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AGREEMENT <br />OF PURCHASE AND SALE <br />ASSESSOR PARCEL NUMBERS: 004-113-19 and 004-113-34 <br />THIS AGREEMENT of Purchase and Sale ("Agreement'), dated <br />, 2018, is entered into by and between the CITY OF SANTA ANA, a <br />California charter city and municipal corporation ("Seller") and Marshall -Kelley, LLC, a <br />California limited liability company ("Buyer") for the acquisition by Buyer of certain real <br />property described below. <br />RECITALS <br />A. Seller owns certain real property commonly known as Orange County <br />Assessor Parcel Nos, (APN) 004-113-19, and 004-113-34, located at 1301 and 1305 <br />West Twelfth Street, in the City of Santa Ana, County of Orange, State of California. <br />Buyer desires to purchase a fee interest in such real property owned by Seller as more <br />particularly described and depicted in Exhibits "A-1" and "A-2", attached hereto and <br />made part hereof ("Property"), and Seller desires to sell the Property, <br />B. A copy of the Grant Deeds for APN Nos. 004-113-19, and 004-113-34, <br />filed with the County of Orange as Document Nos. 2016000282070 and <br />2017000086484, are attached hereto as Exhibit "B-1" and "B-2" and incorporated herein <br />by this reference. <br />C. The subject Property was acquired by Seller in 2016 and 2017 as part of <br />the Bristol Street Improvement Project. These parcels are vacant and are not needed <br />for public use or improvements. <br />D. The parties desire by this Agreement to provide the terms and conditions <br />for the purchase and sale of the Property. <br />AGREEMENT <br />The parties therefore agree as follows: <br />PURCHASE <br />Buyer agrees to buy, and Seller agrees to sell and convey, the Property for the <br />purchase price and upon the terms and conditions hereinafter set forth. <br />2. ESCROW <br />Upon execution of this Agreement by all parties, the parties shall open an escrow <br />("Escrow") with Commonwealth Land Title Company ("Escrow Holder'), whose <br />address is 4100 Newport Place Drive, Suite 120, Newport Beach, CA 92660, for the <br />purpose of consummating the purchase and sale of the Property, as described herein. <br />The date on which Escrow is opened with Escrow Holder shall be referred to as the <br />"Effective Date." The parties shall execute and deliver to Escrow Holder such escrow <br />instructions prepared by Escrow Holder, as may be required to consummate the <br />transaction contemplated by this Agreement. If there is any inconsistency between <br />5207.01 -PSA -1112188 <br />r <br />