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1. Sale and Purchase. Buyer agrees to purchase the Property from Seller and <br /> Seller agrees to sell the Property to Buyer for the sum of $1.00 (the "Purchase Price "), to <br /> be paid at Closing. <br /> 2. Closing. <br /> 2.1 Close of escrow ( "Closing Date ") shall occur within thirty (30) days <br /> subsequent to Seller receiving written confirmation that Buyer has obtained a loan or <br /> other funding commitment for eighty percent (80 %) of the cost of construction of the <br /> improvements contemplated on the Property, as specified in Paragraph 4.1.2. <br /> 2.2 The escrow for the closing shall be established at the office of a title <br /> company of Buyer's choice. ( "Title Company") in Eugene, Oregon. Buyer and Seller shall <br /> each pay a one -half equal share of the escrow fees of the Title Company with respect to <br /> the closing. <br /> 23 On the Closing Date, Buyer and Seller shall deposit the following <br /> documents and funds in escrow, and the Title Company shall close escrow in accordance <br /> with the instructions of Buyer and Seller. <br /> 23.1 Seller shall deposit such documents as Buyer or Title Company may <br /> require to evidence the authority of City to consummate the transaction contemplated <br /> and such other documents and funds, including without limitation escrow instructions, as <br /> are required of City to close the sale and purchase of the Property in accordance with <br /> this Agreement. <br /> 2.3.2 Buyer shall deposit in escrow the documents, such documents as <br /> Seller or Title Company may require to evidence the authority of Buyer to consummate <br /> Real Property Sale Agreement - 2 <br /> �,. <br />