Common use of acres Clause in Contracts

acres. As stipulated by the planned PD/VTM, Phase II consists of forty one (41) dwelling units. Seller shall assign to Buyer the purchase agreement dated January 31, 2011 between Xxxxx Enterprises, Inc. a California corporation, and Xxxx X. Xxxxxxxxxxxx (the “Xxxxxxxxxxxx Agreement”), attached as Exhibit G hereto. Buyer shall accept the assignment of said Xxxxxxxxxxxx Agreement for the Phase II Parcels in accordance with the exact terms of the Xxxxxxxxxxxx Agreement between said parties. In addition to the Phase II Purchase Price, Buyer shall reimburse to Seller the Forty Eight Thousand Dollar ($48,000) credit to DEI as stipulated by Section 9(c) of the Xxxxxxxxxxxx Agreement (the “Xxxxxxxxxxxx Agreement Credit to DEI”) and all deposits paid under the terms of the Xxxxxxxxxxxx Agreement as of the Phase II Close of Escrow (the “Seller-Paid Xxxxxxxxxxxx Agreement Deposits”). Furthermore, Seller shall credit to Buyer the purchase price stipulated in the Xxxxxxxxxxxx Agreement (the “Xxxxxxxxxxxx Agreement Purchase Price”). For illustration purposes only, the cash to be paid by Buyer to Seller at the Phase II Close of Escrow shall be the Phase II Purchase Price of Four Million Five Hundred Ten Thousand Dollars ($4,510,000), plus the Xxxxxxxxxxxx Agreement Credit to DEI and Seller-Paid Xxxxxxxxxxxx Agreement Deposits, less the Xxxxxxxxxxxx Agreement Purchase Price of Two Million Four Hundred Thousand Dollars ($2,400,000), and less any and all deposits paid by Buyer under Section 5(d) which are applicable to the Phase II Purchase Price (the “Buyer’s Phase II Deposits”). The calculation would be as follows: ($4,510,000 + $48,000 + Seller-Paid Xxxxxxxxxxxx Agreement Deposits) – ($2,400,000 – Buyer’s Phase II Deposits). Seller-Paid Xxxxxxxxxxxx Agreement Deposits paid by DEI, in its capacity as Buyer therein, prior to the Phase II Close of Escrow will include an Initial Deposit of Seventy Five Thousand Dollars ($75,000) released from escrow to Xxxx X. Xxxxxxxxxxxx, the seller under the Xxxxxxxxxxxx Agreement, on April 6, 2011 and five (5) Additional Deposits of Forty Thousand Dollars ($40,000) each due every four (4) months commencing August 4, 2011. For the sake of clarity, said Seller-Paid Xxxxxxxxxxxx Agreement Additional Deposits paid by DEI, in its capacity as buyer thereunder, will have been paid or shall be paid on August 4, 2011, December 4, 2011, April 4, 2012, August 4, 2012 and December 4, 2012. Thereafter, Buyer shall be obligated to pay any and all deposits in accordance with the exact terms of the Xxxxxxxxxxxx Agreement. The close of escrow of the Xxxxxxxxxxxx Agreement is scheduled to occur no later than August 4, 2013 (the “Xxxxxxxxxxxx Agreement Close of Escrow”). The escrow holder is Chicago Title Insurance Company located at 00000 Xxxxxxx Xxxx, Xxxxx 000, Xxxxxxx, Xxxxxxxxxx. The escrow number is 11-588-07571-KS and the escrow officer is Xxx Xxxxx. She can be reached at 000- 000-0000, Email xxx.xxxxx@xxx.xxx. Buyer shall hold Seller harmless as to the accuracy of the above requirements and provisions of the Xxxxxxxxxxxx Agreement and agrees to rely solely on Xxxxx’s review and interpretation of said document.

acres. As stipulated by the planned PD/VTM, Phase II I consists of forty one nine (4149) dwelling units. Transfer of the Phase I Seller- Owned Parcels by Seller to Buyer shall be by fee simple transfer of title at the Phase I Close of Escrow. Of the Phase I Purchase Price, the proceeds to be paid by Buyer and released from escrow to Seller as of the Phase I Close of Escrow shall be Three Million Four Hundred Sixty Five Thousand Dollars ($3,465,000) (the “Phase I Seller-Owned Parcels Proceeds”). Seller shall assign to Buyer the purchase agreement dated January 31March 8, 2011 between Xxxxx Enterprises, Inc. a California corporation, and Xxxx The Xxxxxx X. Xxxxxxxxxxxx Xxxxxx Trust of 1992 (the “Xxxxxxxxxxxx Xxxxxx Agreement”), attached as Exhibit G F hereto. Of the Phase I Purchase Price, the proceeds to be paid by Buyer and released from escrow to Seller as of the as of the Phase I Close of Escrow shall be One Million Six Hundred Eighty Thousand Dollars ($1,680,000) (the “Phase I Parcels Under Contract Proceeds”). Buyer shall accept the assignment of said Xxxxxxxxxxxx Xxxxxx Agreement for the Phase II I Parcels Under Contract in accordance with the exact terms of the Xxxxxxxxxxxx Xxxxxx Agreement between said parties. In addition to the Phase II I Purchase Price, Buyer shall reimburse to Seller the Forty Eight Thousand Dollar ($48,000) credit to DEI as stipulated by Section 9(c) of the Xxxxxxxxxxxx Agreement (the “Xxxxxxxxxxxx Agreement Credit to DEI”) and for all deposits paid under the terms of the Xxxxxxxxxxxx Xxxxxx Agreement as of the Phase II I Close of Escrow (the “Seller-Paid Xxxxxxxxxxxx Xxxxxx Agreement Deposits”). Furthermore, Seller shall credit to Buyer the purchase price stipulated in the Xxxxxxxxxxxx Xxxxxx Agreement (the “Xxxxxxxxxxxx Xxxxxx Agreement Purchase Price”). For illustration purposes only, the cash to be paid by Buyer to Seller at the Phase II I Close of Escrow shall be the Phase II I Purchase Price of Four Five Million One Hundred Forty Five Hundred Ten Thousand Dollars ($4,510,0005,145,000), plus the Xxxxxxxxxxxx Agreement Credit to DEI and Seller-Paid Xxxxxxxxxxxx Xxxxxx Agreement Deposits, less the Xxxxxxxxxxxx Xxxxxx Agreement Purchase Price of One Million Two Million Four Hundred Sixty Five Thousand Dollars ($2,400,0001,265,000), and less any and all deposits paid by Buyer under Section 5(d) which are applicable to the Phase II I Purchase Price (the “Buyer’s Phase II I Deposits”). The calculation would be as follows: ($4,510,000 + $48,000 5,145,000 + Seller-Paid Xxxxxxxxxxxx Xxxxxx Agreement Deposits) – ($2,400,000 1,265,000 – Buyer’s Phase II I Deposits). After the Phase I Close of Escrow, Buyer shall pay the hereinafter described extension deposit due under the terms of the Xxxxxx Agreement (the “Xxxxxx Agreement Extension Deposit”). Seller-Paid Xxxxxxxxxxxx Xxxxxx Agreement Deposits paid by DEI, in its capacity as Buyer therein, prior to the Phase II Close of Escrow will include an Initial Deposit of Seventy Five Thousand Dollars ($75,000) released from escrow to Xxxx X. Xxxxxxxxxxxx, the seller under the Xxxxxxxxxxxx Agreement, on April 6, 2011 and five (5) Additional Deposits of Forty Thousand Dollars ($40,000) each due every four (4) months commencing August 4, 2011. For the sake of clarity, said Seller-Paid Xxxxxxxxxxxx Agreement Additional Deposits paid by DEI, in its capacity as buyer thereunder, prior to the Phase I Close of Escrow will include an Initial Deposit of Fifty Thousand Dollars ($50,000) released from escrow to The Xxxxxx X. Xxxxxx Trust of 1992, the seller under the Xxxxxx Agreement, on July 29, 2011three (3) Additional Deposits in the amount of Nineteen Thousand Dollars ($19,000) which will have been paid or shall be paid on August 4September 29, 2011, December 4November 29, 2011, April 42011 and January 29, 2012, August 4; and two (2) Additional Deposits in the amount of Twenty Five Thousand Dollars ($25,000) which will have been paid or shall be paid on March 29, 2012 and December 4May 29, 2012. Thereafter, Buyer shall be obligated to pay any and all deposits in accordance with the exact terms of the Xxxxxxxxxxxx Xxxxxx Agreement. The Buyer is advised that as stipulated by the Xxxxxx Agreement, the close of escrow of the Xxxxxxxxxxxx Xxxxxx Agreement is scheduled to occur no later than August 4March 15, 2013 (the “Xxxxxxxxxxxx Xxxxxx Agreement Close of Escrow”), unless Buyer exercises the option under the Xxxxxx Agreement to extend the close of escrow for up to three (3) six (6) month periods and pay the Xxxxxx Agreement First Extension Deposit of Sixty Thousand Dollars ($60,000) required on or before January 29, 2013, and, at Buyer’s option, the Xxxxxx Agreement Second Extension Deposit of Sixty Thousand Dollars ($60,000) on or before September 15, 2013, and, at Buyer’s option, the Xxxxxx Agreement Third Extension Deposit of Sixty Thousand Dollars ($60,000) on or before March 15, 2014. The escrow holder is Chicago Title Insurance Company located at 00000 Xxxxxxx Xxxx., Xxxxx 000, Xxxxxxx, Xxxxxxxxxx. The escrow number is 11-588-0757107730-KS and the escrow officer is Xxx Xxxxx. She can be reached at 000- 000-000-0000, Email xxx.xxxxx@xxx.xxx. Buyer shall hold Seller harmless as to the accuracy of the above requirements and provisions of the Xxxxxxxxxxxx Xxxxxx Agreement and agrees to rely solely on XxxxxBuyer’s review and interpretation of said document.

acres. As stipulated by the planned PD/VTM, Phase II consists of forty one (41) dwelling units. Seller shall assign to Buyer the purchase agreement dated January 31, 2011 between Xxxxx Enterprises, Inc. a California corporation, and Xxxx X. Xxxxxxxxxxxx (the “Xxxxxxxxxxxx Agreement”), attached as Exhibit G hereto. Buyer shall accept the assignment of said Xxxxxxxxxxxx Agreement for the Phase II Parcels in accordance with the exact terms of the Xxxxxxxxxxxx Agreement between said parties. In addition to the Phase II Purchase Price, Buyer shall reimburse to Seller the Forty Eight Thousand Dollar ($48,000) credit to DEI as stipulated by Section 9(c) of the Xxxxxxxxxxxx Agreement (the “Xxxxxxxxxxxx Agreement Credit to DEI”) and all deposits paid under the terms of the Xxxxxxxxxxxx Agreement as of the Phase II Close of Escrow (the “Seller-Paid Xxxxxxxxxxxx Agreement Deposits”). Furthermore, Seller shall credit to Buyer the purchase price stipulated in the Xxxxxxxxxxxx Agreement (the “Xxxxxxxxxxxx Agreement Purchase Price”). For illustration purposes only, the cash to be paid by Buyer to Seller at the Phase II Close of Escrow shall be the Phase II Purchase Price of Four Million Five Hundred Ten Thousand Dollars ($4,510,000), plus the Xxxxxxxxxxxx Agreement Credit to DEI and Seller-Paid Xxxxxxxxxxxx Agreement Deposits, less the Xxxxxxxxxxxx Agreement Purchase Price of Two Million Four Hundred Thousand Dollars ($2,400,000), and less any and all deposits paid by Buyer under Section 5(d) which are applicable to the Phase II Purchase Price (the “Buyer’s Phase II Deposits”). The calculation would be as follows: ($4,510,000 + $48,000 + Seller-Paid Xxxxxxxxxxxx Agreement Deposits) – ($2,400,000 – Buyer’s Phase II Deposits). Seller-Paid Xxxxxxxxxxxx Agreement Deposits paid by DEI, in its capacity as Buyer therein, prior to the Phase II Close of Escrow will include an Initial Deposit of Seventy Five Thousand Dollars ($75,000) released from escrow to Xxxx X. Xxxxxxxxxxxx, the seller under the Xxxxxxxxxxxx Agreement, on April 6, 2011 and five (5) Additional Deposits of Forty Thousand Dollars ($40,000) each due every four (4) months commencing August 4, 2011. For the sake of clarity, said Seller-Paid Xxxxxxxxxxxx Agreement Additional Deposits paid by DEI, in its capacity as buyer thereunder, will have been paid or shall be paid on August 4, 2011, December 4, 2011, April 4, 2012, August 4, 2012 and December 4, 2012. Thereafter, Buyer shall be obligated to pay any and all deposits in accordance with the exact terms of the Xxxxxxxxxxxx Agreement. The close of escrow of the Xxxxxxxxxxxx Agreement is scheduled to occur no later than August 4, 2013 (the “Xxxxxxxxxxxx Agreement Close of Escrow”). The escrow holder is Chicago Title Insurance Company located at 00000 Xxxxxxx Xxxx, Xxxxx 000, Xxxxxxx, Xxxxxxxxxx. The escrow number is 11-588-07571-KS and the escrow officer is Xxx Xxxxx. She can be reached at 000- 000-0000, Email xxx.xxxxx@xxx.xxx. Buyer shall hold Seller harmless as to the accuracy of the above requirements and provisions of the Xxxxxxxxxxxx Agreement and agrees to rely solely on XxxxxBuyer’s review and interpretation of said document.

acres. As stipulated by the planned PD/VTM, Phase II I consists of forty one nine (4149) dwelling units. Transfer of the Phase I Seller- Owned Parcels by Seller to Buyer shall be by fee simple transfer of title at the Phase I Close of Escrow. Of the Phase I Purchase Price, the proceeds to be paid by Xxxxx and released from escrow to Seller as of the Phase I Close of Escrow shall be Three Million Four Hundred Sixty Five Thousand Dollars ($3,465,000) (the “Phase I Seller-Owned Parcels Proceeds”). Seller shall assign to Buyer the purchase agreement dated January 31March 8, 2011 between Xxxxx Enterprises, Inc. a California corporation, and Xxxx The Xxxxxx X. Xxxxxxxxxxxx Xxxxxx Trust of 1992 (the “Xxxxxxxxxxxx Xxxxxx Agreement”), attached as Exhibit G F hereto. Of the Phase I Purchase Price, the proceeds to be paid by Xxxxx and released from escrow to Seller as of the as of the Phase I Close of Escrow shall be One Million Six Hundred Eighty Thousand Dollars ($1,680,000) (the “Phase I Parcels Under Contract Proceeds”). Buyer shall accept the assignment of said Xxxxxxxxxxxx Xxxxxx Agreement for the Phase II I Parcels Under Contract in accordance with the exact terms of the Xxxxxxxxxxxx Xxxxxx Agreement between said parties. In addition to the Phase II I Purchase Price, Buyer shall reimburse to Seller the Forty Eight Thousand Dollar ($48,000) credit to DEI as stipulated by Section 9(c) of the Xxxxxxxxxxxx Agreement (the “Xxxxxxxxxxxx Agreement Credit to DEI”) and for all deposits paid under the terms of the Xxxxxxxxxxxx Xxxxxx Agreement as of the Phase II I Close of Escrow (the “Seller-Paid Xxxxxxxxxxxx Xxxxxx Agreement Deposits”). Furthermore, Seller shall credit to Buyer the purchase price stipulated in the Xxxxxxxxxxxx Xxxxxx Agreement (the “Xxxxxxxxxxxx Xxxxxx Agreement Purchase Price”). For illustration purposes only, the cash to be paid by Buyer to Seller at the Phase II I Close of Escrow shall be the Phase II I Purchase Price of Four Five Million One Hundred Forty Five Hundred Ten Thousand Dollars ($4,510,0005,145,000), plus the Xxxxxxxxxxxx Agreement Credit to DEI and Seller-Paid Xxxxxxxxxxxx Xxxxxx Agreement Deposits, less the Xxxxxxxxxxxx Xxxxxx Agreement Purchase Price of One Million Two Million Four Hundred Sixty Five Thousand Dollars ($2,400,0001,265,000), and less any and all deposits paid by Buyer under Section 5(d) which are applicable to the Phase II I Purchase Price (the “Buyer’s Phase II I Deposits”). The calculation would be as follows: ($4,510,000 + $48,000 5,145,000 + Seller-Paid Xxxxxxxxxxxx Xxxxxx Agreement Deposits) – ($2,400,000 1,265,000 – Buyer’s Phase II I Deposits). After the Phase I Close of Escrow, Buyer shall pay the hereinafter described extension deposit due under the terms of the Xxxxxx Agreement (the “Xxxxxx Agreement Extension Deposit”). Seller-Paid Xxxxxxxxxxxx Xxxxxx Agreement Deposits paid by DEI, in its capacity as Buyer therein, prior to the Phase II Close of Escrow will include an Initial Deposit of Seventy Five Thousand Dollars ($75,000) released from escrow to Xxxx X. Xxxxxxxxxxxx, the seller under the Xxxxxxxxxxxx Agreement, on April 6, 2011 and five (5) Additional Deposits of Forty Thousand Dollars ($40,000) each due every four (4) months commencing August 4, 2011. For the sake of clarity, said Seller-Paid Xxxxxxxxxxxx Agreement Additional Deposits paid by DEI, in its capacity as buyer thereunder, prior to the Phase I Close of Escrow will include an Initial Deposit of Fifty Thousand Dollars ($50,000) released from escrow to The Xxxxxx X. Xxxxxx Trust of 1992, the seller under the Xxxxxx Agreement, on July 29, 2011three (3) Additional Deposits in the amount of Nineteen Thousand Dollars ($19,000) which will have been paid or shall be paid on August 4September 29, 2011, December 4November 29, 2011, April 42011 and January 29, 2012, August 4; and two (2) Additional Deposits in the amount of Twenty Five Thousand Dollars ($25,000) which will have been paid or shall be paid on March 29, 2012 and December 4May 29, 2012. Thereafter, Buyer shall be obligated to pay any and all deposits in accordance with the exact terms of the Xxxxxxxxxxxx Xxxxxx Agreement. The Xxxxx is advised that as stipulated by the Xxxxxx Agreement, the close of escrow of the Xxxxxxxxxxxx Xxxxxx Agreement is scheduled to occur no later than August 4March 15, 2013 (the “Xxxxxxxxxxxx Xxxxxx Agreement Close of Escrow”), unless Buyer exercises the option under the Xxxxxx Agreement to extend the close of escrow for up to three (3) six (6) month periods and pay the Xxxxxx Agreement First Extension Deposit of Sixty Thousand Dollars ($60,000) required on or before January 29, 2013, and, at Buyer’s option, the Xxxxxx Agreement Second Extension Deposit of Sixty Thousand Dollars ($60,000) on or before September 15, 2013, and, at Buyer’s option, the Xxxxxx Agreement Third Extension Deposit of Sixty Thousand Dollars ($60,000) on or before March 15, 2014. The escrow holder is Chicago Title Insurance Company located at 00000 Xxxxxxx Xxxx., Xxxxx 000, Xxxxxxx, Xxxxxxxxxx. The escrow number is 11-588-0757107730-KS and the escrow officer is Xxx Xxxxx. She can be reached at 000- 000-000-0000, Email xxx.xxxxx@xxx.xxx. Buyer shall hold Seller harmless as to the accuracy of the above requirements and provisions of the Xxxxxxxxxxxx Xxxxxx Agreement and agrees to rely solely on Xxxxx’s review and interpretation of said document.