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AGREEMENT OF PURCHASE AND SALE RECEIVED ,JUL 3 1 ZOO0 PROPERTY SERVICES 1.0 PARTIES AND DATE THIS AGREEMENT is entered into by and between GAYLOR W. SINGLETARY, a widower, as to an undivided 1/2 interest, and GAYLOR W. SlNGLETARY, as Trustee of the Testamentary Trust created under Will of Maxine J. Singletary, deceased, as to an undivided 1/2 interest ("Seller") and REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, a municipal corporation (" Buyer"). 2.0 RECITALS 2.1 Seller owns certain real property located on the northerly side of Market Street, between the eastbound 60 freeway on-ramp and Fairmount Boulevard, in the City of Riverside, California, bearing Assessor Parcel Nos. 207-120-001 and 207-120-002, more particularly described in Exhibit A attached hereto (the "Property"). 2.2 Buyer desires to purchase the Property, together with all improvements, structures, and fixtures now or hereafter located thereon (hereinafter, collectively, the "Property") and Seller desires to sell and convey the Property to Buyer. 2.3 The parties desire by this Agreement to provide the terms and conditions for the purchase and sale of the Property. 3.0 AGREEMENT 3.1 Purchase. Buyer agrees to buy, and Seller agrees to sell and convey, the Property for the purchase price and upon the terms and conditions hereinafter set forth. 3.2 Escrow. Upon execution of this Agreement by all parties, Buyer shall open an escrow (the "Escrow") with Chicago Title Company, 560 East Hospitality Lane, San Bernardino, CA 92408, Attention: Kandy Knotts, Sr. Escrow Officer ("Escrow Holder") for the purpose of consummating the purchase and sale of the Property. The parties hereto shall execute and deliver to Escrow Holder such escrow instructions prepared by Escrow Holder as may be required to complete this transaction. Any such instructions shall not conflict with, amend, or supersede any provision of this Agreement. If there is any inconsistency between such instructions and this Agreement, this Agreement shall control unless the parties agree in writing otherwise. The Escrow Instructions shall include the following terms and conditions of sale: 3.2.1 Purchase Price. The total purchase price for the Property shall be Six Hundred Fifty Thousand Dollars ($650,000) ("Purchase Price"), which shall be paid by Buyer to Seller as follows: 3.2.1.1 Upon execution of this Agreement, Buyer shall deposit with Escrow Holder the sum of Ten Thousand Dollars ($10,000) ("Deposit"), to be placed in an interest-bearing account. The Deposit, plus any interest earned thereon, shall be applied in full towards the Purchase Price and, when made, Page 1 of 8