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Venetian Inn Option /Purchase Agreement Considerations <br />City Appraisal - 7/16/96 950,000 <br />Venetian Appraisal - 4/23/01 1,200,000 <br />Potential Sale Terms - 10/01/01 1,400,000 <br />Less: <br />Real- estate Commission 80,000 Fixed Fee Commission <br />Roof Repairs 124,000 Owner's Quote <br />Pavement Repairs 60,000 Owner's Quote <br />Purchase Price By City $1,136,000 <br />Conditions: <br />Purchase Price to be between $1,136,000 and $1,150,000, subject to documentation to City's <br />satisfaction of costs for roof repair and pavement repairs per other offer. <br />Subject to Financial Viability of Senior Housing Project as determined in City's Sole Discretion <br />Subject to Satisfactory Environmental Review <br />City to Provide Final Decision to Purchase by 11/8/01 (30 Days) <br />Seller Pays Outstanding Assessments <br />Seller Retains Right to On -sale Liquor License for One Year from Closing <br />Payment Structure to be satisfactory between Seller (Jocon, Inc. & Venetian Inn, Inc.) <br />Closing to Occur by 12/31/01 <br />Venetian to Remain in Operation Through 12/31/01 <br />Seller Retains Right to Salvage all Equipment & Fixtures by no later than 60 days from Closing and <br />subject to leaving the building in a secured state. <br />Seller Retains all Right to Venetian Inn name. <br />Subject to City issuance of a Section 1033 letter to Seller. <br />Subject to Execution of Purchase Agreement With Standard City Conditions <br />7o.- ice- ��'/ <br />PAGE 2 <br />