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i-+ mer+ _ <br /> City Contract No. 2018-116 <br /> PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS <br /> SELLER: Sundog Ranch, a general partnership <br /> 3700 E. Storm Ranch Road <br /> Prescott, Arizona 86301 <br /> BUYER: City of Prescott, an Arizona municipal corporation <br /> 201 South Cortez Street <br /> Prescott, AZ 86303 <br /> ESCROW AGENT: Yavapai Title Agency <br /> 1235 E. Gurley Street <br /> Prescott, AZ 86301 <br /> 1. Agreement to Sell and Purchase Property. SELLERS agrees to sell and BUYER <br /> agrees to purchase the real property described in Exhibit "A" (the "Property") for the <br /> total consideration of $2,000,000.00 (Two Million and no/100 dollars), on the terms <br /> and conditions set forth in this Purchase Agreement and Escrow Instructions (the <br /> "Agreement"). <br /> 2. Acceptance. This Agreement is subject to and contingent upon the approval of the <br /> Prescott City Council by an Ordinance authorizing the purchase of the real Property <br /> contemplated herein. <br /> 3. Opening of Escrow. An escrow for this transaction will be established with Escrow <br /> Agent consistent with this Agreement. Escrow Agent shall notify the parties in <br /> writing as to the date it received fully executed copies of this Agreement, which date <br /> shall be referred to herein as the "Escrow Date". Should the Escrow Agent require <br /> the execution of its standard form printed escrow instructions, BUYER and <br /> SELLERS agree to execute those instructions. However, if there are conflicts <br /> between the terms of this Agreement and those in the printed instructions, the <br /> terms of this Agreement shall control. SELLERS shall execute, and deposit in <br /> Escrow, a Warranty Deed conveying to BUYER title to the Property, free and clear <br /> of all liens and encumbrances. Escrow Agent shall promptly deliver a current <br /> commitment for title insurance to the City and the SELLERS. <br /> 4. Close of Escrow. Escrow shall close thirty (30) days after the Escrow Date or as <br /> mutually agreed upon in writing. BUYER shall deposit monies required to be <br /> delivered under this Agreement into escrow on or before noon, Arizona Time, on <br /> the Closing Date. At close of escrow, title shall be conveyed to BUYER by way of a <br /> Warranty Deed. Escrow Agent shall deliver to the BUYER an Owner's Policy of <br /> Title Insurance on the Property in the full amount of the sales price, insuring fee <br /> simple title to the Property is vested in the BUYER, subject only to the usual printed <br /> Page 1 of 9 <br />