Exhibit 10.1
   REAL ESTATE PURCHASE AND SALE AGREEMENT
by and between
 INTERMOUNTAIN COMMUNITY BANCORP,
an Idaho corporation
 as Seller
 and
 SANDPOINT CENTER, LLC,
an Idaho limited liability company and
SANDPOINT CENTER II, LLC,
an Idaho limited liability company
 collectively, as Buyer




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TABLE OF CONTENTS
 SECTION 1  SALE OF PROPERTY
    
    
    11.1
    
    Real Property
    
    
    11.2
    
    Personal Property
    
    
    11.3
    
    Plans
    
    
    11.4
    
    Records
    
    
    11.5
    
    Intangible Property
    
    
    1SECTION 2  PURCHASE PRICE; PAYMENT
    
    
    12.1
    
    Purchase Price
    
    
    12.2
    
    Payment of Purchase Price
    
    
    2SECTION 3  BUYERS CONTINGENCIES
    
    
    23.1
    
    Contingencies
    
    
    23.2
    
    Unilateral Right to Terminate Before the Contingency Date
    
    
    33.3
    
    Contingency Date; Notice to Proceed
    
    
    33.4
    
    Buyers Reports
    
    
    3SECTION 4  CLOSING
    
    
    34.1
    
    Closing; Closing Date
    
    
    34.2
    
    Sellers Closing Documents
    
    
    34.3
    
    Buyers Closing Documents
    
    
    44.4
    
    Buyers Conditions Precedent
    
    
    54.5
    
    Sellers Conditions Precedent
    
    
    5SECTION 5  CLOSING COSTS AND PRORATIONS
    
    
    55.1
    
    Title Insurance and Closing Fee
    
    
    55.2
    
    Real Estate Taxes and Special Assessments
    
    
    5SECTION 6  TITLE EXAMINATION
    
    
    66.1
    
    Title Commitment and Survey
    
    
    66.2
    
    Buyers Objections
    
    
    66.3
    
    Supplemental Commitments; Objections
    
    
    6SECTION 7  REPRESENTATIONS AND WARRANTIES
    
    
    67.1
    
    Sellers Representations and Warranties
    
    
    67.2
    
    Sellers Indemnity
    
    
    87.3
    
    Sellers Knowledge
    
    
    87.4
    
    Buyers Representations and Warranties
    
    
    87.5
    
    Buyers Indemnity
    
    
    87.6
    
    Buyers Acknowledgement
    
    
    87.7
    
    Property Sold As Is
    
    
    97.8
    
    Hazardous Materials; Compliance With Laws
    
    
    97.9
    
    Waiver
    
    
    10SECTION 8  COVENANTS OF SELLER
    
    
    108.1
    
    Normal Operations
    
    
    108.2
    
    Management
    
    
    108.3
    
    Insurance
    
    
    108.4
    
    Further Assurances
    
    
    10SECTION 9  CASUALTY; CONDEMNATION
    
    
    10
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SECTION 10  ASSIGNMENT
    
    
    11SECTION 11  NOTICES
    
    
    11SECTION 12  REMEDIES
    
    
    12SECTION 13  TAX DEFERRED EXCHANGE
    
    
    12SECTION 14  GENERAL PROVISIONS
    
    
    1214.1
    
    Entire Agreement
    
    
    1214.2
    
    Construction
    
    
    1214.3
    
    Attorneys Fees
    
    
    1314.4
    
    Additional Documents
    
    
    1314.5
    
    Binding
    
    
    1314.6
    
    Time of the Essence
    
    
    1314.7
    
    Applicable Law and Venue
    
    
    1314.8
    
    Counterparts; Facsimile Signatures
    
    
    1314.9
    
    Survival
    
    
    1314.10
    
    Brokers
    
    
    1314.11
    
    Extension of Time
    
    
    1414.12
    
    Confidentiality
    
    
    14
 SCHEDULES AND EXHIBITS
 Schedule 1.1(a)
    
    Legal Description of Sandpoint CenterSchedule 1.1(b)
    
    Legal Description of Parking LotSchedule 1.2
    
    Personal PropertySchedule 3.1(b)
    
    Due Diligence MaterialsExhibit A
    
    DeedExhibit B
    
    Bill of SaleExhibit C
    
    General AssignmentExhibit D
    
    PSB LeaseExhibit E
    
    CTA Assignment
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REAL ESTATE PURCHASE AND SALE AGREEMENT
 (Agreement) Effective Date) (Seller) Buyer).
  Property):
 Real Property. Real Property):
 Sandpoint Center Schedule 1.1 (a) Building), Sandpoint Center).
 Parking Lot Schedule 1.1(b) Parking Lot).
 Personal Property Schedule 1.2 Personal Property).
 Plans (Plans).
 Records (Records).
 Intangible Property (Intangible Property)
  Purchase Price (Purchase Price)
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Payment of Purchase Price
 Earnest Money (Earnest Money) Title Company)
 Balance Due At Closing
  Contingencies
 Title
 Access and Inspection Schedule
3.1(b) Due Diligence Materials).
 Loan for Property
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Loan),
 Unilateral Right to Terminate Before the Contingency Date
 Contingency Date; Notice to Proceed Notice to Proceed) Contingency Date)
 Buyers Reports
  Closing: Closing Date Closing) Closing Date).
 Sellers Closing Documents Sellers Closing Documents),
 Deed Exhibit A
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Bill of Sale Exhibit B
 Assignment of Contracts and Intangibles Exhibit C General Assignment
 PSB Lease (PSB), Exhibit
D PSB Lease
 CTA Assignment Exhibit E CTA Assignment
 FIRPTA Affidavit
 IRS Forms
 Other Documents
 Buyers Closing Documents Buyers Closing Documents
 Purchase Price
 General Assignment
 PSB Lease
 CTA Assignment
 IRS Form
 Other Documents
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Buyers Conditions Precedent
     Sellers Conditions Precedent
      Title Insurance and Closing Fee
 Real Estate Taxes and Special Assessments
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Title Commitment and Survey (Title Commitment) Survey),
 Buyers Objections (Objections), Permitted
Encumbrance
 Supplemental Commitments; Objections
  Sellers Representations and Warranties
  -6-




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-7-




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Sellers Indemnity
 Sellers Knowledge
 Buyers Representations and Warranties
   Buyers Indemnity
 Buyers Acknowledgement
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Property Sold As Is
      Hazardous Materials; Compliance With Laws
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Hazardous Material Environmental Law
 Waiver
  Normal Operations
 Management
 Insurance
 Further Assurances
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If to Seller:
    
    Intermountain Community Bancorp801 W Riverside, Suite 400Spokane, WA 99201Attn: Douglas M. WrightFax #: (509)363-0640w/ copy to:
    
    Alston, Courtnage & Bassetti LLPand to:
    
    Kane CorporationIf to Buyer:
    
    Sandpoint Center, LLCSandpoint Center II, LLCw/ copy to:
    
    Lukins & Annis, P.S.
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Entire Agreement
 Construction
 -12-




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AttorneysFees
 Additional Documents
 Binding
 Time of the Essence
 Applicable Law and Venue
 Counterparts; Facsimile Signatures
 Survival
 Brokers
 -13-




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Extension of Time
 Confidentiality
 [Signatures on following page]
 -14-




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SELLER:
 
 Curt Hecker, Chief Executive Officer BUYER:
 SANDPOINT CENTER, LLC, an Idaho limited
liability companyBy:Name:Title: SANDPOINT CENTER II, LLC, an Idaho limited liability
companyBy:Name:Title: -15-