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CONTRACT FOR THE SALE/PURCHASE OF REAL ESTATE <br />• THIS CONTRACT is made as of the day of December, 2002, between the <br />CITY OF CHARLOTTESVILLE, VIRGINIA, a political subdivision of the <br />Commonwealth of Virginia, hereinafter referred to as "SELLER" or (the "CITY") and <br />PIEDMONT HOUSING ALLIANCE, a private nonprofit corporation, hereinafter <br />referred to as "PURCHASER," whose address is 515 Park Street, Charlottesville, <br />Virginia 22902. <br />In consideration of the premises and the mutual covenants contained herein, <br />Seller and Purchaser do hereby agree as follows: <br />I. Agreement to Sell/Purchase <br />Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller, <br />under the terms of this Contract, real property located on the north side of John Street in <br />the City of Charlottesville, and identified on City Real Property Tax Map 4 as Parcels <br />277.1E, 277.1F, 277.IG and 277.1H, which together contain approximately 0.444 acres <br />of land. Except as expressly stated herein, the property includes all improvements, <br />easements and appurtenances thereunto belonging, and shall be collectively referred to as <br />the "Property". <br />• II. The Purchase Price <br />The purchase price ("Purchase Price") for the Property is Seventy Five Thousand <br />and 00/100 Dollars ($75,000.00), which will be payable to Seller as follows: <br />A. A deposit of Six Thousand Dollars ($6,000.00) has been paid by the Purchaser to the <br />Seller with the signing of this Contract, the receipt of which is hereby acknowledged. <br />At closing the amount of this Deposit shall be credited toward the Purchase Price. <br />B. The remaining portion of the Purchase Price shall be paid to Seller, by certified, <br />cashier's or official check, in six equal installments of Eleven Thousand Five <br />Hundred Dollars ($11,500.00). An installment shall be due and paid to the Seller <br />each time that Purchaser sells a housing unit on the developed Property to a third <br />party buyer. If the total Purchase Price of $75,000.00 has not been paid to the Seller <br />within sixty (60) days following the end of the marketing and sales period as set forth <br />in Section VII of this Contract, and any reasonable extension thereof, Purchaser shall, <br />upon the written request of the Seller, pay to Seller any part of the Purchase Price <br />which remains unpaid. . <br />III. Title <br />0 <br />