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4. PURCHASE PRICE. <br /> A. The purchase price for the property is agreed to be $220,000.00. <br /> 1. Seller and Buyer understand and agree that the difference between the agreed <br /> value as based upon Sellers' investments in the property and Sellers' estimated value, as <br /> defined herein as the purchase price, and the sum of Two Hundred Twelve Thousand and <br /> 3 <br /> 00/100 dollars ($212,000) is intended to be and shall be and shall constitute a charitable <br /> gift by and from Seller to the City of Prescott. Both parties agree and understand that the <br /> City of Prescott intends to and is purchasing the property for Two Hundred Twelve <br /> Thousand and 00/100 dollars ($212,000), and that any difference between that amount <br /> and the value of the property as determined by the agreed upon value is and shall <br /> constitute a charitable donation to the City of Prescott by Seller. <br /> 2. The dollar value of the charitable gift shall be determined by deducting the <br /> Two Hundred Twelve Thousand and 00/100 dollars ($212,000) from the agreed upon <br /> value of the property and the Buyer accepts such dollar value as the value of the <br /> charitable gift, and shall recognize such donation and gift in accordance with the City of <br /> Prescott's normal practices and process for acceptance of such charitable donations to <br /> the City. <br /> 3. The total purchase amount therefore to be paid for the public property <br /> acquisition by the Buyer, City of Prescott, is $212,000, Two Hundred Twelve Thousand <br /> and 00/100 dollars, payable upon the close of escrow, based on the <br /> contingencies/conditions listed under item 3 immediately below, all at the Buyer's <br /> expense. <br /> B. The Seller warrants that Seller is the owner of a good title to the property herein <br /> sold and shall convey the property by warranty deed, free and clear of all liens and <br /> encumbrances, subject only to the following: <br /> 1. The tendered purchase price for the property to be paid by the City is <br /> agreed to be the total sum of $212,000.00 and has been determined by the City of <br /> Prescott to be fair value in the public interest based upon the suitability, need and public <br /> benefit of said property and has been also agreed to be the acceptable paid value by the <br /> Seller who will then donate the remainder of the purchase value to the public. <br /> C. Buyer shall provide payment for the purchase price to the Seller as follows: <br /> 1. The sum of Ten Thousand Dollars ($10,000.00) (the "Earnest <br /> Money Deposit") shall be deposited with the Escrow Agent, in cash or certified funds, <br /> within three (3) days from the Opening of Escrow, and shall be disbursed to the Seller <br /> upon the Close of Escrow. The Earnest Money Deposit shall be refundable until <br /> expiration of the Sixty (60) day Examination Period, at which time, if Buyer has failed to <br /> terminate this Agreement, it shall become non-refundable and shall be forfeited to Seller <br /> 2 <br />