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PROPERTY DISPOSITION AGREEMENT <br /> AND <br /> JOINT ESCROW INSTRUCTIONS <br /> THIS AGREEMENT is made as of this day of , 2008 by and <br /> between KIMBERLY-CLARK WORLDWIDE, Inc., a Delaware corporation <br /> ("Seller"), and THE CITY OF EVERETT, a Washington municipal corporation <br /> ("Buyer"). <br /> RECITAL <br /> Seller is the owner of a fee simple interest in and to that certain land and <br /> improvements known as the K-C Parking Lot B, located at the northeast corner of West <br /> Marine View Drive and 26th Street, Everett, Snohomish County, Washington, and more <br /> particularly described on Exhibit A, attached hereto and incorporated herein by this <br /> reference, (together with all and singular the improvements, tenements,hereditaments, <br /> easements, rights-of-way, appurtenances, rights, personal property, tangible and <br /> intangible assets, contracts and warranties in any way appertaining to the same being <br /> collectively herein called the "Property"). Buyer desires to purchase the Property to <br /> redevelop it for a new fire station, and Seller desires to sell the Property, on the terms and <br /> subject to the conditions hereinafter set forth. <br /> AGREEMENT <br /> With reference to the above recital, in consideration of the premises and the <br /> respective undertakings of the parties hereinafter set forth, it is hereby agreed: <br /> 1. Agreement to Purchase and Sell Property. On the terms and conditions <br /> hereinafter set forth, Seller shall sell to Buyer, and Buyer shall purchase from Seller, the <br /> Property. <br /> 2. Purchase Price of the Property. Subject to the prorations and closing <br /> costs hereinafter provided, the purchase price of the Property("Purchase Price") shall be <br /> Eight Hundred Seventy Thousand Dollars ($870,000.00). Provided, however, the <br /> Purchase Price shall constitute only partial consideration for the sale of the Property. <br /> Buyer shall provide additional consideration as described in Section17. <br /> 3. Payment of Purchase Price. The Purchase Price (as adjusted by the <br /> prorations and closing costs hereinafter provided) shall be paid as follows: <br /> (a) An initial cash deposit of Ten Thousand Dollars ($10,000) <br /> ("Deposit") shall be deposited by Buyer in escrow as provided below in Section 4 within <br /> two (2) business days after acceptance hereof; <br /> (b) The balance of the Purchase Price shall be payable all cash at close <br /> of Escrow. <br /> 4 <br />