Acquisition of Real Property at 1388 Bancroft Avenue, San Leandro, CA 94577

The San Leandro Unified School District is acquiring real property located at 1388 Bancroft Avenue, San Leandro, CA 94577, under Resolution No. 25-39. The total purchase price is 4,620,000 dollars, structured as an initial 100,000 dollar deposit within five days of opening escrow, a second 150,000 dollar deposit following the District's notice of approval after due diligence, and a final balance of 4,370,000 dollars due at closing. The acquisition is designated as a change of ownership that will not result in environmental or physical changes to the property and is exempt from the California Environmental Quality Act under the Common Sense Exemption. The transaction is managed through First American Title Company, with the close of escrow and delivery of the grant deed expected within 120 days. The District maintains the right to disapprove the acquisition if defects are discovered during due diligence and is not obligated to maintain any existing entitlements or follow the seller's previous designs. Key requirements for the seller include providing a FIRPTA affidavit and a customary owner's affidavit to secure title insurance. Legal disputes are subject to binding arbitration via the American Arbitration Association, and the agreement includes a 100,000 dollar liquidated damages provision in the event of a buyer's default.