PURCHASE AND SALE AGREEMENT
THIS AGREEMENT is made and entered into this __ day of ______ , 2021, by and between the City of Merced, California Charter Municipal Corporation ("Seller") and MAIPG 1, LLC, a California Limited Liability Company ("Buyer").
WITN ESS ETH
WHEREAS, Real properties owned by the Seller and identified as APN 059-300-026 in the Airport Industrial Park (more fully described on Attachment "A" hereto) have been declared surplus, hereinafter the "Subject Property;" and,
WHEREAS, Buyer desires to purchase the Subject Property for the location of an industrial steel shell building to be leased in the future to an industrial user.
NOW, THEREFORE, the parties hereto, in consideration of the mutual covenants, promises, and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and agreed, the paiiies hereto do hereby agree as follows:
SECTION 1. PURCHASE & SALE. Seller agrees to sell and Buyer agrees to purchase the Subject Property.
SECTION 2. PURCHASE PRICE. The purchase price for Subject Property shall be One Hundred Four Thousand Five Hundred Forty-Four Dollars ($104,544.00) for approximately
1.60 acres, with the purchase price to be adjusted at $1.50 per square foot based upon a survey to be prepared pursuant to Section 4 hereof.
-1-
X:\Airport Land Sales\MAIPG I, LLC\Real Property Sales Agr Airport Industrial Park v2 - 1.21.21 .docx ATTACHMENT 2