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PURCHASE AND SALE AGREEMENT <br /> 1 4 THIS PU AND SALE AGREEMENT (this "Agreement is made as of the <br /> /w day of Awe "vi Cr 2010 (the "Effective Date by and between ETKIN JOHNSON <br /> PROPERTY HOLDINGS LLC, a Colorado limited liability company "Purchaser and CITY <br /> OF LOUISVILLE, COLORADO, a Colorado municipal corporation "Seller <br /> RECITALS <br /> A. Seller owns that certain parcels or tracts of land described on Exhibit A attached <br /> hereto and by this reference incorporated herein containing in aggregate approximately 5.25 <br /> acres (approximately 228,700 square feet) of land. <br /> B. Seller desires to sell to Purchaser, and Purchaser desires to purchase from Seller, <br /> upon the terms and subject to the conditions of this Agreement a portion of such land, as <br /> described on Exhibit B attached hereto and by this reference incorporated herein containing <br /> approximately 2.51 acres (approximately 109,335 square feet) of land (as further defined <br /> hereinbelow the "Land upon which Land Purchaser intends to develop a commercial building. <br /> COVENANTS <br /> IN CONSIDERATION of the foregoing and the mutual agreements herein, the parties <br /> hereto agree as follows: <br /> ARTICLE 1. <br /> PURCHASE AND SALE <br /> 1.1 Purchase and Sale. Subject to the terms and conditions of this Agreement, Seller <br /> agrees to sell and convey and Purchaser agrees to purchase and pay for the following described <br /> property: (a) The Land together with all estates, rights, hereditaments, easements and rights of <br /> way appurtenant thereto; (b) all right, title and interest of Seller, if any, in and to any oil, gas and <br /> other minerals laying under the Land; (c) Seller's interest, if any, in all permits, construction <br /> plans, studies, analysis, governmental approvals, development rights, utility rights (including any <br /> rights to water and sewer taps) and similar rights related to the Land, whether granted by <br /> governmental authorities or private persons and (d) the contracts and agreements related to the <br /> Property that Purchaser elects to assume "Contracts (collectively, the "Property"). <br /> 1.2 Purchase Price. The purchase price "Purchase Price for the Property is Three <br /> Hundred Twenty -Eight Thousand and 00 /100 Dollars ($328,000.00) based upon the current <br /> estimate of 109,335 square feet of Land area, subject to adjustment as described below, and shall <br /> be payable as follows: <br /> 1.2.1 Ten Thousand Dollars ($10,000.00) (the "Deposit shall be paid by <br /> Purchaser to Land Title Guarantee Company, 3033 East First Avenue, Suite 600, Denver, <br /> Colorado (the "Title Company in cash or by certified or wire transfer funds within <br /> three (3) business days following the Effective Date. <br /> 1303396_1 <br />