Common use of PURCHASE DEPOSITS Clause in Contracts

PURCHASE DEPOSITS. a. On February 18, 2016, Buyer deposited with the CITY the sum of TWO HUNDRED THOUSAND DOLLARS ($200,000) as the “Initial Purchase Deposit.” The Initial Purchase Deposit shall become part of the Purchase Deposits described in paragraph 4.b below and shall be credited toward the purchase price at close of escrow. If Buyer fails to increase the Initial Purchase Deposit as required in section 4.b, below and the failure is not associated with Buyer’s notice that it does not wish to complete the purchase as described in Section 4.b, then City shall be entitled to retain $10,000 to cover the costs associated with processing this agreement and the pursuing completion of this transaction (“City Costs”). b. Within seven (7) business days of the City Council’s approval of this Agreement, Buyer shall deposit into escrow an additional DOLLARS ($ ) to increase the Initial Purchase Deposit to an amount equal to twenty-percent (20%) of the Purchase Price, as the “Purchase Deposits.” If Buyer gives written notice to CITY on or before the expiration of the Due Diligence Period, which shall occur at 5 p.m. on April 27, 2016, that Buyer does not wish to complete the purchase, then CITY shall instruct the Escrow Holder to return the Purchase Deposits, less the sum of $10,000 to cover the City Costs, to Buyer and this Agreement shall terminate. If Buyer fails to deliver such written notice within the Due Diligence Period, the full amount of the Purchase Deposits shall be released to CITY automatically upon expiration of the Due Diligence Period and become non- refundable and shall be credited against the purchase price at close of escrow. c. All interest on any portion of the Purchase Deposits released to CITY shall accrue to the benefit of CITY.

PURCHASE DEPOSITS. a. On February 1811, 2016, Buyer deposited with the CITY the sum of TWO HUNDRED TWENTY THOUSAND DOLLARS ($200,00020,000) as the “Initial Purchase Deposit.” The Initial Purchase Deposit shall become part of the Purchase Deposits described in paragraph 4.b below and shall be credited toward the purchase price at close of escrow. If Buyer fails to increase the Initial Purchase Deposit as required in section 4.b, below and the failure is not associated with Buyer’s notice that it does not wish to complete the purchase as described in Section 4.b, then City shall be entitled to retain $10,000 5,000 to cover the costs associated with processing this agreement and the pursuing completion of this transaction (“City Costs”). b. Within seven (7) business days of the City Council’s approval of this Agreement, Buyer shall deposit into escrow an additional DOLLARS ($ ) to increase the Initial Purchase Deposit to an amount equal to twenty-percent (20%) of the Purchase Price, as the “Purchase Deposits.” If Buyer gives written notice to CITY on or before the expiration of the Due Diligence Period, which shall occur at 5 p.m. on April 274, 2016, that Buyer does not wish to complete the purchase, then CITY shall instruct the Escrow Holder to return the Purchase Deposits, less the sum of $10,000 5,000 to cover the City Costs, to Buyer and this Agreement shall terminate. If Buyer fails to deliver such written notice within the Due Diligence Period, the full amount of the Purchase Deposits shall be released to CITY automatically upon expiration of the Due Diligence Period and become non- refundable and shall be credited against the purchase price at close of escrow. c. All interest on any portion of the Purchase Deposits released to CITY shall accrue to the benefit of CITY.

PURCHASE DEPOSITS. a. On February 18September 1, 2016, Buyer deposited with the CITY the sum of TWO HUNDRED TWENTY THOUSAND DOLLARS ($200,00020,000) as the “Initial Purchase Deposit.” The Initial Purchase Deposit shall become part of the Purchase Deposits described in paragraph 4.b below and shall be credited toward the purchase price at close of escrow. If Buyer fails to increase the Initial Purchase Deposit as required in section 4.b, below and the failure is not associated with Buyer’s notice that it does not wish to complete the purchase as described in Section 4.b, then City shall be entitled to retain $10,000 5,000 to cover the costs associated with processing this agreement and the pursuing completion of this transaction (“City Costs”). b. Within seven (7) business days of the City Council’s approval of this Agreement, Buyer shall deposit into escrow an additional DOLLARS ($ ) to increase the Initial Purchase Deposit to an amount equal to twenty-percent (20%) of the Purchase Price, as the “Purchase Deposits.” If Buyer gives written notice to CITY on or before the expiration of the Due Diligence Period, which shall occur at 5 p.m. on April 27October 18, 2016, that Buyer does not wish to complete the purchase, then CITY shall instruct the Escrow Holder to return the Purchase Deposits, less the sum of $10,000 5,000 to cover the City Costs, to Buyer and this Agreement shall terminate. If Buyer fails to deliver such written notice within the Due Diligence Period, the full amount of the Purchase Deposits shall be released to CITY automatically upon expiration of the Due Diligence Period and become non- non-refundable and shall be credited against the purchase price at close of escrow. c. All interest on any portion of the Purchase Deposits released to CITY shall accrue to the benefit of CITY.

PURCHASE DEPOSITS. a. On February 18October 29, 20162015, Buyer deposited with the CITY the sum of TWO HUNDRED TWENTY THOUSAND DOLLARS ($200,00020,000) as the “Initial Purchase Deposit.” The Initial Purchase Deposit shall become part of the Purchase Deposits described in paragraph 4.b below and shall be credited toward the purchase price at close of escrow. If Buyer fails to increase the Initial Purchase Deposit as required in section 4.b, below and the failure is not associated with Buyer’s notice that it does not wish to complete the purchase as described in Section 4.b, then City shall be entitled to retain $10,000 5,000 to cover the costs associated with processing this agreement and the pursuing completion of this transaction (“City Costs”). b. Within seven (7) business days of the City Council’s approval of this Agreement, Buyer shall deposit into escrow an additional DOLLARS ($ ) to increase the Initial Purchase Deposit to an amount equal to twenty-percent (20%) of the Purchase Price, as the “Purchase Deposits.” If Buyer gives written notice to CITY on or before the expiration of the Due Diligence Period, which shall occur at 5 p.m. on April 27December 14, 20162015, that Buyer does not wish to complete the purchase, then CITY shall instruct the Escrow Holder to return the Purchase Deposits, less the sum of $10,000 5,000 to cover the City Costs, to Buyer and this Agreement shall terminate. If Buyer fails to deliver such written notice within the Due Diligence Period, the full amount of the Purchase Deposits shall be released to CITY automatically upon expiration of the Due Diligence Period and become non- non-refundable and shall be credited against the purchase price at close of escrow. c. All interest on any portion of the Purchase Deposits released to CITY shall accrue to the benefit of CITY.

PURCHASE DEPOSITS. a. On February 18June 11, 20162015, Buyer deposited with the CITY the sum of TWO ONE HUNDRED FIFTY THOUSAND DOLLARS ($200,000155,000) as the “Initial Purchase Deposit.” The Initial Purchase Deposit shall become part of the Purchase Deposits described in paragraph 4.b below and shall be credited toward the purchase price at close of escrow. If Buyer fails to increase the Initial Purchase Deposit as required in section 4.b, below and the failure is not associated with Buyer’s notice that it does not wish to complete the purchase as described in Section 4.b, then City shall be entitled to retain $10,000 to cover the costs associated with processing this agreement and the pursuing completion of this transaction (“City Costs”). b. Within seven (7) business days of the City Council’s approval of this Agreement, Buyer shall deposit into escrow an additional DOLLARS ($ ) to increase the Initial Purchase Deposit to an amount equal to twenty-percent (20%) of the Purchase Price, as the “Purchase Deposits.” If Buyer gives written notice to CITY on or before the expiration of the Due Diligence Period, which shall occur at 5 p.m. on April August 27, 20162015, that Buyer does not wish to complete the purchase, then CITY shall instruct the Escrow Holder to return the Purchase Deposits, less the sum of $10,000 to cover the City Costs, to Buyer and this Agreement shall terminate. If Buyer fails to deliver such written notice within the Due Diligence Period, the full amount of the Purchase Deposits shall be released to CITY automatically upon expiration of the Due Diligence Period and become non- refundable and shall be credited against the purchase price at close of escrow. c. All interest on any portion of the Purchase Deposits released to CITY shall accrue to the benefit of CITY.

PURCHASE DEPOSITS. a. On February 18March 12, 20162015, Buyer deposited with the CITY the sum of TWO HUNDRED TWENTY THOUSAND DOLLARS ($200,00020,000) as the “Initial Purchase Deposit.” The Initial Purchase Deposit shall become part of the Purchase Deposits described in paragraph 4.b below and shall be credited toward the purchase price at close of escrow. If Buyer fails to increase the Initial Purchase Deposit as required in section 4.b, below and the failure is not associated with Buyer’s notice that it does not wish to complete the purchase as described in Section 4.b, then City shall be entitled to retain $10,000 5,000 to cover the costs associated with processing this agreement and the pursuing completion of this transaction (“City Costs”). b. Within seven (7) business days of the City Council’s approval of this Agreement, Buyer shall deposit into escrow an additional DOLLARS ($ ) to increase the Initial Purchase Deposit to an amount equal to twenty-percent (20%) of the Purchase Price, as the “Purchase Deposits.” If Buyer gives written notice to CITY on or before the expiration of the Due Diligence Period, which shall occur at 5 p.m. on April 27May 5, 20162015, that Buyer does not wish to complete the purchase, then CITY shall instruct the Escrow Holder to return the Purchase Deposits, less the sum of $10,000 5,000 to cover the City Costs, to Buyer and this Agreement shall terminate. If Buyer fails to deliver such written notice within the Due Diligence Period, the full amount of the Purchase Deposits shall be released to CITY automatically upon expiration of the Due Diligence Period and become non- refundable and shall be credited against the purchase price at close of escrow. c. All interest on any portion of the Purchase Deposits released to CITY shall accrue to the benefit of CITY.

PURCHASE DEPOSITS. a. On February 18May 7, 20162015, Buyer deposited with the CITY the sum of TWO HUNDRED TWENTY THOUSAND DOLLARS ($200,00020,000) as the “Initial Purchase Deposit.” The Initial Purchase Deposit shall become part of the Purchase Deposits described in paragraph 4.b below and shall be credited toward the purchase price at close of escrow. If Buyer fails to increase the Initial Purchase Deposit as required in section 4.b, below and the failure is not associated with Buyer’s notice that it does not wish to complete the purchase as described in Section 4.b, then City shall be entitled to retain $10,000 5,000 to cover the costs associated with processing this agreement and the pursuing completion of this transaction (“City Costs”). b. Within seven (7) business days of the City Council’s approval of this Agreement, Buyer shall deposit into escrow an additional DOLLARS ($ ) to increase the Initial Purchase Deposit to an amount equal to twenty-percent (20%) of the Purchase Price, as the “Purchase Deposits.” If Buyer gives written notice to CITY on or before the expiration of the Due Diligence Period, which shall occur at 5 p.m. on April 27June 29, 20162015, that Buyer does not wish to complete the purchase, then CITY shall instruct the Escrow Holder to return the Purchase Deposits, less the sum of $10,000 5,000 to cover the City Costs, to Buyer and this Agreement shall terminate. If Buyer fails to deliver such written notice within the Due Diligence Period, the full amount of the Purchase Deposits shall be released to CITY automatically upon expiration of the Due Diligence Period and become non- refundable and shall be credited against the purchase price at close of escrow. c. All interest on any portion of the Purchase Deposits released to CITY shall accrue to the benefit of CITY.

PURCHASE DEPOSITS. a. On February 1825, 2016, Buyer deposited with the CITY the sum of TWO HUNDRED TWENTY THOUSAND DOLLARS ($200,00020,000) as the “Initial Purchase Deposit.” The Initial Purchase Deposit shall become part of the Purchase Deposits described in paragraph 4.b below and shall be credited toward the purchase price at close of escrow. If Buyer fails to increase the Initial Purchase Deposit as required in section 4.b, below and the failure is not associated with Buyer’s notice that it does not wish to complete the purchase as described in Section 4.b, then City shall be entitled to retain $10,000 5,000 to cover the costs associated with processing this agreement and the pursuing completion of this transaction (“City Costs”). b. Within seven (7) business days of the City Council’s approval of this Agreement, Buyer shall deposit into escrow an additional DOLLARS ($ ) to increase the Initial Purchase Deposit to an amount equal to twenty-percent (20%) of the Purchase Price, as the “Purchase Deposits.” If Buyer gives written notice to CITY on or before the expiration of the Due Diligence Period, which shall occur at 5 p.m. on April 2726, 2016, that Buyer does not wish to complete the purchase, then CITY shall instruct the Escrow Holder to return the Purchase Deposits, less the sum of $10,000 5,000 to cover the City Costs, to Buyer and this Agreement shall terminate. If Buyer fails to deliver such written notice within the Due Diligence Period, the full amount of the Purchase Deposits shall be released to CITY automatically upon expiration of the Due Diligence Period and become non- refundable and shall be credited against the purchase price at close of escrow. c. All interest on any portion of the Purchase Deposits released to CITY shall accrue to the benefit of CITY.

PURCHASE DEPOSITS. a. On February 18, 2016, Buyer deposited with the CITY the sum of TWO HUNDRED THOUSAND DOLLARS ($200,000) as the “Initial Purchase Deposit.” ”. The Initial Purchase Deposit shall become part of the Purchase Deposits described in paragraph 4.b below and shall be credited toward the purchase price at close of escrow. If Buyer fails to increase the Initial Purchase Deposit as required in section 4.b, below and the failure is not associated with Buyer’s notice that it does not wish to complete the purchase as described in Section 4.bbelow, then this Agreement shall terminate and City shall be entitled instruct the Escrow Holder to retain return the Initial Purchase Deposit less the sum of TWENTY THOUSAND DOLLARS ($10,000 20,000) to cover the costs associated with processing this agreement and the pursuing completion of this transaction (“City Costs”). b. Within seven (7) business days of the City Council’s approval of this Agreement, Buyer shall deposit into escrow an additional DOLLARS ($ ) (the “Second Purchase Deposit”) to increase the Initial Purchase Deposit to an amount equal to twenty-percent two (202%) of the Purchase Price, as the “Purchase Deposits.” If Buyer gives written notice to CITY on or before the expiration of the Due Diligence Period, which shall occur at 5 p.m. on April 27August 15, 2016, that Buyer does not wish to complete the purchase, then CITY shall instruct the Escrow Holder to return the Initial Purchase DepositsDeposit together with the Second Purchase Deposit, less the sum of TWENTY THOUSAND DOLLARS ($10,000 20,000) to cover the City Costs, to Buyer and this Agreement shall terminate. If Buyer fails to deliver such written notice within the Due Diligence Period, the full amount of the Initial Purchase Deposits Deposit and the Second Purchase Deposit shall become non-refundable and shall be released to CITY automatically upon expiration of the Due Diligence Period and become non- refundable and Period. This sum shall be credited against towards the purchase price Purchase Price at close of escrow. c. By February 28, 2017, Buyer shall deposit into escrow an additional DOLLARS ($ ) to increase the purchase deposits to an amount equal to five (5%) of the Purchase Price (the “Third Purchase Price Deposit”) The full amount of the Third Purchase Price Deposit is non- refundable, and shall be released to CITY automatically on 2017. The Third Purchase Price Deposit shall be credited towards the Purchase Price at close of escrow. The Initial Purchase Price Deposit, Second Purchase Price Deposit and Third Purchase Price Deposit shall be collectively referred to in this Agreement as the “Full Purchase Price Deposit”. Buyer’s failure to make the Third Purchase Price Deposit shall be a default under this Agreement. If Buyer fails to make the Third Purchase Price Deposit as required in this paragraph 4.c then this Agreement will be deemed terminated, and CITY shall instruct Escrow Holder to end the escrow and release any funds remaining in escrow from Buyer’s Initial Purchase Price Deposit and/or Second Purchase Price Deposit. to CITY as liquidated damages for Buyer’s default pursuant to section 15 below, and neither party shall have any further rights or obligations under this Agreement, except as otherwise expressly set forth herein. d. All interest on any portion of the Full Purchase Deposits Price Deposit released to CITY shall accrue to the benefit of CITY.