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<br /> REAL ESTATE PURCHASE AND SALE AGREEMENT
<br /> This Real Estate Purchase and Sale Agreement (the "Agreement") is entered
<br /> into as of this day of December, 2007, by and between Barbara Frances
<br /> Strickland Bailey, Successor Co-Trustee under the Living Trust of Rex Strickland and
<br /> Lorena M. Strickland dated December 15, 1960, as amended for the benefit of Nancy
<br /> Louise Strickland Rowe and Successor Co-Trustee under the Living Trust of Rex
<br /> Strickland and Lorena M. Strickland dated December 15, 1960, as amended, for the
<br /> benefit of Lorena Mary Strickland; Nancy Louise Strickland Rowe, Successor Co-
<br /> Trustee under the Living Trust of Rex Strickland and Lorena M. Strickland dated
<br /> December 15, 1960, as amended, for the benefit of Lorena Mary Strickland and
<br /> Successor Co-Trustee under the Living Trust of Rex Strickland and Lorena M.
<br /> Strickland dated December 15, 1960, as amended, for the benefit of Barbara Frances
<br /> Strickland Bailey; Lorena Mary Strickland, Successor Co-Trustee under the Living
<br /> Trust of Rex Strickland and Lorena M. Strickland dated December 15, 1960, as
<br /> amended, for the benefit of Barbara Frances Strickland Bailey and Successor Co-
<br /> Trustee under the Living Trust of Rex Strickland and Lorena M. Strickland dated
<br /> December 15, 1960, as amended, for the benefit of Nancy Louise Strickland Rowe; and
<br /> FTW LLC, a Washington Limited Liability Company, (all collectively the "Seller") and
<br /> the CITY OF EVERETT, a Washington municipal corporation (the "Buyer").
<br /> NOW, THEREFORE, in consideration of the respective agreements set forth
<br /> below and for valuable consideration, Seller and Buyer agree as follows:
<br /> 1. Property. Seller agrees to sell and convey to buyer and buyer agrees to
<br /> purchase from Seller, subject to the terms and conditions set forth in this Agreement,
<br /> the following:
<br /> a) Real Property
<br /> The real property located in the City of Everett, Snohomish County, Washington,
<br /> legally described in Exhibit A and incorporated by reference hereto, together with all of
<br /> Seller's right, title, and interest in and to any improvements on the real property and any
<br /> rights, licenses, privileges, reversions and easements pertinent to the real property,
<br /> including, without limitation all development rights, air rights, water rights, water and
<br /> water stock relating to real property; all alleys, strips or gores of land, if any, lying
<br /> adjacent to the real property, all rights to utilities serving the Property; all rights, title and
<br /> interest of Seller in and to any and all rights-of-way, rights of ingress or egress or other
<br /> interests in, on, or to, any land, highway, street, road or avenue, open or proposed, in,
<br /> on, or across, in front of, abutting or adjoining the land ("Real Property").
<br /> b) Tangible personal property
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<br /> {Client Files\14653\S574091.DOC}
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