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REAL ESTATE PURCHASE AND SALE AGREEMENT
<br /> THE TULALIP TRIBES OF WASHINGTON, a federally recognized Indian tribe
<br /> organized pursuant to Section 16 of the Indian Reorganization Act of 1934, as amended, and/or
<br /> assigns ("Purchaser"), agrees to purchase, and the CITY OF EVERETT, a municipal corporation
<br /> of the State of Washington("Seller") agrees to sell, on the following terms and conditions, that
<br /> certain real property situated on the Tulalip Indian Reservation in the County of Snohomish,
<br /> State of Washington, that is described upon Exhibit A hereto (the "Property"), and that consists
<br /> of 897 acres, more or less,together with any and all improvements thereon and appurtenances
<br /> thereto, which Property constitutes a portion of Sections 9, 16, 20 and 21 Township 30 North,
<br /> Range 4 East, W.M. (the"Property").
<br /> 1. Purchase Price
<br /> . The total purchase price for the Property is Seven Million Three Hundred Seventy Thousand
<br /> Dollars ($7,370,000)(the"Purchase Price"),payable at closing in cash after applying the amount
<br /> of the Deposit(defined below).
<br /> 2. Earnest Money Receipt
<br /> . Purchaser shall deliver to Transnation Title Insurance Company, 2707 Colby Avenue,
<br /> Everett, Washington ("Closing Agent" or"Title Company") One Million Dollars ($1,000,000) in
<br /> cash upon the execution of this Agreement as earnest money(such deposit, together with all
<br /> interest earned thereon, is referred to as the"Deposit"). The Deposit shall be applied to the
<br /> Purchase Price paid to Seller at Closing or otherwise handled in accordance with the terms of this
<br /> Agreement.
<br /> 3. Condition of Title
<br /> . Seller shall convey title to the Property by Statutory Warranty Deed (the "Deed"),
<br /> conveying good and marketable title to the Property, subject to rights reserved in federal patents
<br /> or state deeds or treaties, easements and restrictions of record or not inconsistent with
<br /> Purchaser's intended use,reserved oil, gas and mineral rights, if any, general exceptions
<br /> appearing in the form of the Purchaser's Title Insurance Policy(defined below), exceptions 3
<br /> through 16 appearing on Title Company Order No. 527540 dated August 2, 2000, at 8:00 a.m., a
<br /> copy of which is attached as Exhibit B (the"Preliminary Commitment"), and any encumbrances
<br /> or defects approved by Purchaser in accordance with Section 9. Encumbrances to be discharged
<br /> by Seller may be paid from the Purchase Price at Closing(defined below).
<br /> 4. Closing
<br /> . The purchase and sale shall be closed no later than February 16, 2001 (the "Closing
<br /> Date")at the offices of Closing Agent, or such other place as is designated by the parties.
<br /> Notwithstanding the foregoing date, if title cannot be cleared by such date, Closing may be
<br /> extended by mutual agreement of the parties to allow clearance of title. Purchaser and Seller
<br /> shall, on or before the Closing Date, deposit with Closing Agent all other instruments,
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