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CITY <br /> ORIGINAL <br /> AGREEMENT OF PURCHASE AND SALE OF REAL PROPERTY <br /> This Agrent of Purchase and Sale of Real Property (this "Agreement") is <br /> entered into as of 1 -2b, 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 ,Tid e h�, 2016, the Everett City Council adopted Resolution <br /> # 70 03 , 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 Effective <br /> 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 (the <br /> 1 <br />