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-:s <br /> REAL ESTATE PURCHASE AGREEMENT <br /> sd <br /> (Vacant Land) <br /> THIS REAL ESTATE PURCHASE AGREEMENT ("Agreement") is made and entered <br /> into by and between THE STONE LIVING TRUST ("Seller"), and the City of Prescott, an <br /> Arizona municipal corporation, ("Buyer"). <br /> WITNESSETH : <br /> WHEREAS, Seller owns certain real property consisting of Lot 18, Thumb Butte Estates, <br /> according to the plat of record in Book 18 of Maps and Plats, Page 87, records of Yavapai <br /> County, Arizona, more particularly described in Exhibit"A"attached hereto. <br /> WHEREAS, Seller desires to sell and Buyer desires to purchase such real property in <br /> accordance with the terms and conditions specified herein. <br /> NOW, THEREFORE, in consideration of the mutual covenants set forth in this <br /> Agreement, the parties hereby agree as follows: <br /> 1. DESCRIPTION OF PROPERTY. <br /> The real property which is the subject of this Agreement consists of Lot 18 of Thumb <br /> Butte Estates, Yavapai County, Arizona in the area commonly known as Thumb Butte (the <br /> "Property") as more fully described in Exhibit"A" attached hereto. <br /> 2. AGREEMENT TO SELL AND PURCHASE. <br /> Subject to the terms of this Agreement, Seller hereby agrees to sell to Buyer, and Buyer <br /> hereby agrees to purchase from Seller, on the terms and conditions herein set forth, the Property, <br /> together with all privileges, rights-of-way, easements, licenses, water rights, and other rights and <br /> benefits appurtenant to or used in connection with the beneficial use and enjoyment of such real <br /> property. The Property for purposes of the purchase provided for herein, is sometimes hereinafter <br /> referred to as the Purchase Parcel. The parties acknowledge and agree that the property is being <br /> purchased with public funds, is intended to and shall be for the benefit of the citizens of Prescott. <br /> 3. OPENING AND CLOSING DATES. <br /> "Opening of Escrow" shall occur when Escrow Agent accepts this Agreement as <br /> provided at the end of this Agreement. Subject to the satisfaction of all contingencies as set forth <br /> herein, the closing of this transaction (the "Closing" or the "Close of Escrow") shall take place at <br /> the office of the Escrow Agent on or before (the" Scheduled Closing Date"). <br /> i <br />