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9 <br /> AGREEMENT OF PURCHASE AND SALE OF REAL PROPERTY <br /> This Agreement of Purchase and Sale of Real Property(this"Agreement")is <br /> entered into as of May_, 2016(the"Effective Date"),by and between the CITY OF <br /> EVERETT,a municipal corporation("Buyer"or"City"), and SSLM PROPERTIES, <br /> LLC, a Washington limited liability company("Seller"). <br /> RECITALS <br /> A. On ,2016,the Everett City Council adopted Resolution <br /> # ,which authorized the Mayor and City staff to negotiate and execute a <br /> purchase and sale agreement for the Property(as defined below). The resolution states <br /> that in the event that negotiations fail and the transaction does not close by <br /> December 31,2016,the City Council authorizes condemnation for the Property. Seller <br /> has received a copy of the resolution,which is attached hereto as Exhibit A(the <br /> "Resolution"). <br /> B. The City and Seller have agreed on the terms of the purchase and sale for <br /> the Property as set forth herein. <br /> In consideration of the mutual covenants and promises contained herein, and for <br /> other good and valuable consideration,the receipt and sufficiency of which are hereby <br /> acknowledged, Seller and Buyer agree as follows: <br /> ARTICLE I. PROPERTY <br /> Seller hereby agrees to sell and convey to Buyer pursuant to an imminent threat <br /> of condemnation by Buyer as set forth in the Resolution,and Buyer hereby agrees to <br /> purchase from Seller, subject to the terms and conditions set forth herein,that certain • <br /> real property in Everett,Washington legally described on Exhibit B hereto,together <br /> with all rights,privileges and easements to, or used in connection with, such real <br /> property, including without limitation all existing appurtenant easements, development <br /> rights,permits, applications and licenses appurtenant to or used in connection with such <br /> real property(collectively, the"Property"). <br /> ARTICLE II. PURCHASE PRICE AND EARNEST MONEY <br /> 2.1 Earnest Money Deposit. Within three (3) business days after the <br /> Effective Date, Buyer shall deposit in cash,the sum of One Hundred Thousand Dollars <br /> ($100,000.00) with Rainier Title, 2722 Colby Avenue, Suite 125, Everett, WA 98201 <br /> 1 <br /> 94 <br />