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AGREEMENT OF PURCHASE AND SALE AND ESCROW INSTRUCTIONS THIS AGREEMENT is entered into by and between the REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, a public body, corporate and politic ("Seller") and FINN L. COMER & HOLLY LYN COMER, husband and wife as joint tenants as to an undivided one-half interest, and CHRISTIAN E. SINGLETARY & RU ANNA SINGLETARY, husband and wife as joint tenants as to an undivided one- half interest (collectively the "Buyer"). RECITALS A. Seller owns certain real properly located at 8856 Arlington Avenue (Assessor Pamel No. 151- 061-003) and 8855 Philip Avenue (Assessor Parcel No. 151-061-006) in the City of Riverside, County of Riverside, State of California, more particularly described as Lot 286 of Camp Anza Subdivision Number 1, as shown by Map on file in Map Book 22, Pages 81 and 82 thereof, records of Riverside County, California (the "Property"). B. Seller has previously undertaken and caused to be performed certain remediation work of the Property to remove hazardous materials. Buyer. Buyer desires to purchase the Property, and Seller desires to sell and convey the Property to D. The parties desire by this Agreement to provide the terms and conditions for the purchase and sale of the Property. The parties therefore agree as follows: 1. Purchase and Sale. 1.1 Agreement. 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. 1.2 Purchase Price. The total purchase price for the Property is Two Hundred Twenty Thousand and no/100 Dollars ($220,000.00) - (the "Purchase Price"). The Purchase Price is deemed to be the fair market value of the Property. The Purchase Price will be paid to Seller as follows: (a) Deposit. Concurrent herewith, Buyer will deposit with Escrow Holder (described below) the sum of Ten Thousand and no/100 Dollars ($10,000.00) - (the "Deposit"). (b) Down Payment. Prior to the Close of Escrow (described below), Buyer shall deposit Fifty-Six Thousand Six Hundred and no/100 Dollars ($56,600.00) including the Deposit (collectively the "Down Payment") with the Escrow Holder. (c) Terms. In an acceptable form to Seller, Buyer shall execute two (2) promissory notes in favor of Seller (the "Notes") in the principal amount of One Hundred Sixty-Three. Thousand Four Hundred and no/100st Dollars ($163 400.00) and S~x' Thousand Srx Hundred and no/100 Dollars ($6,600.00), a 1 Deed of Trust, and a 2nd Deed of Trust on the Property securing payment respectively of the obligations evidenced by the Notes, each in acceptable form to Seller. Page 1 of 10