in order to consolidate the City Lands and the Adjacent Lands into a
single parcel and to construct a twenty-five (25) unit non-profit
co-operative townhouse development thereon (the “Proposed Development").
4.0 Shaughnessy and the City have entered into negotiations

with respect to the. Proposed Development and the City has given
tentative approval of the Proposed Development on the basis. of glans

and specifications submitted by Shaughnessy to date.

NOW THEREFORE THIS AGREEMENT WITNESSETH:

Ll. Shaughnessy hereby offers to purchase from the City

all the right, title and interest of the City in and to the City Lands

for a purchase orice of TWO HUNDRED THIRTY~SEVEN THOUSAND SEVEN

HUNDRED SIXTY EIGHT ($237,768.00) DOLLARS (the “Purchase Price") and
upon the terms and conditions hereinafter set forth.
2. The Purchase ®rice shall be paid and the sale completed

on or before the lst day of March, 1982 (the "Compierion Date”).

ALL adjustments of incemings and sutgoings ‘. be made

3
as of the Completion Date, and Shaughnessy shall, upon comoletion
of the sale and purchase, have possession of the City Lands on the

Completion Oate.

The obligations of & 2 complete the sale of the
nessy shall se subject

2ach © i che sole

may be waived by it at anv time:

54

(a) That prior to the Completion Date and in addition to the

Purcnase Price, Shaughnessy shail deposi ic! the following:

(i) a refundable Letter

she

for the Proposed Development:

Shaughnessy Dy way os

Stes

Pre en
oben
es