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PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS RECITALS This Purchase and Sale Agreement and Joint Escrow Instructions ("Agreement") is made and entered into as of 17th day of October, 2023 (the "Effective Date"), by and between the City of Redlands, a municipal corporation ("City" or "Buyer"), and Redlands Community Investment Corporation, a California corporation ("Seller"), for the purpose of setting forth their agreement, and to provide instructions to Escrow Agent with respect to the transaction contemplated by this Agreement. Seller and City shall also individually be referred to as a "Party" and collectively as the "Parties." RECITALS WHEREAS, Seller is the owner of that certain real property located at 204 E. Redlands Boulevard in the City of Redlands, County of San Bernardino ("County"), State of California, known as County Assessor's Parcel Number 0171-071-08-0000 ("E. Redlands Parcel"); and WHEREAS, Seller is the owner of that certain real property located at 180 9th Street in the City of Redlands, County of San Bernardino, State of California, known as County Assessor's Parcel Numbers 0171-088-06-0000 and 0171-088-07-0000 ("9th Street Parcel"); and WHEREAS, Seller desires to sell the E. Redlands Parcel and the 9th Street Parcel (collectively referred to herein as the "Property") to City, and City desires to purchase the Property from Seller, upon and subject to the terms and conditions set forth in this Agreement; NOW, THEREFORE, in consideration of the mutual promises contained in this Agreement, and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, City and Seller hereby agree, and instruct Escrow Agent (as hereinafter defined in Section 3.1 hereof), as follows: AGREEMENT Section 1. PURCHASE AND SALE. SELLER agrees to sell, transfer, and convey to City, and City agrees to purchase and acquire from Seller, the Property on all of the terms and conditions of this Agreement. Section 2. PURCHASE PRICE. The purchase price for the Property ("Purchase Price") shall be Seven Hundred Fifty Thousand Dollars ($750,000) and shall be payable as follows: 2.1 Deposit. Within three (3) Business Days following the "Opening of Escrow" (as hereinafter defined), City shall deposit into "Escrow" (as hereinafter defined) the sum of Ten Thousand Dollars ($10,000) (which amount, together with any and all interest earned thereon, shall hereinafter be referred to as the "Deposit"). The Deposit shall be fully refundable through the Due Diligence Termination Date, as defined in Section 4.1.3. From and after the Due Diligence Termination Date, provided City does not elect to terminate this Agreement pursuant to the terms 1 I:\cmo\Agreements\Redlands Community Inveshnent Corporation Purchase and Sale Agreement FY22-0276,docx-msv7