fifty �ea•cent (5�°r'o� c�f �he�`o1lc�wing cc�sts it�ctlrreci irx cc���nectic�n wit1�tC�is transactit�n:�a)the cc�st c�frecc�rdir�g the Quitcla`rrn I�eed; a7�d (b) tl�� dc�currteanta�•y tr•ansfer ta�, if any, itr�posed in cc�nnectio�t with the �°ecarding of tt�e t�c�itclailn Deed. Selle�•sha11 pay for c�rstozr�ary ALTf1 sta�d�rd cover��e title costs and the cost�aft��e Ct���trneg�cial Nat�.zr�l I�azard I�isclos�zre Re�ol�pro`vicied f�r in Seetio�n �(a), �bcrve. 13L�yer sl�all paY fc�a-�►�y add�t�on�l titie casts incl��t�in�,witlzoi�t lilnitatic�n,cc�sts fc�r�ny ALTA Ext�nded C�ver�ge,�r►y sut`vey reqltirect b� the tit�e e�mpany�nel/crr desired by�ctyer ancl an��ndc�rsements. �3��yer a��td ��Iler shall equally sla��•e tlle �ost of escrc�w a��� all other closrr�g expenses ir� tl�e nc�rinal a�yc� c�.�stcarnary f�sl�ion fo�•trai���ctic�ns �i� S1lasta Coui�ty, ��lift�r�7ia. 19. AS T� �ALG: l�ele�se 19.] Buyer ackr�owleclges and agrees that�prror t+a the �lose o�Escraw, F3uyer shalll�ave f�ad a fi�ll and col�plete appo��t�znity to inspect anc! �nvestigate each ar�d evecy aspect c�fthe Prc�perty a��c! th� improve��ne�ats thereon, eiti�er ir�depenclently or tl�rc��r�1a a�ents c�f Buyer's chc�c�sing. l3uyer fi�rtlter acknc�wledges at�cf a�rees t[�at,exce�t as expressl�set forth i1� S�ctic�n 11,above; RT:AI.I3STATCPU!'�CHASB�N17"SALCt1GR13GMT�NT C�age Il CITY Cii�Rr[aDING!'CGGI-1NISOIL INDUST'RIAL ING: Seller �nal�es z�o representations or warrant�es� express c�r impl�ed, rega�-di�zg the Sellez•, the P�operty; c��• tf�e iln}�t��veartents thel•eon, i��cluding, witl�o�.�t 1irr�it�tion: (a;} any w�rranfiy c�f inerchat�t�bitity c�r fitness fc�r � pat�ticular p�Xi•pc�se, {b}the c�mpliarlce r�f the Pr�pex�ty a�c�/�r ar�y improvem�nts tl�e�•eo��; if���y; witl� any applicable cc�d��, laws, regulatians; statG�te� c�r orc�i��atic�s, incl�.adit�g any Ei7vi�x�nnlental L�ws, c,r with any cc�v�nants, �onditic�ns and restrictions�f any governartental c�r��.�asi-gover��rnental entity e�r of any c�ther persc�n c�r entity; (c) the e�:ister�ce t�f sai[ instability, past saii repairs, sc�i1 aciclitior�s c�r cc�nc�i�i�ns t�f�oi[ �i�1 c�r slis�eptibility to 1a��c�slides, (d} tl�e quality and nature of any groundwater, (e) the awn�rs}$i�; existence, st�tus,c�ilality, t�r��ature of a1�y water ri�l�ts tlx�t inay be appi.�rten�nt tc�the Property; (f} t1�e ownersllip, existence; status, viability, c���ality or n�ture of any �nineral 7-ights t1�at may be appc��€�nant tt�th�F'�-opec�ty; (�)the�gricult�r�1 procli�ctivity of the Propet•ty; {g)the natctre; types c�x• q�.�ality c�f the sc�ils c�n tl�e Prc�perty; (��} the sta�ciency of any tanc3�g�shoring, (r} t1�e suffici�ncy of ai�y dr�i���ge, (j)ti�c existenc�or t�o��-existerzce c�f undergr•ound storage ta��ks c�r pi�ae(ii�es; {lc� tl�e �r�se��ce of ar�y I-lazarclt��.as �Vlaterials {�s defir�aecl below)-on, �ander c�r abc���t t11e Prcapei�y, �r a��y otl�er adjoi��iy�g t�r a�eigl�bc�tir��pz•c�perty, t�z-any i�nprov��ne��ts ther��at�; (1) the ava►l�6ility,qtaality,��ature,�dec��racy and physicat cc�nditic�n c�f puf�lic utiliti�s a��d services f�r�t11e Prc�pe��ty,(m)a��y ot[1er matter�ffectii�g the stability or'integrity oftl�e�'ropei•ty; (n)the potent°r�l faly further clevelopinei�t oftl�e Praperty� {r�)t(�e e�istence ofvested land use, zonin� c�z• U�.aildix�g entiitletne�its affe�tin� tl�e PrapertY; (p) the za�zirt� or c�ther legal status �f tl�e Praperty oz• any catf��r p�.�1�1ic or p�:ivate restrictions �n �.�se of the 1'�•c�pe�-ty c�r the al�i�ity to subdivide tl�e Property; (c�} tl�e physical concliti�n of the Prop�rty� any impr-c�ve�nents on t1�e Property; (r) the conclitiozl of titl�t� t1�e Froperty, any iinpr•t�vements c�n tl�e Prc�perty; (s)tl�e existence ar status of a1�y tel�ancies affecting the Praperty; (t) tl�e existex�ce c�r status of any perl�xits c�r apprc�vals eec�uired tc���se or c�ccupy tlae Propet-ty, t�r a�2y partic�n thet-eof; a��d1c��°(�t) the econc�znics oftl�e t�per�tion c�ftl�e Prc�pe��ty. �uyer ackr�c�wleciges and agrees t1��t subject tc� the represei�t�tians a��d warranti�s of Selter cor�t�rned i�� Sectic�n 11, �bc�v�, the Prc�perty is bei�lg st�lcl and�ccepted by ��.iyer an as�"AS-IS,WHERE IS, WITI-I ALL FAULTS"basis,and t1�at, ei�`ectiv� as r�f t1�e Cl�se caf Escrow, �uyer a�surnes alI respc�nsibility fc��° a11 faults and conc3ititsrts �hera e�isti7�g retatit�g tc� t17� Prc�perty, t�r tl�e it�nprc�vements ti��rec��a; specafically r�cliading, b�.at-nat lunited to, a]� faults and ct���ditior�s r�elatin�tc� t11e matt�rs described i�� this �ectic�t� 1�.�, and/�c as discic�secl c�r de�cribed in tl�is Agreemet�t, andlor in any c�f t1�e docu�l�e��ts o�~izlstcLri�le��ts described, provided fot�, z-efe�-red to yt�, o�delivered to Buyer: 19.2 Effective froin ar�d after t1�e Closii�g, B�.�y��• l�ereby w�ives, rel�ases, exc�ne�at�s, cove�art�ts ►�c�t tc� s��e, �t�cl fo�•eve�j discl��r�es Se�l��, SetCer'� elected c��eials, a�td their emplc�yees, agents, rept•esentatives, successe�rs and as�i�ns,to t1�e maximum extet��pertnitt�cl by 1aw; crf and f'rc�m any a►�d ail clai�ns, clen�aiids, �ctio��s, cai.�ses c�f acti�n, rXghts; �i�tbilities, clamag��, penalties, �ne�, los�es, cc�sts, ex��;nses; oa-cc�tnpe��satioll tivl�atsoever, dicect or inciiteet, �Cnown or l�nkt�own, foreseen c�r ur��oreseen {ct�ll�ctively, "Clailns"), tl1�t it ���w has o�°tl�at may arise i��the fc�t�.�re b�ca�,�se r�f o�•in an� vtray g��owin� t�ut of, rel�ti��tg tct, or cc�n��tected with this Agz�eeme��t, at�y do�tament c�r instr��mer►t deliv�red pzirsG��nt to tl�Es�-lgc:�etnenty the Pt{operty, any i�nprovem�z�tts c�n the Prt�perty, includin� b�tt not ]iinitecl to, a��►y Clailns az`i�i��g oLat of or relzting tca any Enviranmerrtal Laws, tl7e presertce af Haz�r°clous Matea°ials in, ���, ui�de� �r a�out tl�e Property, c�r aisy impx�vexnents tltereon, or any c�tl�e�° pl�y�ica� 07 envircrnment�l cc�ndition c�f �1�e �'rc�perty, 07• any impt�c�ve�n�l�tis tlaerean, but excic�di�g Seller's indennityx �nd defe��se �b�i��tians �,�ncler��ctic�n 29, l�eic�w, a��d matters a�•isir�� frs��n �ell�r's f�aud ot• intentic�a�al inisr�p�esentatic�n. BUYER EXi'RE��LY WAIVES THE BENE�ITS C��' S�CTI�}N 1542 �F THE CALIF�RNIA CIViL CC3DE, WI�ICH PR.C}VTDES AS F()LLC3�VS: "A (�ENCI2AL REL�AS� DUES hI�T CXTEND T(� CLAIM�' THCAT THE CI�tEDi'Tt�R C�R RE:LEA�ING l'ARTY I3QES I�It�T KNC}� (�R �LTSP�CT TQ EXIST II�I HIS t�R�IER�'A'�QR AT TI-IE TIME t}F EXCCUTING TI-�E RELEA�E ANI�"I'�-�AT,IF KNt�VJN Tt)HIM C�R F-IER,i�VC�LII;I) RCf1L LSTATE PiJRCI-IAS�AND SALCACritt:CMENT i'age 12 CITY(�I�RGI3DING1'I'ECI-INISOlL INDUS'TRIAt.,INC. HAVE MAT�RIALLY AFFECTED HI� (�R I-IER S�TTLEMENT t�ITH TI-IE I�EBTUR QR .. .L+,L���7PllJ l��d\.1 I:�:k1 . .. . . .. .. . . . .. . . . . .. . .. . .. . Buyer I�a�initi�led tllis�"ubsection 19.2 tcr further indicate�uyer's�wareness c�fand accept�nce aftl�e general release of alf know��ancl un�nc�wn Claims�s provided fi�r above. The�rc�visic�ns oftl�is Sti�bsection I�.� sh�11 be effeetive�rpc�n ap�d sl�all s�.arvive tl�e CIc�se�af Esci•s�w. �uyer�; G�V�.. ���IJ�.IifHTleL9 .V���:. �4TE�.7 iJt♦�. L1lJ.:L.E.C\7� .i#L'1't1.��T., .C}U d L;:R .f`1.1V#J s.7i.:.LL.JS=.EI. HER�,BY A�I�N{�WLED�IE ANI� AGREE TNAT, IF BUYER FAILS T(� CC}M�'L.ETE THG PU�.CHASE C7�' THE ARt�['ERTY AS A I�ESLJLT C�F A DEFAUL,T BY BUYER UNI7ER THIS AC�R�EMENT AND BUYER FAIL� 'I"C7 CUR� SCTCT� DE�°AI1LT WITHIN FIVE (5) I�AYS FC}LLCCIWING f�ECEIPT t�F WRITTEN Nt�TICE (��' �UCH DEFACILT F�t�}M �ELLER T(� BUYER ("BUY'T"R I�EFAULT"), �ELLER WILL SUF�`ER I�AMAGE� IN AN AMOUNT WHI�H WILL,DUE TCJ THE SPECIAL NATURE (�F THE TRAN�A�TIt�N C(�NTEMPLATEI� BY T"HIS AGIt�.C1VIENT ANI� TI�� SF'ECIAI., NATURE OF THE NEGQTIATIC�NS WHICH 1'RECEDEI) THIS AGREEM�`NT; BE IMP�ACTIGAL �}R EXTREMELY 1���'�'ICULT TC} ASC�RTAIN. IN ttLJ�lll�i�ly �V��li YV1�.?111;�J �11� F1�V I.� ,['S. Li1YSll��:tl�l�i 1 LI'1�L',� 1.1�tJ1V .1.:�� L��1�tY 1.4�:L. LIABILITY OI�1�UYER Tt��ELLER IN TT-�E EVENT{JF A BUYER DEFAULT,AND WISH�S fi(� 1NDLJCE SEL,T�F'�2 T()WAIVE+(�THER REMEDIES WHICH SELLER MAY HA�E 1N T�-IE EVEI�iT {�F" SUCH A BLTYEI2 D�FAULT: BUYER AN� SELI�ER, AFTER D�JE NEG(>TIATIC}N AN� GIVTI�IG DUE CIJNSIDER�TIC)N TC� THE ACTI.TAL DAN[ACES �IEL,LER CUULD SUFFER IN T�IE EVENT t��` A BUYEIZ I7EFAULT; N�REBY ACKN�WLEI�GE ANI� AC �E THA'T TH1E AMC}UNT t7F TNE DEPt)SIT REPRESENTS A I�EASC}NABLE ESTIMATE Q�T�-IE I3AMAt�E� SELLER WILI��CJSTAIN]N'TI IE E�ENT'OF A�UYER DE�AULT, �UYEP� ANI� SELLER HE �Y ACx E THAT IF SCTYE.R FAILS "I`C} 1'URCIFIASE TH]E FRC��'ERTY A� ,�. RESULT t�F A I:}EFAULT BY BtTYER HERELINDER, SELLE�. SHALL l�E ENTITLEI? TC► TERMINA.TE THE AGREEMENT U�'C7N WRITTEI�] N(�TICE TC1 BLTYER�1NT� TH� ESCR()W AGENT,A�iD THE E�CRt�W AGENT SHALL �'AY T(� �ELLE� THE DEPQSIT ��v� ���r A�r���r�c����, ���c�s�Ts ���� ��,�:, a�cr���z� �����s�� �rx��Ec��� �s L�t�UIDATE� ���1[AGES: 'I'I-IE I'AYMEI�JT t�F SUCI-� F �S TC? SELI,ER TS INTENL�EC� T� �(�NSTITUTE L�QCJIDATELI� 1�AMAGES Tt7 SELLER Pt.TRSUANT T{� SEC'T�C��tS 1671, 167fi ANT� 167? U� THC CAI.;IF(�RNIA CIVIL C+UD�, ANI7 SHALL NOT BE DEEMEL) TU Ct�N�TITUTE� �OR�EITURE C}R PENALTY"WITI-�IN TI�E M�,ANING C�F SECTIt�N 32�75 tJR SE�TIt�N 33�9 �..1F TI�E CALIFC)RNIA C1VIL C4��, �1R ANY "�IMILAR PRQ�ISIC}NS. T�IE LIt�U�L�AZ"ED C�AM�GES F'RC?VIDED FUI2 HEREUNI�ER �H�L� E�E �ELLER'> SOLE AND EXCLUSTVE T�t��ICL?Y (WHETI�ER AT LAW (�R IN EQUITY} IN THE EVENT I�U�ER FAILS T£)PLTRCHASE TC-�C I'RUPERTY AS A RESULT t�F A BLIYER DEFAULT;ALT�(�"TH�R CLAIMS T(� DAMAGE� t�R t`�TNER. �EMEDIE�, INCLUI�ING BLIT N{�T LINIIT�I� TC) SPECIFIC PER�C�RMANC�., B�ING I-�EItEI2� EXpRES�LY WAIVEI? BY SELI�ER.. �'t�LL()WINCr TE INATTC�N tJF THIS A(iREEMENTa �ANCELLATIt�N C�F THE ESGR�W AT�I��'AYMENT" OF T�IE T�EPG�IT ANQ AI)1�ITIUNAL, DEP+(��ITS (AN�77 ALL ACGRCIEL7 INTEREST T��C�,(JN) Tt� �EL.LER AS L,IQIJIDATEI� DAMAGE� PIIRSLTANT TQ THIS SEC`T'IQN,; AL� C}F T�E RIG�TS t�NI� Q�LIGATIt31�S C>F BUY�R ANI� �ELL,ER 'UNI�ER TI�IS AGREEME�IT a����,cs�rA�r�nurzc�-�nsr��rr�s���Ac�r��u�rrT r���r� ctrv o��rac��Tr��✓�°cc�-���so7L Tr��u�rr�In�,it�c. �I��LL BE TEI2MINATEI�; EXCEPT A� C1TI�ERWISE EXPRESSL�' PR�VI�ED ELSEWHERE I��REIN. THE�'ARTIES A�I�NC►WLETJGE AND AGREE THAT TE-�IS LIQIJIDATEII:)DAMAC�ES CLAUSE ST-IALL NC}T APPL,Y "TC) BUI��Ft:'� INDEMNIT� ()BLIt�ATZONS ANI� DEF�NSE C�i�LIC3ATIQN� LINDER SUBSECTI�N 10.4 ANI� SECTI(�N 23 C7F THiS.�GRE�MENT t�R APPLY TO C?R LIMIT SCLLER'S RICi�-IT'I'C} RECC�VERATT(�P�.NEY'S FCES FR(�M BUYER PURSU�NT TC1 ,UBSECTIt�7N 1�.4> SE�TI{�N 28, OF THIS AG12EElVI�NT. BUYCR AND SELLER ACKNt�VVLEL}(�E THAT fiHEY�IAVE AI�AND llNI�ER�TANL?TI-�E I'Rt�U�SI{�NS C}N� THIS SECTIUN ANI�BY THEIR INITIALS IMIVTEL�IATELY BIELOW,AGRGE TC� ��BOIJNI� l3Y IT�TERMS, � �' ,..w � 4G�V�14��?) � i4.{..?4i.�4+�>! DEFATJLT BY S�LLEI�. IF SEI,LER DETAULTS iN SELLER."S 4BLTGATION TCl SEL,L: ANL) TRANSFF�2 "T�IE PRC}PERT�f Tt� �UYER AT THE CI,C7SE (��' ESCR�W, ANI) SELLER I'AIL� T(� CUR� SUC�-I L�EFAULT WIT�IIN FIVE {5) �AY� Ft�LLQWING RECEII�T C?�` WRITTEN NC}T�CE 4F St1CK L�EF�UL."I' FROM �UYIER T(� SEL,LER, BLTYER SHALL �IAVE THE RICaHT,A"T'BUYER'S t�C�TI�.}N,TU EITHER: (A� PCTRSUE ST'E+�IFIC FE C} ANGE(�F THIS AGR�EMENT AND TNE REC(�V�RY OI' BUYER'S REAS(�NABLE ATTC)RNEYS' FEES PCTR�UANT T(� SECTI{�N 2�, BEI,C?W; IN TI=IE EVEI�IT BIJYE}2 �� THE PREVAILING FAI2.TY (BLTT EXCLUDING ��Y DAMACES C1R� {�TI-�ER IvTUNETARY C(�MPENSATI(�I� W�IATSC}EVER,INCLUDINCi BLTTNt�Z'LIMITEI?TQ,ANY INCIDENTAL,C�}N51�QCJENTIAL; D�:LAY t�R (7TC-IER DA:MAGES OR C(�MPENSATIC?N); C�R �B) TE12M1NATE THIS AGRC�IVIENT�N]� TH� ESC�2.(7W ANI� RECEI�E A RETURN i�F THE DEl?C7�I"I'(AND ALI:j AGCRUEI� �NTLREST TI-IERCt3N). BUYER SI�ALL BE I7EEME]J T� H1�VE ELECTEI� Tt� TERMINATE 'TI CI� AGREEMENT AI�TI� RECEIVE A R�TURN (J�` THE I�EI'(�SIT PUR�UANT TC} CLAUSE (E3) ABC}V]E UNL,ESS Bt1Y�R MAKES AN AF�'I ATIV� �LECTIUN B�' Wl2ITT�N NC7TICE TO SELLERAi'�ID ESCRCIW AGENT WITHIN FIFTEEN (15) L7AYS AFTER E�CPIRATIQN (J�' TI-IE FIVE (5) I}AY PERiC}D FC}]� �ELLER'S CL1RE IPRC�VI`1�E1�AB�VE T{� ���� ���c��lc: ���c� ��c� �s �� T�r�� �� c�,��s� ��� ��c�v�; ��c�v����� Ht�WEVER, T'H��T IF BU�ER ELECTS Tt� SE�I� SPECIFIC PEI2�'CIRMAN(�C, BUYER MI.J�'T FILE ANI� SEfiUE A CCC?MPLAINT SEEI�ING THE SAME WIT�IIN SIXTY (C�0) DAYS AFTER THE CLC7SING �AT�. I�L.1Y�'T�`� FAILI:IRE TQ ELF'CT WIT�IIN FIF'TEEN (l,5) 1�AY s AFTER �XPIR.ATIC}N C71� THE �IVE (S) I�AY PERI�}I3 FCtP SELLET�'S CLT�tE PRC}VII�EL�ABQVE T{{7 SEEK SI'ECIFIC PERFO ANCE AS PERiU1ITTEI�IN CLAUSE (t�}ABCIVE ANL}It�R TC��`II.;E ANI7 SERV�A �PECIrIC PER�ORMANCE ACTIC}N W�THIN THE SIXTY �60} DAY' PERI�D PRU'VI�ED �-IET�EIN SHALL B� I�EEME1�7 �N IRREV�7CABLE WAIVER C}F TNE I�IGH`I' TC7 FIL,E SUCI3 AN ACTI(�N ANI�C►F SUCH R�MEI3Y. IT IS UNDERSTC�fJD AN1Q AGREEI�'THA'I' �1} T�� ���;��c� c�� �t���r� s:c°r �c���r� �� T���s ���z�c�� �x��,�, �� �u��}s st��,� AN�.t E�CLU�IVE REMEDTES IN TH� EVENT QF A �EI;LER I�E�AULT, (II� �U�ER �I-�ALI� NC?T BE' ENTITLEI� TC) SEEK {�R R.�C{}VER MQNETARY Z�AMA�E� �R UTHET{ c�n����vsa�r��a� r�c�� s�LL�r� u���� A�t� ct�cu�sTa�cEs, a�vr� �i�t� a�;L �L�l�rs T{� I�AIVIAGES �iI�I� ALI:. C1TI�ER REMEDIES NC>T "ET F(?RTH IN THIS SECTIQI�1 ARE �-I�REE3Y EXPRE�SLY WAI`VED B�BUYER. �c��u rsr�°rc rcrnct-�Asr�n�r�sA�,c��r�.��c�vT r����1a CIT'Y C}�'REDDING!TE�IINSSdIL iNDUSTI�IAL 1NG: BUYER AND �ELLER AGKN�WLED�E THAT THEY HAUE READ AND UNDERSTAND THE PRt�VISt{)NS f�F TI�IS �ECT"IC}N ANI7 BY THEIR INITIAL� [Rr1M�UTATELY BELflW,A(.iREE Tt� BE�C3I.JND�3Y 1TS'I'ERMS. ���� � „SELLEI2." � �' ��� �--�. "l3UYER°'; � �1. �'c�ss�ssi�n. Pc�ssessior� of t1�� Fi:op�rty shall be de�iver�cl tc� Buyer at tlle Closr�7�, �nless otherwise agp�eed crpe�n in w��iting betweer� Buy�r and Setl�r; 22. 1V� ol�li ation to re air �t�rrect :De�ic�encies Tm rave or C1ean-u Pro er : �eller sl�all l�ave r�c� ol�lagatior�to repair, correct any clefi�ier�cies u7, 01:make�n�f irr�proVements to t��e Prapet-ty or any im�art�vern���ts tl�ereor�, or to rernove any tr�sl�c�r debris fi;atn tl�e 1'�opei�ty,prior tc�tl�� Clt�se of Escrow. 2�. I��-c�k�r's �ees. ��Iler at�d �3��ye�: z•epresent and war�:�nt to each ot��r that they have �ea1t �itla ��c� btc�l��r o� fii�der in cc�nr�ection with any tt��r�saction cor�ternplated by this A�ree�nent ��cept B��yer l�as enga�ed a r�al estate broker Ken Murray {CaIRE#; 0�581789) {"Buyer's Brc�ker"�: Se�ler° shall be oblig�ted tcr paY (wit�iolxt co��tribl�tian c�f any kind fr�r�n �uyer} �cr }�uyer''s Broker a cc�mirtissior� af 3 percet�t. Sel�er a1�cl Buyer eacl� a�ree to indemnify, defend, ar�d I�o1d l��rmless o�ie anoth�r against atzy Ic��s; liability,dztnage,cost,clain�t,c�r exp�nse i��curi-ed l�y reason ofany brokerage, co�n�r��ssio», o�:fii�der's fee alleged to be }�ayable be�a��se of any act, o1»i�sior�, ar stateine��t c�f tl�e i��de�nnify�T��party.Tl�e pn1-ties'ob�igatior�s l�ere�rnder s1�a11 surviv�tl��Cl�se c�fEscrc�w and recording ot tl�� Quitclaitn D�ed in tl�e tJf�cial Records, c�r a��y earlier c���cell�tior� c�r termi�latic�l� of' tl�i� Agreelner�t. �4. 1��Far;l,y�1►eemeci I)ra�ter.Ir�tt��eve�t c�f a disp��te betweer�any c�fthe par�ies heretc� over t[�e ineanir��;oftt�is A�reeme��t, 7�o party sl�all be cleemed to have bee��tk�e d�•af`ter her�ec�f,���d tl�e pril�tciple of law tl�at eontracts ace car�struec!agai��st tl�e c�rafter shall not apply; �5. F�zt°ther As�ura��ces. Se11ec �t�-td Lti�ye� �gree that, frotn ti�ne tc� tir�ne, at or after tl�e Close of Escrc�w, ea��� c�f tl°��rn will �xec�.ite a��d delivei s��cl� furtl�et: doc�,�mei7ts and ir�strz�anents of cor�veyar�ce anc� t�•ansf�r, �r�d take suc�1 ot��er aciic�n as���ay lae reascrn�biy ��ecessary to carry out tl°�e p��rpose�nc� intex�t af this Agceem�nt. 26. I�crti�e�.A�y notice,req��est,�vaiver,cc�nsent,approval c���e,ther c�mmunication w�1ic1� is required or pet•mitted l�ere��nd�t� shall be in writi��g anci st1a11 be deemed �ive� c�nZy if del�vered pel:sc���ally or�ei�t by i�egistered or ce��ified tnail, pc�sta�e pcepaid, retuin recei�t requested,as follc�ws: (a) if to S�ller, to City af R.ec��i��g,Attn: Barry Tippin, City Ma��ager, 777 Cypress Avenue, Redding; CA 96(��JI, wit11 a req��iz°ed cc�py tc� Ch�istian M. Curtis, City Attorney, City c�f Redcling, 7'77 Cypress Avei���e, Redcii�Ig, �A 9C.�t}Q1; (b) i�'tc� Buyer, tc�T�cl�i�i�oi1 Ii�d�ast��lal, Ii��.,Att��: �e�n Weave�i, S66C3 �Vestsic�e Rrl,Reddir�►g� CA 9Fa�01; ar(c)to sr.�cl� otl�er address as tt�e adda��ssee rnay l�ave speci�ied ir� � 1�o��c� duly give�2 tc� tl�e s�ndez• as pravid�d ��ereir�. ���c1� ��otice, rec�uest, �ie�nar�d, r�ai�e�•, co��s�nt, appcoval c�r c�t]�er cotntn�.►nxcatic�n wi[1 be cieern�d �o l�ave been giv��� as af t1�� date so per�o����1y c��livered,c�r twt� (2} days aftee,it is depc�sited in the rr�aiC. Itr�L GSTATC Pl1RC[-IASC fiNL1 SALLt1GRE'GMGNT t�age 1� CCT"YCII�REI7DINGJ'1"ECtINIS�iL 1ND[JSTRIr1G INC: 27. �ssi nme�st. F3i�yer �nay �ot assign its r3�hts a��d c�b�igatic�ns ur�der this Agree�ne��t witl�4u�t�e p��iot�written �t���se��t of the Sel1e�•w�ict��n�y be granted or vvitl�I�e1d by Selter in it� so]e and absoilxte clisc�°etion.Any asszgr�ee oft�e Buyer•eansented ta by Se�ter shall t�e r�q��irec�ta exec��te �tnc1 �eliver to �e11er, peior tc� tl�e date any s�.�cl� assigt�mei�t becc��nes eff'ecfiive, a sepa�•ate w�itten agz��e��ent, ap�rrc��ved �� 5�ller and its legal coun�el, p��rsc�ant to whicl� the assigne� (i) expressly assak��nes �l1 of t��� Buyer's obli��tic�ns as Suyer;�inder tl�is Agreetnent, at�d {ii} agrees tc� the release; �imitations c�trt t•em�dies,ar�d other pravisior�s herein for the benefit of Seller. No permi�ted assi�nment by t1�e Buyer shal( relie�e Buyer c�f�ny of its ob[1,�aticrns under tP�is Agreemer�t Z8. A,�tc�rney'� Fees. In t1�e evealt of a�7y 1egal actian; arbit��atic�n c�r ather proceeding a�•ising oti�t c�ftl�is Agreement,tl�e prevailin�pa��ty sl�all6e entit�ed tc� its reasc�nabl�atto�•ney's fees�nd ccssts in addit�can to�►�y Qther r�liefto whicli it�nay be entitle�. 29. Si�rviva�l. All af Seller's and Buy�r's cc�Verzants, agree�nents, re����esentatior�� and wa�•ra��t�es cc�nta;i��ed r�� tl�is A�reement s}za11 st�ruive tl�e Close of Escrow ���d r�cordation of the Qctitc[a�tn I�e�c1 it�t1�e C}f�cial Recr�rds c�f Sha�ta�c�c�n�y, Ca�if�r�'ia; 3Q. E�tire A�recmen�. T(�is Agr�ecr�en�, and aIl doeuinents a�d inst�uments referred tc� l�e�•ei�t, �o��tai�� tl�e e��tire a�r�e�n�a�t of tlle pa�-ti�s liereto witl� respect �o t1�e ��aatte��s cov�red I�er�by anc� si�persede aIl }��°ior arrarx�er��ents anci «nde�standi��gs bet�een�1�e parties,ar�c1 ��o otl�er agre�tnei�t, state�nent or pi•�mise made by either Party l�eretc;with �•espect tc� s��c1����tters w(�icl� is not cerntai�led ixerein s�all be �'rl7ding ar v�lid.No an�endrnent, a1te��ation ot�rnodi�catican of this Agre�rnent shall lbe v<�lid ��n(ess ia1 �acl� irlst�nce s��c[� al�endxnent, alter�t�c�n or �nc��ifrcatian �s expt�essed i�a � written instrum�nt clti�ly ex�cuted}�y tl�e parlies. 31. Succ�ssor�and Assi�n�.Tl�e ter�-ns ancl conc�itic�ns c�fthis Agreetnent sha]I b�bi�drng �rpc�ya and inure t.o tl�e bene�t of the parties heietcr and tl�e�r person�C aP�d legal �•epresentat►v�s, l�enefieiar�ies, 1}ei�•s, �uccessors ir� interest�racl assigns: 32. I'�r�ial In�ailidCitv.If a��y term c�s•pr•c�vision oftl�is Agre��nent or the�ppticatior�ttzerec�f tc� atxy persarl c�� circt��r�st���ce shall,to any extent, be invalid oe unen�`c�rce�ble, th� rem�inder af this Agreeme�it, or tl�e ap�licatio�� of s�ch ter�n c�c provis�on to persotls o�•circt�rnstances othez:than tl�cas� as tc� vvh�cl� it is 1�eld ii�va(id or �.�nerlforceable, s11aI1 not be aff`ected ther�by, ar�d �ach st�ch term anc� prc�visic�r�ofthis t�gree�nel�t sh�i� be va�id and �Se��afc�rc�d tt�t1�e fi���est extet�t pez:mltted by law, 33. �'�ivers. Nc�w�tiver of any b��each of this Agreement�l�all be valid un�ess in wrifir��; i�c�r sla�ll a��y sLicl� waiver b� deel-�ed a waive�� of any preceding or succeeding bre�ch tl�erec�fa �r of �ny athex-covel�a�st or prowisior� hei�ein cc�a�tai�7ed. �4. I2�lationsh,%�� of Parties. Tl1is Agreement is a purcllas� and sale ���•�e�r��nt c�n1y. Th� par�les l�er•eta,eacl�of wl°�oin is represe»ted by separate 1eg�1 caunsel,dc�not iB�tend k�y this Agreement to create a�1gf p�rtnersl�ip}jc�izzt ve�-�ture,or�a�•ia�cipal ar�d�gent relatio�isl�ip(a��d�aothi���l�erein shall l�e cc���strti�ed tc� cre�te ar�y'such r�Iationsl�ip}; 35. �o�nte�rarts.Tl�isAgr�ement���Xst be mat����lly sig��ed�t1d ir�itialed by Sellet and B��y�r (ancl ��na� not be electrc�n���11y c+r digitally s�gned and initialed by tl�� parties). This Ag�°eelr�et�t rr�ay t�e executed in c�ne c�r mrare eoua�terp�rts,each t�f whicl� sl�all be dee��aed an c�ri�inal, I�t�t ai� of wl�icl� tc�gether shalt �c�nstitute one ar�d the same instrument; T1�e R�AI,L^;STfiTEPURCIT:�15i3ANi�'SALEt1Gtt�GMCNT Page 15 CI1'Y O�TLLDDINGI TG�It1`�t50[L INbCJSTRIAI.INC. execlatic�n p�ges caf cau��ter��arts�nay kae attacl�ed to aa�y one co�y oftI�e Agreernent tc�form a sin�;ie, cc,m�lete dc�cument. The parties agre�tl�at t�xe tr���smrssiot� �f� si�ned copy c�f tl�is A��eement via e-rn�il s1�all constrtute ��ecutic�n alld delrvery l��rec�f, a.nd tlrte par�i�s agzee tc� deliver c�iigi���l ink signed cc�unterparts as soon as re�sanably pc�ssib�e thereaft�t�. 36. Incor��ration bv 12eference. A�l recita�s, exhit�ita a��d sched�Ies tt� th�s A�r�ement are incop:porated herern by this reference. 3'7. G�ave�°nin�Law. Ju��isdiction ancl Venue, Tl�is A�reer�nent shall be gc�verlied b�f and co�astrr��d in accur�a��ce witl� tl�e �aws of tl�e State of Califc�rnia(witl�o��t givi��eff�ct tv tl�e cc�nflict c�f law prc�visaons r�f sucl� Stat�J. Any proc�eding bro���ht b� eitller"F'a�-�y agaitlst tl�e otl�er or ar�y dispi�t�arising out�fthis Agreemet�t or any�n�tter re]ated tl�ereto in��st��e L�t°otilgl�t in tl�e court�ofthe State ofCalifoPlzia it� �hasta Cot�nty. aelier and B�tyer herel�y {a) accept aa�d consent io tite excl��sive j�arisdictio�� t�f tlae cc��ax�ts refer�ed ta i�� tl�e �arecec�ing sente�7ce, (b) waive any objectic�r� tc� tl�e jurisdiction of t4�e above-ref�rencec� cc�urts,and(c)w�ive any c�baecti�rns ta ve����e i�1 t]�e above-ref�re��cetl cor;lrts,whether based «pon�`ocurn t►on conveniens or a�ty c�ther gro�tnd�. �8d T�rr�e:T��ne is c�fthe essence with t•espect tc� eaclz az�d ev�i•y ter�n and condition o�`t[�1s Ag��ear►e��t. 39. II��y�and �Io1id��s.All references in this Agreement tcr the word `td�ys,"whet��►er f�r nc�tices, scl�ed��les, p�rfor�nance, c�1 other rniscellaneo��s ti�ne limits, sl�all �t ali tirnes mean calendar days, cas�less speci�cally re�'e�enced �s "busi��ess" ciays. Bt�sit�ess clays are Mo��day tl�p•ougl� T'�°iday, except 1ega1 t�c�Iicl�ys. In the eve��t any date fc�l- perfotmance of a��y €�bti�;at�c�n c�r the givin� c�f any nc�tice pursuant ti� this Agreetner�t c�ccurs trtl a Califcarni� state o�fed��•�1 hc�liday c�r c�n a �aturd�}� c�r S��nday, tCle��tl�e ��ext bL�siness day shall be cleernecl the applical�le ciate f�r perfc�rma��ce oY�notice. �0, �"a�rce Majer�re.Any preue�7tian or delay ir��rerfotrnance due tca 1�bc�r clis}�utes,�cts of C�od,fire or c�tl�ec�c�sr:za�ty,acts c�ftera•c�rrsm or war;pandegnic(incI�xding,b��t r�at limited to,th�e cur�•ent C�VID-I9 pant�emrc),gove�n��tental actions or c•e�trictions{otl�er than acticst�s or restx•ictions impos�d o��taken by S�ller), i��abi]�ty tc� obtain service�, labc�r, ar �naterials (iraciuding, b�at��at lirnited ta, tl�e services c�f the �s��ow Age�7t,Title Ccanlp�s�:y,c�r Sl�asta Cc�u��ty Recca�-der as� res��lt e�i`office cl�s�xres o�° ot]-�e�•wise}; c�a•c�tFier cau�e� {�xcept�na��ci�1) beycsa�cl tl�� reasc�nabl� contrt�l of`tl�e l'at`ty obligated to p�rfc�rm (eacl�art�r event c�f"Force Maje�tre"} sh�l1 exc��se the pet�fc�rm�r�ce by that�'a��ty fc�r a p�ric�d ec��ral to tiie prev�ntic�n o�� delay.Any de1��r in Seller's cietrvery of the Pr•crperty I�ac�,�t�e��ts tt� B�yer cac�sed by i'o1•ce 1Vlajeure shall�uto�natically exter�d the D���Dilige��ce T'eriod and tl�e Closing Uate by a [ilce��un►l��r of ciay�: Sig�cttur�e Pcrge tc�Fvllo�v R�AI,�13STATE PURCi-tA5I3 AND SAL�AGI2GCMCNT Page 17 CITY C71�RCt3131NGf TG�CINJSOTL INDUS`I"12IAC,ING. BUY�R: SELLT,R: TECHNrSC�IL]NDUSTRIAL INC., CITY OF REI�DING, A Delaware co�.po��ation a mut�ici�a��cc�rpc�ratic�n � �� � -�-� �,� .. • � �. �yi By; 4� Its. �.�,�,�� Its: � � .� � �� r�at��: `� , � �' r��t��: � � ���� � � . .. ��� . � . �. �. , � � ,. �wyr��--""a. �' �`�� � � . � ,.r .., . 1'�,�r"� r" .."���F�LE��Ti�'�C3�J, �i�y�I� C��t�hen �t�ahr ,�s�is��n� �i�y Att�rn�y REt#L LSTATE PURCHASC AND-SALE AGRr�MENT Page 1 S CITY OF RGDDING/'('GCIIN1SOtL INDUSTRIAL INC: Exhibit A �.,��.ar:��... ��� ���'�Q� All that real prc�perty situate within a portion of the Northeast c�ne-quarter af Section �6, Township 31 N�rth, R�nge 4 W�st, Mount �ia�alc� M�ric�ian, City af F�edding, Cc�unty c�f ShasCa, S��te af Califc��•nia being mt�re;p�rticularly described as fo�i�ws: Parcel �.2 as shown c�n the Stillwater Business Parl�P�t~cel l�ap PM 5-(l7 &PD 4-{l'7 filed c�r� 1VIay 8, ��{�8 in Bc�c�l€37 of Parcel M�ps at Page 93,Sl�asta County�tec�rd�. Containing 25.��. �cres more�r less. API� (�54-2�{�-0�}4 Exhibit 8 RECtJRDING �EQUESTED BY: �ity ofReddi�t� WI�EN R.ECt)1�DED MAIL I7C�CLTIV�ENT ANL TAX STAT� NT Tt�: City Clerlc City c�f Reddi�lg 777 Cypre�s Avenr:�e R�dding; C1��6001 TI-I�ri[�tFrlABt?�G IS RESERVCD T+�R RC+CORC?FR'S II�� f�.�'.�; �J�4-��C1-��� LJ�1�Lt�� THE UNL)ERSiGN�C}G12ANTt�Ft 1�ECLARES: Docurnertt��y Trartrsfer T�x- City of Re�ldi���EXEMI'°C-Rev.&Tax.�.A." 11932(Tr�nsfer Involvin�Goverr�tnent Entih') NC}F�E-C"I'1""Y�3tJStNESS-Gc�v,Code'G103 F{JR VALUABI:.� CCINSZI�ERATION, the receipt e�f w�rich is l�e�eby ack��c��ledged, CI'I'Y C�F l�lCll�ING, a Murricip�l Cc�rp�ratiola H�REBY REMIS�, LEA�E ANI3 FC)REVER C�I.l1"I'CI.,AIM tc� T�C�INIS+(�IL INDUS'I' II�TC. Tl1e follc�wing d�s�ribed ���1 prc�perty in the CITY C.IF REDDINC, �ou�i�y of Shasta, Sta�e c�l C�lifornia: � I'a�•c�l 12 as s1lo�rrz7 or� t17e 5ti11water:Business P��.lc P���el Map PM 5-07 &F'1� 4-�'7 filed on May 8, 2�08 in Boak 37��Parcel NCaps�t Page 93, Sl��sta Cc�u��ty T�ecords. GRANTC�R. CITY t�F �►II�►IN(� DATED: , 2(l25 BY: JACK MUNNS, MAYQR �TTEST: I't�RM APPRC}�VV�I� SI�ARLENE TIl'TC}N; CITY CLERK C1-�RISTIAN CURTI�, GI`�Y ATTf�12NEY GI �" Y C� F � � �- ' � ° � � i � CITY OF REDDING �� REPORT TO THE CITY COUNCIL MEETING DATE: May 6, 2025 FROM: Jason Gibilisco, Management ITEM NO. 4.1(b) Assistant to the City Manager ***APPROVED BY*** ���m rt �.� s.N,.�� �� �„�,� 7�aso.��Ci� e c�,�.�: a��a�.caaiu�t t�+sivi�i�t t�tlr�C.i4Y�7t7r�n�ux� �:,�,7�25 lIa}?ITi,�"1 � dll �;� `?/,`?/7d��i� jgibilisco@cityofredding.org btippin@cityofredding.org SUBJECT: 4.1(b)--Purchase and Sale Agreement with Technisoil Industrial Inc. Recommendation Authorize and approve the following: (1) Approve the Real Estate Purchase and Sale Agreement (PSA) with Technisoil Industrial Inc., for 25.41 acres of City of Redding-owned property located at 6155 Venture Parkway, Stillwater Business Park Parcel 12 (Assessor's Parcel Number 054-260-004), for the appraised value; and (2) Authorize the Mayor to sign the PSA and other documents needed to complete the sale and transfer of the property. Fiscal Impact The sale of the property is for the appraised value, subject to adjustments for closing costs, escrow fees, and broker's fee. The net proceeds wi11 be deposited into the General Fund. Alternative Action The City Council (Council) could alter the terms of the Purchase and Sale Agreement or choose not to sell the property at this time. Background/Analysis Technisoil Industrial Inc. (Technisoil), has submitted an offer to purchase a City of Redding (City) owned property located at 6155 Venture Parkway (Assessor's Parcel Number 054-260- 004), also known as Stillwater Business Park Parcel 12 (25.41 acres) as depict�d in the attached location map. Technisoil is planning to build a manufacturing warehouse and global headquarters to house their new pavement technology operations. The listed property is part of the Stillwater Business Park planned development. The basic terms and conditions o�the agreement include: Report to Redding City Council May 5,2025 Re: 4.1(b)--Purchase and Sale agreement with Technisoil lndustrial Inc. Page 2 • Refundable deposit of$10,000; • Price to be based off current appraisal; • Due diligence period of 60 days; • Closing shall occur on or before 30 days following the due diligence period; • Split escrow fees; and • The City will pay a broker's fee of three percent on the purchase price. The Property was declared exempt surplus property on October 6, 2020, by Resolution 2020- 119. EnviNonmental Review The sale of City-owned property presents no significant impact on the environment and is therefore categorically exempt from review under the California Environmental Quality Act G�uidelines Section 15312 (Surpl�us Government Property Sales). Council Priority/City Manager Goals • Economic Development — "Facilitate and become a catalyst for economic development in Redding to create jobs, retain current businesses and attract new ones, and encourage investment in the community." Attachments ^Location Map ^Purchase and Sale Agreement