PSA DRAFT — San Marcos City Council, September 24, 2024

Dated: September __, 2024

1. Buyer.

1.1 City of San Marcos (“COSM”), a Chartered Municipal Corporation)or permitted assignee ,("Buyer")hereby oﬀersto purchasethereal property, hereinaŌer described,fromthe ownerthereof ("Seller") (collecƟvely,the"ParƟes"or individually,a "Party"),through anescrow("Escrow") toclose 30or days aŌerthe waiveror saƟsfacƟonofthe Buyer's ConƟngenciesContingency Date, ("ExpectedClosing Date")to beheldby Fidelity National Title (ATTN: Samantha Maestas) ("Escrow Holder") whoseaddress is 4370 La Jolla Village Dr., Ste. 240, San Diego, CA 92122 ,PhoneNo. 858.334.6901 , FacsimileNo. upon thetermsand condiƟons set forthin thisagreement("Agreement"). Buyer shallhave therightto assignBuyer's rightshereunder, butany suchassignment shallnotrelieve Buyerof Buyer's obligaƟons hereinunlessSeller expresslyreleases Buyer.

1.2 The term"Date ofAgreement" asusedherein shallbe thedatewhen by execuƟon anddelivery(as deﬁnedin paragraph20.2) ofthisdocument ora subsequent counteroﬀer thereto,Buyer andSellerhave reachedagreement in wriƟng wherebySelleragrees tosell, andBuyeragrees topurchase, thePropertyupon termsaccepted byboth ParƟes.

2. Property.

2.1 The realproperty ("Property")that isthesubject ofthis oﬀerconsistsof (inserta briefphysical descripƟon) an approximately 1.95 net acres located at the SE Corner of North Las Posas & Armorlite Drive islocated inthe Countyof San Diego ,is commonlyknownas (streetaddress, city,state,zip) SE Corner of North Las Posas & Armorlite Drive, San Marcos, CA 92069 andis legallydescribed as: to be provided by escrow (APN: 219-163-60 .)

2.2 Ifthelegal descripƟonof thePropertyis notcomplete orisinaccurate, thisAgreement shallnotbe invalidand thelegal descripƟonshallbe completedor correctedto meetthe requirementsof Fidelity National Title ("TitleCompany"), whichshall issuethe Ɵtle policy hereinaŌer described.

2.3 The Propertyincludes, atno addiƟonalcostto Buyer,the permanentimprovementsthereon, includingthose itemswhichpursuant toapplicable laware a partof theproperty,aswellas thefollowing items,if any,ownedby Sellerand atpresentlocated onthe Property: N/A (collecƟvely,the"Improvements").

2.4 Except asprovided inParagraph2.3,thePurchasePricedoes notincludeSeller's personalproperty,furnitureandfurnishings, and N/A allof whichshall beremovedbySellerprior toClosing.

3. PurchasePrice.

3.1 The purchaseprice ("PurchasePrice") tobepaid byBuyer toSellerfor theProperty shallbe $3,750,000 ,or (completeonlyif purchaseprice willbedeterminedbasedon aperunitcostinsteadofa ﬁxedprice) per unit. The unitused todetermine thePurchasePrice shallbe:
lot acre squarefoot other proraƟngareas ofless thanafull unit. Thenumberof unitsshall bebased ona calculaƟon oftotal areaof theProperty as cerƟﬁed tothe ParƟes bya licensedsurveyor inaccordancewith paragraph9.1(g). However,thefollowing rightsof wayandother areaswill be excludedfrom such calculaƟon: . ThePurchase Priceshallbe payableas follows:
(Strikeany notapplicable)
$3,750,000
$3,750,000

3.2 If Buyeris taking Ɵtleto theProperty subjectto,orassuming,an ExisƟngDeed ofTrustand suchdeed oftrustpermits the beneﬁciary todemand payment offeesincluding,but notlimitedto,points,processing fees,and appraisalfeesas a condiƟon tothetransfer ofthe Property,Buyeragrees topay suchfees uptoa maximumof 1.5%of theunpaidprincipal balanceof theapplicable ExisƟngNote.

4. Deposits.

4.1 Buyerhasdelivered toBroker acheckin thesum of , payableto EscrowHolder,to bedelivered byBrokerto EscrowHolder within2 or businessdays aŌerboth ParƟeshaveexecuted thisAgreement andthe executedAgreementhas beendelivered toEscrowHolder,or within32 or businessdays aŌerboth ParƟeshaveexecuted thisAgreement andtheexecuted Agreementhas beendelivered toEscrowHolder Buyershall deliverto EscrowHolder acheckfundsviawiretransferin thesum of $75,000 . Ifsaid checkisfundsarenot receivedby EscrowHolderwithin said Ɵme period

STANDARDOFFER,AGREEMENT ANDESCROWINSTRUCTIONS

FORPURCHASEOF REALESTATE
(VacantLand)
(a) Cash downpayment, includingtheDeposit as deﬁned inparagraph 4.3(orif anall cashtransacƟon,the PurchasePrice):
(b) Amountof "NewLoan"as deﬁnedin paragraph5.1, ifany:
(c) Buyershall take Ɵtle totheProperty subjectto and/orassumethe following exisƟng deed(s)of trust("ExisƟngDeed(s) of Trust")securing the exisƟng promissorynote(s)("ExisƟng Note(s)"):
(i) An ExisƟng Note("First Note")with anunpaidprincipal balanceas oftheClosing ofapproximately:

Said FirstNoteis payableat per month,includinginterest atthe rateof % perannum unƟlpaid (and/orthe enƟreunpaidbalance isdue on ).
(ii) An ExisƟngNote ("SecondNote") withan unpaidprincipalbalance asof theClosingof approximately:

Said SecondNoteis payableat per month,includinginterest atthe rateof % per annum unƟl paid(and/or the enƟreunpaid balanceis dueon ). (d) Buyershall giveSeller adeedof trust("Purchase MoneyDeedof Trust")on theproperty,tosecurethe promissorynote ofBuyer toSeller describedinparagraph 6("Purchase MoneyNote") intheamount of:
thenSeller mayelect tounilaterallyterminate this transacƟon bygiving wriƩen noƟceof suchelecƟon toEscrowHolder whereuponneither Partyshallhave any furtherliability tothe otherunderthis Agreement. ShouldBuyer andSellernot enterinto anagreementfor purchaseand sale,Buyer's checkorfunds shall,upon requestby Buyer,be promptlyreturnedto Buyer.

4.2 AddiƟonal deposits:
(a) Within 5business days aŌerthe Dateof Agreement,Buyershall depositwith EscrowHolderthe addiƟonalsum of tobe appliedtothe PurchasePrice atthe Closing.
(b) Within53 business days aŌerthe conƟngenciesdiscussed inparagraph 9.1(a) through(m)are approvedor waivedContingencyDate, Buyershall depositwith EscrowHolder the addiƟonalsum of $75,000 tobe appliedtothe PurchasePrice attheClosing,foratotalamountof$150,000,whichshall benon-refundablebutappliedtothePurchasePrice.
(c) Ifan AddiƟonalDeposit isnotreceived byEscrow Holderwithin the Ɵmeperiod provided thenSellermay noƟfyBuyer,EscrowHolder,andBrokers,in wriƟngthat, unlessthe AddiƟonalDepositis receivedby EscrowHolder within2business daysfollowing said noƟce,the Escrowshall bedeemedterminated without further noƟce or instrucƟons.

4.3 Escrow Holdershall depositthe fundsdepositedwith itby Buyerpursuantto paragraphs4.1 and4.2 (collecƟvely the"Deposit"), ina StateorFederally

charteredbank inan interestbearingaccount whoseterm isappropriate andconsistentwith the Ɵming requirementsofthis transacƟon. Theinteresttherefrom shall accrueto the beneﬁt ofBuyer,who herebyacknowledges thatthere maybe penalƟes orinterest forfeituresifthe applicableinstrument isredeemedprior toits speciﬁedmaturity. Buyer's FederalTax IdenƟﬁcaƟon Numberis 95-2259585 . NOTE:Suchinterest bearingaccount cannotbeopened unƟlBuyer's Federal TaxIdenƟﬁcaƟon Numberis provided.

4.4 Notwithstanding theforegoing, within5 days aŌerEscrow Holderreceives themoniesdescribed inparagraph 4.1above,Escrow Holdershall release$100 ofsaid moniesto Sellerasand forindependent consideraƟonfor Seller's' execuƟonof thisAgreement andthe granƟng ofthe conƟngencyperiodto Buyeras herein provided. Suchindependent consideraƟonisnon-refundable toBuyer butshall becreditedto thePurchase Priceinthe eventthat thepurchaseof theProperty is completed.

4.5 Upon waiverof allof Buyer'scConƟngencies theDeposit shallbecomenon-refundable butapplicable tothePurchase Priceexcept inthe eventofa Seller breach,or inthe eventthatthe Escrowis terminatedpursuant totheprovisions ofParagraph 9.1(n) (DestrucƟon,Damage orLoss) or9.1(o) (MaterialChange).

5. Financing ConƟngency. (Strikeif notapplicable)

5.1 This oﬀeris conƟngentupon Buyerobtainingfrom aninsurance company, ﬁnancial insƟtuƟon orother lender,acommitment tolend toBuyer asumequal to atleast %of thePurchase Price,onterms acceptableto Buyer. Such loan("New Loan")shallbe securedby a ﬁrstdeed oftrust ormortgage onthe Property. Ifthis Agreementprovidesfor Sellerto carryback junior ﬁnancing, then Sellershall havetheright toapprove thetermsof theNew Loan. Sellershallhave 7 daysfrom receiptof thecommitment seƫng forththe proposedterms oftheNew Loanto approveordisapprove ofsuch proposedterms. IfSeller failsto noƟfy EscrowHolder,in wriƟng, ofthedisapproval withinsaid 7days itshallbe conclusivelypresumed thatSellerhas approvedthe termsofthe NewLoan.

5.2 If Buyershall failto noƟfyitsBroker,EscrowHolder andSeller,in wriƟngwithin days followingthe DateofAgreement, thatthe NewLoan hasnot beenobtained, itshallbe conclusivelypresumed thatBuyer haseitherobtained saidNew Loanorhas waivedthis NewLoan conƟngency.

5.3 If Buyershall noƟfyits Broker,EscrowHolder andSeller,in wriƟng,within the Ɵme speciﬁedinparagraph 5.2hereof, thatBuyer hasnotobtained saidNew Loan,this Agreementshall beterminated,and Buyershall be enƟtled totheprompt returnof theDeposit,plus anyinterest earnedthereon,less onlyEscrow Holder andTitle Company cancellaƟon feesandcosts, whichBuyer shallpay.

6. SellerFinancing. (PurchaseMoney Note). (Strikeifnot applicable)

6.1 If Sellerapproves Buyer's ﬁnancials (seeparagraph6.5) thePurchase MoneyNoteshall providefor interestonunpaid principalat therateof %per annum,with principalandinterest paidas follows: . The PurchaseMoneyNote andPurchase MoneyDeedof Trustshall beon thecurrentforms commonlyused byEscrow Holder,andbe juniorand subordinateonly tothe ExisƟng Note(s)and/or theNewLoan expresslycalled forbythis Agreement.

6.2 The PurchaseMoney Noteand/or thePurchaseMoney Deedof Trustshallcontain provisionsregarding thefollowing(see alsoparagraph 10.3(b)):
(a) Prepayment. Principal maybeprepaid inwhole orin partatany Ɵmewithout penalty,atthe opƟonof theBuyer. (b) LateCharge. A latechargeof 6%shall bepayablewith respectto anypayment ofprincipal,interest, orother charges,notmade within10 days aŌer itis due.
(c) DueOn Sale. Intheevent theBuyer sellsor transfers Ɵtle totheProperty orany porƟonthereof,then theSeller may,at Seller's opƟon,require the enƟreunpaid balanceof saidNoteto bepaid infull.

6.3 If thePurchase MoneyDeed ofTrustis tobe subordinatetoother ﬁnancing,Escrow Holdershall,at Buyer'sexpense prepareand recordonSeller's behalfa requestfor noƟceof defaultand/orsale withregard toeach mortgageordeed oftrust towhichit willbe subordinate.

6.4 WARNING: CALIFORNIALAWDOESNOT ALLOWDEFICIENCYJUDGEMENTS ONSELLER FINANCING. IF BUYERULTIMATELYDEFAULTSONTHE LOAN, SELLER'SSOLE REMEDYIS TOFORECLOSEON THEPROPERTY.

6.5 Seller's obligaƟonto provide ﬁnancing is conƟngentupon Seller'sreasonable approvalofBuyer's ﬁnancial condiƟon. Buyerto providea current ﬁnancial statementand copiesof itsFederaltax returnsfor thelast 3yearsto Sellerwithin 10daysfollowing theDate ofAgreement. Sellerhas 10days followingreceiptof such documentaƟon to saƟsfy itselfwithregard toBuyer's ﬁnancial condiƟon andto noƟfy EscrowHolder astowhether ornot Buyer's ﬁnancial condiƟon is acceptable. IfSeller failsto noƟfy EscrowHolder,in wriƟng, ofthedisapproval ofthis conƟngencywithinsaid Ɵmeperiod, itshallbe conclusivelypresumed thatSeller hasapproved Buyer's ﬁnancial condiƟon. If Selleris not saƟsﬁed withBuyer's ﬁnancial condiƟonor ifBuyerfails todeliver therequired documentaƟon thenSeller may noƟfy EscrowHolder in wriƟngthat SellerFinancing willnot beavailable,and Buyershall havethe opƟon, within10 daysofthe receiptof such noƟce, toeither terminatethis transacƟonor topurchasethe Propertywithout Seller ﬁnancing. IfBuyer failsto noƟfyEscrowHolder withinsaid Ɵmeperiodof its elecƟon to terminatethis transacƟonthen Buyershallbe conclusivelypresumed tohave electedtopurchase theProperty withoutSeller ﬁnancing. If Buyerelectsto terminate, Buyer'sDeposit shallbe refundedlessTitle Companyand EscrowHolder cancellaƟonfeesand costs,all ofwhichshall beBuyer's obligaƟon.

7. RealEstateBrokers.

7.1 Each Partyacknowledges receivinga DisclosureRegardingReal EstateAgency RelaƟonship, conﬁrmsand consentsto thefollowingagency relaƟonshipsin this transacƟon withthe followingrealestate broker(s)("Brokers") and/ortheir agents(“Agent(s)”):

Seller'sBrokerageFirm Colliers International CA, Inc., a Delaware corporation, d/b/a Colliers International License No. 01908588 isthebroker of(check one): theSeller; or boththe BuyerandSeller (dualagent).

Seller'sAgent Tucker Hohenstein, Mark Lewkowitz LicenseNo. 00999360, 01785338 is(check one): the Seller'sAgent (salespersonor brokerassociate);or boththe Seller'sAgent andtheBuyer's Agent(dual agent).

Buyer'sBrokerageFirm IDS Real Estate Group License No. 00964696 isthe brokerof(check one): theBuyer;or both theBuyerandSeller (dualagent).

Buyer'sAgent Matt Traino LicenseNo. 01459725 is (checkone): theBuyer'sAgent (salespersonor brokerassociate);or both theBuyer's Agentand theSeller'sAgent (dualagent).

The ParƟes acknowledgethat otherthanthe Brokersand Agentslisted above,thereare noother brokersoragents represenƟngthe ParƟesordue anyfees and/or commissionsunder thisAgreement. Buyer shallusethe servicesof Buyer'sBrokerexclusively inconnecƟon withany andall negoƟaƟons and oﬀers withrespectto theProperty fora periodof1 yearfrom thedate insertedforreference purposesat thetopof page1.

7.2 Buyer andSeller eachrepresent andwarrantto theother thathe/she/ithas hadno dealingswithany person, ﬁrm, broker,agent or ﬁnderin connecƟon withthe negoƟaƟonof thisAgreementand/or the consummaƟon ofthe purchaseandsale contemplatedherein, otherthanthe Brokersand Agentsnamedin paragraph7.1, andno broker,agentor otherperson, ﬁrmor enƟty,otherthan saidBrokersandAgentsis/are enƟtledto anycommissionor ﬁnder'sfee in connecƟon withthis transacƟonas theresultof anydealings oracts ofsuchParty. Buyer andSellerdo eachhereby agreetoindemnify, defend,protect andhold theother harmlessfrom andagainst anycosts,expenses orliability for compensaƟon, commissionorcharges whichmay beclaimedby anybroker,agent, ﬁnderor othersimilar party,other thansaid namedBrokersand Agentsby reasonof anydealingsor actof theindemnifyingParty.

8. Escrowand Closing.

8.1 Upon acceptancehereof bySeller,thisAgreement,including any counteroﬀers incorporatedhereinby the ParƟesandanyaddendahereto, shall consƟtutenot onlythe agreementofpurchase andsale betweenBuyer andSeller,but also instrucƟons toEscrowHolder forthe consummaƟon ofthe Agreement throughthe Escrow. EscrowHoldershall notprepare anyfurther escrow instrucƟons restaƟng oramending theAgreementunless speciﬁcallyso instructedbythe ParƟesor aBrokerherein. Subject tothe reasonableapproval ofthe ParƟes, EscrowHolder may,however,include itsstandard generalescrowprovisions. In the eventthat thereis any conﬂictbetween theprovisions ofthe Agreementandthe provisionsof anyaddiƟonalescrow instrucƟonsthe provisionsofthe Agreement shallprevail asto the ParƟesand theEscrow Holder.

8.2 As soonas pracƟcal aŌer thereceiptof thisAgreement andanyrelevant counteroﬀers,Escrow Holdershallascertain theDate ofAgreement as deﬁnedin paragraphs1.2 and20.2 andadvisethe ParƟesand Brokers,in wriƟng,ofthe dateascertained.

8.3 Escrow Holderis herebyauthorized andinstructedto conductthe Escrowinaccordance withthis Agreement,applicablelaw andcustom and pracƟce of thecommunity inwhich EscrowHolderis located,including any reporƟng requirementsofthe InternalRevenue Code. In theevent ofa conﬂict betweenthe lawof thestate wherethe Propertyislocated andthe lawof thestatewhere theEscrow Holderislocated, thelaw ofthestate wherethe Propertyis locatedshallprevail.

8.4 Subject to saƟsfacƟon ofthe conƟngencieshereindescribed, EscrowHolder shallclosethis escrow(the "Closing")byrecording ageneral warrantydeed (a grantdeed inCalifornia) andtheother documentsrequired tobe recorded,andby disbursingthe fundsanddocuments inaccordance withthisAgreement.

8.5 Buyer andSeller shalleach payone-halfof theEscrow Holder'schargesand Sellershall paytheusual recordingfees andany requireddocumentarytransfer taxes. Sellershall paythepremium fora standardcoverage owner'sorjoint protecƟonpolicy of Ɵtleinsurance. (See alsoparagraph11.)

8.6 Escrow Holdershall verifythat allofBuyer's conƟngencieshave been saƟsﬁedor waivedprior toClosing. The maƩers containedin paragraphs9.1 subparagraphs(b), (c),(d), (e),(g),(i),and (n),and (o),9.4,12, 13,14, 16,18, 20,21,22, and24 are,however,maƩers ofagreement betweenthe ParƟes onlyand are not instrucƟons toEscrow Holder.

8.7 If this transacƟon isterminated fornon-saƟsfacƟonand non-waiverof aBuyer's ConƟngency, as deﬁned inParagraph9.2 ordisapproval ofany other maƩersubject toBuyer's approval,thenneither ofthe ParƟesshall thereaŌerhaveany liabilityto theotherunder thisAgreement, excepttothe extentof abreach of any aﬃrmaƟve covenantor warrantyinthis Agreementandanyobligationsthatexpresslysurvivetheterminationhereof. In theevent ofsuch terminaƟon, Buyershall, subjectto theprovisionsof paragraph8.10, bepromptly refundedallfunds depositedby BuyerwithEscrow Holder,less onlythe$100 providedfor in paragraph4.4 andthe TitleCompanyand EscrowHolder cancellaƟonfees andcosts,all ofwhich shallbeBuyer's obligaƟon. Ifthis transacƟon isterminated asa resultof Seller'sbreach ofthisAgreement thenSeller shallpay theTitleCompany andEscrow Holder cancellaƟonfees andcosts.

8.8 The Closingshall occuron theExpectedClosing Date,or assoon thereaŌer asthe Escrowisin condiƟonfor Closing;provided, however,thatif theClosing doesnot occurby theExpectedClosing Dateand saidDate isnotextended bymutual instrucƟonsofthe ParƟes,a Partynotthen indefault underthis Agreementmay noƟfythe otherParty,EscrowHolder,andBrokers,in wriƟngthat, unlessthe Closingoccurswithin 5business daysfollowingsaid noƟce,the Escrowshallbe deemed terminatedwithout further noƟce or instrucƟons.

8.9 Except asotherwise providedherein, the terminaƟonof Escrowshall notrelieveor releaseeither Partyfromany obligaƟonto payEscrow Holder'sfeesand costsor consƟtutea waiver,releaseor dischargeof anybreach ordefaultthat hasoccurred intheperformance ofthe obligaƟons,agreements,covenants or warranƟescontained therein.

8.10 If thisEscrowis terminatedfor anyreasonother thanSeller's breachordefault, thenas acondiƟon tothereturn ofBuyer's deposit,Buyer shallwithin5 days aŌer wriƩenrequest delivertoSeller,atno charge,copies ofallsurveys, engineeringstudies, soilreports,maps, masterplans, feasibilitystudiesand othersimilar itemsprepared byor forBuyerthat pertainto theProperty.Notwithstandingtheforegoing,suchmaterialsshallnotincludeanyconfidentialorprivileged materials,anyappraisalsorotherfinancialanalysispreparedbyoronbehalfofBuyer,oranyotherproprietarymaterialsofBuyer,andBuyerismaking no,andherebydisclaimsany,representationorwarrantyofanykindregardingtheaccuracyorcompletenessofthesuchrequesteditemsexceptas expresslyprovidedinthisAgreement.

9. ConƟngenciesto Closing.

9.1 The Closingof this transacƟon is conƟngentupon the saƟsfacƟon orwaiverof thefollowing conƟngencies. IF BUYERFAILS TONOTIFY ESCROWHOLDER,

INWRITING, OFTHE DISAPPROVALOFANY OFSAID CONTINGENCIESWITHIN THETIMESPECIFIED THEREIN,IT SHALLBECONCLUSIVELYPRESUMEDTHATBUYER HASAPPROVED SUCHITEM, MATTERORDOCUMENT. Buyer's condiƟonalapproval shall consƟtutedisapproval, unlessprovision ismadeby theSeller withinthe Ɵme speciﬁed thereforeby theBuyerin such condiƟonal approvalor bythisAgreement, whicheveris later,forthe saƟsfacƟonof the condiƟonimposed bythe Buyer.

EscrowHolder shallpromptly provideall ParƟes withcopies ofany wriƩendisapprovalor condiƟonalapproval whichitreceives. With regardtosubparagraphs (a) through(m) thepre-printed Ɵmeperiodsshall controlunless a diﬀerentnumberofdays isinserted inthespaces provided. (a) Disclosure. Seller shallmaketo Buyer,through Escrow,allof theapplicable disclosuresrequiredby law(See AIRCRE ("AIR")standardform enƟtled "Seller'sMandatory DisclosureStatement") andprovideBuyer witha completedProperty InformaƟonSheet("Property InformaƟonSheet") concerningtheProperty, dulyexecuted byor onbehalfof Sellerin thecurrent formorequivalent tothat publishedbythe AIRwithin 10or days followingtheDate of Agreement. Buyerhas 10daysfrom thereceipt ofsaid disclosurestoapprove ordisapprove the maƩersdisclosed. (b) Physical InspecƟon. Buyerhas 10or 45 daysfollowingthe receiptofthe PropertyInformaƟon Sheetor theDateof Agreement, whichever islater,to saƟsfy itselfwith regardtothe physicalaspects andsizeof theProperty. (c) HazardousSubstance CondiƟonsReport. Buyerhas 30 or 45 daysfollowingthe receiptoftheProperty InformaƟonSheetor theDate of Agreement, whicheveris later,to saƟsfy itselfwith regardto theenvironmentalaspects ofthe Property. Seller recommendsthat Buyerobtaina HazardousSubstance CondiƟonsReport concerningthe Propertyandrelevant adjoining properƟes. Any suchreportshall bepaid forbyBuyer. A "HazardousSubstance"for purposesof thisAgreement is deﬁned asanysubstance whosenature and/or quanƟty ofexistence,use, manufacture,disposal or eﬀect,render itsubject toFederal,state orlocal regulaƟon, invesƟgaƟon, remediaƟonor removalas potenƟally injuriousto publichealth orwelfare. A"Hazardous Substance CondiƟon"for purposesof this Agreementis deﬁnedas theexistenceon, underor relevantlyadjacent totheProperty ofa HazardousSubstancethat wouldrequire remediaƟonand/orremoval underapplicable Federal,state orlocallaw.
(d) Soil InspecƟon. Buyer has30 or 45 daysfollowing thereceiptof theProperty InformaƟonSheetor theDate ofAgreement, whicheveris later,to saƟsfyitself withregard tothe condiƟon ofthe soilsonthe Property. Sellerrecommends thatBuyerobtain asoil testreport. Anysuch reportshallbe paidfor byBuyer. Seller shallprovideBuyer copiesof anysoils reportthatSeller mayhave within10days followingthe DateofAgreement. (e) Governmental Approvals. Buyer has30 or 45 daysfollowing theDateofAgreementto saƟsfyitself withregardto approvalsand permits fromgovernmental agenciesor departments whichhave ormay have jurisdicƟon overtheProperty andwhich Buyerdeemsnecessary ordesirable in connecƟonwith itsintended useof theProperty,including, butnot limitedto, permitsandapprovals requiredwith respecttozoning, planning,building andsafety, ﬁre, police, handicappedand Americanswith DisabiliƟesActrequirements, transportaƟonand environmental maƩers.

NOTE:Past usesof thePropertymay nolonger beallowed. Inthe eventthat thePropertymust berezoned, itisBuyer's responsibilityto obtainthe rezoningfromthe appropriategovernment agencies. Sellershallsign alldocuments Buyeris requiredto ﬁle inconnecƟon withrezoning, condiƟonal usepermits and/orother developmentapprovals.
(f) CondiƟons ofTitle. EscrowHolder shallcausea currentcommitment for Ɵtleinsurance ("TitleCommitment") concerningthe Propertyissuedby the TitleCompany,aswell aslegiblecopies ofall documentsreferred tointhe TitleCommitment ("UnderlyingDocuments"),and ascaled anddimensionedplot showing the locaƟon ofany easementstobe deliveredto Buyerwithin 10or 3 days followingtheDate ofAgreement. Buyerhas 10days fromthe receiptofthe TitleCommitment, theUnderlying Documentsandthe plotplan to saƟsfy itselfwithregard tothe condiƟonof Ɵtle. The disapprovalbyBuyer ofany monetary encumbrance,which bythe termsofthis Agreementis notto remainagainstthe Property aŌer theClosing,shall notbe consideredafailure ofthis conƟngency,as Sellershall havethe obligaƟon,atSeller's expense,to saƟsfyand removesuchdisapproved monetaryencumbrance atorbefore theClosing. (g) Survey. Buyer has30 or 45 daysfollowing thereceiptofthe TitleCommitmentandUnderlyingDocumentsDateofAgreement to saƟsfy itselfwith regardto anyALTAƟtle supplementbased upona surveypreparedto AmericanLand Title AssociaƟon("ALTA") standardsfor anowner'spolicy bya licensed surveyor,showing thelegal descripƟonandboundary linesof theProperty,anyeasementsof record,and anyimprovements,poles, structuresand thingslocated within10 feetof eithersideof theProperty boundarylines. Anysuch surveyshall bepreparedat Buyer's direcƟon andexpense. IfBuyer hasobtained asurveyand approvedthe ALTAƟtle supplement,Buyermay electwithin theperiod allowedforBuyer's approvalof asurveyto havean ALTAextendedcoverage owner'sform of Ɵtlepolicy,inwhich eventBuyershall payany addiƟonalpremium aƩributablethereto. (h) ExisƟngLeases andTenancyStatements. Seller shallwithin 10or 3 days followingthe DateofAgreement provideboth BuyerandEscrow Holderwith legiblecopies ofallleases, subleasesor rentalarrangements (collecƟvely,"ExisƟngLeases") aﬀecƟngthe Property,andwith atenancy statement ("Estoppel CerƟﬁcate") inthe latestformor equivalentto thatpublished bytheAIR, executedby Sellerand/oreach tenantand subtenantofthe Property. Sellershall useits best eﬀorts tohaveeach tenantcomplete andexecute anEstoppel CerƟﬁcate. If anytenantfails orrefuses toprovidean Estoppel CerƟﬁcate thenSeller shall completeand executean Estoppel CerƟﬁcatefor thattenancy. Buyer has10days fromthe receiptofsaid ExisƟngLeases andEstoppel CerƟﬁcates to saƟsfy itselfwith regardto the ExisƟng Leasesandany othertenancy issues.
(i) Owner's AssociaƟon. Seller shallwithin 10or 3 days followingtheDate ofAgreement provideBuyerwith astatement andtransfer packagefrom anyowner's associaƟonservicingthe Property. Suchtransfer packageshallat aminimum include:copiesof the associaƟon's bylaws, arƟclesof incorporaƟon,current budgetand ﬁnancialstatement. Buyerhas 10days fromthereceipt ofsuch documentsto saƟsfy itselfwith regardtothe associaƟon. (j) OtherAgreements. Sellershall within10 or 3 daysfollowing theDateof Agreementprovide Buyerwithlegible copiesofallother agreements("Other Agreements")known toSellerinSeller'spossession thatwill aﬀect theProperty aŌerClosing. Buyerhas 10days fromthereceipt ofsaid Other Agreementsto saƟsfyitself withregardto suchAgreements.
(k) Financing. If paragraph5 hereofdealingwith a ﬁnancing conƟngencyhas notbeenstricken, the saƟsfacƟon orwaiverof suchNew Loan conƟngency. (l) ExisƟngNotes. If paragraph3.1(c) hasnotbeen stricken,Seller shallwithin10 or daysfollowing theDate ofAgreementprovide Buyer withlegible copiesof the ExisƟngNotes, ExisƟngDeeds ofTrustandrelatedagreements (collecƟvely,"Loan Documents")towhich theProperty willremainsubject aŌerthe Closing. EscrowHoldershall promptlyrequest fromthe holdersofthe ExisƟngNotes abeneﬁciarystatement ("BeneﬁciaryStatement") conﬁrming:(1)the amountof theunpaid principalbalance,the currentinterest rate,and thedateto whichinterest ispaid,and (2)the natureandamount ofany impoundsheld bythe beneﬁciaryin connecƟonwith suchloan. Buyerhas 10or daysfollowingthe receiptof theLoanDocuments and Beneﬁciary Statementsto saƟsfy itself withregard tosuch ﬁnancing. Buyer's obligaƟonto closeis condiƟoneduponBuyer beingable topurchasethe Propertywithout acceleraƟonorchange inthe terms ofany ExisƟngNotes orchargesto Buyerexcept asotherwise providedinthis Agreementor approvedbyBuyer,provided,however,Buyershallpay thetransfer fee referredto inparagraph 3.2hereof. Likewiseif Selleris tocarryback aPurchase MoneyNotethen Sellershall within10or daysfollowingthe Dateof Agreementprovide Buyerwith acopyof theproposed PurchaseMoney NoteandPurchase MoneyDeed ofTrust. Buyerhas 10or days fromthe receiptof suchdocuments to saƟsfyitself withregard to theformand contentthereof. (m) PersonalProperty. In theeventthat anypersonal propertyisincluded inthe PurchasePrice,Buyer has10 or 45 daysfollowing theDateof Agreementto saƟsfyitself withregardto the Ɵtle condiƟonof suchpersonalproperty. Seller recommendsthatBuyer obtaina UCC-1report. Anysuch reportshall be paidfor byBuyer. Sellershall provideBuyer copiesof anyliensor encumbrances aﬀecƟng suchpersonalproperty thatit isawareof within10 or 3 days followingthe Dateof Agreement.
(n) DestrucƟon,Damage orLoss. Subsequentto theDate ofAgreementand priorto Closingthere shallnothave occurreda destrucƟonof,or damageor lossto, theProperty orany porƟon thereof,from anycause whatsoever,whichwould costmore than$10,000.00to repairor cure. If thecost ofrepair orcureis $10,000.00or less,Seller shallrepairor curethe lossprior totheClosing. Buyer shallhavethe opƟon,within 10days aŌer receiptof wriƩen noƟce ofaloss cosƟng morethan $10,000.00to repairorcure, toeither terminatethis Agreementorto purchasethe Propertynotwithstandingsuch loss,but without deducƟonor oﬀset againstthe PurchasePrice. Ifthe costto repairor cureismore than$10,000.00, andBuyerdoes notelect toterminatethis Agreement,Buyer shallbe enƟtledtoany insuranceproceeds applicableto suchloss. Unlessotherwise noƟﬁedin wriƟng,EscrowHolder shallassume nosuch destrucƟon, damageor losshasoccurred prior toClosing.
(o) MaterialChange. Buyershall have10 daysfollowing receiptof wriƩen noƟceof aMaterialChange withinwhich to saƟsfyitself withregard tosuch change. "MaterialChange" shallmeana substanƟaladverse changein theuse,occupancy, tenants, Ɵtle, or condiƟonof theProperty thatoccurs aŌer thedate ofthis oﬀerand priorto theClosing. Unlessotherwise noƟﬁedin wriƟng,EscrowHolder shallassume thatnoMaterial Changehas occurredpriorto theClosing. (p) SellerPerformance. Thedelivery ofall documentsand thedueperformance bySeller ofeachand everyundertaking andagreementto beperformed bySeller underthis Agreement.
(q) BrokerageFee. Payment attheClosing ofsuch brokeragefeeas is speciﬁed inthis Agreementorlater wriƩen instrucƟons toEscrowHolder executed bySeller andBrokers("BrokerageFee"). Itis agreedby the ParƟesand EscrowHolder thatBrokers areathird party beneﬁciary ofthisAgreement insofaras the BrokerageFee isconcerned, andthatno changeshall bemade withrespectto thepayment oftheBrokerageFee speciﬁed inthisAgreement, withoutthe wriƩen consentof Brokers.

9.2 All ofthe conƟngencies speciﬁed insubparagraphs(a) through(m) ofparagraph9.1 arefor the beneﬁtof,andmay bewaived by,Buyer,and maybe elsewhereherein referredto as"Buyer's ConƟngencies."

9.3 If anyof Buyer's ConƟngencies oranyother maƩersubject toBuyer'sapproval isdisapproved asprovidedfor hereinin a Ɵmely manner("Disapproved Item"),Seller shallhave therightwithin 10days followingthe receiptof noƟce ofBuyer's disapprovaltoelect tocure suchDisapprovedItem priorto theExpected ClosingDate ("Seller's ElecƟon"). Seller'sfailure togive toBuyer withinsuchperiod, wriƩen noƟce ofSeller'scommitment tocure suchDisapprovedItem onor beforethe ExpectedClosing Dateshallbe conclusivelypresumed tobe Seller's ElecƟonnot tocure suchDisapprovedItem. If Sellerelects,either by wriƩen noƟceor failureto give wriƩen noƟce,notto curea DisapprovedItem, Buyershallhave theright, within10days aŌerSeller's ElecƟontoeither accept Ɵtle tothe Property subjectto suchDisapproved Item,orto terminatethis Agreement. Buyer'sfailureto noƟfySeller in wriƟngof Buyer's elecƟon toaccept Ɵtle tothe Propertysubject tothe DisapprovedItem without deducƟonor oﬀsetshall consƟtuteBuyer's elecƟontoterminate thisAgreement. Theabove Ɵmeperiods onlyapplyonce foreach DisapprovedItem. Unless expresslyprovidedotherwise herein,Seller's rightto cureshallnot applyto the remediaƟonof HazardousSubstance CondiƟonsorto the Financing ConƟngency. Unless the ParƟesmutually instructotherwise, ifthe Ɵmeperiodsfor the saƟsfacƟon of conƟngenciesor forSeller's andBuyer's elecƟons wouldexpire ona date aŌerthe ExpectedClosing Date,the ExpectedClosingDate shallbe deemedextendedfor 3business daysfollowingthe expiraƟonof: (a)the applicable conƟngency period(s),(b) theperiodwithin whichthe Sellermay electtocure theDisapproved Item,or(c) ifSeller electsnotto cure,the periodwithin whichBuyer mayelect toproceedwith this transacƟon, whicheveris later.

9.4 The ParƟesacknowledge thatextensivelocal, stateand Federal legislaƟon establishbroadliability uponowners and/orusersof realproperty forthe invesƟgaƟonand remediaƟonof HazardousSubstances. The determinaƟon ofthe existenceofa HazardousSubstance CondiƟonandthe evaluaƟonof theimpactof sucha condiƟonare highlytechnicaland beyondthe experƟseof Brokers. The ParƟesacknowledge thattheyhave beenadvised byBrokersto consulttheir own technicaland legalexperts withrespectto thepossible presenceof HazardousSubstanceson theProperty oradjoining properƟes, andBuyer andSellerare not relyingupon any invesƟgaƟon byorstatement ofBrokerswithrespect thereto. The ParƟeshereby assumeallresponsibility forthe impactofsuch Hazardous Substancesupon their respecƟve interestsherein.

10. Documents Requiredator BeforeClosing.

10.1 Five dayspriorto theClosing dateEscrowHolder shallobtain anupdatedTitle Commitmentconcerning thePropertyfrom theTitle Companyand provide copiesthereof toeach ofthe ParƟes.

10.2 Seller shalldeliverto EscrowHolder in Ɵmefor deliveryto Buyeratthe Closing:
(a) Grant orgeneral warrantydeed,duly executedand inrecordable form,conveyingfee Ɵtleto thePropertyto Buyer. (b) Ifapplicable, the Beneﬁciary Statementsconcerning ExisƟng Note(s). (c) Ifapplicable, the ExisƟng LeasesandOther Agreementstogether withduly executedassignmentsthereof bySeller andBuyer. Theassignment of ExisƟngLeases shallbe onthemost recentAssignment and AssumpƟon ofLessor'sInterest inLease formpublishedby theAIR oritsequivalent. (d) An aﬃdavit executedby Sellertothe eﬀectthat Sellerisnot a"foreign person"within themeaningof InternalRevenue Code SecƟon1445 or successorstatutes. If Sellerdoesnot providesuch aﬃdavitin formreasonably saƟsfactory toBuyer atleast3 businessdays priortothe Closing,Escrow Holdershall at theClosing deductfrom Seller'sproceedsand remitto theInternal RevenueServicesuch sumas isrequiredby applicableFederal lawwithrespect topurchases from foreignsellers.
(e) If thePropertyis locatedin California,an aﬃdavitexecutedby Sellerto the eﬀectthat Selleris nota''nonresident" withinthe meaningof California Revenueand TaxCode SecƟon18662or successorstatutes. If Sellerdoesnot providesuch aﬃdavitinform reasonably saƟsfactory toBuyerat least3 businessdays priorto theClosing, EscrowHoldershall atthe Closingdeduct fromSeller'sproceeds andremit totheFranchise TaxBoard suchsumas isrequired bysuch statute. (f) If applicable,abill ofsale, dulyexecuted,conveying Ɵtleto anyincludedpersonal propertyto Buyer. (g) If theSeller isa corporaƟon,aduly executedcorporate resoluƟonauthorizingthe execuƟonof thisAgreementand thesale ofthe Property.

10.3 Buyer shalldeliverto Sellerthrough Escrow:
(a) The cash porƟon ofthePurchase Priceand such addiƟonal sumsasare requiredof Buyerunderthis Agreementshall bedepositedby Buyerwith EscrowHolder,byfederal fundswiretransfer,orany othermethod acceptabletoEscrow Holderin immediatelycollectablefunds, nolater than2:00P.M. onthe businessday priorto theExpectedClosing Dateprovided, however,that Buyershallnot berequired todepositsuch moniesinto Escrowifat the Ɵme setfor the depositof suchmonies Sellerisin defaultor hasindicated thatitwill notperform anyofits obligaƟonshereunder. Instead,in suchcircumstances inorder toreserve itsrights toproceed Buyerneedonly provideEscrow withevidence establishingthatthe requiredmonies wereavailable. (b) Ifa PurchaseMoney NoteandPurchase MoneyDeed ofTrustare calledfor bythis Agreement,theduly executedoriginals ofthosedocuments, the PurchaseMoney Deedof Trustbeingin recordableform, togetherwith evidenceof ﬁre insuranceon theimprovementsin theamount ofthefull replacementcost namingSeller asa mortgagelosspayee, anda realestatetaxservicecontract (atBuyer's expense),assuringSeller of noƟce ofthestatus ofpayment ofreal property taxesduring thelife ofthePurchase MoneyNote.
(c) Ifapplicable,Tthe Assignment and AssumpƟonof Lessor'sInterest inLeaseform speciﬁedin paragraph10.2(c) above,dulyexecuted byBuyer. (d) Ifapplicable,AassumpƟons dulyexecuted byBuyer ofthe obligaƟonsofSeller thataccrue aŌerClosingunder anyOther Agreements. (e) If applicable,a wriƩen assumpƟonduly executedby Buyerofthe loandocuments withrespectto ExisƟngNotes. (f) If theBuyeris a corporaƟon, adulyexecuted corporate resoluƟon authorizingthe execuƟon ofthis Agreementand thepurchaseof theProperty.

10.4 At Closing,EscrowHolder shallcause tobeissued toBuyer astandardcoverage (orALTAextended,ifelected pursuantto 9.1(g))owner's formpolicyof Ɵtle insurance eﬀecƟveasof theClosing,issued bythe TitleCompany inthefull amountof thePurchasePrice, insuring Ɵtle totheProperty vestedin Buyer,subject onlyto the excepƟons approvedby Buyer. In theevent thereis aPurchaseMoney Deedof Trustinthis transacƟon,the policyof Ɵtle insuranceshall bea joint protecƟon policyinsuring bothBuyer andSeller.

IMPORTANT:IN APURCHASE OREXCHANGEOF REALPROPERTY,ITMAYBEADVISABLETO OBTAINTITLE INSURANCEINCONNECTION WITHTHE CLOSEOF ESCROWSINCE THEREMAYBEPRIORRECORDED LIENSAND ENCUMBRANCESWHICH AFFECTYOURINTEREST INTHE PROPERTYBEINGACQUIRED. A NEWPOLICY OFTITLE INSURANCE SHOULD BEOBTAINEDIN ORDERTO ENSUREYOUR INTERESTINTHE PROPERTYTHATYOUAREACQUIRING.

11. ProraƟons andAdjustments.

11.1 Taxes. Applicablereal propertytaxes andspecialassessment bondsshall beproratedthrough Escrowas ofthedate ofthe Closing,based uponthelatest taxbill available. The ParƟesagree toprorateasof theClosingany taxesassessed againsttheProperty bysupplemental billleviedby reasonof eventsoccurring prior tothe Closing. Paymentofthe proratedamount shallbe madepromptlyin cashupon receiptofa copyof anysupplementalbill.

11.2 Insurance. WARNING:Any insurancewhich Sellermayhave maintainedwill terminateonthe Closing. Buyerisadvised toobtain appropriateinsurance to coverthe Property.

11.3 Rentals, InterestandExpenses. Scheduled rentals,intereston ExisƟngNotes, uƟliƟes,and operaƟng expensesshall beproratedas ofthe dateof Closing.

The ParƟes agreeto promptlyadjustbetween themselvesoutside ofEscrow anyrentsreceived aŌerthe Closing.

11.4 Security Deposit. Security Depositsheld bySellershall begiven toBuyeras acredit tothecash requiredof Buyerat theClosing.

11.5 Post Closing MaƩers. Anyitem tobeprorated thatis notdeterminedor determinableat theClosingshall bepromptly adjustedby the ParƟesby appropriatecash paymentoutside oftheEscrow whenthe amountdue isdetermined.

11.6 VariaƟonsin ExisƟngNote Balances. In theevent thatBuyer ispurchasingthe Propertysubject toan ExisƟng Deedof Trust(s),andin theevent thata BeneﬁciaryStatement asto theapplicable ExisƟng Note(s)discloses thatthe unpaidprincipalbalance ofsuch ExisƟngNote(s)at theclosing willbemore orless than theamount setforth inparagraph3.1(c) hereof("ExisƟng Note VariaƟon"), thenthePurchase MoneyNote(s) shallbereduced orincreased byanamount equalto such ExisƟng Note VariaƟon. Ifthere isto beno PurchaseMoneyNote, thecash requiredatthe Closingper paragraph3.1(a)shall bereduced orincreased bythe amountof such ExisƟng Note VariaƟon.

11.7 VariaƟons inNewLoan Balance. Intheevent Buyeris obtainingaNew Loanand theamount ulƟmately obtainedexceeds theamount setforthin paragraph5.1, thenthe amountofthe PurchaseMoney Note,if any,shallbe reducedby theamountof suchexcess.

11.8 Owner's AssociaƟon Fees. EscrowHoldershall: (i)bring Seller'saccount withthe associaƟon currentand payanydelinquencies ortransfer feesfrom Seller'sproceeds, and(ii) payanyup frontfees requiredby the associaƟonfrom Buyer'sfunds.

12. RepresentaƟons and WarranƟes ofSellerand Disclaimers.

12.1 Seller's warranƟesand representaƟons shallsurvive theClosingand deliveryof thedeedfor aperiod of3 years12months, andany lawsuitor acƟonbased uponthem mustbe commencedwithinsuch Ɵmeperiod. Seller's warranƟesand representaƟons aretrue, materialandrelied uponby BuyerandBrokersinall respects. Sellerhereby makesthefollowing warranƟesand representaƟonsto BuyerandBrokers:
(a) Authority ofSeller. Selleris theowner ofthe Propertyand/orhas thefull right,powerand authorityto sell,conveyand transferthe Propertyto Buyer asprovided herein,and toperformSeller's obligaƟonshereunder. (b) MaintenanceDuring Escrowand Equipment CondiƟonAt Closing. Exceptasotherwise providedin paragraph9.1(n) hereof,Sellershall maintainthe Property unƟl theClosing initspresent condiƟon,ordinary wearand tearexceptedandwithoutanyobligationtomakeanycapitalrepairsorimprovements. (c) HazardousSubstances/Storage Tanks. Sellerhas noknowledgenotreceivedwrittennotice,except asotherwise disclosedtoBuyer in wriƟng, ofthe existenceor priorexistence ontheProperty ofany HazardousSubstance, norofthe existenceor priorexistenceof anyabove orbelowground storagetank. (d) Compliance. Exceptas otherwisedisclosedin wriƟng,Seller hasno knowledgenotreceivedwrittennotice ofanyaspect or condiƟon ofthe Propertywhich violatesapplicable laws,rules, regulaƟons, codesor covenants, condiƟons orrestricƟons,or ofimprovements or alteraƟonsmade tothe Property withouta permitwhere onewasrequired, orof any unfulﬁlled orderor direcƟve ofany applicablegovernmentalagency orcasualty insurancecompanyrequiring any invesƟgaƟon, remediaƟon, repair,maintenance orimprovementbe performedon theProperty. (e) Changes inAgreements. Priorto theClosing, Sellerwillnot violateor modifyany ExisƟng Leaseor OtherAgreement,or createany newleases or otheragreements aﬀecƟngthe Property,withoutBuyer's wriƩenapproval, whichapproval willnotbe unreasonablywithheld. (f) Possessory Rights. Seller hasno knowledgethatanyone will,at theClosing,have anyright topossession oftheProperty,exceptas disclosedbythis Agreementor otherwisein wriƟngtoBuyer.
(g) Mechanics' Liens. Thereare no unsaƟsﬁedmechanics' ormaterialmens' lienrightscausedbySellerand/oritsagents,contractorsand/or employees concerningtheProperty.
(h) AcƟons,Suits orProceedings. Sellerhas noknowledgenotreceivedwrittennoticeof any acƟons, suitsorproceedings pendingor threatened beforeany commission,board, bureau,agency,arbitrator,courtor tribunalthat would aﬀectthe Propertyor therightto occupyor uƟlizesame. (i) NoƟceof Changes. Sellerwill promptly noƟfyBuyer andBrokersin wriƟngof anyMmaterial Cchange (seeparagraph 9.1(o)) aﬀecƟng theProperty thatbecomes knownto Sellerpriorto theClosing.
(j) NoTenantBankruptcy Proceedings. Sellerhas no noƟceor knowledgethat anytenantof theProperty isthesubject ofa bankruptcyor insolvency proceeding.
(k) NoSeller BankruptcyProceedings. Selleris notthesubject ofa bankruptcy,insolvencyor probateproceeding. (l) PersonalProperty. Seller hasno knowledgethatanyone will,at theClosing,have anyright topossessionof anypersonal propertyincluded inthe PurchasePrice norknowledge ofanyliens orencumbrances aﬀecƟngsuch personalproperty,except asdisclosed bythisAgreement orotherwise in wriƟngto Buyer.

12.2 Buyer herebyacknowledgesthat, exceptas otherwisestatedin thisAgreement, Buyerispurchasing theProperty inits exisƟng condiƟonand will,by the Ɵmecalled forherein, makeorhave waivedall inspecƟonsof thePropertyBuyer believesare necessarytoprotect itsown interestin,and itscontemplated useof,the Property. The ParƟes acknowledgethat,except asotherwise statedin thisAgreement,no representaƟons,inducements, promises,agreements,assurances, oralor wriƩen,concerning theProperty,oranyaspect ofthe occupaƟonalsafety andhealthlaws, HazardousSubstance laws,orany otheract, ordinanceorlaw,havebeen madeby eitherParty orBrokers,or reliedupon byeither Partyhereto.

12.3 In theeventthat Buyerlearns thataSeller representaƟonor warrantymightbe untrueprior totheClosing, andBuyer electsto purchasetheProperty anywaythen, andin thatevent,Buyer waivesany rightthat itmayhave tobring an acƟonor proceedingagainst SellerorBrokersregardingsaid representaƟonor warranty.

12.4 Any environmentalreports,soils reports,surveys, feasibilitystudies,and othersimilar documentswhichwere preparedby thirdpartyconsultants and providedto Buyerby SellerorSeller's representaƟves,have beendelivered asan accommodaƟon toBuyer andwithoutany representaƟonor warrantyasto the suﬃciency,accuracy,completeness,and/or validityofsaid documents,all ofwhich Buyerrelieson atits ownrisk. Sellerbelieves saiddocuments tobeaccurate, but Buyeris advisedto retainappropriateconsultants toreview saiddocuments and invesƟgatethe Property.

13. Possession.

Possessionof theProperty shallbegiven toBuyer atthe Closingsubjectto therights oftenantsunder ExisƟngLeases.

14. Buyer's Entry.

Atany Ɵmeduring theEscrowperiod, Buyer,and itsagents and representaƟves,shall havethe rightatreasonable Ɵmesand subjecttorights oftenants, toenter upon theProperty forthe purposeofmaking inspecƟons and tests speciﬁed inthisAgreement. No destrucƟveorinvasive tesƟng shallbe conducted,however,without Seller'sprior approvalwhich shallnotbe unreasonablywithheldinSeller'ssolediscretion. Following anysuchentry orwork, unlessotherwisedirected in wriƟng bySeller,Buyershall returntheProperty tothe condiƟonit wasinprior tosuch entryorwork, includingthe recompacƟonorremoval ofany disruptedsoil ormaterial asSeller mayreasonably direct. All such inspecƟons andtests andanyother workconducted ormaterialsfurnished withrespect totheProperty byor forBuyer shall bepaid forby Buyerasand whendue andBuyer shallindemnify,defend, protectand holdharmlessSeller andthe Propertyofand fromany andall claims, liabiliƟes, losses,expenses (includingreasonable aƩorneys'fees),damages, includingthose forinjury topersonor property,arising outofor relaƟngto anysuchwork or materialsor theacts oromissionsof Buyer,its agentsor employeesin connecƟon therewith.

15. Further Documentsand Assurances.

The ParƟes shalleach, diligentlyandin goodfaith, undertakeall acƟonsandprocedures reasonablyrequired toplacethe Escrowin condiƟonforClosing asand when requiredby thisAgreement. The ParƟes agreeto provideall further informaƟon,and toexecute anddeliverall furtherdocuments, reasonablyrequiredby Escrow Holderor theTitle Company.

16. AƩorneys' Fees.

Ifany Partyor Brokerbrings an acƟonor proceeding(including arbitraƟon)involving thePropertywhether foundedin tort,contractor equity,or todeclarerights hereunder,the PrevailingParty (as hereaŌer deﬁned) inany suchproceeding, acƟon,orappeal thereon,shall be enƟtledto reasonable aƩorneys' feesandcosts. Such feesmay beawarded inthesame suitor recoveredin aseparatesuit, whetheror notsuch acƟon orproceeding ispursuedto decisionor judgment. Theterm "PrevailingParty" shallinclude, without limitaƟon,a Partyor Brokerwho substanƟallyobtains ordefeatsthe reliefsought, asthecase maybe, whetherby compromise, seƩlement, judgment,or theabandonment by theother Partyor Brokerof itsclaimor defense. The aƩorneys'fees awardshall notbecomputed in accordancewith anycourt feeschedule,but shallbe suchas tofullyreimburse all aƩorneys' feesreasonablyincurred.

17. Prior Agreements/Amendments.

17.1 This Agreementsupersedesany andall prioragreementsbetween Sellerand Buyerregardingthe Property.

17.2 Amendments tothisAgreement are eﬀecƟve onlyifmade in wriƟng andexecutedby Buyerand Seller.

18. Broker's Rights.

18.1 Ifthis saleis notconsummateddue tothe defaultof eithertheBuyer orSeller,the defaulƟngParty shallbe liabletoand shallpay toBrokerstheBrokerage Feethat Brokerswould havereceivedhad thesale beenconsummated. IfBuyer isthe defaulƟngparty,payment ofsaid BrokerageFeeis in addiƟon toany obligaƟon withrespect toliquidated orotherdamages.

18.2 Uponthe Closing,Brokersareauthorizedto publicizethe factsof this transacƟon.

19. NoƟces.

19.1 Whenever anyParty,Escrow Holderor Brokershereinshall desireto giveorserve any noƟce, demand,request,approval, disapprovalor other communicaƟon,each such communicaƟon shallbein wriƟngand shallbe deliveredpersonally,by messenger,or bymail,postage prepaid,to theaddressset forthin thisagreement orby facsimiletransmission,electronic signature,digital signature,or email.

19.2 Service ofanysuch communicaƟonshall bedeemedmade onthe dateofactual receiptif personallydelivered,or transmiƩedby facsimiletransmission, electronicsignature, digitalsignature, oremail. Anysuch communicaƟonsent byregularmail shallbe deemedgiven48 hours aŌer thesameis mailed.

CommunicaƟonssent byUnited StatesExpressMail orovernight courierthat guaranteenextday deliveryshall bedeemeddelivered 24hours aŌerdeliveryof the sameto thePostal Serviceorcourier. If such communicaƟon isreceivedon aSaturday,Sundayorlegal holiday,it shallbedeemed receivedon thenext businessday.

19.3 Any PartyorBrokerheretomay from Ɵmeto Ɵme,by noƟcein wriƟng, designatea diﬀerentaddressto which,or a diﬀerent personor addiƟonal persons towhom, all communicaƟons are thereaŌerto bemade.

20. DuraƟon of Oﬀer.

20.1 If this oﬀeris notaccepted bySelleron orbefore 5:00P.M.according tothe Ɵmestandardapplicable tothe cityof San Diego onthe dateof September 26, 2024 ,itshall bedeemed automaƟcallyrevoked.

20.2 The acceptanceofthis oﬀer ,or ofanysubsequent counteroﬀerhereto, thatcreatesan agreementbetween the ParƟesas describedin paragraph1.2, shall bedeemed madeupon deliverytothe otherParty oreither Brokerhereinof aduly executed wriƟnguncondiƟonally accepƟngthe lastoutstanding oﬀer or counteroﬀer.

21. LIQUIDATEDDAMAGES. (This LiquidatedDamages paragraphis applicableonlyif iniƟaledby both ParƟes).

THEPARTIESAGREETHATITWOULDBE IMPRACTICABLE OR EXTREMELYDIFFICULTTOFIX,PRIOR TOSIGNING THISAGREEMENT,THE ACTUALDAMAGES WHICH WOULDBE SUFFEREDBYSELLERIFBUYER FAILSTOPERFORMITS OBLIGATIONSUNDERTHIS AGREEMENT. THEREFORE,IF,AFTER THESATISFACTIONORWAIVER

OFALL CONTINGENCIES PROVIDED FORTHEBUYER'S BENEFIT,BUYER BREACHESTHIS AGREEMENT,SELLERSHALL BEENTITLED TOLIQUIDATEDDAMAGES INTHE AMOUNTOF . UPONPAYMENTOFSAID SUMTOSELLER, BUYERSHALL BERELEASEDFROM ANYFURTHER LIABILITYTOSELLER, ANDANY ESCROW CANCELLATIONFEES ANDTITLE COMPANYCHARGESSHALL BEPAIDBYSELLER.

Buyer's IniƟals Seller's IniƟals

22. ARBITRATION OFDISPUTES. (This ArbitraƟon ofDisputes paragraphisapplicable onlyif iniƟaledbyboth ParƟes.)

22.1 ANYCONTROVERSY ASTOWHETHERSELLERIS ENTITLEDTOLIQUIDATEDDAMAGESAND/OR BUYERIS ENTITLEDTO THERETURNOF THEDEPOSIT SHALLBE DETERMINED BYBINDINGARBITRATIONADMINISTERED BYTHE JUDICIALARBITRATION &MEDIATIONSERVICES, INC.("JAMS") INACCORDANCEWITH ITSCOMMERCIAL ARBITRATIONRULES ("COMMERCIALRULES"). ARBITRATIONHEARINGS SHALLBE HELDINTHE COUNTYWHERE THEPROPERTYIS LOCATED.

SUCHCONTROVERSY SHALLBE ARBITRATEDBYA SINGLEARBITRATOR, APPOINTEDUNDER THECOMMERCIALRULES WHOHAS HADATLEAST 5YEARS OF EXPERIENCEIN THETYPE OFREALESTATETHATIS THESUBJECT OFTHISAGREEMENT. THEARBITRATORSHALLHEARAND DETERMINE SAID CONTROVERSYIN

ACCORDANCEWITH APPLICABLELAW OFTHEJURISDICTION WHERETHE PROPERTYIS LOCATED,THEINTENTION OFTHE PARTIESASEXPRESSED INTHIS AGREEMENTAND ANYAMENDMENTS THERETO,ANDUPON THEEVIDENCE PRODUCEDATANARBITRATIONHEARING. PRE-ARBITRATIONDISCOVERY SHALLBE PERMITTEDIN ACCORDANCEWITH THECOMMERCIALRULES ORSTATELAWAPPLICABLE TOARBITRATIONPROCEEDINGS. THEARBITRATORSHALLRENDERAN AWARDWITHIN 30DAYSAFTERTHECONCLUSION OFTHE HEARING,WHICH MAYINCLUDEATTORNEYS'FEESAND COSTSTOTHE PREVAILINGPARTYPER PARAGRAPH16 HEREOFAND SHALLBEACCOMPANIED BYA REASONEDOPINION. THEFAILUREOR REFUSALOF APARTYTO PAYSUCH PARTY’SREQUIREDSHARE

OFTHE DEPOSITSFOR ARBITRATORCOMPENSATIONOR ADMINISTRATIVECHARGES SHALLCONSTITUTE AWAIVERBYSUCHPARTY TOPRESENTEVIDENCE OR

CROSS-EXAMINEWITNESSES, BUTSUCH WAIVERSHALLNOT ALLOWFOR ADEFAULTJUDGMENTAGAINSTTHE NON-PAYINGPARTY INTHEABSENCE OFEVIDENCE ANDLEGAL ARGUMENTAS THEARBITRATORMAYREQUIREFOR MAKINGAN AWARD.JUDGMENTMAYBEENTERED ONTHEAWARDINANY COURTOF COMPETENTJURISDICTION NOTWITHSTANDINGTHE FAILUREOFA PARTYDULYNOTIFIEDOF THEARBITRATIONHEARING TOAPPEAR THEREAT.

22.2 BUYER'S RESORTTOOR PARTICIPATIONIN SUCHARBITRATIONPROCEEDINGS SHALLNOT BARSUITIN ACOURT OFCOMPETENTJURISDICTION BYTHE

BUYERFOR DAMAGESAND/OR SPECIFICPERFORMANCEUNLESS ANDUNTIL THEARBITRATION RESULTSINAN AWARDTO THESELLEROF LIQUIDATEDDAMAGES, IN WHICHEVENT SUCHAWARDSHALLACTAS ABAR AGAINSTANY ACTIONBYBUYER FORDAMAGES AND/ORSPECIFICPERFORMANCE.

22.3 NOTICE: BYINITIALINGIN THESPACEBELOWYOUARE AGREEINGTOHAVEANYDISPUTE ARISINGOUT OFTHEMATTERS INCLUDEDIN THE"ARBITRATION OFDISPUTES" PROVISIONDECIDED BYNEUTRALARBITRATIONASPROVIDED BYCALIFORNIA LAWANDYOU AREGIVING UPANYRIGHTS YOUMIGHT POSSESSTO HAVETHE DISPUTELITIGATEDINACOURT ORJURY TRIAL. BYINITIALINGIN THESPACEBELOWYOUARE GIVINGUP YOURJUDICIALRIGHTS TODISCOVERY AND APPEAL,UNLESS SUCHRIGHTS ARESPECIFICALLYINCLUDED INTHE "ARBITRATIONOF DISPUTES"PROVISION. IFYOU REFUSETOSUBMIT TOARBITRATION AFTER AGREEINGTO THISPROVISION, YOUMAYBE COMPELLEDTO ARBITRATEUNDER THEAUTHORITYOF THECALIFORNIA CODEOFCIVIL PROCEDURE. YOURAGREEMENT TOTHIS ARBITRATIONPROVISION ISVOLUNTARY.

WEHAVE READAND UNDERSTANDTHEFOREGOING ANDAGREE TOSUBMIT DISPUTESARISINGOUT OFTHE MATTERSINCLUDEDIN THE"ARBITRATION OFDISPUTES" PROVISIONTO NEUTRALARBITRATION.

Buyer's IniƟals Seller's IniƟals

23. Miscellaneous.

23.1 Binding Eﬀect. Buyer andSeller bothacknowledgethat theyhave carefullyreadand reviewedthis Agreementandeach termand provisioncontained herein. In addiƟon, thisAgreementshall bebinding onthe ParƟeswithoutregardtowhether ornotparagraphs 21and 22are iniƟaled byboth ofthe ParƟes.

Paragraphs21 and22 areeachincorporated intothis Agreementonly if iniƟaledby both ParƟes atthe Ɵme thatthe Agreementisexecuted. Signatures tothis Agreementaccomplished bymeans ofelectronicsignature orsimilar technologyshall belegaland binding.

23.2 Applicable Law. This Agreementshall begovernedby,andparagraph 22.3isamended torefer to,thelaws ofthe statein whichtheProperty islocated.

Any liƟgaƟon or arbitraƟon betweenthe ParƟes heretoconcerning thisAgreement shallbe iniƟated inthe countyinwhich theProperty islocated.

23.3 Time ofEssence. Timeis oftheessence ofthis Agreement.

23.4 Counterparts. ThisAgreement maybe executedbyBuyer andSeller incounterparts,each ofwhich shallbedeemed anoriginal, andall ofwhichtogether shall consƟtute oneand thesameinstrument. Escrow Holder, aŌer verifyingthatthe counterpartsare idenƟcalexceptfor thesignatures, isauthorizedand instructed tocombine thesigned signaturepageson oneof thecounterparts, whichshallthen consƟtutethe Agreement.

23.5 Waiver ofJuryTrial. THE PARTIESHEREBYWAIVE THEIRRESPECTIVE RIGHTSTOTRIAL BYJURY INANYACTION ORPROCEEDING INVOLVINGTHE PROPERTYOR ARISINGOUT OFTHISAGREEMENT.

23.6 Conﬂict. Any conﬂict betweenthe printedprovisionsof thisAgreement andthe typewriƩen or handwriƩen provisionsshallbe controlledby the typewriƩenor handwriƩenprovisions. Sellerand Buyermust iniƟalany andall handwriƩen provisions.

23.7 1031 Exchange. Both Sellerand Buyeragreeto cooperatewith eachotherin theevent thateitheror bothwish to parƟcipate ina1031 exchange. Any party iniƟaƟng anexchange shallbearall costsof suchexchange. The cooperaƟng Partyshall nothaveany liability(special orotherwise)for damagesto the exchangingParty inthe eventthatthe saleis delayedand/or thatthesale otherwisefails toqualifyas a1031 exchange.

23.8 Days. Unlessotherwise speciﬁcallyindicated tothecontrary,theword "days"asused inthis Agreementshallmean andrefertocalendar days.

24. Disclosures RegardingThe Natureofa RealEstate Agency RelaƟonship.

24.1 The ParƟesandBrokersagreethat their relaƟonship(s)shall begoverned bytheprinciples setforth intheapplicable secƟonsof theCalifornia CivilCode,as summarizedin paragraph24.2.

24.2 When enteringintoa discussionwith arealestateagentregarding arealestate transacƟon,a BuyerorSeller shouldfrom theoutset understandwhattype ofagency relaƟonshipor representaƟonithas withthe agentor agentsinthe transacƟon. BuyerandSeller acknowledgebeing advisedbythe Brokersin this transacƟon,as follows:
(a) Seller's Agent. ASeller'sagent undera lisƟngagreement withtheSeller actsas theagentfor theSeller only. A Seller'sagent orsubagent hasthe following aﬃrmaƟve obligaƟons: (1)Tothe Seller:A ﬁduciaryduty ofutmostcare, integrity,honesty,andloyaltyin dealingswith theSeller. (2)TotheBuyer andthe Seller: a.Diligent exerciseofreasonable skillsand carein performanceofthe agent's duƟes. b.A dutyof honestandfair dealingand goodfaith. c.A dutyto disclose allfacts knownto theagentmaterially aﬀecƟngthe valueor desirabilityofthe propertythat arenotknown to,or withinthediligent aƩenƟonand observaƟonof,the ParƟes. Anagent isnotobligated toreveal toeither Partyany conﬁdenƟal informaƟonobtained fromtheother Partywhich doesnotinvolve the aﬃrmaƟve duƟesset forthabove.
(b) Buyer'sAgent. A sellingagentcan, witha Buyer'sconsent,agree toact asagent fortheBuyer only. Inthese situaƟons, theagent isnotthe Seller's agent,even ifby agreementtheagent mayreceive compensaƟonfor services rendered,either infull orinpart fromthe Seller. An agent acƟng onlyfor aBuyerhas thefollowing aﬃrmaƟve obligaƟons. (1)TotheBuyer: A ﬁduciary dutyofutmost care,integrity,honesty,andloyalty indealings withtheBuyer. (2) Tothe Buyerand theSeller: a. Diligentexerciseof reasonableskills andcare inperformanceof theagent's duƟes. b. Aduty ofhonestand fairdealing andgood faith. c. Aduty to discloseall factsknown totheagent materially aﬀecƟng thevalue ordesirabilityof theproperty thatarenot knownto,orwithinthe diligent aƩenƟon and observaƟonof,the ParƟes. Anagent isnot obligatedto revealtoeither Partyany conﬁdenƟal informaƟonobtained fromthe otherPartywhich doesnot involvethe aﬃrmaƟve duƟes setforth above.
(c) Agent RepresenƟng BothSeller andBuyer. Areal estateagent, either acƟngdirectly orthrough oneormore associatelicensees, canlegallybe the agentof boththe Sellerandthe Buyerin a transacƟon, butonlywith theknowledge andconsentof boththe Sellerandthe Buyer. (1)In adualagency situaƟon,the agenthas thefollowing aﬃrmaƟve obligaƟonsto boththe Sellerand theBuyer:a. A ﬁduciary dutyofutmost care,integrity,honestyandloyalty inthe dealingswith eitherSeller orthe Buyer.b.Other duƟesto theSeller andtheBuyer asstated aboveintheir respecƟve secƟons (a)or(b) ofthis paragraph24.2. (2)In represenƟng bothSeller andBuyer,theagentmay not,without theexpress permissionofthe respecƟveParty,disclosetothe otherParty conﬁdenƟal informaƟon,including, but notlimited to,facts relaƟngtoeither Buyer'sor Seller's ﬁnancial posiƟon, moƟvaƟons,bargaining posiƟon,or otherpersonal informaƟon thatmay impactprice, includingSeller's willingnessto acceptaprice lessthan the lisƟng priceorBuyer's willingnessto payaprice greaterthan theprice oﬀered. (3) Theabove duƟesofthe agentin areal estate transacƟondo notrelieve aSeller orBuyerfrom theresponsibility toprotecttheir owninterests. Buyerand Sellershould carefullyread all agreementsto assurethat theyadequatelyexpress theirunderstanding ofthe transacƟon. A realestate agentisa person qualiﬁed toadviseabout realestate. If legal ortax adviceis desired,consulta competentprofessional. Buyer hastheduty toexercise reasonablecareto protectBuyer,includingasto thosefacts aboutthe Propertywhich areknown toBuyeror withinBuyer's diligent aƩenƟon and observaƟon. BothSeller andBuyershould stronglyconsider obtainingtaxadvice froma competentprofessional becausethe federalandstate taxconsequences ofa transacƟoncanbe complexand subjecttochange. (d) FurtherDisclosures. Throughout this transacƟonBuyer andSeller mayreceivemore thanone disclosure,depending uponthenumber ofagents assisƟngin the transacƟon. Buyerand Sellershould eachread itscontentseach Ɵmeit ispresented,considering the relaƟonship betweenthemand thereal estate agentin this transacƟon andthatdisclosure. Buyer andSeller eachacknowledgereceipt ofa disclosureofthe possibilityof mulƟple representaƟonby theBroker represenƟngthat principal. Thisdisclosuremay bepart ofa lisƟngagreement,buyer representaƟonagreement orseparatedocument. Buyer understandsthat Broker represenƟng Buyermay alsorepresentother potenƟalbuyers, whomay consider,make oﬀers onor ulƟmatelyacquirethe Property. Sellerunderstandsthat Broker represenƟng Sellermay alsorepresentother sellerswith compeƟng properƟes thatmaybe ofinterest tothisBuyer. Brokershavenoresponsibility with respectto anydefault orbreachhereof byeither Party. The ParƟesagree thatno lawsuitorother legalproceeding involvinganybreach ofduty,erroror omission relaƟngto this transacƟon maybebrought againstBrokermorethan oneyear aŌer theDate ofAgreementand thatthe liability(includingcourt costsand aƩorneys' fees),of anyBroker withrespectto anybreach ofduty,errororomission relaƟngto thisAgreementshall notexceed thefeereceived bysuch Brokerpursuant tothis Agreement;provided, however,that theforegoing limitaƟon oneach Broker'sliability shallnotbe applicableto anygrossnegligence orwillful misconductofsuch Broker.

24.3 ConﬁdenƟal InformaƟon. Buyer andSeller agreeto idenƟfy toBrokersas "ConﬁdenƟal"any communicaƟonor informaƟongivenBrokersthatis considered bysuch Partyto be conﬁdenƟal.

25. ConstrucƟon ofAgreement. Inconstruing thisAgreement, allheadingsand Ɵtlesare forthe convenienceofthe ParƟesonly andshallnot beconsidered apart ofthis Agreement. Wheneverrequiredby thecontext, thesingular shallincludethe pluraland viceversa. ThisAgreement shallnotbe construedas ifprepared by oneof the ParƟes, butratheraccording toits fairmeaning asawhole, asif both ParƟeshad preparedit.

26. AddiƟonal Provisions.

AddiƟonalprovisions ofthis oﬀer,ifany,areas followsor are aƩachedhereto byan addendumoraddenda consisƟngof paragraphs through . (If thereare no addiƟonalprovisions write"NONE".)
See Attached Addendum to Standard Offer Agreement and Escrow Instructions for Purchase of Real Estate (Vacant Land)
.ATTENTION:NOREPRESENTATIONOR RECOMMENDATIONIS MADEBYAIR CREOR BYANYBROKER ASTOTHELEGAL SUFFICIENCY,LEGALEFFECT,ORTAX CONSEQUENCESOF THISAGREEMENT ORTHETRANSACTION TOWHICH ITRELATES. THEPARTIESAREURGED TO:

1. SEEKADVICE OFCOUNSELAS TOTHE LEGALANDTAXCONSEQUENCESOF THISAGREEMENT.

2. RETAINAPPROPRIATE CONSULTANTSTOREVIEW ANDINVESTIGATETHECONDITIONOF THEPROPERTY. SAID INVESTIGATIONSHOULDINCLUDE BUTNOT BELIMITED TO:THE POSSIBLEPRESENCEOF HAZARDOUSSUBSTANCES,THEZONING OFTHEPROPERTY,THEINTEGRITY ANDCONDITIONOF ANYSTRUCTURES ANDOPERATINGSYSTEMS,AND THESUITABILITYOF THEPROPERTY FORBUYER'S INTENDEDUSE.

WARNING:IF THEPROPERTY ISLOCATEDIN ASTATEOTHERTHAN CALIFORNIA,CERTAINPROVISIONS OFTHIS AGREEMENTMAYNEED TOBE REVISEDTO COMPLYWITH THELAWS OFTHESTATEINWHICH THEPROPERTY ISLOCATED.

NOTE:

1. THISFORM ISNOTFOR USEIN CONNECTIONWITHTHE SALEOF RESIDENTIALPROPERTY.

2. IFEITHER PARTYISA CORPORATION,IT ISRECOMMENDEDTHATTHISAGREEMENT BESIGNED BYTWOCORPORATEOFFICERS.

Theundersigned Buyer oﬀers andagreesto buythe Propertyon thetermsand condiƟonsstated andacknowledgesreceipt ofa copyhereof.

BROKER
IDS Real Estate Group
AƩn: Matt Traino
Title: Senior Vice President
Address: 785 J St, San Diego, CA 92101
Phone: 619.515.0100
Fax:

Email: [email protected]
FederalIDNo.:

BrokerDRELicense#: 00964696
AgentDRE License#: 01459725
Date:

BUYER
City of San Marcos (“COSM”), a Chartered
Municipal Corporation)or permitted
assignee
By:

NamePrinted:

Title:

Phone:

Fax:

Email:

By:

NamePrinted:

Title:

Phone:

Fax:

Email:

Address:

FederalID No.:
95-2259585

27. Acceptance.

27.1 Seller acceptstheforegoing oﬀerto purchasetheProperty andhereby agreestosell theProperty toBuyeron theterms and condiƟons therein speciﬁed.

27.2 In consideraƟonofreal estatebrokerageservicerenderedby Brokers,andif(butonlyif)theClosingoccurs, Selleragrees topay Brokersareal estate BrokerageFee ina sumequalto 5 %of thePurchase Pricetobe dividedbetween theBrokersas follows:Seller's Broker % andBuyer's Broker %determinedandagreedinwritingbytheBrokers. ThisAgreement shallserveas anirrevocable instrucƟontoEscrow Holderto paysuch BrokerageFee toBrokersoutofthe proceedsaccruing tothe accountofSeller atthe Closing.

27.3 Seller acknowledgesreceiptof acopy hereofandauthorizes Brokersto deliverasigned copyto Buyer.

NOTE:A PROPERTYINFORMATION SHEETISREQUIRED TOBE DELIVEREDTO BUYERBYSELLER UNDERTHIS AGREEMENT.

BROKER
Colliers International CA, Inc., a
Delaware corporation, d/b/a Colliers
International
AƩn: Tucker Hohenstein, Mark Lewkowitz
Title: Senior Executive Vice President,
Executive Vice President
Address: 5901 Priestly Drive, Suite 100,
Carlsbad, CA 92009 / 4350 La Jolla Village
Dr, Suite 500, San Diego, CA 92122
Phone: 760-930-7966, 858-922-8988
Fax:

Email: [email protected],
[email protected]
FederalIDNo.:

BrokerDRELicense#: 01908588
Agent'sDRELicense#: 00999360, 01785338
Date:

SELLER
Associated Microbreweries LTD
By:

NamePrinted:

Title:

Phone:

Fax:

Email:

By:

NamePrinted:

Title:

Phone:

Fax:

Email:

Address:

FederalID No.:

AIRCRE * hƩps://www.aircre.com * 213-687-8777 * [email protected] NOTICE: Nopart oftheseworks maybe reproducedin anyformwithout permissionin wriƟng.

K0028-KarlStrauss/005-PSANorthLasPosas

DISCLOSUREREGARDINGREALESTATEAGENCYRELATIONSHIP
(Asrequired bythe CivilCode)
Whenyou enterinto adiscussionwith areal estateagent regardingareal estate transacƟon, youshouldfrom theoutset understandwhattype of agency relaƟonship or representaƟon youwish tohavewith theagent inthe transacƟon.

SELLER'SAGENT
ASeller's agentunder a lisƟngagreement withthe Selleracts astheagent forthe Selleronly. ASeller's agentora subagentof thatagent hasthefollowing aﬃrmaƟve obligaƟons:

Tothe Seller:A ﬁduciarydutyof utmostcare, integrity,honesty andloyaltyin dealingswith theSeller.

Tothe Buyerand theSeller:
(a) Diligent exerciseof reasonableskilland carein performanceof theagent's duƟes. (b) Aduty ofhonest andfairdealing andgood faith.
(c) Aduty todisclose allfactsknown tothe agentmaterially aﬀecƟngthevalue ordesirability oftheproperty thatare notknownto, orwithin thediligent aƩenƟon and observaƟon of,the parƟes.

Anagent isnot obligatedtoreveal toeither partyany conﬁdenƟal informaƟonobtained fromthe otherpartythat doesnot involvethe aﬃrmaƟve duƟesset forthabove.

BUYER'SAGENT
ABuyer's agentcan, withaBuyer's consent,agree toact asagentfor theBuyer only. In thesesituaƟons, theagentis notthe Seller'sagent, evenifby agreementthe agentmay receive compensaƟon forservices rendered, eitherin fullor inpartfrom theSeller. Anagent acƟngonly foraBuyer hasthe following aﬃrmaƟve obligaƟons:

Tothe Buyer:A ﬁduciarydutyof utmostcare, integrity,honesty andloyaltyin dealingswith theBuyer.

Anagent isnot obligatedtoreveal toeither partyany conﬁdenƟal informaƟonobtained fromthe otherpartythat doesnot involvethe aﬃrmaƟve duƟesset forth above.

AGENTREPRESENTING BOTHSELLER ANDBUYER
Areal estateagent, either acƟngdirectly orthrough oneor moresalespersonand brokerassociates, canlegallybe theagent ofboththe Sellerand theBuyer ina transacƟon,but onlywith theknowledgeand consentof boththe Sellerandthe Buyer.

Ina dualagency situaƟon,theagent hasthe following aﬃrmaƟve obligaƟonstoboth theSeller andtheBuyer:
(a) A ﬁduciaryduty ofutmostcare, integrity,honesty andloyalty inthedealings witheither theSelleror theBuyer. (b) Other duƟes tothe Sellerandthe Buyeras statedabovein their respecƟve secƟons.

In represenƟng bothSeller andBuyer,a dualagent maynot, withouttheexpress permissionof the respecƟveparty,discloseto theotherparty conﬁdenƟal informaƟon,including, butnot limitedto,facts relaƟngto eitherthe Buyer'sorSeller's ﬁnancial posiƟon, moƟvaƟons,bargaining posiƟon, orother personal informaƟonthat mayimpact price,includingthe Seller'swillingness toaccept apriceless thanthe lisƟngpriceor theBuyer's willingnesstopay aprice greaterthan theprice oﬀered.

SELLERAND BUYERRESPONSIBILITIES
Eitherthe purchaseagreement oraseparate documentwill containa conﬁrmaƟonofwhich agentis represenƟngyouand whetherthat agentis represenƟng you exclusivelyin the transacƟon or acƟngas adual agent. Pleasepay aƩenƟon tothat conﬁrmaƟontomake sureit accurately reﬂectsyour understandingof youragent’s role. Theabove duƟesofthe agentin areal estate transacƟondo notrelieve aSelleror Buyerfrom theresponsibility to protecthis orher owninterests. Youshould carefullyread allagreements toassurethat theyadequately expressyour understandingofthe transacƟon. Arealestateagentis aperson qualiﬁed toadvise about realestate. If legalortax adviceis desired,consult acompetentprofessional. If youarea Buyer,you havetheduty toexercise reasonablecare toprotectyourself, includingas tothose factsaboutthe propertywhich areknown toyouor withinyour diligent aƩenƟonand observaƟon. BothSellersand Buyersshould strongly considerobtaining taxadvice fromacompetent professionalbecause thefederal andstatetax consequencesof a transacƟoncan becomplex andsubjectto change.

Throughoutyour realproperty transacƟonyoumay receivemore thanone disclosureform,depending uponthe numberofagents assisƟngin the transacƟon. The lawrequires eachagent withwhomyou havemore thana casual relaƟonshipto presentyou withthisdisclosure form. Youshouldread itscontents each Ɵme itis presentedto you,considering the relaƟonshipbetween youand thereal estateagentin your speciﬁc transacƟon. This disclosureform includestheprovisions of SecƟons2079.13 to2079.24, inclusive,ofthe CivilCode setforth onpage2. Readit carefully. I/WE ACKNOWLEDGERECEIPT OFACOPY OFTHIS DISCLOSUREAND THEPORTIONS OFTHE CIVILCODEPRINTED ONTHE BACK(OR ASEPARATEPAGE).

Buyer Seller Lessor Lessee AssociatedMicrobreweriesLTD
By:

NamePrinted: Date:

Buyer Seller Lessor Lessee CityofSanMarcos(“COSM”),a
CharteredMunicipalCorporation)or
assignee
By:

NamePrinted: Date:

Agent: Colliers International CA, Inc., a Delaware corporation, d/b/a Colliers International DRE Lic.#: 01908588
RealEstateBroker(Firm)
By: DRELic.#: Date:
(Salespersonor Broker-Associate)
THISFORM HASBEEN PREPAREDBYAIRCRE. NOREPRESENTATIONISMADEASTOTHELEGALVALIDITYOR ADEQUACYOF THISFORMFORANYSPECIFIC TRANSACTION. PLEASESEEK LEGALCOUNSELASTOTHE APPROPRIATENESSOF THISFORM.

K0028-KarlStrauss/005-PSANorthLasPosas

DISCLOSUREREGARDINGREALESTATEAGENCYRELATIONSHIP
CIVILCODESECTIONS2079.13THROUGH2079.24(2079.16APPEARSONTHEFRONT) 2079.13.As usedin SecƟons2079.7and 2079.14to 2079.24,inclusive, thefollowingterms havethe followingmeanings:
(a) “Agent”means aperson acƟng underprovisions ofTitle 9 (commencingwith SecƟon 2295)in areal property transacƟon,and includesa person whois licensedas a realestate broker underChapter 3 (commencing with SecƟon 10130) ofPart 1 ofDivision 4 ofthe Business and ProfessionsCode, and underwhose license a lisƟng is executed or an oﬀerto purchase is obtained. The agent in the real property transacƟon bears responsibility for that agent’ssalespersons or brokerassociates who perform asagents ofthe agent.When asalesperson orbroker associateowes aduty toany principal,or toany buyeror sellerwho isnot aprincipal, ina realproperty transacƟon, that duty is equivalent to the duty owed to that party by the broker for whom the salesperson or broker associate funcƟons. (b) “Buyer”means a transfereein a real property transacƟon, and includes a person who executesan oﬀer to purchase real property from a seller through an agent, or who seeks the services of anagent in more thana casual, transitory,orpreliminary manner,with theobject of entering intoa real property transacƟon.“Buyer”includes vendee or lessee of real property.(c) “Commercialreal property”means all realproperty in the state, except (1) single-family residenƟal real property,(2) dwelling units made subject to Chapter 2 (commencing with SecƟon 1940) of Title 5, (3) a mobile home, as deﬁned in SecƟon 798.3, (4) vacant land, or (5) a recreaƟonal vehicle, as deﬁned in SecƟon 799.29. (d) “Dualagent”means an agent acƟng, either directly or through a salesperson or broker associate, as agent for both the seller and the buyer in a real property transacƟon. (e) “LisƟng agreement”means a wriƩen contract between a seller of real property and an agent, by which the agent has been authorized to sell thereal property or to ﬁnd orobtain a buyer,including rendering other servicesfor which a real estatelicense isrequired to the seller pursuant to the terms of theagreement. (f) “Seller'sagent”means a personwho has obtained a lisƟng of real propertyto act as an agent for compensaƟon.(g) “LisƟng price”is the amount expressed in dollars speciﬁed in the lisƟng for which the seller is willing to sell the real property through the seller’sagent. (h) “Oﬀering price”is the amount expressed in dollars speciﬁedin an oﬀer to purchase for which thebuyer is willing to buy the real property.(i) “Oﬀer to purchase”means a wriƩen contract executed by a buyer acƟng through a buyer’sagent that becomes the contract for the sale of the real property upon acceptance by the seller. (j) “Realproperty” means any estate speciﬁed by subdivision (1) or (2) of SecƟon 761 in property,and includes (1) single-family residenƟal property,(2) mulƟ-unit residenƟal property with more than four dwelling units, (3) commercial real property,(4) vacant land, (5) a ground lease coupled with improvements, or (6) a manufactured home as deﬁned in SecƟon 18007 of the Health and Safety Code, or a mobile home as deﬁned in SecƟon 18008 of the Health and Safety Code, when oﬀered for sale or sold throughan agentpursuant tothe authoritycontainedin SecƟon10131.6 oftheBusiness andProfessions Code.(k) “Realproperty transacƟon” meansa transacƟonfor the sale of real property in which an agent is retained by a buyer, seller,or both a buyer and seller to act in that transacƟon, and includes a lisƟng or an oﬀer to purchase. (l) “Sell,”“sale,”or “sold”refers to a transacƟon for the transfer of real property from the seller to the buyer and includes exchanges of real property between theseller andbuyer, transacƟons forthe creaƟonof a realproperty salescontract within themeaning of SecƟon 2985, and transacƟons forthe creaƟon ofa leasehold exceedingone year’sduraƟon. (m) “Seller”means thetransferorina real propertytransacƟon andincludes an ownerwho listsreal property withan agent, whether or not a transfer results, or who receives an oﬀer to purchase real property of which he or she is the owner from an agent on behalf of another. “Seller” includesboth avendor andalessor ofreal property.(n) “Buyer'sagent”means anagent whorepresentsa buyerin arealproperty transacƟon. 2079.14. A seller’sagent and buyer’sagent shall provide the seller and buyer in a real property transacƟon with a copy of the disclosure form speciﬁed in SecƟon 2079.16, and shall obtain a signed acknowledgment of receipt from that seller and buyer,except as provided in SecƟon 2079.15, as follows: (a) The seller’sagent, if any,shallprovide the disclosure formto the seller priorto entering into the lisƟng agreement. (b) Thebuyer’sagent shall providethe disclosure form tothe buyer as soonas pracƟcableprior to execuƟon ofthe buyer’soﬀerto purchase.If the oﬀer topurchase isnotprepared bythe buyer’sagent, thebuyer’sagentshall presentthe disclosureform tothe buyernotlater thanthe nextbusiness day aŌerreceiving the oﬀer topurchasefrom thebuyer. 2079.15. In any circumstance in which the seller or buyer refuses to sign an acknowledgment of receipt pursuant to SecƟon 2079.14, the agent shall set forth, sign, anddate a wriƩen declaraƟonofthe factsof therefusal.
2079.16 Reproducedon Page1 ofthis ADform.
2079.17(a) As soon as pracƟcable, the buyer’sagent shall disclose to thebuyer and seller whether the agent is acƟng in the real property transacƟon as the buyer’s agent, or as a dual agent represenƟng both the buyer and the seller.This relaƟonship shall be conﬁrmed in the contract to purchase and sell real property or in a separate wriƟngexecuted or acknowledged bythe seller,the buyer,and the buyer’sagentprior to or coincidentwith execuƟon of thatcontract by the buyerand the seller, respecƟvely. (b) As soon as pracƟcable, the seller’sagent shall disclose to the seller whether the seller’sagent is acƟng in the real property transacƟonas the seller’sagent, oras a dual agent represenƟng both the buyer andseller.This relaƟonship shallbe conﬁrmed in the contractto purchase and sellreal property or in a separate wriƟng executedor acknowledgedbythe sellerand theseller’sagentpriorto orcoincident withthe execuƟon ofthat contractbythe seller. (C)CONFIRMATION: Thefollowing agency relaƟonshipsare conﬁrmedfor this transacƟon.

Seller'sBrokerageFirm DONOTCOMPLETE,SAMPLEONLY LicenseNumber Isthebrokerof(checkone): theseller; or boththebuyerandseller.(dualagent) Seller'sAgent DONOTCOMPLETE,SAMPLEONLY LicenseNumber
Is(checkone): theSeller'sAgent.(salespersonorbrokerassociate);or boththeBuyer'sAgentandtheSeller'sAgent. (dualagent) Buyer'sBrokerageFirm DONOTCOMPLETE,SAMPLEONLY LicenseNumber Isthebrokerof(checkone): thebuyer; or boththebuyerandseller.(dualagent) Buyer'sAgent DONOTCOMPLETE,SAMPLEONLY LicenseNumber
Is(checkone): theBuyer'sAgent.(salespersonorbrokerassociate);or boththeBuyer'sAgentandtheSeller'sAgent. (dualagent) (d)The disclosuresand conﬁrmaƟonrequiredby this secƟon shallbe in addiƟonto thedisclosure requiredby SecƟon 2079.14.An agent’sdutyto providedisclosure and conﬁrmaƟon of representaƟon inthis secƟon maybe performedby arealestatesalespersonor brokerassociate aﬃliated withthat broker. 2079.18(Repealed pursuantto AB-1289,2017-18California LegislaƟvesession) 2079.19The paymentof compensaƟonorthe obligaƟonto pay compensaƟon toanagent bythe sellerorbuyer isnot necessarily determinaƟveof a parƟcular agency relaƟonshipbetween anagent andtheseller orbuyer.A lisƟng agentanda sellingagent mayagreeto shareany compensaƟonorcommission paid,or anyright toany compensaƟonor commissionfor whichan obligaƟon arisesas theresult ofareal estate transacƟon, andtheterms ofany suchagreementshall notnecessarily be determinaƟveof a parƟcular relaƟonship.
2079.20Nothing inthis arƟclepreventsan agentfrom selecƟng,as a condiƟonof theagent’semployment,a speciﬁc formof agency relaƟonshipnot speciﬁcally prohibitedby this arƟcle iftherequirements of SecƟon 2079.14and SecƟon2079.17are compliedwith. 2079.21(a) Adual agentmaynot, withoutthe expresspermission oftheseller,discloseto thebuyerany conﬁdenƟal informaƟon obtainedfromthe seller.(b) Adual agentmay not,without theexpresspermission ofthe buyer,disclose totheseller any conﬁdenƟal informaƟonobtainedfrom thebuyer.(c) “ConﬁdenƟal informaƟon” meansfacts relaƟngto theclient’sﬁnancial posiƟon, moƟvaƟons, bargaining posiƟon, orotherpersonal informaƟonthat mayimpactprice, suchas theselleris willing toaccept aprice lessthanthe lisƟngprice orthe buyeriswilling topay apricegreater thanthe price oﬀered.(d) This secƟon doesnot alterinany waythe dutyor responsibilityof adual agenttoany principalwith respectto conﬁdenƟal informaƟonother thanprice. 2079.22Nothing inthis arƟcleprecludesa seller’sagent fromalso beingabuyer’sagent.If aselleror buyerin a transacƟonchooses tonot berepresented byan agent,that doesnot, ofitself,make thatagent adual agent. 2079.23(a) Acontract betweentheprincipal andagent maybe modiﬁedoraltered tochange theagency relaƟonship atany Ɵmebeforethe performanceof theact whichis theobject oftheagency withthe wriƩenconsent ofthe parƟes tothe agency relaƟonship. (b)A lenderoran aucƟoncompany retainedby alenderto controlaspects ofa transacƟonofreal propertysubject tothis part,including validaƟng thesales price,shallnot require,as a condiƟonof receivingthe lender’s approvalof the transacƟon, thehomeowneror lisƟngagent todefend orindemnifythe lenderor aucƟoncompanyfrom anyliability allegedtoresult fromthe acƟons ofthe lenderor aucƟoncompany.Any clause,provision, covenant,or agreement purporƟngto imposean obligaƟontodefend orindemnify alenderor an aucƟon companyin violaƟonof thissubdivisionis againstpublic policy,void, andunenforceable. 2079.24Nothing inthis arƟcleshallbe construedto eitherdiminish thedutyof disclosureowed buyersandsellers byagents andtheirassociate licensees,subagents, andemployees orto relieveagentsand theirassociate licensees,subagents, andemployeesfrom liabilityfor theirconductin connecƟonwith actsgovernedby this arƟcleor forany breachofa ﬁduciaryduty ora dutyofdisclosure.

AIRCRE * hƩps://www.aircre.com * 213-687-8777 * [email protected] NOTICE: Nopart oftheseworks maybe reproducedin anyformwithout permissionin wriƟng.

K0028-KarlStrauss/005-PSANorthLasPosas

4894-8744-9062.4
[SIGNATURE PAGE TO STANDARD OFFER, AGREEMENT AND

ESCROW INSTRUCTIONS
FOR PURCHASE OF REAL ESTATE (Vacant Land)]
Seller: ASSOCIATED MICROBREWERIES LTD,
a California limited partnership
By:

Printed Name:

Title:

Buyer: THE CITY OF SAN MARCOS,
a chartered municipal corporation
By:

Printed Name: Michelle Bender
Its: City Manager
Attest:

Phillip Scollick, City Clerk

Approved as to form:

Helen Holmes Peak, City Attorney

4894-8744-9062.4

ACCEPTANCE BY ESCROW HOLDER

Fidelity National Title hereby acknowledges that it has received a fully -executed original, or original executed counterparts, of the foregoing Standard Offer, Agreement and Escrow Instructions for Purchase of Real Estate (Vacant Land) dated ______________ ____ ____, 2024, together with the Addendum to Standard Offer, Agreement and Escrow Instructions for Purchase of Real Estate (Vacant Land) of even date therewith (collectively, the "Agreement"), and agrees to act as the "Escrow Holder" thereunder and to be bound by and strictly perform the terms thereof as such terms apply to Escrow Holder.

Please be advised that pursuant to the Agreement the Escrow has been opened and is identified as Escrow No.: ________________ and the "Date of Agreement " under the Agreement is __________________ ____, 2024
Escrow Holder: FIDELITY NATIONAL TITLE
By:

Printed Name:

Title:

Address:

Telephone:

Facsimile:

E-Mail:

4894-8744-9062.4

ADDENDUM TO

STANDARD OFFER, AGREEMENT AND ESCROW INSTRUCTIONS
FOR PURCHASE OF REAL ESTATE (Vacant Land)
This ADDENDUM TO STANDARD OFFER, AGREEMENT AND ESCROW INSTRUCTIONS FOR PURCHASE OF REAL ESTATE (Vacant Land) (this "Addendum") is attached to and made a part of that certain Agreement and Escrow Instructions for Purchase of Real Estate dated __________________ ____, 2024 (the "Agreement") by and between Associated Microbreweries LTD, a California limited partnership, as "Seller", and The City of San Marcos, a chartered municipal corporation, as "Buyer".

Unless otherwise defined herein, capitalized terms us ed in this Addendum shall have the meaning given such terms in the Agreement. Any Paragraph in the Agreement that is deleted and that is not addressed in this Addendum shall be deemed to be revised to state “Intentionally Deleted”, such that the deleted Paragraphs shall be omitted in all respects from the Agreement. The following provisions are hereby added to and incorporated into the Agreement as if such terms were fully set forth therein, and all references in this Addendum to "the Agreement" or "this Agreement" shall be construed to mean the Agreement as amended and supplemented by this Addendum. To the extent that the terms of this Addendum are inconsistent or conflict with the terms of the Agreement, the terms of this Addendum shall govern.

28. Property. Paragraph 2.3 of the Agreement is hereby amended by adding the following to the end thereof:

The Property also includes, at no additional cost to Buyer, all of Seller 's rights, privileges, easements and appurtenances benefiting the Property, including, without limitation, (i) all mineral and water rights, all easements, rights -of-way and other appurtenances used or connected with the beneficial use or enjoyment of the Property, and (ii) any and all development rights and other intangible rights, titles, interests, privileges and appurtenances owned by Seller and in any way related to or used in connection with the Property and its operation, including, without limitation , any development agreements, subdivision, parcel and tract maps and entitlements granted by any governmental authority, and the like (such items described in clauses (i) through (ii) may be referred to herein collectively as the "Intangible Property").

29. Contingency Date. Notwithstanding any provision of the Agreement to the contrary, Buyer shall have until 5:00 p.m. (PT) on the date that is forty -five (45) days after the later of the Date of this Agreement (the "Contingency Date") to approve or disapprove all of the Buyer's contingencies set forth in paragraph 9.1 subparagraphs (a) through (m), of the Agreement, which approval may be given or withheld in Buyer's sole and absolute discretion. If Buyer fails, for any or no reason, to provide Seller with written notice waiving Buyer 's Contingencies (the "Waiver Notice") on or before the Contingency Date, then Buyer shall be deemed to have elected to terminate the Agreement, the Deposit shall be immediately refunded to Buyer and neither party will have any further obligations under this Agreement, except for those obligations which expressly survive the termination hereof. If Buyer timely delivers a Waiver Notice, then the Buyer's Contingencies described in subparagraphs 9.1(a) through (m), inclusive and as applicable, shall be deemed unconditionally satisfied or waived.

30. Buyer's Contingencies. Paragraph 9.1 of the Agreement is hereby amended by adding the following immediately following subparagraph (q) and new subparagraph (s):
(q) Title Policy. Buyer's obligation to purchase the Property shall be subject to and conditioned upon the Title Company's willingness to issue, upon the sole condition of the payment of its regularly scheduled premium, a CLTA standard coverage owner 's policy of title insurance ( "Title Policy"), subject only to the exceptions (i) approved or

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deemed approved by Buyer pursuant to Paragraph 31.2 hereof , (ii) non-delinquent real property taxes and special assessments, (i ii) any exceptions arising from Buyer's actions, and ( iv) any matters which would be disclosed by an accurate survey or physical inspection of the Property . Buyer shall have the right to request that the Title Company issue ALTA extended coverage title insurance as long as the issuance of such ALTA extended coverage is not a condition precedent to the Closing and shall not delay or extend the Expected Closing Date, and provided further that Buyer pays for the costs of such ALTA extended coverage in excess of CLTA coverage Seller covenants and agrees not add any additional exceptions to title of the Property beyond those set forth in the Title Report, or otherwise approved by Buyer, without the prior written consent of Buyer.
(s) Representations and Warranties. Buyer 's obligation to purchase the Property shall be subject to and conditioned upon Seller 's representations and warranties contained in paragraph 12 of the Agreement being true and correct as of the Closing Date.

31. Buyer's Investigations.

31.1 Due Diligence Materials . Within three (3) business days following Seller 's execution of the Agreement, to the extent in Seller 's possession, Seller shall deliver to Buyer copies of all due diligence materials related to the Property, including but not limited to, property tax bills, environmental, wetland, endangered species and other entitlement reports, copies of plans, correspondence with city, county, state and any other quasi -governmental authorities, permits, CC&R 's, and other documentation (collectively, the "Due Diligence Materials"). Seller acknowledges Buyer may desire to discuss or otherwise inquire about the Due Diligence Material s with various governmental entities and utilities and third parties. In this regard, Buyer is permitted to contact all necessary third parties and discuss with such third parties the governmental records and other Due Diligence Materials. Notwithstanding the foregoing, the Due Diligence Materials shall not include any confidential or privileged materials, any appraisals or other financial analysis prepared by or on behalf of Seller, or any other proprietary materials of Seller , and Seller is making no, and hereby disclaims any, representation or warranty of any kind regarding the accuracy or completeness of the Due Diligence Materials except as expressly provided in this Agreement.

31.2 Title Inspection. Paragraph 9.1(f) and paragraph 9.3 of the Agreement are hereby amended to provide that Buyer shall have until the date which is ten (10) days prior to the Contingency Date to either approve of the exceptions contained in the Title Commitment, or to notify Seller in writing, specifying any exceptions to which Buyer objects ( "Title Objection Notice"). If Buyer fails to timely submit a Title Objection Notice it shall be conclusively presumed that, except as set forth in the last sentence of this paragraph, Buyer has approved the condition of title to the Property set forth in the Title Commitment. Seller shall have a period of five (5) days after Seller's receipt of the Title Objection Notice (i) to remove, or agree to use its commercially reasonable efforts to remove prior to or concurrently with the Closing, some or all of those exceptions to which Buyer has objected in the Title Objection Notice, and to inform Buyer in writing of the same, or (ii) to advise Buyer, in writing, that Seller will not agree to remove some or all of those exceptions to which Buyer has objected in the Title Objection Notice ("Title Response Notice"). If Seller fails to timely deliver to Buyer the Title Response Notice, it shall be conclusively deemed that, except as set forth in the last sentence of this paragraph, Seller has elected not to remove any of those exceptions to which Buyer has objected as specified in the Title Objection Notice. If Seller advises Buyer in its Title Response Notice that it will not remove or agree to use good faith efforts to remove some or all of those exceptions to which Buyer has objected in the Title Objection Notice (or Seller is deemed to have so advised Buyer), t hen Buyer may elect to waive such objections and proceed with the acquisition of the Property or to terminate this Agreement. Notwithstanding anything in this

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4894-8744-9062.4
paragraph 31.2 to the contrary, prior to or concurrently with the Closing, Seller shall remove or cause to be removed all monetary liens or encumbrances affecting the Property caused or consented to in writing by Seller, including without limitation the lien of any mortgage, deed of trust and any mechanic 's liens, but excluding current non -delinquent taxes and assessments (collectively, the " Monetary Liens ").

Notwithstanding anything to the contrary contained herein, Buyer's delivery of Buyer's Waiver Notice shall be deemed Buyer's affirmative and irrevocable approval of the actual or deemed Seller ’s Title Response Notice.

31.3 Contracts. Unless otherwise directed by Buyer in writing prior to the Close of Escrow, at closing Seller shall, immediately following the Close of Escrow, deliver written notice s terminating all contracts entered into or assumed by Seller for the operation and maintenance of the property and that are not identified in the Title Commitment as being recorded against title to the Property. Prior to the closing, Buyer may identify in writing specific contracts that are to be assigned. Seller represents and warrants to Buyer that all contracts for the operation and maintenance of the property, including its management agreement, that are not so identified in the Title Commitment, are terminable on thirty (30) days' notice, without premium or penalty

32. Forms of Closing and Conveyance Documents. Prior to the Contingency Date, Buyer and Seller shall agree upon the forms of closing documents to be executed by Buyer and Seller at the Closing, in each party’s reasonable discretion . The parties approve of the form of Grant Deed attached hereto as Exhibit "A".

33. Seller's Representations, Warranties and Covenants. Paragraph 12.1 of the Agreement is hereby amended by adding the following immediately after subparagraph (l):
(m) Seller's Due Diligence Materials . To Seller 's knowledge, the documents constituting the Due Diligence Materials are true and complete copies, in material respects, of such documents in Seller's possession.
(n) Leases. There are no leases, subleases, occupancies or tenancies of any nature whatsoever pertaining to the Property that have been entered into or assumed in writing by Seller and that will remain in effect as of the Closing.
(o) Service Contracts . There are no service or maintenance contracts, warranties, guarantees, listing agreements, management agreements, parking agreements or bonds (whether oral or written) that are currently in effect and that have been entered into by Seller, other than as provided to Buyer as part of the Due Diligence Materials.
(p) No Other Agreements. Seller has not entered into any agreement to dispose of its interest in the Property or any part thereof, except for this Agreement. (q) Operations. From and after the date hereof and through and including the Closing, Seller shall, at the Seller's sole cost and expense: (a) not to take any action which would cause a cancellation of any existing insurance policies affecting the Property; (b) continue to operate, manage and maintain the Property in accordance with Seller's existing business practices and in such condition so that the Property shall be in substantially the same condition on the Closing as of the date hereof , reasonable wear and tear and casualty and condemnation excepted; (c) promptly deliver to Buyer copies of any written notices sent by Seller after the date hereof to any contractors or vendors under any service contracts for the Property alleging any default by such party under such service contracts; and (d) promptly deliver to Buyer copies of any written notices or correspondence received by Seller after the date hereof from any applicable governmental authorities with respect to the Property.

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4894-8744-9062.4

34. Buyer's Remedies. In the event the Closing fails to occur as a result of the default by Seller hereunder, Buyer shall be entitled, as Buyer 's sole and exclusive remedy, to either (a) terminate this Agreement in which event the Deposit shall be returned to Buyer, or (b) pursue specific performance; provided, however, if specific performance is not an available remedy due to any act of Seller taken in breach of this Agreement and within fifteen (15) days following the earlier of the written termination of this Agreement by Seller or the Expected Closing Date, then Buyer can recover the Deposit and pursue an action against Seller for actual, out-of-pocket damages only, up to a maximum of two percent (2%) of the Purchase Price.

35. Seller's Remedies. Paragraph 21 of the Agreement is hereby deleted in its entirety and replaced with the following:

NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS

AGREEMENT, IF BUYER FAILS TO COMPLETE THE PURCHASE OF THE PROPERTY

AS PROVIDED IN THIS AGREEMENT BY REASON OF ANY DEFAULT OF BUYER,

SELLER SHALL BE RELEASED FROM ITS OBLIGATION TO SELL THE PROPERTY TO BUYER. BUYER AND SELLER HEREBY ACKNOWLEDGE AND AGREE THAT IT

WOULD BE IMPRACTICAL AND/OR EXTREMELY DIFFICULT TO FIX OR ESTABLISH

THE ACTUAL DAMAGE SUSTAINED BY SELLER AS A RESULT OF SUCH DEFAULT

BY BUYER, AND AGREE THAT THE BUYER'S DEPOSIT IS A REASON ABLE APPROXIMATION THEREOF. ACCORDINGLY, IN THE EVENT THAT BUYER

BREACHES THIS AGREEMENT BY DEFAULTING IN THE COMPLETION OF THE

PURCHASE, THE BUYER'S DEPOSIT SHALL CONSTITUTE AND BE DEEMED TO BE

THE AGREED AND LIQUIDATED DAMAGES OF SELLER, AND SHALL BE PA ID BY BUYER TO SELLER AS SELLER'S SOLE AND EXCLUSIVE REMEDY. SELLER AGREES

TO WAIVE ALL OTHER REMEDIES AGAINST BUYER WHICH SELLER MIGHT

OTHERWISE HAVE AT LAW OR IN EQUITY BY REASON OF SUCH DEFAULT BY BUYER; PROVIDED, HOWEVER, THE FOREGOING SHALL NOT LIMIT BUYER'S

OBLIGATIONS TO PAY TO SELLER ALL ATTORNEYS' FEES AND COSTS OF SELLER TO ENFORCE THE PROVISIONS OF THIS PARAGRAPH 21 AND/OR BUYER'S INDEMNITY OBLIGATIONS UNDER THIS AGREEMENT . THE PAYMENT OF THE

BUYER'S DEPOSIT (INCLUDING ALL INTEREST) AS LIQUIDATED DAMAGES IS NOT

INTENDED TO BE A FORFEITURE OR PENALTY, BUT IS INTENDED TO CONSTITUTE

LIQUIDATED DAMAGES TO SELLER PURSUANT TO CALIFORNIA CIVIL CODE SECTIONS 1671, 1676 AND 1677.
______________________ ______________________

BUYER'S INITIALS SELLER'S INITIALS

36. Natural Hazard Disclosure Requirement Compliance. Buyer and Seller acknowledge that Seller may be required to disclose if the Property lies within the following natural hazard areas or zones:
(i) a special flood hazard area designated by the Federal Emergency Management Agency (California Civil Code Section 1102.17); (ii) an area of potential flooding (California Government Code Section 8589.4); (iii) a very high fire hazard severity zone (California Government Code Section 51183.5); (iv) a wild land area that may contain substantial forest fire risks and hazards (Public Resources Code Section 4136); (v) earthquake fault zone (Public Resources Code Section 2621.9); or (vi) a seismic hazard zone (Public Resources Code Section 2694) (sometimes all of the preceding are herein collectively called the "Natural Hazard Matters"). Seller, or Escrow Holder on behalf of Seller, has engaged or will engage the services

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4894-8744-9062.4
of an environmental consultant (who, in such capacity, is herein called the "Natural Hazard Expert") to examine the maps and other information specifically made available to the public by government agencies for the purposes of enabling Seller to fulfill its disclosure obligations, if and to the extent such obligations exist, with respect to the natural hazards referred to in California Civil Code Section 1102.6a and to report the result of its examination to Buyer and Seller in writing. The written report prepared by the Natural Hazard Expert regarding the results of its full examination will fully and completely discharge Seller from its disclosure obligations referred to herein, if and to the extent any such obligations exist, and, for the purpose of the Agreement, the provisions of Civil Code Section 1102.4 regarding non-liability of Seller for errors or omissions not within its personal knowledge shall be deemed to apply and the Natural Hazard Expert shall be deemed to be an expert, dealing with matters within the scope of its expertise with respect to the examination and written report regarding the natural hazards referred to above. In addition, Section 25359.7 of the California Health and Safety Code requires owners of non -residential real property who know, or have reasonable cause to believe, that any release of hazardous substance has come to be located on or beneath the real property to provide written notice of such to a buyer of the real property. Buyer (i) hereby acknowledges Buyer's receipt o f the foregoing notice given pursuant to Section 25359.7 of the California Health and Safety Code and copies of certain environmental reports previously delivered to Buyer; (ii) has, or will have prior to the waiver of Buyer's contingencies, fully investigated the condition of the Property; and (iii) after receiving advice of Buyer's legal counsel, waives any and all rights Buyer may have to assert that Seller has not complied with the requirements of Section 25359.7 of the California Health and Safety Code.

37. "As-Is. AS A MATERIAL INDUCEMENT TO THE EXECUTION AND DELIVERY

OF THIS AGREEMENT BY SELLER AND THE PERFORMANCE BY SELLER OF ITS DUTIES AND OBLIGATIONS HEREUNDER, AND TO EXPAND UPON PARAGRAPH 12.2 AND OTHER

PROVISIONS OF THE AGREEMENT, BUYER DOES HEREBY ACKNOWLEDGE, REPRESENT,

WARRANT AND AGREE, TO AND WITH THE SELLER, THAT, (A) BUYER IS PURCHASING THE PROPERTY IN AN "AS -IS," "WHERE IS" AND "WITH ALL FAULTS" CONDITION AS OF THE

DATE OF THE CLOSING WITH RESPECT TO ANY FACTS, CIRCUMSTANCES , CONDITIONS AND DEFECTS; (B) EXCEPT FOR THE MONETARY LIENS TO BE REMOVED PURSUANT TO PARAGRAPH 31.2, SELLER HAS NO OBLIGATION TO REPAIR OR CORRECT ANY SUCH

FACTS, CIRCUMSTANCES, CONDITIONS OR DEFECTS OR COMPENSATE BUYER FOR SAME

INCLUDING, WITHOUT LIMITATION, THE ENVIRONMENTAL CONDITION OF THE PROPERTY; (C) BY THE CLOSING, BUYER SHALL HAVE UNDERTAKEN ALL SUCH

PHYSICAL, LEGAL AND OPERATIONAL INSPECTIONS AND EXAMINATIONS OF THE

PROPERTY AS BUYER DEEMS NECESSARY OR APPROPRIATE UNDER THE

CIRCUMSTANCES, AND THAT BASED UPON SAME, B UYER IS AND WILL BE RELYING

STRICTLY AND SOLELY UPON SUCH INSPECTIONS AND EXAMINATIONS AND THE ADVICE

AND COUNSEL OF ITS AGENTS AND OFFICERS, AND BUYER IS AND WILL BE FULLY

SATISFIED THAT THE PURCHASE PRICE IS FAIR AND ADEQUATE CONSIDERATION FOR THE PROPERTY; (D) EXCEPT TO THE EXTENT OTHERWISE PROVIDED IN PARAGRAPH 12.1 OF

THE AGREEMENT, SELLER IS NOT MAKING AND HAS NOT MADE ANY WARRANTY OR

REPRESENTATION WITH RESPECT TO ALL OR ANY PART OF THE PROPERTY (INCLUDING,

BUT NOT LIMITED TO, ANY LEGAL, TAX OR OPERA TIONAL MATTERS, ANY MATTERS

CONTAINED IN DOCUMENTS MADE AVAILABLE OR DELIVERED TO BUYER IN

CONNECTION WITH THIS AGREEMENT OR ANY COMPLIANCE OR NON -COMPLIANCE BY

SELLER OR THE PROPERTY WITH ANY LAWS, PERMITS, LICENSES, RULES OR

REGULATIONS AFFECTING THE PRO PERTY) AS AN INDUCEMENT TO BUYER TO ENTER

INTO THIS ESCROW AND THEREAFTER TO PURCHASE THE PROPERTY OR FOR ANY OTHER PURPOSE; AND (E) BY REASON OF ALL OF THE FOREGOING, BUYER SHALL ASSUME THE

FULL RISK OF ANY LOSS OR DAMAGE OCCASIONED BY ANY FACT, CIRCUMSTA NCE,

CONDITION OR DEFECT PERTAINING TO THE PHYSICAL, LEGAL, TAX, OPERATIONAL,

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FINANCIAL AND OTHER CONDITION OF THE PROPERTY, INCLUDING WITHOUT

LIMITATION THE PRESENCE OF ANY MOLD, BIOLOGICAL ORGANISM, FUNGI, BACTERIA

OR OTHER MICROORGANISM, ASBESTOS CONTAINING MATERIAL, HAZARDOUS, TOXIC

OR RADIOACTIVE WASTE, SUBSTANCE OR MATERIALS I N, ON, UNDER OR ABOUT THE PROPERTY.

BUYER HEREBY EXPRESSLY AND UNCONDITIONALLY WAIVES, DISCHARGES AND

RELEASES SELLER AND ALL OF ITS MEMBERS, MANAGERS, PARENTS, SUBSIDIARIES,

AFFILIATES, OFFICERS, DIRECTORS, AGENTS AND EMPLOYEES, AND THEIR RESPECTIVE

SUCCESSORS, HEIRS AND ASSIGNS AND EACH OF THEM (INDIVIDUALLY AND COLLECTIVELY, THE "RELEASED PARTIES") FROM ANY AND ALL CLAIMS,

RESPONSIBILITY, AND/OR LIABILITY THAT IT MAY NOW HAVE OR HEREAFTER ACQUIRE

AGAINST ANY OF THE RELEASED PARTIES FOR ANY COSTS, LOSS, LIABILITY, DAMAGE,

EXPENSES, DEMAND, ACTION, OR CAUSE OF ACTION ARISING FROM OR RELATED TO (I)

THE CONDITION (INCLUDING ANY CONSTRUCTION DEFECTS, ERRORS, OMISSIONS, OR

OTHER CONDITIONS, LATENT OR OTHERWISE, AND THE PRESENCE IN THE SOIL, AIR,

STRUCTURES AND SURFACE AND SUBSURFACE WATERS OF MATERIALS OR SUBSTANCES

THAT HAVE BEEN OR MAY IN FUTURE BE DETERMINED TO BE HAZARDOUS SUBSTANCES

OR OTHERWISE TOXIC, HAZARDOUS, UNDESIRABLE OR SUBJECT TO REGULATION AND

THAT MAY NEED TO BE SPECIALLY TREATED, HANDLED AND/OR REMOVED FROM THE

PROPERTY UNDER CURR ENT OR FUTURE FEDERAL, STATE AND LOCAL LAWS,

REGULATIONS OR GUIDELINES), VALUATION, SALABILITY, OR UTILITY OF THE

PROPERTY, OR ITS SUITABILITY FOR ANY PURPOSE WHATSOEVER, AND (II) ANY

INFORMATION FURNISHED BY THE RELEASED PARTIES UNDER OR IN CONNECTION WITH THE AGREEMENT. THE RELEASE INCLUDES CLAIMS FOR WHICH BUYER IS PRESENTLY

UNAWARE OR WHICH BUYER DOES NOT PRESENTLY SUSPECT TO EXIST WHICH, IF KNOWN BY BUYER, WOULD MATERIALLY AFFECT BUYER'S RELEASE OF SELLER.

BUYER SPECIFICALLY WAIVES THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS:
"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR

RELEASING PARTY DOES NOT KNOW OR EXPECT TO EXIST IN HIS OR HER FAVOR AT THE

TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE

MATERIALLY AFFECTED HIS OR HER SETTLEME NT WITH THE DEBTOR OR RELEASED PARTY."

NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH IN THIS PARAGRAPH 37, THE FOREGOING RELEASE IS NOT INTENDED TO AND DOES NOT COVER (I) ANY CLAIMS ARISING FROM A BREACH OF SELLER'S EXPRESS REPRESENTATIONS OR

WARRANTIES SET FORTH IN THIS AGREEMENT OR (II) ANY OTHER BREACH BY SELLER OF

AN EXPRESS OBLIGATION OF SELLER UNDER THIS AGREEMENT WHICH BY ITS TERMS SURVIVES THE CLOSE OF ESCROW.

38. Limitation on Liability . Notwithstanding anything to the contrary herein, Buyer , on its own behalf, and on behalf of Buyer's officers, directors, partners, members, shareholders, agents, contractors and employees of Buyer (collectively (but not excluding Buyer), the " Buyer Parties") agrees that in no event or circumstance shall any of Seller’s direct or indirect employees, officers, directors, members, affiliates, parents, subsidiaries, successors, and assigns (collectively (but excluding Seller), the “Seller Parties”), have any personal liability under this Agreement. Seller, on its own behalf and the Seller Parties agrees that in no event or circumstance shall any of the Buyer Parties have any personal liability

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4894-8744-9062.4
under this Agreement. Such limitations shall survive the Close of Escrow. Buyer agrees to look solely to Seller’ interest in and sale proceeds from the Property for the satisfaction of any liability or obligation arising under this Agreement and the transactions contemplated hereby, or for the performance of any of the covenants, warranties or other agreements contained herein, and further agrees not to sue or otherwise seek to enforce any personal obligation against Seller or any of the Seller Parties with respect to any matters arising out of or in connection with this Agreement or the transactions contemplated hereby.

Notwithstanding anything to the contrary contained herein: (a) the maximum aggregate liability of Seller, and the maximum aggregate amount which may be awarded to and collected by Buyer (including, without limitation, for any breach of any representation, warranty and/or covenant of Seller) under this Agreement or any documents executed pursuant hereto or in connection herewith, including, without limitation, the Exhibits attached hereto (collectively, the "Other Documents") shall, under no circumstances whatsoever, exceed two percent (2.0%) of the Purchase Price (the "Cap Amount"), excluding attorneys' fees; (b) Buyer shall notify Seller in writing of any claim of any breach of any representation, warranty and/or covenant of Seller under the Agreement or the Other Documents and commence a "legal action" thereon within the 12-month survival period provided under Paragraph 12.1 of this Agreement; and (c) no claim by Buyer alleging a breach by Seller of any representation, warranty and/or covenant of Seller contained herein or any of the Other Documents may be made, and Seller shall not be liable for any judgment in any action based upon any such claim, unless and until such claim, either alone or together with any other claims by Buyer alleging a breach by Seller of any such representation, warranty and/or covenant, is for an aggregate amount in excess of $25,000.00 (the "Floor Amount"), in which event Seller's liability respecting any final judgment concerning such claim or claims shall be for the entire amount thereof, subject to the Cap Amount set forth in clause (a) above; provided, however, that if any such final judgment is for an amount that is less than or equal to the Floor Amount, then Seller shall have no liability with respect thereto.

39. Notices. Paragraph 19 of the Agreement is hereby amended to provide that all notices required or permitted hereunder shall be sent by certified mail, return receipt requested, postage prepaid, FedEx or other comparable overnight delivery service, or by e -mail (provide that a hard copy is delivered the following business day unless the receiving party confirms receipt of such e-mail) and shall be addressed as set forth below. Notices given by counsel to Buyer shall be deemed given by Buyer, and notices given by counsel to Seller shall be deemed given by Seller.

To Seller:

Associated Microbreweries Ltd.
5985 Santa Fe Street
San Diego, CA 92109
Attention: Matt Rattner
E-Mail: [email protected]
With a copy to:

Crosbie Gliner Schiffman Southard Swanson LLP
12750 High Bluff Drive, Suite 250
San Diego, CA 92130
Attention: Tom Crosbie, Esq.

E-Mail: [email protected]
To Buyer:

The City of San Marcos
1 Civic Center Drive
San Marcos, CA 92069

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4894-8744-9062.4
Attn: Michelle Bender, City Manager
Telephone: (760) 744-1050
Email: [email protected]
with copies to (which shall not constitute notice):

IDS Real Estate Group
785 J Street
San Diego, CA 92101
Attn: Matt Traino
Telephone: (619) 515-0100
Email: [email protected]
and
Kennerly Lamishaw & Rossi LLP
707 Wilshire Boulevard, Suite 1400
Los Angeles, CA 90017
Attn: K. Jennifer Ozaki Botta, Esq.

Telephone: (213) 312-1250
Email: [email protected]

40. Calculation of Time Periods. Unless otherwise specified, in computing any period of time described herein, the day of the act or event after which the designated period of time begins to run is not to be included and the last day of the period so computed is to be included at, unle ss such last day is a Saturday, Sunday or legal holiday for national banks in the location where the Property is located, in which event the period shall run until the end of the next day which is neither a Saturday, Sunday, or legal holiday.

The last day of any period of time described herein shall be deemed to end at 5:00 p.m. local time where the Property is located.

41. Third Parties. This Agreement is entered into exclusively for the benefit of Buyer ad Seller and no other person, party or entity (including, without limitation Broker) is intended to be a third party beneficiary hereof).

42. Exhibits. All Exhibits which are referred to herein and which are attached hereto or bound separately and initialed by the parties are expressly made and constitute a part of the Agreement.

43. Entire Agreement; Amendments . This Agreement and the Addendum and the Exhibits hereto set forth all of the promises, covenants, agreements, conditions, and undertakings between the parties hereto with respect to the subject matter hereof, and supersede all prior and contemporaneous agreements and understandings, inducements or conditions, express or implied, oral or written. This Agreement may not be changed orally but only by an agreement in writing, duly executed by or on behalf of the party or parties against whom enforcement or any waiver, change, modification, consent or discharge is sought.

44. Conflict. In the event of any inconsistency between the Agreement and this Addendum, the terms of this Addendum shall control.

45. Counterparts; Electronic Signatures. This Addendum may be executed in any number of counterparts, all of which shall be deemed an original, but such counterparts, when taken together, shall constitute one agreement.

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4894-8744-9062.4
[SIGNATURES APPEAR ON THE IMMEDIATELY FOLLOWING PAGE.]

4894-8744-9062.4
IN WITNESS WHEREOF, Seller and Buyer have executed and delivered this Addendum as of __________________ ____, 2024.

Seller: ASSOCIATED MICROBREWERIES LTD,
a California limited partnership
By:

Printed Name:

Title:

By:

Printed Name:

Title:

Buyer: THE CITY OF SAN MARCOS,
a chartered municipal corporation
By:

Printed Name: Michelle Bender
Its: City Manager
Attest:

Phillip Scollick, City Clerk

Approved as to form:

Helen Holmes Peak, City Attorney

EXHIBIT "A"
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4894-8744-9062.4
EXHIBIT "A"

FORM OF GRANT DEED
[Attached as the immediately following pages.]

EXHIBIT "A"
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4894-8744-9062.4

RECORDING REQUESTED BY AND

WHEN RECORDED MAIL THIS GRANT
DEED AND ALL TAX STATEMENTS TO:

Kennerly, Lamishaw & Rossi LLP
707 Wilshire Boulevard, Suite 1400
Los Angeles, California 90017
Attn: K. Jennifer Ozaki Botta, Esq.
______________________________________________________________________________ (Above Space for Recorder's Use Only)
Documentary Transfer Tax is $_______________________

(X) computed on full value of property conveyed, or
( ) computed on full value, less value of liens and encumbrances remaining at time of sale. ___________________________
Signature of Declarant or
Agent determining tax – Firm Name

Assessor's Parcel # ____________________

GRANT DEED
FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, Associated Microbreweries LTD, a California limited partnership, hereby GRANTS to The City of San Marcos, a chartered municipal corporation, the following described real property ( "Property") located in the City of San Marcos, County of San Diego, State of California.

See Exhibit "A" attached hereto and incorporated herein by this reference.

SUBJECT TO:

1. Non-delinquent taxes and assessments.

2. All other covenants, conditions, restrictions, reservations, rights, rights -of-way, easements, encumbrances, liens and title matters, whether or not of record or visible from an inspection of the Property, and all matters which an accurate survey of the Property would disclose.

DATED: ___________ ____, 20__
"GRANTOR":
,
a
By:

Printed Name:

Title:

EXHIBIT "A"
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4894-8744-9062.4
A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

State of California )
County of San Diego )
On _________________________, before me, ,
(insert name and title of the officer)
Notary Public, personally appeared ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature (Seal)

EXHIBIT "A" to GRANT DEED
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4894-8744-9062.4
EXHIBIT "A" to GRANT DEED

LEGAL DESCRIPTION OF PROPERTY
[To be provided.]

San Marcos City CouncilSeptember 24, 2024

San Marcos City Council
September 24, 2024