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Home My WebLink About _ 4.1(b)--Purchase and Sale agreement with CAS Redding LLC GI �" Y C� F � � �- ' � ° � � i � CITY OF REDDING �� REPORT TO THE CITY COUNCIL MEETING DATE: June 16,2026 FROM: Jason Gibilisco, Management ITEM NO. 4.1(b} Assistant to the City Manager ***APPROVED BY*** �� v 3,�� n�.,, �„;��; w � � � � �� ,,�� 5� � �' � �� µ�,��, 7t�su��Ci' i c�,� a��a��eaaic�t t�sitii�nt�t�tlrwGitty hSt7r�ag�x �:&:�(12�r G�'�F�Il�t1��'�1'�t�x �'��1��II�g�r � . C�f 10/Zt72f� jgibilisco@cityofredding.org wtarbox@cityofredding.gov SUBJECT: 4.1(b)--Purchase and Sale agreement with CAS Redding LLC Recommendation Authorize and approve the following: (1) Approve the Real Estate Purchase and Sale Agreement (PSA) with CAS Redding LLC, for 4.35 acres of City of Redding-owned property located at 6950 Lockheed Dr (Assessor's Parcel Number 056-610-004), for the appraised value; and (2) Authorize the Mayor to sign the PSA and any 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 and escrow fees. The appraisal will be ordered shortly after escrow is initiated. The City of Redding (City) is obligated to expend the amount realized from the sale of the property for specific items or improvements at the Redding Regional Airport within five years of the close of escrow. Alter�native 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 CAS Redding LLC, has submitted an offer to purchase a City owned property located at 6950 Lockheed Drive (Assessor's Parcel Number 056-610-004), as depicted in the attached location map. CAS Redding, LLC is a real estate investment LLC which leases property to CaptiveAire. CativeAire manufactures commercial kitchen ventilation systems that include fans, heaters, duetwork and HVAC equipment. Report to Redding City Council June 8,2026 Re: 4.1(b)--Purchase and Sale agreement with CAS Redding LLC Page 2 CaptiveAire is planning to expand their operation at 3607 Thunderbird Drive onto 6950 Lockheed Drive. The basic terms and conditions of the agreement include: • Refundable deposit of$10,000; • Purchase price to be based off current appraisal; • Buyer to reimburse seller for the cost of the appraisal at the close of escrow; • Due diligence period of 180 days with option to extend due diligence period an additional 180 days; � Closing shall occur on or before 30 days following the due diligence period; � Close of escrow is contingent upon the buyer securing all necessary discretionary entitleinents to develop the property at the buyer's sole cost and expense; and • Buyer and Seller to split escrow fees. The Property was declared surplus property on Apri17, 2020,by Resolution 2020-034. Environmental Review The proposed action is exempt from the California Environmental Quality Act (CEQA)pursuant to the common sense exemption under CEQA G�uidelines Section 15061(b)(3), as it can be seen with certainty that there is no possibility the sale will have a significant effect on the environment. Council Priority/City Manager Goals • This is a routine operational item. Attachments Location Map Purchase and Sale Agreement Resolution 2020-034 6950 Lockheed Drive � Y' 6,. � # � � � � Y �"..� �a,Y.,,.,��.. � �4 � q�� §��. :�"�` ew"�..�, � ��z + { $7 `� ��• r t �� t a , � �... �" '�, ,� � t�`'�ai �, �� a"�e` yYa tlffis ti ) 1��5 ,, ' x* � i ' C � � 4^`,�S„ :,� . '� uS t x., i } J {l yl� � R �. ' � t, w� �. � x . ' � �, � _: ,��> ; � �,, ��, . �.,, E f�,, � �� . . r � , ,t� i}, e.s„ n �,,, '? S� .... . . ' ... � 3�� g {l ££ �. 1 �Y 2 t1 l i „ t{4 vi;�,. `,i'ti. S,as�y�� 4 3 � r.' ��; t 5 _ ,, w, ,,,. ��. �., ,� .. ', �i �� r,,, c,� t; �i;', > � i ;t � � . ��. � ,.,^;;t, ..�a �9�:,. '�,`��.�,.:�Y,,,�. .=<�i=,. � ��M�,}i1; .i' &. � 10/7/2024, 4:22:13 PM 1:2,257 � 0 0.0175 0.035 0.07 mi Parcel �ti �, �,T, � , � ,!, GIS Number o 0.03 o.os 0.12 km Redd�g GIS � � Sources Esn,HERE,Garmin,intermap,incremenY P Corp.,GEBCq USGS, Internal Map Viewer City ofRedding GIS REAL ESTATE P�RCHASE AND SALE AGREEMENT This Real Estate Purchase and Sale Agreemet�t ("Agreemer�ti''), dated for referen,ce purposes only as of ,2026, is made by and between the City c�f Redding,a municipal corporation ("S�ller"), and CAS Redding, LLC., a North Carolina Limited Li��ility Company {"Buyer"}, (collectively the "Parties" c�r individually a "F'arty"). The latest date for which this Agreernent is mutualty executed and delivered by both parties is hereinafter referred to as the "Effective Date." CiTALS A. Seller is the owner of that certain;real property located in the City c�f Redding,County of Shasta, State of California, commonly known as 6950 Lockheed Drive,Redding,,California 96002, and Shasta County Assessor's Parcel Na. 056-610-004, and legally described as follows: Parcel4 as shown on the Redding Business 1'ark Subdivisic�n Map 5-2-92 for the City of Redding, �led April 12, 1994 in Book 21 of Maps at Pa�;e 42, Shasta County Reeords, and more particularly described in Exhibit "A" heret� (the "Property>') and E�hibit"B'>. B. Buyer desires to purcl�ase the Property fr�m Seller; and Seiier desires to sell the Property to Buyer, on the terrns and conditians set forth herein. NC1W,THEREFORE, Seller and Buyer agree as follows: 1. Propertv Purchased and Sc�ld. Se11er agrees to sell and convey all of Seller's rights, title and interest in the Praperty to Buyer,and Buyer agrees to purchase and accept the conveyance on all af Seller's rights,title,and interest in the�'roperty from Seller, c�n the terms and canditions set forth herein. The Property shail include aIl of Seller's rights, title, and interest, if any, in and to (a) a11 buildings and improvernents Iocated on the Property,(b}al1 water,mineral and other rightis appurtenant to the property, to the extent owned by Seller, and (d) the Seller's interest in a11 transf�rable perrnits and Iicenses, if any, relating to the Fraperty. 2. Purchase Price. 2.1. The purchase pric� for the Prc�perty shall be the fair rnarket value of the fee simple estate in the Property; at its highest and be�t use. Such value shall be determined by appraisai as of a date that is no earlier than sixty (60) days prior ta the Effective �air market value shall be determined by an independent, qualified real estate appraiser selected by the Seller; and ir�ac�ordance with the generally accepted appraisal standards, including the Uniform 5tandards of Prafessianal Appraisal Practice. For purposes of this Agreement, "fair market value" rneans the highest price, expressed in terms of mone�, that the Property wauld bring if exposed for sale on the open market for a reasonable period c�f time;with both buyer and seller acting prudently, knawledgeabl�, and without compulsian, and with full knowledge of all uses and purposes for which the Pr�perty is adapted and eapable.The Seller shall ensure that the selection and engageynent of the apprais�e is conducted in a rr�anner intended to ensure independence and to avaid any appearance of waste, favoritism, or noncornpetitive practices. 2.2. The Se11er shall retain an appraiser to appraise the fair market value of the Property as provided for herein(the"Appraiser"),;Such Appraiser shall be an MAI Designated mernber REAL ESTAT�PURCHASE ANI3 SALE AG[:EEMENT Page 1 CITY O[REDDINGI CAS REDDII�IG,LLC. of the Appt•aisal Ii�stilute ("MAI"} who has a w�nin�n�u��n of ten {I0) years of experience appraising sicnilar prapei•ties witlYin the State of CaliFornia. 2.3: The analyses, opinioa�s,and conclusions of tlze Appraiser slaall be basecl upon; and the Appraisal Re�art shall be pc�epar•ed in conforinance witll, ihe �;L�idelicies and reco�ninendatic�rts set forth it7 the L1niFor��a1 Standards c�f Prol'essional Apprais�l Pr�ctice;and the rec�ui�er-nents c�Pthe Gode af Profession�l Ct(7ics and Stanclat•ds af Professiona[ /appraisal Pcaciace af the App�aisal t�lstitute. Buyer�nd Seller shall be i��fended users ofthe appraisal and Apprais�l Repori:. 2.4: T'he appraisal anci Appra'isal Reparl sP1�11 be campleted nc� later thaw�c sixty{60) d�ys Collowi►lg the �t�Eective Date. Seller shall prc�vicie Bcayer witll a copy of Che �.ppraisal Report pr�cnptly Cotic�wing tc:ceipt there�f frorn the Appraiser. The fair market value of the Pioperty as set f�rth it� tihe Appraisal Repart shall be the purchase pr�ce for ti�e �roperty {the "('�:�rcl��se Price"). I1' I3��yer ci�cs nc�t approve oI"tihe T'urchase I'rice as deteri�nined by the Appraisal Report, Buyer shall h�ve the right to tera�ainate this Contrzct within live (S) business days of Buyer's receipt of the �-lppraisa9 Repart. Cf Buyer ter�in�nates ihis Coniract under tl�is Paragrapl�a by providing noiice to 5eller, a11 ret`unclabie�arnest Money, less the cost ol'the app�aisal,shall be retur��ed to T3cryer ar�d tlYe parties sirtall be relieved of any further abli�at`rnns hereur►der, 2.5, At tl�e Close of Escrow (as delin�d be(ow), �uyer shall reicnbLatse Seller for oile h��nd�ed percent(100°l0)c�f the cost ofitl�c appraisa! and Appr-aisal Repo[�t thro�►gl�tl�� scrow(the "Appr�isal Cost"). 3. �"ayme�'k�Tlepasit. Buyer shall pay the I'urchase Price to Seller fil�rougll the Cscrow as follows: 3.1. Witllipl five (5) bc�siness days I=o1[c�wing the EfCective D�te, Buyer shall deliVer to the Escrow Agent the sum of Ten Thousand C?c�llais ($70,0(70.00) by wire transfer or other i�nrnediately avaiiable funds {tl�e"Dc.posit"). The II:)epflsit shall be applicable(1) to the ['urchase Price upon the Close of Esct�c�w, s[1o��(d that occur, or (b) reCutlded to the Buyer if tf�is �1:�reement is ier��ninated by�ny Party without cause prior to tl�e �xpi�°ation of�he Due diligence Perioc( and Se[ler has not yet incurced tlie Appraisal Cost, or(c) paid to tlie Seller as lic�uidated clarna;es, in eacll case as atllerwise provided l�erein. 3,2. At Ceast lwa (2) bc�siness day priar to the Close ofEscrow, B�ryer shaal deliver to the �scrow Agen� cash or other irninediately avai[able furads in ai�t arnc�ui�t eqtiral to the PLarchase Price, less tlte Deposit (the "I3alance t�f the P�archase ['rice") and irntnediately avail�ble funds ir� ti�e acno�ent sc�fficiec�t to reitnb�rrse Se(ler�for ihe�lpprais�l Cost. 3,3. The Purchase Price, less all clrar•ges to Seller's accaunt pravided fa�- ��erein, will 6e distributed to Sellet•f��orn 111e Escro�u upoi�the Close of�scrow. 4. Permit A,�aprov�l Contin�ency. Purchaser's obligation to close escrow is contit1ge11t �.�pon P�,�rcl�asec obtainir�g, ati Purcl�as�r's sol� cost at�d expense; a11 discretranary ent�tle�n�lzts necessary to ailow Pcrrcl7asec tc�develc�p the Praperty, incl�rdixlg applicablc site development pian, Ur zoning clearaiices (co[lectavely; "fipProvals"). Purchaser shall use c{ilig;ent, g�od faith eFForts to obt�rn the tipprc�v�ls within the DaGe �ili�ence f'eriacl (as may be ext�llded pLMrsuant to this Agreemen�). �n 1;he cverat Purchaser �s unable to abtain tlze Approvals withi�s the Due Diligence Period, Purchasei• anay RCF�L GS'I'A'I'[i FURCEtASG AND SttC.E AG[2E;C'MGNT t'age 2 C[TY�['RI�CJDING/CnS RI;f�D[NG,LLC. terrr�inate this Agreernent by written natice to Seller prior to the expiration of the Due I7iligence Period, in which case the Deposit shall be returned to Purchaser. For purposes of this Sectian, ``Approvals" sha11 not include ministel�ial building permits or other appravals issued as a rnatter of right following discretionaty approvals. S. Escraw. Within fc�e (5) business days following the Effective Date, Buyer a1�d Seller shall apen an escrow (i`Escrow") account with Placer Title Coinpany, 2145 Larkspur Lane, Suite A, Redding, California 96002, Attention: Nar�na Chicoine (the "Escrow Agent'"). This agreement shall constitute escrow instructions to and for the benefit of the Escrow Agent to facilitate the Closing (as defined below). Priar to the Closing Date; Seller and Buyer may each give any additional written escrow instructions to the Escrow Agent�hich are reasonably necessary ta accomplish the Closing in accardance with this Agreelnenfi prc��vided that, in the eve��t of any cnnflict between any such supplernental escraw instructions and the provisions of this Agreement, the provisit�ns of this Agreernent shall control. �. Close of�scrow. Deliv�ries 6.1. The purchase anc� sale of the Property will be acc�mplished thro�gh the Escrow.Se11er sha11 convey title to the Froperty to Buyer by Cirant Deed in the form attached hereto as Exhibit "C'> (the "Grant L�eed"). °`Close of Escrow" �r "Closing" is defin�d to be the date the Grant Deed, is recorded in the t�fficial Records of Shasta County, California (the `°Official Records°'). The Grant Deed sha11 he recarded and the Escrow shall clos� thii-ry (34) days following the expiratian af the Due Diligence Period(as defined below){the"Closing I?ate");provided,ho�vever,that Buyer shall have the right to elect an earlier Closing Date if all conditia�ls to Closing, including Buyer''s contingencies set forth in this Agreement, and Buyer's and Seller's obligations set forth in Sections 12 and 13 below, or el'sewhere herein, are satisfied or waived by such earlier Clasing Date. 6.2. Se!]�r shall d�posit the follovving iterns �,vith the Escrow Agent at least twa business (2) days prior to the Close of Escrow, and shall cause such items to be recorded and/or delivered to Buyer at the Clase c�f Escrow: 6.2.1. The Grant Deed,duly executed and acknowledged by the Mayor of the City of Redding on behalf of the Se11er, approVed as to form by the City Attarney, and Attested to by the City Clerk, canveying fee title to the propei�ty to Buyer, subject anly to the Approv�d Exceptions (as defined below}; and 6.2 2. Such ather certificates, assurances, consents and documents as aie usual and customary in Shasta Caunty, California andlar as rnay reasonab]y be required b�the Buyer, Escrow Agent, or Title Company in connectian with the cansummatic�n of the transactions contemplated hereby, including, but not limited tc�, any affidavits or other instruments required by the Title Compa��y to enable it to issue the Title Policy (as defined below) to Buyer (provided, however, that Seller shall not be obligated to pravide the Escrc�w Agent ar Title Campany with any indeinnity agreernent, or any owner's affidavit, information statement, ar other representatian ar warranty, in orc�er to induce the Title Compan�to issue the Title Policy ta Buyer hereunder). REAL ESTATE PURCHASEAND SALEAGI2�EIvI�NT Page3 CITY(7F"REDDING/CAS REDDING,LLG: 6.3. BL�yet� shall clepasit the follc�wzng items with tlze �scrow Agent at least two business{2)days prioi°ta tl�e Close Qf�scrow;and �l�all,except for�he funds provided ior i�a sLabsectioi� 6.3.3, caLcse sucP� iten�s tc�be delivered to Seller at tl�e Ciose of Escraw: 6.3.7 The T�alance oftihe Purchase Price i17 iin�i�edi�teiy available fu»ds, G.3.2 Ia»a��ediately avazlavt�1°unds i��an amocant s��Ft"icient lo rei��br,�rse Seller fbr Apprais�l Cost; 6.3.3 i�7�a�lediately available fu�lds it1�n amaunt sul'ficie��t tio pay the fees and costs payable by Iiuyer ur�der tl�is Agi.ee��1e»t in additian to tl�e�lppcaisal Cost, at�c� 6.3.4 SLich other and further c�rtiCcates,assurances,conse��ts and doc��snents as are usual and custon�ai-y in S�Zasta Cou��ty, California 1nd may reas�nably be iryequir�d by Seller;t11� Escrow Ageaat,or Tit1e Cot�l�any 'rn can��ectioat wit11 tEte coazsu,n�nation ofthe tclnsaction conternpl�ted hereby: 6.4 Immediately followir�g the�•ecc,rding of tl�e Gi:ant Deed,th�Escr�aw Agent s(��I1 (a} disburse the Purcl�ase I't•ice, less aJl charges tc� Seller's accoutlt pro�vided for he�ein, to Seller; (b) distrilaute aily and all conveyances, assi�t��nents and aCl ath�r instru►�iea�ts and docu�l7entis as may l�e reasonably �recessary iX1 order tio coa�plete tl�e trai7saction herein pzavidec� and ta carry out tlle i�7tent a�ad pur�oses oftillis Agi•eet17er1t. 7. Title. '7.1 Seller�halt cnt�vey tatle to tl�e Propexty ta 13uyez•by tl�e Gra»t Deed, subject ta all coven�nts, co�rditiaz�s, restrictions; i�esei•vatiac�, encu�nbr�.nces, aY�►d otl�er nratters affecting title to the F'roperty,tlxe imprave�ne��ts iliereon,ae�y intecest thet•ein,ar any po�•tion thereof, wl�ether ar ��ot of recot•d. B��yer sliall obtain the Title �'o.l�cy described in Sectian 8.7 below for the pti��•pases of insuri��g tlle l3Lrye�•'s title to tl�e Peaperty. $. Pa°eliminary Title I2enart, Title Insurance. 8.1. Title Report, Se,lle� slzall be responsible, at its awn expense, far o�tainin� a prel�inirxary z°epo1-1 issued by tlle Title Con�parzy eovea•i��the P'�•operty and best available copies ai`atly and �II instt•utnents referred to therein �s constituting exceptiolls; conditXa��s or 1:estricti�ns itpon title tc� fil�e Pr�perty �nd best available copies af any �nd a]( rnstrl�aaaealts referred fia therein as consti�Lrting exceptzons; cot�►ditions or restrict�oi�s upon title to tlle P�•�pei:ty (°`Tit}e Report"). Witl�in ten (1 Q) busrt�ess days followix�g the�ffective Date, Se11e�-sl�all order a Tit1e l�:e�ort and e��ure it is deliVered to 13�ayer aCtey it is issued by tlae Title Campa��y. 8.2,Su�vev. If I3tayer so el�cts, Buyer n�ay ordar�n �xpdate of the �xisting Survey (66Updated S�arvey'>) at Buyer's sale cost. 8.3.Tiile (J�jectioils. No lalei• th�n ten {10) busi7�ess days pr�c�r to tl�e expiratiot� 01' the Due Diligence 1�eriod, Buyer s�1�11 pravide written notice to Seller disap�roviilg any title maCters set fortl� i��the Title I2eport�x7d tl�e Existirl� Survey (or tl�e RGAL CS'I'A'1'E PUt2CtiASL:hNll S�ILEAC,i2EGMGN'1` Pagc 4 CCTY OI RGI�L7iNGl CAS RGDDING,LLG: Updated Survey if obtained by Buyer prior to the Due Diligence Period) (4GBuyer's Title Notice").IfBuyer fails t�r provide written notice, Buyer shall be deemed to have accepted and approved the matters set fo�-th in the Title Repart and the Existing Survey or Updated Survey. Setler shall have five (S) business days {"Seller's Response Period") after rec�ipt of Bu�er's Title Notice to notify Buyer of Seller's intent tio cause any iterns disapproved by Buyer to be remaved c�r cured by the Close of Escrow. Tf Se11er fails to notify Buyer within Seller's Response Feriod that Seller does not intend to cause the disapproved iterns ta be removed �r cured, then Seller shall be deemed to have not agreed ta remove or cure such disapproved items. If, within Seller's Response Peri�d, Seller natifies Buysr that Seller does not intend to cause the disapproved items to be s�removed or cured(or �s deeined to have agreed r�at to remove or cure the same), then Buyer shall, by the later of five (5) business days after the expiration of Seller's Respons�Period ar the expiration c�f the I?ue Diligence Period,whichever is earlier,either waive Buyer's abjections to those title matters tha� Seller has not agreed to remove or cure, or terminate this Agreement upan written notice to Seller and Escrow Agent. If this terrnination is effective prior to the expiration of the Due Biligence Perir�d, Buyer shall imtnediately receive a full refund of the I)eposit, neither Party sha�l haue furtller liability or obligatian hereunder, except as otherwise expressly provided hereunder. $.4.Ap�roved Exce tp ions. Any title inatters approved b� Buyer {ar for which Buyer has waived an objection}pursuant to Section 8.3 above, all matters caused, cr�ated, appraved or expressly permitted by $uyer in writing, and all non-delinquent general and s�,ecial real prope�ty taxes and assessments for the current fiscal year are referred to herein as the"Approved Exceptrons."Notwithstanding the preceding sentence, Section 8.3 abc�ve, or any other provision af this Agreement to the contrary, in no event shall Apprt�ved Exceptions incIude, nai• shall Buyer be required to provide any objection to, any of the following(ccallectively; "Monetary Liens"): (a) any mortgage, deed of trust, or other instrument securing any financral�bligatian of any�'arty�ather than Buyer,(b)any tax liens, abstracts of judgments,lnechanics' liens or similar liens or encumbrances which require any monet�ry payrr�ent to remove or release, (c)the lien of an�delinquent taxes or assessments,ar�d{d)any natices ofdefault,forecic�sure notices,or similar notices reflecting any action being t�ken to assert or foreclosure up€�n zny lien or encumbrance. 8.�.Sel`ler's C}bli�ation tc�Rernove. Seller;at its sole cost and expense,shall be obl�gated ta remove and release, an or before the Close of Escraw (and without any independent right to �xtend the Closing Date), (a) any inatter wl�ere, pursuant to Section 8.3 abave,, Seller has agreed, or is deeine�i to have agreed, ta remove, (b) any Monetary Liens, and (c) any additional title encu�nbrances or exceptions (whether or not such constitute a Manetary Lien) which become known, arise, or are created following the expiration of the Due Diligence Period, other than those placed on the Property by Buyer or otherwise accepted by Buyer rn writing notifying Seller that r►eed not rernove ar release the matter. 8,6.Title Ubdate or Supplement.In the event any update of the Tit1e Report ar the Existing Survey (or Updated Survey}, if any sht�ws any new matters or conditians affecting title to the I'roperty not set forth on the original Title 12eport or Existing Survey {each, a "New Title Matter"); then, nc� later than the later three (3) business days after Buyer's receipt of such updated Title Report, �uyer shall have the right to object tc� any such matter, in vvhich event the same pracedures for response, terin�nation and waiver set forth above in Section 8.3 and Seller's abligations with respect to Monetary Liens shall apply to eaeh New Titl�Matter. REAL ESTATE PLTRCHASE AND 3ALE AGREEMENT Page S CTTY OF REDDING/CAS REDDING,I.LG. 8.7.T�tle Ia�suraclee. Seller s17a11 c�t�se Tztle Co�npany to co�n��nit to isst�e to B�ayer at the Close of Esclow an ALT�1 standard cov�rage owner's policy of title ir�surai�c� (2006) insuring fee title tcr the Property vested i�1 Buyex; subjecti only to th� Apprc�ved Exceptioi�s,witl�coverage in�n amount ec�ual ta the Purchase F'rice and sucl��i�dorsements requested by B�tyer(collectively,the``Title Policy"j. 9. Se�ler's Pro ert Llocuments. Witl�in ten (10) days fallowiz�g the Effect�ve I7ate, Seller shall deliver the following to Buyer. (a) a Natural I-�azard Disc[asure Report witli respect to tl�e Pr�perty> (b)a Tzile Repart if any, and (c) true, ct�trect a�7d cainplete copies of aily per,nit�, ap�rava[s and ot[�er iterns z•elatir�g ta gover��e,7ta1 entitleinents; �ny en�inee�•irlg, geological, �rc}�eolo�ical; bic�l�gical studies, soils,or other studies, tests, or reports; �ny environanental and taazar�c�us inateria( reports and notices; copies of �ll leases �nd contracts, if any, �ffecting the Prc�perty and any amend�ne��ts or side letiiers thereto; tax and assessr�zent staten�ents� public 1latices pertaining to t17e Prapeity; all "Pl�ase I";, "P17�se l:i" and oll�er �tud�es, assessrYle��ts, or reports a•el�ting to tit�e ez�virorn�e��tal co»dition oFtlle Property,asld al1 architectural,engilleeri��g,ga�adi»g and otl�er pla,�s a��d si��ri[ar data relatirlg tt� tL�e Property? any documents t°egarding any rted or tl�reatened Iitigation �ffecting or rel�ting to t��e I't��pei•ty; and a1�y ather tnzterial data�rzd inror•matiion abc�ut the Propetty in Seller's passession t�r are reast��ably available to Se11er(coll�ctively, "Seller's Property T)ocuanentis"j. ln tl�e ever�t Seller prepares or acquires any of tl�e foi•egoi��►g or simila� ite�ns after the Ef�'ective Date, Seiler sh�ll pra»�ptly delivcr copies tllereofta Buyer: 10. Ent Ins ectian and A rov�l Ri hts• Due Dil� enee Period. 10.1. ror purposes of tl�is Agre��►ent, tf�e te�•m "Due Dili�el�ce F'eriod" lneans tl7e period begJi�ning on tlle Efieciive Date axid e�zdia��; at 5:00 p.�n., loc�l tir�r�, �x� the ane-laundred and eigl�tiietl�(180`�,) day follawing tl�e�fi`ective I�ate u��less otl�ei•wise extended I�y tl�e I�uyer. Pric�r to the expira�ioil of th� Uue Dil`z�e��ce I'eric�d, Buyer s1�a11 11ave the unilateral rigl�t to extend the Dtite Diligence Perioci t`crr an additional c�ne-17��tadred ar�d ei�l7ty (180}days. Prior to t11� expiration of th� Dtte Diligence Perio�,,Buy�r shall �aotify �eller of its election ia extez�d th� Due �ilig�nc�I'e�•iod te11(10) days p�-ior to the expirat�on of tl�ie due dilige��ce p�riod. Prinr to tl�e expiratian af the Due Uili�ence Pex-iod.; 13uyei• and Buyer's ei��pioyees, �gentis, cons��lta��ts, independent contractors aild [��7dec°s sltall have tlle ��o►Z�excicisive t�igl�t ta eilte�• �xpon t[�e Property tic� conduct all rnspectiocZs and i��v�sti�;ations of tl�e Prc�perty as 13L�yer deexns necessar;y or advisable in its so�e discreti�n.Any sc�cl� i��spection car ir�vestigalion m�y only be condLccted aftea- providing reasot�able notice to Seller. Such inspectiorls a��d investigatioa�s m�y irrclude, but sl�a[1 not be 1i►��ited ta, I'17ase l, Pl7�se 2 and otl�er enviror�me�lial site assess�nents.�Il costs associated with sucl� xnspectians and iclvestigations sllall be bot��e by�3uyer: 10.2. �uye1:'s obli�ation ta purcllase the P�:aperty is expressly co��ditiiancd upon Buyer's approval, in its reasonable discretiotl, of m�etters relatiilg to the physical condition, �nvizonn-�ez-�ta1 cor�ditioa�,title, 1nd otlaex•objective cl�aracteristic� oftlle P��opezty disclosed by Sell�e's Prope��ty Docurnents at��/or any inspect�o��s or r��vestig�tions af tlle Property tl�at l3uyet elecls 10 �rndertaice.In the event Ei�.ayex�disapproves afiany suciY ite��t�s,Buyer s1a111 deliver written ��otice thereof to Sell�r arzd tlae Cscraw Agent on or befox�e the expiration of t11e Due I�iCigence Period. If Buyec•f�rls to deliver�writtel�notice of disapp��oval to Scller and tl�e Escrow A�ent witlh ill sc�ch titne period,II��yer KI3t1L LSTA1'G f'U12CI1ASL ANI?'SALL ACItliLMCN':1" 1'ageG C11'Y C�I"RCDI�ING/CraS R�DDfNG,LLG: shall be deemed to have approved of all of the Seller's Property Docurnents delivered tc� Buyer and Buyer's inspectic�ns and investigatic�ns of the Property,and this transacti�n sha11 prr�ceed.No approvaI or deemed approval of Seller's Property Documents and�uyer's inspections and investigations of the I'roperty shall relieve Sell�r from any liability or obligations for breach or default of any representation, warranty, co�enant or agreernent of Seller herein. If Buyer deiivers a written notice of disapproval t� Seller prior tc� the expiratian of the Due Diligence Period, then this Agreement shall terminafe, the Deposit shall be returned to Buyer,.and neither party shall have any further liability�r obligati�n under this Agreement except as otiherwise provided herein. 10.3. Buyer shall provide ta Seller, at no charga, copies of any s"rte speci�ic exploratory repr�rts inciuding sails and environmental assessments, if any, of the Praperty ar the improvements therec�n within f`ive (5) days following any tei-mination of this Agreernent. Buyer is under na obligation to prar�ide repoi-ts and analysis that is speci�c to future building(s) and or is proprietary in nature to the design and operations af the future buildings an�business. 10.4. Buyer shall, at Buyer's sole cost and expense, promptly repair any and all dainage to the Property ar any irnpr�ovements thereon resulting from any tests, studies, inspections and investigations perforl�ned by or on behalf of Buyer pursuant to this Section 10. Buyer shall als� inden�nify, defend, prc�tect and hold Se11er, and its elected officials, agents, employees, independent contractors, trustt�rs, trustees, beneficiaries, successors and assigns, and the Pr+uperty and improveinents thereon,harmless from and against any anc�all claims,demands,damages,liability,loss, cost or expense (including attorneys' fees, court casts and other reasonable costs of defense) arising out of or relating to �ny inspections or in�estigations of the Property or the irnprovements therecan hereunder, any act, ornission, or negligence af Buyer or any of its agents, emplayees, c+�ns�ltants, or independent cantractors in connection therevvith, and/ar any breach of Buyer's ob'ligations under this Section 10. Buyer's indemnity and defense obligations hereunder sha1l apply even if Buyer itself is nc�t negligent, Without limlting the generality of the foregaing, Buyer shall pay c�r otherwise remove any mechanic's,materialman's or othex lien recarded ag�inst the Property and/or an�improvements l�Y any Party providir�g l�bor, mate�iais or services at the request flf Suyer, �r any agent, �c�nsultant, �ar indep�ndenfi contractar of Buyer. The Buyer's obligations unde�this Subsectian 10.4 shall survive the Close of Escrow and any expiration, cancellation or earlier terrnination of this Agreelnent, however caused. 11. Seiler's Representatians and Warranties. Sellel• hereby represents and warrants to Buyer that the fallowing are true and correct as of the date hereof and,except as otherwise required or permitted elsewhere herein,sha11 be true and cc�rrect as at'the Close of Escrow; l l.l. Seller has the legal paw�r;ribht an�1 autharity ta enter into this Agreement and the instruinents referenced herein, and to consummate the transactions contetnplated hereby, and all requisite action (municipal or otherwise} has been taken by Seller in eonnect�an with the entering into o� ti�is Agreement, the instruments referenced herein, and the consummation of the transactions contemp�ated hereby. �eller's executian and delivery of this Agreeinent, and the perfor�nance of its obligatians hereunder, wi11 not (a) conflict with or vioiate any statute, law, municipal code, rule, regulatian, or palicy applicable to Seller or the Property, ar (b) violate or result in the breach or the termination of, or otherwise give any contracting party the right to terininate or declare a default under the terms of, any written agreernent relating to the Property ta which Sell�r is a party ar by which t�e I'roperty rnay be baund. This Agreernent and all documents required hereby ta be executed by Seller are and shall be valid, legally binding obligations of ai�d enforceable against Seller in ace�rdance with REAL�STATE PIIRCI3ASE P.ND SAL�AGREEMEIVT Page 7 CITY C?F R�DDING/CAS REDDING,LLC: their tei•n�s, suvject only to applicable, banlcruptcy, i��solvency, reQrg�i�ization, �noratQi�iuxx� ar sirnilaz- l�ws or ec�uitable principles aff"eetiz�g or I�i�riting tlle rights c�Fcor�tcacting parties generally. 11.2. T'a tl�e best o�' Seller's knawledge �nd bel�ef there a�:e 1�o recox•ded or unrecarded co��ttracis or agreetxlents t•el�tic3g to tlle aw�aership, accupancy, use; oper�tinn, '�naintenance ar perFari��a�ace o`f services ot�c�Y•witl�c•espeet to tihe 1'roperty, except as disclosed in the Title Repo�:i. 11.3, To the best of Se11er's knowledg� aw�d belieF tillere are no t�l�recc�rded le�sesA optio��s to purchase, cights of�rst r�eTusal, or otl�er cot�tr�cts granting t��e riglYt tc� pcircllase or lease the Pr:aperty i1� any way tl�►at will be binding o��]�I{operty at Closu7g. 11.4. To the laest c�f Sellea�'s knowled�;e a��d :belieF tlrer•e are no Monei;nry Liens; against, relatln�to, or otl�erwise affecting all or aily pc�z•tiotl of tlle �'roperty or any intei�est therein. l 1.5. Se[ler's Praperty Doc�rrnents are ax�d sl��ll be tirue, correct,and cozr►plete in al1 l��aterial respects,��1d�t•e �Il tl�e material documentis and i��fc�rmatia�� n Seller's possessio��t�r cantrol relating tc� t11e Property. 11.6, To the best of Seller's knowledge and belief; (a) there has been na, storage; treatment, use, d�spasa� ar release o�1 or under the Prap�rty of at�y Hazardou;s Substa��ces by �eller or a��y te�ant or previous owner or tenant oftl�e Praperty7 (b)there are no I-Iazzrda�ts Substailces p��sent in t�ae soil ai�d/or groundw�ler oai or under tlie Property;{c)there are na pending c�rthr�ate�led lawsuits; gover��ainen�al rt�vesti�ations or other �roceedi�l�s rel�tit�g iia ai�y way tca the presenee, st�rage, treat��?ent, dlspos�l crr release o�'aczy I=laza�•dous Substances o�a or under t1�e Froperty or any adjoining re�l px�operty;and(d)there have l�ee��7o ca��a��unicatians ni•agreernex�ts witl�any federal, state oz�local gc�vernt�ra�7ta1 agency or any private person or��7tity{including,witllot�t li,nitiation, ar�y przor owner of" tl�e Property or any adjaini�� c•eal property a��d any preser�t or forrner occupa�7t oftl�e Property oa•any �djoining real property) relatii�g i�� ac�y way to the presence, stora�e, treatzr►ent, disposal or release of` alay Hazar�lous Substa�lces on or ur�der the Praperty or any adjoining �ca1 pt�aperty. For pl�i�poses af tl�is_Agreel�nent. (i) the term `°Haz�rdous Materials" i�eans a��y ��ater°ial, subst�r�ce or waste design�tied as hazaidoc�s; toxic; cadiaactive, injurious ar polcz�►tially injurious tc� hutna�i l�ealtll o�• tl�e e�lvironment, or as a pollut�r�t ar cot�l;aininanl,or words of si�nilar Xi��part,u��der any Cnvii•o111r►eratal Law,including,bLtt ncat lin�ited to, petraleu�n and petroleuaa� ;products, solvents, asbestos, mold, polychlo�-inated biplaeny(s; u��ea fortnaldel�yde, radoll ga�, radia�ctive �nattiec; tnedical r�vaste, az�d cl�etnicals wl�icll �nay cause cancer or reprodt�ctive toxicity, a��d (ii) tl�e term ,'Envii�o�7c1�►enfial L�ws" �ne��s an� federal, state or local Iaw, statute, regulation or ordii7�11Ce t�aw o�• here�fter• in fc�rce; as ai�lez�ded from tirne to ti�n�, pe�•taining to �naterials, substances ar• wastes wl7icl� are rizjtrrioti�s or potential[y injuriaus to l�umaaz 1-�ealtl� or the e��viro��me��t or t[Ze rclease, disposal or trai�sportation of wl�ich is �tlaerwise re�ulated by any�get�cy or the federal,state or any local govern��ent with�L�risdiction over the Propert�or�ny such �naterial,substal7ce or waste c•emoved there'From,ar in any way pertainin�t€�pollutic�n or contamii�atian of tlae air, soil, surface water or gxoundwater, incicxding, �ut px�t lirnited to, the Comprehe��sive Environn�enta� Respoxlse, Cc��pensatiat7 �Y�d Liability �ct of I980, as amended {42 U.S.C. Section 9601 et sec�.),the Reso�rrce Cc�nserv�tilon a��d Recovery Act(4�U.S.C.Secti�n 6901 et seq.),the Cle�n Water Act �33 U.S.�. Section 1�51 et seq.), t1�e S�fe Dri��kin� Water Act (42 U.S.C. Section 3OOf et seq.), ih� Hazardc�cXs Materials TtanspoxtatioH� Safety atld Security F�eaLtthorization Act (49 U,S.C. Sectir�i7 5101 et sec�.),tlle Cle�n Aiz�Act(42 U.S.C. �ectic�ns 7401 et sec�:},tlle Toxic Substance Control Act(I S U.S.C. S�ction 2601 et seq.),the Federal[nsecticide, Fungicide,ar�d Rodenticide Act(7�7.S.C. xLai.Lsznr�eurzc�-ans�.nND sA�e�cizr��nLN�r ��c s CiTY�F�REDDINGJ Ct1S REDDING,LLG�. Sections 136 et seq.), the Atomic Energy Act of 1954 (42 U.S.C. Sections 2fl11 et seq.), the Nuclear Waste Policy Act of 1982 (42 U,S.C. Sections l01t�1 et seq.), the Hazardous Substance Account Aet (California Health and Safety �ode Section 25300, et seq), the Hazardaus Waste Control Law (Californ�a Health and Safety Code Section 25100, et seq.), the Medical Waste Management Act {Calift�rnia Health and Safety Code Sectian 117600, et seq.), the Safe Drinkin� Water and Toxic Enfarcement Act of 1986{Califarnia Health and Safety Code Sectic�n 25249.5,et seq.),and the Porter- Colc�gne Water Quality Contr�l Act(California Water Code Section 13000,et seq.). 11.7. To the best of Seller's knowledge and belxef Seller and the Property are in full and cornplete campliance with all federal, state and local laws, ardinances, rules and regulations applicable to the Praperty, including, without limitation, the California Subdivision Map Act {CaI. Govt. Cade §§b6410,et seq:) and all Environmental Laws. 11:8. There are na known actions, suits,proceedings or investigations pending or,to the best of Seller's knowledge and belief, threatiened against or affecting the Property in an�court or before or by any go�ernmental department,board, agency, o�°instrumer�tality, or�ny arbitrator. 11.�. There are no known prohibitians of or impediments to the transfer ar asaignment of the Property, ar any portion thereof,and the Property is otherwise fully transferable and assignable. 11.10. Seller has coinplied,or shall cornpl�prior to the Closing,with all statutes,laws, ordinances,rules,and regulatians applicable ta Seller and/or the sale of the Property by Seller to Buyer hereunder, and has satisfied, or s�iall satisfy prior to the Closing, all canditions precedent to such sale of the praperty required by law. 11.11. To the best c�f Se11er's Knowledge and belief there are no buildings and improvements 1Qcated on the Property, the Property can be overgrown by vegetation and dry in the suynrnet montl�s. To the fullest extent allowed by Iaw, Seller agrees to indemnify,defend,prc�tect and hold Buyer and its respective afficers, directors, shareholders, members, managers, agents, emplayees, independent ctantractars (including prime contractors and subcontractors on any construction praject relating to the Property�, successors and assrgns harrnless from and against any and all elaims, d�mands, c�alnages, liability, fines, penalties, loss, cost or expense {including attorneys' fees, court costs and other costs af defense) arising c�ut of or relating to any inaccuracy in,or breach or default by Se1ler af, any of Seller's rep�:esentations or warranties eontained in this Sections i l, above, Seller hereby acknowledges and agrees that the foregoing representations and warranties are material and being relied upon by�uyer in connectian with tl�e execr.rtion of this Agreement, and the acquis�tion of the Properry. All repiesentations, warranties and covenants of Seller cantained in this Seetion 1;1 shall survive the Close af Escrow and the recardil�g ofthe Grant De�d in the Official Records. 12. Additional Covenants vf Seller Pendin� the Closin�. Beginning on the Effective Date and until the earlier of the Clnse of Escrow or the termination of this Agreement, Seller shall; REAL ESTATE PURCT-IASEAND SALEAGREEMENT P��e� CITY OF REDD11VG/CAS REDDING;LLC, 12.1. Maiiztaixl t1�e Fro��. Maiat�in (or cause to be tn�intained} the Pi°operty in the satne conditiozz existin�as of tlae Cffective Date. 12.2. Pavrnent af(Jbli�;atioils �i�d Taxes. Pay, as and wl�en tl�e same are due� all paytnents ar1 any encumbrances, or assesszi�rents present(y a�'ecting tl�e Property (excludit�g liens or encuitabra��ces cati�sed by Buye��) �nd �ny ax�ci all taxes, assess��ents ancl levies in t•espect of tl�e�'roperty througl�til�e Closing Date. �2.3, Com�l,�witl� Laws. Co�nply i�1 a11 ��n�terial ��espects w�t11 all laws, statcates; rltles, regulatioa�s, c�rdin�taces that are applicable io the 1'toperty; inclt�drng, but not lrm�ted to; �nviror��nenta] i.,aws. 12.4. No �a�cuir�branc�s. Cxcept as t•equrt�ed by a Ciovernrnenial Authozity as a co�7dition ta the e��titlements, Sclier shall i�c�t gr•ant or cor�vey any easelnent, lease, license>per'�7it, og�otl�er i��te►�est in the Praperty withottt B�ryer's priar writlen cor1se11t, whicl� s1�a11 noti be unre�so��ably witlllxeld, conditXoi�ed, ar delayed, Notwithsta��ding tlie fc�regaing, S�ller r1�ay �i:ant to itself a�or�-exclusive utility easeil�ei�ts necessary 1'or the provisio�� c�f municipal services, provided sL�ch ease�nents do nc�t �naterially il�terfere with Buyer's inter�ded use of tlze PropeA-ty. 12.5. Notify Iluver of Cerriai�� Matters. Ai all tirnes pz'rt�r to t11e Close of Esc�•ow, Selier sl�all proinplly advise Buyer ita writia�g af atay �naterial adverse cl�a�lge in the condiiion of the Prop�rty, the occucrence of a�� ev�nt or di�covea•y oF any fact w[lich wc�uld render any t•epreser7tation or warra�lty o�'Seller to Buyer an thzs Agreement ui7lrue or ar�islead�ng, at�d asly writtei�r�otice ar othec com�nu��icataor� fi•o»a any tl�i��d pe�•son or er�tity allegi��g tl1�i t1�e cons�nt �f sL�ch third pecson or elltity i��ay be requir•ed i�1 connectiion with the transaction cor�teinplated by tl1�s Agreeine�xt. 12.6. Markefiin�. Sellet°sl�all�aat�narket tl�e Property for sale,»at entet`i��ta any agxee�ne��ts, or accept ally offer�s with P�espect to t[Ze sale c�f the I�roperty. 12.'�. Cc�o�eratioa�with Ap zp-ovals Seller shall, ati z�a cost or lial�ility ta Seiler, reasanably caaperate witl� T3a.ayer ii� Buyer's e1�'o��ts to al�tain the App��ovals, i►�clLrdzs�g executing appl�eations o�• co��se:lts as may be re�sonably required; provided, l�owever, t12at sucl� coaper�tion sllall not requxre Seller t;o il�cuc• any cost or liability, ar to exercise any disccetiona�y go�ernanei�tal authoriiy is� its capacity as a p�ul�lic agency. 13. Canditions to Buver's Ctlb[i ations. Tl�e fallowing are cand�tio��s to t11� C(ose af �serow ("Closing �anditiazls") and tl�e c�bligation af l�t�yer to purcliase tl�e 1'roperty: 13.1. I3uyer shall not h�v�delivered � Ba.�yer's Title Notice to Seller a�1d the Escraw Agent pursuant to and witl,il� the ti��e li�nfts prc�vided for in Sctbsectioc-� $.3, above, Buyer s[Zall t�ot l�ave delivered a writter� notice c�f dislpproval to seller �nd tl�e Escrow�gent pursuant to and within tl�e ti�ne lirniis pr�vided 1`or in Subsectioz� 10.2, 13,2. Tl�e Titte Cownpany shall l�ave issued or co�nmitted ta issue tc� Tiuyez t1�e Title Policy,to t17e Buyer as of tl�e Close nf Esccow 'rn � ��as�t�er and sz�bst��ce�s defined ii1 Stibsectio��$,7, above, 13.3., T11ere shall Iaavc been no ��aterial adverse chznge ir�the canditian of or title to the Property pi•ior to ihe Close of Escrowy a�td 13.4. fJn or befc�re the Closin�, Seller shall have perfc,raned a11 of its obtigatic�ras under tl�is Agreei3lerat tcc�t�ired to be perPot�a�red o,� c�r befo��e tiie Close of Escrow, a1��; except as RLAL LSTA7'E PURC1-1fi51;11ND SALLi1GRLLMGNT 1'a�e 10 C1T'Y OP RTllDINGI CAS RG17C?tNG,LLC. otherwise provided herein,the Seller's representations and warranties hereunder shall be true at and as of the Close of Escrow as if made as af such time. 13.5. Buyer's obligation to clase escrow is expressly conditianed upon Buyer obtaining, at Buyer''s sale eost and expense, all discretionary governrnental approvals necessary to allow Buyer to expand development onto the Fraperty, incl�lding applicable site plan, land use, and zo�ing appravals (coitect►vely, `°Approvals"). If Buyer has not abt�ined the Appravats prior to the expiration ofthe Due Diligence Periad, including any extension exercised under Secti�n 1�.1, Buyer may terminate this Agreement by written notice to Se11er, in which case the Deposit shall be returned to B�yer. The foregoing conditions are created far the bene�t of the Buyer only. Such cc�nditions may be waived by the Buyer in writing to Seller and the Escrow Agent. 14. Conditic�ns to Seller's C?bli�ations.The follawing are conditians ta the Close of Escrow and the obligation of Seller to sell the Fr�perty; 14,1 Buyer shail have delivered the Purchase price, and all other furnds, documents and instruments Buyer is required to deliver pursuant to Subsection 6.3,above,ta the Escraw Agent within the time limits provided for herein; 14.2 t�n c�r befor� the Clr�sing, Buyer sha11 have performed all of its abligations under this Agreernent required to be performed on or before the C1ose flf Escrow and the Buyer's representatians and warranties hereunder shall be true at a��d as ofthe Close af Escrovcr as ifmade as of such time. The faregoing conditiion is created for the 6enefit of the Seller anly. Such candition rnay be waived by the Se11er in writing to Buyer and the Escrow Agent. 15. Failure of Conditions. If'any condition specified in Sectian 13 �r 14, above, is not satisfied or waived within the applicable time limit provided,then Buyer, ifBuyer is not then in default of any of its c�bligations trnder this Agre�ment, or Sell�r, if Seller is nat then in default of any of its representations, warranties, cc�venants or agreements under this Agreernent, rnay thereafter terrninate the Escrow and this Agreement by giving written natice to tl�e Escrour Agent and the other Party.Upon any such terminatian, the Deposit sha11 be returned to Buyer, and neither Party shall have any further liability or obligation hereunder except as otherwise provided herein. Natwithstanding the faregoing, if any condition set f�rth in Section 12 ar 13, above, has failed �s a result of a breach ar default by Seller ar Buyer,the other Farty shall have the rights and remedies set forth in Sectic�n 18 ar 19,below, as the case may be. 16. Dama�e or Destruction. In the event of any rnaterial damage to or destruction of the Froperty or improvements therec�n prioi• to the Closing, Buyer shall, by writtien notrce to Seller delivered with'rn ten(1�)days of receiving written notice from Seller of'such event(a„Seller's Dar�nage Natice"'};elect ta either: (a)terminat�this Agreement and the Escrow, in which event the Deposit shall be returned to the Buyer, and neither par�y sha11 �ave any further liability or obligation under this Agreement, except as otherwise provided herein, or (b) cc�nsummate its purchase of tha Property pursuant to this Agreement. For purposes of tl�e foregaing, damage to or destruction af'the Prop�rty ar irrxproveinents thereon sha11 be deemed to be material if, but only if,the cost to repair such damage or destruction is reasonably estimated to exceed the sum of A1VIt7LTNT($50,00�.00). If Buyer fails to delaver wrltten notiee to Seller withrn such ten(10)day period,Bltyer sha11 be conclusively deemed to have elected to cc�nsummate its purchase of the property: If the dam�ge to or destructic�n of the Property ar improvements is not material, or Buyer elects ar is deemed to have eleeted to consummate its REAL ESTATE PURCFIASB AND SALE AGREEMENT Page 11 GITY OP REDDTNG/CAS REDDING,LLC, purchase ofithe Property: (i)tllere sl�all be nQ ceductioil ii�the alno�zr7t c�f tl�e Purchase Pricc as a t•esult of tl�e dalnage to or destruction of ihe Prc�pei-ty ar il�nproue�nents; arad {ii) Seller shall at the Ciosing (A) pay tt� �cryer a11 insurance pc•oceeds, if any> pt�eviously received by Se11e�� with x•espect to such da►na�e oz destcuctaan (less any portion t(7ereof expended by Seller tio c�epait•,n�itigate, or avord such daanage c�t�destructiaz�, a��dlor to secu�e ihe Pioperty), artd (I3) assign to Buyer all of Sellet's rights, if 1ny,to all ad�litic�nal ins�xrance procceds, if�«y,payable by reason af suci7 datnage ar destructior�.The Closin�'I�ate shall be extended if a�1d to til�e extent necess�ry to provide �iuyer wrth the i"�tll ten (10) day pec°iod to make its electiora het•eua'der.Any extes�sic�dl ofthe Clasing lC►ate pursuallt to t17e preceding sex�tezlce sla�ll be in �ddition to all otl�ei exteelsion ri��ts pravided for hei•ei�7;l3c�yer uilderstands tl�at Seller does not mai�ltai��fre or atl�er insurance coverdng d�magc:to tl�e i�nprovementis on the Property. '�I1e pat•ties a�eee that this Section s1��11 apply iz� tl�e event of�ny dat�n�ge to or destructic�tz af tlae Pa•operty c�r i��nprove�ner�ts tl7erean in lieu of the L1�7ifor�n Vendor and Purcl�aser Rislc Act, znd hereby waive the provisiar�s af Ca(iCor�nia Civil Code '16G2 with �•espect ta a»y daln��c to or destruction of tlze Praperty or in�ptove�nea�is tllereo» pri�r to tl�e C�osing. 17. Prape�°tv Taxes. C�:zrreilt real property taxes not yet deli�7quent relatii��to tlle Property, if any, shal� be prc�rated between Seller �11d Bi�yer as af tlae Closing I)ate on the basis of a thrrty-d�y mo��th, and, ta the exte��t of ir7fol•��natioil theit available, such pi•orations sl�all be �nad� at tlle Closi��g. Suc}� prorations shall be adjusted, if` x�ecessary, arzd carnpleted after the Closiilg as soon as �nal i�lformation beco��les available. 1$. C[osir►�ac�d Other Cosfs. L��.iye��and S�ller sh�ll ec�ually pay �i'ty percent {50%0) oF` the followizlg costs acYcur�•ed rn cQntlect�on wii11 this trai�saction: (a) tl�e cost o�`recordin�; tlle Gcant � L7eec1; ar�d (l�) tl�e docui��etltaiy tr��Xsfer tax, if any; iinposed ii� connectia�-� with tl�e z°ecordillg of tlle Grant Deed. I�uyer• sh�cil pay for custorl�ai�y�lLTt� standnr°d coverage title ec�sts a��d i1�e cost oi't[1e Con7n�ereial Natural �-lazard Disclostrre Report provided tc�r ii� Sectiatl 8(a), 'above: Buyer sha11 pay For aily�dditio��al title cc�sts iiscllgding;witl�aut Ji�nitatrol�;�osts for any�iLTA�xtended Coverage,�t1y sutvey rec�uired l�y t[�e title co�n�any ar�dlor desired by I�uye�•a�1d ai�y endarsen�e��ts.Buyer and Selle� sh�li eq�.ially sllaze tl�e cost of escrow and all otller closing expenses in tihe t1o�`��a! at�d c�.�stoar►��-Y fashion for�transactions i�a Shast�Co�rnty, CaliFarr�ia. 19. AS IS SAL�; Release 19,1 Buyer acknowledges and agrees that, p��ior�to tl�e Clc�se c�fi Escrow, Ba�yez• shal9 have(�ad a t�rl]and camplete appart�'niiy ta inspect a��d invesiigate each a��d every�tspect c�f the I'roperty �t�d tl�e ixnprc�vcinents tl�ereon, eitll�c irldependently o�•tElrough agents af Buyer's cl�oc�sing. �ayer fi�rtller ac;kna�wledges alzd �grees tl�at, except as expressly set rorth in Section l l,�bove, S�ller tnakes l�o represent�tions or w�rz•�tlties, express ar i�r�p]ied, regardiilg the Seller, tl�e Prope�-ty, or tlle ianpi•oven7ei�ts the�eon, ii�cluding, wit}�r�ut liii�rtat�ox�: (a} any warranty of �rrerclaa�atability or fitness for a particular purpose> (b} tl7e co��npliance of the Property and/c�r a�7y iAnprave�nents tl�er{eon, if any, with any �pplic�ble codes; laws, regulations, statutes c�r o��dil�atxces, ii�cl��di�� arly �nviran�nental La�s, or with ai�y covenai�ts, co�lditions at7d restrictians ai'��y goverrn��ental �r qL�asi-�overntnental�rlt�iy ar of a11y otlaei°perso�a or entity? (c) the exzste�7ce of soal insia�ility, past sail r�parr�, soil additions oi• eotxditions of soil fill or susceptibility to landslides; (d) t��e c�uality a��d natur•e of any groundwater; (e)tl�e ow�xerslzip; exisience, status>quality,or n�ture ofa��y waler r�rgl�ts tllat�n�y be appurtenal7t to tlie Property; {i� the owne�•ship, existei�c�, statLrs, viability, quality or nat�rre o�`any 1�niner•al 1•i�;lxts that inay REAL CS"I'FCCf'PURCNASE AND�SALL;AGI2CEM EI�1T P��e��12 CITY(}P REDI�ING/CAS RTt7DING,LLC. be appurtenant to the Property; (g}the agricultural productivity af the Property; (g)the nature, types or quality of the soiIs on the Property> (h) the sufficiency of any undershc�ring; {i) the suf�crency of any drainage;(j)the existence or non-existence of underground storage tanks�r pipelines; (k)the presence of any Hazarc�ous Materials (as defined bela�cn�) ort, under or�bout the Property,or any ather adjoining or neighbaring prapert�;or any`improvements thereon; {1) the availability,quality,nature,adequacy and physical canditian ofpublic utilities and services for the Property;{m)any other matter affecting the stability dr integrity of the Property; (n)the patential far further development of the Prc�perty, (o)the existence of vested land use, zaning or building entitlements affecting the Property; (p) the zoning or other legal status of the Pro�erty or any c�ther public or private restrictians on use of the Prc�perky c�r the ability to subdivide the Property; (q) the physical condition of the Property, any irnprovements on the Property; (r) the condition c�f t�tle te� the Praperty, any improvements on the Property; (s) the existence or status of any tenancies aff�ctillg tihe Property; (t} the existence ar status of an� perrnits or approvals required to use or accupy the Property, or any portic�n thereof; and/or(u) the economics ofthe operation ofthe Property. Buyer acknc�wledges and agrees that subject to the representations and warranties of Se11er c�ntained in Sectron ll, abave, the Property is being sold and accepted by Buyer on an"AS-IS,WHERE IS,WITH ALL FAULT�"basis,and that, effective as of the Clc�se of Escrow, Buyer assurnes all responsibiiity for all faults and cc�nditions then existing relating to the Property, or the irnprovernents therean; specifically including, but nat limited to, all faults and conditions relating tc� the matters described in this Section 19,1, and/or as disclosed or described in this Agreement, andlor in any of` the docurnents or instruments described,pravided far,referred to in,or cielivered ta Buyer. 19.2 Effective from and after the Closing, Suyer hereby waives, releases, exonerates, covenants not to sue; and forever discharges Se11er, Seller's elected offici�ls, and their employees, agents, representatives; successors and assigns, to the rnaximum extent permitted by lavv, of and from any and all clairns, dernands, actions, causes of ac�ian, rights, liabilities, darnages, penalties, fines, losses, costs, expenses, or compensation whatsoever, direct or ir►direct, knawn or unk��own, fc�reseen or unforeseen (collectively, "Claims"),th�;t it now has or that may arise in th� future because af or in any way growing out of, r�l�ting ta; or connecCed with this Agreem�nt, any dcacument or instrument delivered pursuant to this Agreernent, the Property, any irnprovements on the Property, including but not limited to, any Clai�ns arising out of or relating to any Environrnental Laws, the presence of Hazardous Materia�s in, on, under or about the Property, or any improvements thereon, ar �ny ather physical or environmental conditi�n of the Froperty, or any impravernents thereon, but excluding Seller"s indernnity and defense obligations under Section 29,belor�v, and matters arising from Seller's fraud or intenticanal rnXsrepresentation. BUYER EXPRESSLY WAIVES THE BENEFITS OF SECTION 1542 OF THE CALIFOF�NIA CIVIL CODE, WI-IICH 1'ROVIDES AS Ft7LLOWS: "'A GENERAL RELEASE DOES NtJT EXTEND TC? CLAIMS THAT THE CREDIT{�R OR RELEASING F'ARTY D+DES NOT KNQW ()R SUS�'ECT TQ EXIST 1N HIS OR HER FAVQR AT THE TIME(7F EXECUTING THE RELEASE AND THAT,IF KNOWN Tt�HIM OR HER,WQULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTUR OR RELEASED PARTY:,` Buyer has initialed this Subsection 19.2 to further indicate Buyer"s awareness of and acceptance of the general release of all known and unkno�vn Claims as pravided for above. The provisions of this Subsectir�n 19.2 shall be�ffective upon and sh�ll survive the Close af Escrow. Buyer; REAL ESTATE PURCI-IASE AND SALE AGI2EEMENT Page 13 CITY OF REDDTNG/CAS REDDTNG,LLC: �o. z.,zc�uluaT�n ��a��,s o� BVYEu�s �EFau�T. suy�� .�n sE1.,�..E,� II�REBY ACKNC?WL�DGE AND AGREE TI-I�T, IF BUYE[� FAILS TO �OM�'LETE TH� PURGHASE C}]C Tl-�E �IZ�PCT�TY AS t� R�SULT t7F A DEFf1.UL;T BY BUYER UNDER TI�TS AGRE�IVIENT AND I3UY�R Fl-3ILS T4 CURE SUCH I�EICAULT WITHIN F1VE (5) DA�'� Ft��:,L�WING R�CEIPT C7T' WF�ITTEN NClTICE OI' SUCII DEFAUL��' I'[�UN� S�LLCR. TC? L�UYER ("BLJ��;R DEFAULT"}; S:�LLER WILL SLJ�FCR I�AMAGCS IN AN AMOUNT WI-1IC1-T WILL, DUE Tt� rf'[-CE SP�CIAL NATURE 0F TI:IE TRANSACTI+DN CONTEMPr;ATED BY'i'f-IIS �CrREEMENT �:ND TI=1E SPlC�IAL NATt1RE OF TEIE N�GC}TIATIQNS WI�ICH PREC�D�D THIS AG1�E�M�NT; BJC IMPRACTICf1L OR ]EXTREMEGY D1F�"ICULT TO ASC�RT�1�N. IN A�V111lJ1�y 13�1_J A L� YV 1�7I-�TA',s3 .14J� t 1!-tY L� 1'S Lt1Y11TL-3T1UlY 1.LAi.I.:�iJ VA\.JL� �1 i�L: S�VTL".lV�1.1.t1A�� LI�BI�,iTY OF BUYE�TO SELLER IN fil��EVENT 4�A BUYER DEF�I.UC,T,E1ND WISI-IES T(� INDUC�SCLL�ft T(�WAIVIC OTI-IE�Z RCMLI7IES W1-IICH S�LLER M�1YIlAVE IN TI-IC ICVCNT �I�' SUCI-I A gUYER DCFAULT. BUYEFFt:: AND SEL,I:,Et�, ��'TER DUE NICG(JTI�I.TI4N AND GIVINC.'� DUE CtJNSIDIE,�ATIQN TO T�I��-1.CT�TAL DAM:AC;rCS SELLER COULD SUI'FER IN T1�1L', J:��Lr1V 1 1..71.' L-'1 .C.�V�$�1\ AJL'.1,1-l.�VLly. l:1Lj1\L:�17 1 A4..1�1VtJ�LL'LVJi ALV1J riV1lLi1.:+��r�11A1 �1.1—A_:la� AlVI.�LJiV 1. �Vf' 1111:, LL';�r�J�T L\l.�.l-7\.L:SL:1.Yr1 i,3 f i.it..L:Y1�7�V�1-117�Ld:� L:iJ 111VIi>A 11 �i' ,l 1 AL';.Ll.t'i1V11-16J�s7 s�Lc,�r�w�L�,st�srr�l�v 1N�r�r�EVE�vT or ��t��DE��.�LT. L�UI�ER ;�ND SELLER t�ER�L�Y AGIZEE T�i�1T IF BUYE�2 I��i.�LS TC} P(JRCHAS� TI-I� P�2l�PERTY AS A RCSULT Q� A DEF'�;ULT B'Y BUYER IH:�REUNDCR, S�I,LCR SIIALL, BE �NTITLED TO TE 1NAT� T�-IC'AGI�ICEMCNT UI'ON WRITT�N NOTICE TQ �U4'lCR AND T11C ESCROW AGENT,AND TI�E ESCR(JW AC'�ENT ST-IALL PAY T(� SELLER TI-iE L7EPOSIT A�D ANY" ADDITlO1ti111L D�POSITS (ANI� �1,LL ACCRU�D INT�I�EST THERE01�1) AS LZQU�D�ITEI7 D�-1.MAGCS. TI-I� PAYMENT OF SUCI-I FIJNDS TC� SELLER IS 1NTENDCLI TO CCINSTITIJT� LIQUIDt1TEL} I7AMAG�S TO S1CLL�R PURSUANT TQ S�CTIt�NS 16'�1, 167G t�ND l67'� OI' TII� CALIIFORNi� CIVIL Ct�LtE, AND SI-I�1LL NOT BE DTICM�D TC) CCINSTITCITE A I'OI�FEI'I'�1RE OR�'ENALTY WCT�IN TI-IC MCANTI�I� 1�7I` S'ECT�O�N 3275 C7R S�CTION 3369 QI' TH� C�LI�'ORNT�1 CIV1L C(�D�, (7R t�.NY SiMrLAR PI�:{7VIS1C}NS. TI�E LIQUID�T�L� DAMAGICS PR{7VID�1D C+QR IIERCLJND�R SIIALL, BE S�LLER'S SC7L1C ANI� �xcL�slv� r�c�E�� (w�-��T�� T L�w aR rlv �c�vr�rY� �� r�-t� EvcNT BVy�� rr�ILs TV 1 V�4.�l.A��JLi.�T1�1L:�.�$\VA.l:�l\1 1 .A��t`A�A�e�,7LJL��1' �:L3tJ�l�1\JJL:d'��1JL1..7.("1LeL V 111Li1t l.rLtl��lY1.�J Tt� D�.M�G�S OR O'TIlER REMEDIES, INCLUDING �UT NOT LIMITED TO SP�CIFIC CLsi41'ilLt1.V1�1V4..:L:y 1JL+L1YL7 Illidlt=.�1`�7 �AL-I\:li�JJ�.3L Z YV�1 Y Li�1J� lJ�1 :tJL'�L�LL'.�J\., L��VL3._+4.J VV�.iLVLI Td.:r:C�.,1VAl1Vt'iT1�A.V �\../1' A..i$A�1'1Vl\L�1_:rMJ.�,I!1.�4 C!'1N�LLl_.rL.C-1�11l11V 4..1J.� Ll I.:JLi 1i�.70..�..1\CJ VY 1`ilitlL/ 1.�I L��1V l�; �F THE DEPQSlT AND ADDITI(7N�L DEPQSITS (�1ND ALL ACCR(JED INT�REST TNEREON} T(� S�LLER AS LIQUIp�T�D D�Mf1GCS PI:JIfiSUANT TO T�-�IS SCCT�ON, ALL (7F TI-IE RIGI-�TS 1�N1� OIILYCil�T1C3NS C}T' �UYEI��1ND SICLLER UN��',R TI=1IS AGREEM�NT �.ld1L'S:LL LT:L:r Al.il\lVlll`#1'1�9..��y 3_i�4...6.�J1 T��3 V�LIL'i.l\YY LA7�.li ��A]�3L��Y lLliJ.l L.L�i:9LiVY11.L'+llll.r 11�A.ti.E�iV, � . . T�1L PARTI�S ACIKNC?WL,.�L)GE AND AGRE�T�I�1"T THIS LIQCTIDt�TED DAMACrES CLAUS:E SHALL, NOT Al�pl;Y I'O BIJYER'S 1NDEMNITY OBLIG�ITIONS �1NII� DEF�NS� OBI,IGATIQNS IJND:�R SL113SECTIC)N 10.4 ANI� SICCTIC�N 23 QF THIS A�iRE�MENT OR t�PPLY TO t�R LIMI'T SCLLER'S R1GN'I'TO RECt�VER�AAI"T(�RNCY'S I'ECS F�QNI BUYER PURSUANT'I'O SU�SECT1t}N 10.4, SECTIC}N 28, (7I'TIIIS AGRE�MENT. [tGALPS`fATC YU[tCI-I�5LANll 3Al.CAGItLGM1;N'I' 1'agc 14 C1T'Y OP Tt�DDING!Cr\S I�DDING,IvLG: BUYER:AND SELLER ACKI�+IaWLEDGE THAT THEY HAVE REAI)ANI?UNDERSTAND THE PROVISI(?NS C7F THIS SECTION AND BY THEIR INITIALS IMMEDIATELY BELC}W,AGREE TC?BE BC)UND BY�T� TERN15. "Seller" "Buyer" llEFAULT BY SELLER. IF SELLER I)EFAU�TS IN SELLER'S 4BLIGATION TO SELL AND TRANSFEl2 THE PRO1'ERT� T(.? BUYER AT THE CLC�SE OF ESCROW, AND SELLER FAILS TO CURE SUCH DEFAULT WITHIhT FIVE (5) I�AYS �OLLOWING RECEIPT OF WRITTEN NC}TICE QF SUCH I7EFALTLT FRt�M BUYER TO SELLER, BUYER SHALL HAVE THE RIGHT,AT BUYEFt'S (JPTION,TCJ EITHER: (A)PURSUE SPECIFIC PER�'ORMANCE OF THIS AGREENIENT AND THE RECOVERY C1F BUYER`S REASONABLE ATT�RNEYS' FEES PLJRSUANT TQ SECTIt�N'28, BEL�W, IN THE EVENT BUYER IS THE PREVAILiNG PARTY {BUT EXCLUDINt� ANY DAMAGE� OR +OTHER MC}NETARY CaMPENSAT�ON WHATSOEVER,INCLUDING BUT NOT LIMITED TO,ANY INCIDENTAL,C{�NSEQUENTIAI;, DELA� C7R tJTHER DAMAGES OR COMPENSATI(7N); 4R (B) TERMINATE THrS AGREEMENT AND THE ESCROW ANI7 RECEIVE A RETURN OF THE DEPOSIT (AND ALL ACCRUED 1NTEREST THEREtJN), BUYER SHALL BE DEEMED Td HAVE ELECTEI7 TO TERMINATE THIS AC�REEMENT AND RECEIVE A RETURN C7F THE DEPOSIT PURSUANT TO CLAUSE (B) AB{�VE UNLESS BUYER MAKES AN AFFIRMATIVE ELECTIC?N BY WT�ITTEN NC7TICE Tfl SELLEI2.AND ESCRC?W AGENT WITHIN FIFTEEN (15) DAYS AFTEIZ EXPIRATT(�N OF THE FIVE {5) DAY �'ER.TOI7 FUR SELLER'S CURE PRC�VIDED ABC7VE TO' SEEK SFECIFIC FER�'C7RMANCE AS PERMITTET? IN CLAUSE (A) ABCIVE, PROVIDED, HOWEV'ER, T�-TAT IF BUYER ELECTS T(7 SEEK SFECIFIC PERFORMANCE, BUYER MUS'� FILE AND SERVE A �OMPLAINT SEEKING THE SAME WITHIN SIXTY {60) L7AYS AFTER THE CLOSTNCi DATE. BIIYER'S FAILURE T� ELECT WITHIN �IFTEEN {15) DAYS AFTER EXPIItATION OF THE FIVE (5) DAY P'ERI(f7D FOR SELLER'S CURE PROVIDED AB(JVE TO SEEK SPECIF�C PERF(�RMAI�TCE AS PERMITTEI?1N CLAUSE(A)ABt7VE ANDIOR TQ FILE AND SERVE A SPECIFIC PERFQRMANCE A�TI(7N WI'I'HiN TI-1fE SIXT�' �60) DAY P�'ItI�I3 P120V�I)ED HEREIN SHALL BE DEEMED AN IRREVQCABLE WATVER OF THE RIGHT Tt7 FILE SUCH AN ACTION AND(7F SU�H REMEI)Y. TT IS UNDERSTt�OI)AND AGREED THAT (Ij THE REMEDIE� t`�F BLTYER SET FORTH IN THIS SECTION SHALL BE BUYER'S SOLE AND EXCLUSIVE REMEDIES IN THE EVENT OF A SELLER DEFAULT, (II} BUYER SHALL NOT BE El�TITLED T(7 SEEI{ OR RECC?VER MONETARY DAMAGES C7R QTHER COMPENSATION FRt?M SELLER. UNDER ANY CiRCUMSTANCES, AND (III) ALL CLAIMS T{� I7AMAGES AND ALL OTHER R:EMEDIES N(JT SET FORTH IN THIS SECTION ARE HEREBY EXI'RESSLY WAIVED BY BUYER. BIIYER AND SELLER ACKNOWLEDGE THAT THEY HAVE REAI) AND UNDERSTANLI THE PRUVISI(�NS OF THIS SECTION AND BY THEIR INITIALS IMMEDIATELY BELOW,AGREE Tt)BE BOUNL)B�C IT5 TERMS. "SELLER": '°BUY�R"'; 21. ]Pa�ssessi�n: Possession af the Praperty shall be delivered to Buyer at tlae Closing, unless otherwise agreed upon in writing betvv�en�uyer and Seller. I2EAL ESTATE PIJRCkIASE AND SALE AGREEMENT Page 15 CITY OF REDDING!CAS REDDTNG,LLC. 22. No obli atian ta re axr Correct Deficiencies Im rove ar Clean-u Pro er . Sellez s11a11 have no csbligation tia c•epair, cc�rrect ar�y deficiencies in, c�r��ake any ixnprovera��nts to the Praperty or aaly i:tnproveameats tlierec��a, oz-ta resnave any trasf� c�i•debris froin the Properl.y,prior to the Close o�Cscrow. 23. Iiroker's Fees. SelXer at�d F3uyer represerzt and warrant to each other that they have dealt with na brolcer or fii�der in co�7txect�on witl� any transactian contetnpl�,ted by tl�is Agree�nent. Se11er and �3ayer eacl� agree to i��dem��if�, defend, and hold 1-�a�•inless ane anather agair�st any lass, linbility,dam�ge, eost,cla�m,o�expense �ncurred by i•easan afany br•okera�ea colnanission,or f`inder's fee �lleged tc� be payable because of��y ac�, o��lissic�n; or staternetzt of the indem��ifyrng party. 'The parlies' ob]'igat�c�ns hereui�rde�{ sl7all s�.arvive tl�e Clase oF Escrow and t:ecoz•ding oF the Grant 1�eed ia� tl�e Offici�l Recoi,ds, or��1y earliei�ca��cellat�o�� or•ter�ni,�ation oCtl�is Agreeme'�t. 24: No Par,�Deemed l7rafter.In tl�i�event of a dispute between any oFthe parties l�ereto over ihe meanirlg of t17is Agreexnent, �3o party sl�all be deeaned to have been tl7e drafter hereof,az�d t1�e prir�ciple of law that ca�atracts are co�astrued agai��sti tl�e drai"ter shall not apply. 2S. l+urther Assurances. Sellex• and Buyer agree t[1at, from time to time, at or after the Close of�scraw; eacl� o�`tl�etn will execuie ai�d delivei- sti�c11 fur•ther docu,net�ts and instruanenl;s ofi coraveyal�ce and transfe�•, and tiake sucl� othei� actia�� as ��7ay t�e reaso��ably neeessary tc� ca�•ry out tlae purpose and intent of t11is�1.greer��e��t. 26. Notices.Ai1y r�otice, request; waivec;consent, approval or oiher ca�1l��nunieatie�n wllic[y is rec�uired or permitted he�eu'nder sl�all be i�� writii7g �nd shall be deet��ed' �iven only if delivered personally or ser't by registered ar cet•titiet� rnail, post�ge prepaid, rett�rr�rec�ipt r•ec�uested, as fc�llows: (a) it ta Sellera to City of R.edding,Attn: WilJi�n�a Tarbax,City Mana�er,777 Cypress Avenue, Redding, CA 96Q01, with a requit•ed copy to City Attor�ney, City of Redditx�, �'77 Cypr�ss.E1.venue, Reddin�, CA 96001; (b) if to Li��yer; io CAS Reddin�, LL,C.,Att�1: Rc��ert Cat•lett; 4b41 P��agor� Park 12d Raleigl�, NC 27616; or (e) tc� sucll other address as the addeessee may h�ve specified i�� a notice duly given tc� tlie sender as prc�vided hereia�. Such n�tice, request, demand, waive�•, corisent, approval or atihet: co�r��l�unicati�n will be deelned to h�ve bee» given as of the dlte sa persat�ally delivered, or two (2) days aftel� it�s depasited in il�e a�nail. 2'7. Assi nment. B�xyer r�nay not assign its rights �nd obligatiox�s under this A�reen��nt witl�t�ut t1�e pr�or writ�ei� ca�lset�t of tt,e Seller wl�icl� naay I�e �z•az�ted az witl�l�eld by Selle�: in its sale and at�solut�d�scretior�.Any assi��ce of the B�iyei cc��sei�ted tc� by Seller s17a1( be�°ec�uired to exec�te and deliver to S�11er, prioc to the daie any sucl� assigi»r�ent becomes effectiv�; a sepal•at� wcitte�a agree'��rent, approved by Se11er and its legal c�unsel, pursuanti to which tl�e assi�t�ee (i) expressly assu�nes ali c�f the l3uyer's �bligatiaa�s as BLiyec uilder t11is Agreernent, ai�d (ii) agrees to the release, lirnitatioats an rernedies,and otl�ei°provisiot�s 11��•e�n foi•th�l�enefit o1'Sel[er. Na permit�ed assigr��ne�1t by the BL�ycr slaall �•elieve Buyer of a1�y oPits obli�atiaz�s uc�det�t��is Agreement 28: Attornev's Fees. I�� tihe event nf any leg�l action, arbitration ar othei: proceedin� arising o�,tti of t[ais Agree�neB�t,the prevaili��g party sliall be entiiled to its reasoF�able attort�ey's fees��d casts iri addition to any ather relief to w1,ic11'it may be entitled. 29. Surviva[. All �f Se�ler's aald Buyex�'s covenaiats, agreei�ents, i•eprese��t�tiQi�s and wax•ranties contair�ed ir�t11is Agreetne�lt sh�(l sui•vive t��e Clase of Escrcaw aild recordztion of t��e Gz•ar�t Deed ic�tlre Offici�l Reeo�{ds oF Sl�ast�County, California. RC�1L C37"AI'E 1'URCH[1S�ANb S/�LE AGRL-,1,1vll:N"1' Page I 6 CITY(7T Pr1:Di)iNGI CttS RLDDING,LLG. 30. Entire Agreement. This Agreemei7t, and alI documents and instruments referred to herein,, cQntain the entire agreement of the pat-ties hereto with respect to the matters cnvered hereby and supersetie a11 prior arrangements and understandings between the parties; and no other agreernent, staternent or prornise made by either Party hereto with respect to such matters which is not containeti herein shall be binding or valid. No arnendment, alteration or modification of this Agreement sha11 be valid unless in each instance such arnendment, alteration ar modification is expressed in a written instrument duly executed by the parties. 31. Successors and Assi�ns. The terms and conditions of this Agreement shall be binding upon and inure to the benefit of the parties heretc� and their personal and legal representatives, ber�eficiaries, heirs, successors in interest and assigns. 32. Partial Invalidrtv;If any term or provision afthis Agreement or the application thereof to any person or clrcumstance shall, to any extent, be invalid or unenforceable, the remainder of this Agreernent, ar the application of such term c�r provision to persans t�r circumstances t�ther than those as to which it is held invalid ar unenforceable, sha11 not be affected thereby, and eaeh such term and ptovision of this A�reement sha11 be valid and be enfareed ta the fullest extent permitted by law. 33. Waivers. Na waiver af any breach c�f this Agreement sha11 be valid unless in writing, nor shall any such waiver be deemed a waiver of any preceding or succeeding breach thereof, or c�f any ather covenant or provision herein contained. 34. Relationship of Parties, This Agreelnent is a purchase and sale agreetnent anly. The parties hereto,each of whorn is re�resented b�r separ�te legal counsel, dt�nc�t intend by this Agreement ta create any partnership,jc�int venture,or principal and agent relationship(and nothing herein shall be canstrued to create any such relationshipj. �5. Caunter arts.This Agreement must be rnanually signed and initialed by Seller and Buyer (and may not be electrc�nically or digitally signed and initialed by the parties). This Agreelnent�nay be executed in ona or more caunterparts, each of which sha11 be deeir�ed an or-iginal, but a11 of which tagether sha11 constitute one and the same instrurnent. The execution pages of cc�unterparts rnay be attached to any c�ne copy of the Agreement to fc�rm a single, complete docuinent, Th�parties agree that the transanission of a signed copy af this Agreernent via e-mail shall constitute executian �nd delivery hereof, and the parties agree to deli ver original ink signed counterparts as so�n as reasc�nably possible thereafter. 36. Incorporatian bv Reference. A11 recitals, exhibits and schedules to this Agreementi are incorpnrated herein by this reference. 37. Gavernin�; La�v, Jurrsdiction and Venue. This Agreement shall be governed by and �onstrued in accordance with the laws of the State of�alifornia (without giving cffect to the conflict of law provisions of such State). Any proceeding brought by either PaY�ty against the othe�•or any dispute arising out of this Agreeme�7t or any matter related thereta must be brought in the caurts ofthe State of California in Shasta Caunty. Seller and Buyer hereby {a) accept and consent to the exclusive jurisdiction of the courts referred to in the preceding sentence, (b) waive any objectifln to the jurisdiction of the abc�ve-referenced REAL ESTATE PURGITASL AN'D SAIE AG1t�EMENT Page 17 CITY OF REDDING/CAS REDbING,LLC. couc•ts,and(c)waive any ol�jections ta ue�use in tl�e above-z:eferenced coiii•ts,w�letlie��based upo�� foru�n non cc�nvez�iens o��ny otl�er groui�ds. 38. Time. Ti��ne is of tlae esset7ce with respect to eacl�and every teri� and condition of t}�is Ag�°eeine��t. 39. Days and ]Hfolie�avs.A11 refet:ences in tl�is Agreement to tl�e word `<days,"whether Cor not�ces, schedules, perl'or'�aa��ce, t�r otl�ec ��iscella��ea�xs tixr�e Izmits, shall at all ti�nes nsean calendar d�ys; unless specifically refe�•er�ced as "business" days. I3usi��ess days az•e Mond�y thrc�ugl� T'rrd�y> except lega[ l�olidays. In tl�e event any date for perfor��ance of any obligation or the giving of any natice �ursu�tlt tio this t�greement accu�•s on a Calif�rnia state ot� feder�l holid�y c�r on a Saturday ar S�anday, then tl�e next bc�siness day shall be de�ined the applzcal�le date for perfo�•mance c�r-'7c�tice. 40. Forc�Maieure.At�y prevention or delay in pet�for�77ance due to laboz:disput�s,acts of' God, fire or otller casualty,acts oFtecrorism or war,pandednic(incCudin�; butnot limited tc�,thc curx�ent GtJVID-19 pa�ade�nic);gove��nlnental actiions or restrictioXis(c�tl�er tlsan actions or�•estrictio�is i�nposed or take��r by Se11ei�), inability to obtain services, labor, a1 ��naterials (including, b�at g�ot �lmited to>tl�e services ofthe Escrow�1:gent?Title Co�npany, or SlZasta County R.ecordcr as�resc�lt of of�ce closures ar otl�erwise), or ail�er causes (except financial) beyond the reasonable contz°o1 oFthe Party obligated tQ pe�•fot•ara{eac[�aH1 event af"T'orce Majeure"} sl�all excuse tl�e perfol•,na��ce by tl�:at Party �'or a period ec�ual to tl�e prevet�tiotl or de11y. Aiay delay in Selier's delivety af tlie Propet�cy Documents ta Buyer caused by Torce Nlaj�ure sh�ll automatic�lly extend fihe Dite Di[i�ence Period and the Closing Date by a like nlimber of days. S"ig�crture P�ge to I'c�llow I2EAL EST�TE PURCI IASL r1Nll SALL AG4ZLCME,N'1' t'age[8 CITY�F Rt;1�I7ING/CAS RrDD1NG,I.LC. FiUYER: SELLER: CAS Redding, LLC., CITY O�'REDDING, a North Carol`ina Limited Liability a municipal corporation Company By: ,� �y; Its: U1" ��.5��'C3�.1 Its: Dated: `�J�" � Dated: I{EAL ESTATE PURCHASE AND SALE AGREEMENT Page 19 GTTY OF REDDING!GAS REDDING,LL�: APP� 456-610-OOA� CfTY t'�F �2�C��IPdG �fA.I-1I�P�1 6i.p P1 f'�1 ��.�1��..��w�M�.��M�� All that c�r�ain�r�p�rky in the�ity of Redding, County of Sh�sta, State af Califtirnia being L�t 4; ��shown an khe m�p t�f Redding Airpnrt i�usiness Park Subdivysi�n I�ca. S- 9-92,filed on April 12, 1994 in �a�k 21 af Ma�s at P�g�4�; Shasta County Reco�ds. Reserving�`hereftom a Pub#ic S�:rvice Eas�m�nt d�scribed as follc�ws; GtJ�i�A�NCINiG �t the southeast�rly corn�r of�.ot 4 as shown c�n said Redding Airport Busin�s�i'ark �ubdivisian �i�� 5-9-92; Thertce al�ng the�as#lin��f said L,t�t 4,al�c�b�ing the W�st lir�e of Lockh�ed C�riv�, (�c�rth �i°51'38"East,30.01 fie�t t�the iVt�rth lirr�csf the 3(�'f'ubiic Service�asemenC as shc�wn nn �aid Redding�irp�rt Business F�ar1c Subdivisian No. S-�-92; Th�nce�n�r�d afong the Nc�rth lir�e of said 30" 1'ubdic Service�a�ement North 8S°2�'A5"West,434:U1 feet t�th�TRUE PA�t�T+��' B�G(tdNIPVG; Thence continuir�g a[c�ng th�N�rth line c�f�aid 3q'Pubiic Serv�ce��emer�t N�rth 69°2a"A5"West,1t�(}:6'1 feet; Th�nce an�nd��ong#he �ast line-of said 3�`�'ublic Servic��asement North 1°19'16" IEast;4Q.78 feet; Thence Sr�uth 67°11'19"E�st, 1(�8.12 feet fh��"�UE PC�lt�T�F B�GINIVING. �Iscr Res�ruing 7herefrom the 5'wid�Public�ervice Eas�ment alc�ng the ��st Gr��caf L�t 4 as si�own�n said Map of R�dding Airpc�rt�us�ness Park�ubdivision No. 5-2-92 (21�M-42}, Ais�R�s�rvinc�T'her�fr�m the 3�'wide Pubiic S�rvic�Easement afon�#h�W�st and �outh line c�f�.c�t 4 as shc�wn on �aid Map raf�edding Airp�rt Bu�iness F'ark 5ubdivision No. 5-2-92(�1-N1-42}; Riscr Re��nring 7herefrom�perp�tual public use easement and right-af v�ay for th�fre� and un�b�tructed passag��nd flight nf aircr�ft, �f whatever ownersf7ip, and wheth�r now kncawn or h�reafte�used for n�vigatic�rr c�f c��flight in the air, in,through, a�er and acrc�s� the air spac� facated ab�ve the heic�ht c�f the lowest c�f th� '°im�gina�y surf�ces` establish�d ir� relation t�the airpc�rt and tc�e��h runway af th�airport in a��crrd�nce with the applic�bl� provisi�ns �f ��d�ral �viati�n Administr�tir�n r�gulatiQr�s s�t fcsrth in 14 C,F:Ft. ��77.2'1�77.29{�s the sar�e may b��m�ndec#from time ta time),t�an indefinitc 655d�G,C3c{CH��b DR �age 1 «af 2 st6J2U2s APId 0�6-610-OQ4 C1TY{�� t3ClCi�G heigh#�bave said imagir�ary surfac�s vver the first abov�described real pr�perty. The rights herein res�rved-sh�il include the right in sucfr�irspac�To aliaw,mak�and�mit such n�ise, vibratic�n,fumes dust arrd fuel ��ficles as may b�inh�r�nt tc�#he ap�rati�n �f�ircraft nc�w known�r her��fter used f�r navigation of ar fiight in th��ir; Fligt�ts be{ou�minirnum ea�em�nt elevation c�r iauder th�n the rnaximum�asement nvis� level whici�c�ccur t�ecause�f�merc�ency�ir�raft�ituatians shall not cc�nsfiitute a vic�(ati�n c�f fhi�Rir Easem�nt. � �`�;s;� Lr'�`�� S r ; �' �,f f , �� 4�j �.�t.:, . ;�'�, �*� �� iftc(� �:�� ;�. ,� � �� a.� �-,��", c2 ,,as � c; � �s""�`��'�f�r�»..�""`«�� 1�t�: 7" �".�.� � +�(t r� ��S ;�, h ries K�n Iwamura,PLS � '��. :°��3 '� ��"� �-� Cify Sutveyor �� City t�f Redding �;�,r ,, `�� t,�� 69�0 L,�?CKii��C1 pFt Page 2 0€� 5l6f2Q26 i FXHf�+; °fi" '� Nd`� 1J' 16"� 33#�,3� � � . . . . . .. . . . � ._., ��i. . . . .. _ . .._..�...:__... ._.�..:...<.r .�_._...._.....w �..... ..�- . . �....�w _. �.��w��.�__ __�..___._��._.__�.__ � ; � -�-�� ._ . ,�:__- __ _ ��.___ __ .._.,� ; , - � � � �� ; ; ,.^'�� SEiiYICE R�R 2�•n�aPs-az , �, � ;! � } •; � , i � � �, � � i � �ASE�I�NI` 3 � j� y, � (i �' f d ' : . 1 't s . �' ¢ 4 7 � j I I; �., . � �Q��pJ„`�� ! t f . I � E'.Q.��, p��zr.atn.a��-�� { �,t ;� -�� e��: "� r i i � � � ,,. . , ...� i � ,�... , i i< 1 �s r3s^E�4` `s '�r � I.s, , I ..�. ,� L�a, . ' I. � ] ��F�;�§ j s,',tS; i !i s � i. r....•--�.,. '„°:, s 1 i' � --� �� ; i, i 30'PSE x � i i '�. a pER21-Ma1PS-42 i-,<� �tj +. �,� � � < �, . � �f� s ��.�}". i � �.;' �:1�. q,, � t [� � �I �� i L�GENb: `'� i i � P.O.C: �POIN7bFCC?MAAEN��M�NT ___i._...__—___._______�.r_,_.,__ i: u7 j T.P,0.8, =TRUE Ft?INT p�'BEGiNNING .�`i i j4 �1'' t"�? PSC AR�A=�Z,665 9Q.�FT; ��tL? 7� {±� ; �i N I i' �� 4� ._�� .. : � ��' `� f Lfne 7able � ' � �� I ,__ .,.,.a.". 1� 1; � i Line � Length Di�eckian ep j � �� C ... , � P. ,, t ,. , f� ! i.t 3Q.01 N1' S1` 38'�E �, , , ;; ' �t� ) , f >r�,- j; L2 $34.07 N$8' 20' 45"W�� 'S '� � I i ' .. . .�� r`>c, �t��r3 I, J � � l�� OQ�1 N89' 20' 49,.W�� tr'�,, �`?�^� a,>a��Cr1s��)' f.`� i. .I :�Y ' `,$ . .. i. t L4 4i7,7� N9' 19` S5"E � 1 r, � � f;-i:, s ,_ 3. ; L5 908,12 S87' 11' 1�"E � �, � I �',. I I 1; P l; I' 1 i � 29-MAE'u�42 32"PEf2 � i � � 23-htAPS i2 � �� ' t k +� 1 / _ ....,_.�_____�.„._� ,.. . , . � :�.. ...e ._.�._...._ __w.,,....._..,..__.�...�.__.......,.,.�_....... �.� �� -�� . ... . : _ I. ....,._ . r' _._.._� P'.C►.C. { � .��' S1' ��"W 331.71` _.. �._,_._.......�_.�_.,,_,,. � 3��,�',��'d��..4 a�.� �7`�,s��, ...�...„—..,...—_._. . .:........ ........._. . """--. ._.�—..�...�........�........ —.._. .�._ . .. ...�.. .�.___. �__....._.. ..�__.... : :�.. . ... ... . . .. . _..,.: . , �' . . . . . . .. PUBLIC WC�i�KS PUE3LIG SG.�VICE E.dSCIvt�N1" ENGhyF.�F�ING L�fVIS(C�I�! � o �a u_.9s° r�PN: G56-61C}-0�4 �eet LOT �; 21--��IAPS--42 C Mciyr 20:�6 R��L�IN^u AlfZ1�Q�T �U�INESu PARK hJa: S--?�-9� Exhibit C RECORDING REQUESTED BY: City of Redding WHEN RECORDED MAIL DOCUMENT AND T�1X STATEMENT TO: Cas Redding, LLC 4641 Paragon Park Rd Raleigh,NC 27616 THE AREA ABOVE IS RESERVED FOR RECORDER'S A.PN.: 056-610-004 usE GRANT DEED THE UNDERSIGNED GRANTOR DECLARES: Documentary Transfer Tax— (x)City of Redding (x)computed on full value of property conveyed FOR VALUABLE CONSIDERATION, the receipt of which is hereby acknowledged, CITY OF REDDING, a Municipal Corporation HEREBY GRANTS to CAS REDDING, LLC, a North Carolina Limited Liability Company The following described real property in the CITY OF REDDING, County of Shasta, State of California: SEE EXHIBIT `A'ATTACHED HERETO AND MADE A PART HEREOF (see Exhibit `B' attached hereto for information purposes only) SUBJECT TO TI�E FOLLOWING COVENANTS, CONDITIONS,AND RESTRICTIONS: If ten (10) or more residential units are developed on the Property, not less than 15 percent of the total number of residential units developed on the Property shall be sold or rented at affordable housing cost, as defined in Section 50052.5 of the California Health and Safety Code,or affordable rent, as de�'ined in Section 50053 of the California Health and Safety Code, to lower income households, as defined in S�ction 50079.5 of the California Health and Safety Code. Rental units shall remain affordable to and occupied by lower income households for a period of at least 55 years for rental housing and 45 years for ownership housing. The initial occupants of a11 ownership units shall be owner ineome households, and the units shall be subjeet to an equity sharing agreement consistent with the provisions of paragraph (2) of subdivision (c) of Section 65915 of the California Government Code. These requirements shall be covenants or restrictions running with the land and shall be enforceable against any owner who violates a covenant or restriction and each successor-in-interest who continues the violation by any of the entities described in subdivisions (a) to (�, inclusive, of Section 54222.5 of the California Government Code. DATED: , 2026 GRANTOR: CITY OF REDDING, a municipal corporation BY: MIKE LITTAU, MAYOR ..... .... ..... ..... ..... ..... �� „F� �� & � �, x � ��: ��... ..... .... ..... .... .... ..... .... .��C��,�� . ��"�°�°�`" �.' .. �� `��: �� °�� °� �'" �� °�� ........ ......... a��aa� �a �".. b�� 'Y�4 ��. ��,yM ,.��ar�.� �� , �, a� �.�S �w .� .,� } .. � .... .... .... .... ... .... i."�� ., ��3��.'� �� .,r :� ��p �.,'S�� ; .;�� .�� I�� R�� ,�.. � ':�� .: u� .. �° . �:P ......... ......... ................ ��`�� ,�� .�� I�� '� ��"��; � �� .� � �. � � � �� x � � � � � � �. '��.:��"�� a�� `�� "�rc��"'�; ��c� � . � �� t�� `�� r��e�� t� ��r� �� rt � �� s��i� �� i�� _°��° �� r��c�i�� 9��.�c� �� 1�� r ��i� �� ,� f, , r, � F ��"�°�� ; ' �,.�� j t�� °��t�� c�.�� °�� "��:.��> t�� m ��'�C��.�'�.��,w�� , �� fr��+r��'w� ��'�m� � � . - . � ..... . ...... .... ....� .... s,,,: 2 � � .. . . . . , ... f ,� � ... . tt . .. . 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