AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY
AND ESCROW INSTRUCTIONS
Assessor's Parcel Number: 467-071-15
930-934 F Street and 931-937 China Alley, Fresno, CA 93706 This Agreement for Purchase and Sale of Real Property and Escrow Instructions (Agreement) is entered into by and between the CITY OF FRESNO, a California Municipal corporation, (City or Buyer) and CENTRAL CALIFORNIA LAND TRUST (CCL T), a 501 (c)(3) Nonprofit corporation, (Seller). City and Seller are collectively referred to herein as "the Parties."
RECITALS
A. The Real Property which is the subject of this Agreement is situated at 930-934 F Street and 931-937 China Alley, in the City of Fresno, County of Fresno, State of California, bearing Assessor's Parcel Number 467-071-15 (Subject Property).
B. The owner of the Subject Property is CCL T, a 501 (c)(3) Nonprofit corporation (Seller).
C. Seller has agreed to accept a transfer of title of the Subject Property from Chinatown Revitalization, Inc., a California Nonprofit Corporation (Chinatown"), which is in the process of winding up following administrative dissolution by the Secretary of State.
D. Seller will transfer the Subject Property to City.
E. The transfers of title of the Subject Property between Chinatown and Seller, and Seller and the City will occur consecutively.
F. The City agrees to pay all costs associated with this transaction, as set forth in Section 6, the Purchase Price.
G. City desires to purchase the Subject Property to facilitate the development of an Affordable Housing Project.
H. City now wishes to purchase from Seller and Seller now wishes to sell to City, the Subject Property, subject to the terms and conditions herein.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing and of the covenants, conditions, and premises hereinafter contained to be kept and performed by the respective parties, it is mutually agreed as follows:
1. Subject Property. The Subject Property is situated at 930-934 F Street and 931- 937 China Alley, in the City of Fresno, County of Fresno, State of California, identified as Assessor's Parcel Number 467-071-15, which includes fixtures and improvements located on the property and all rights, privileges, and appurtenances, including any permits and easements. A legal description of the Subject Property is attached hereto as Exhibit A and incorporated herein by reference.
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