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INSU R,ANG'r' NnT RE QUIP IreD N-2018-100
<br />W01-1K E,My KIOCEFI)
<br />GLPF K Or COUN011_
<br />-, SUP# 0 6 2019
<br />PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />THIS AGREEMENT (hereinafter "PSA") entered into on Aon6
<br />`�° , 201 8, between the CITY OF SANTA ANA, a charter city and municipal corporation duly
<br />organized under the Constitution and laws of the State of California (hereinafter "City" or "Buyer°), and
<br />JLLC PALM TERRACE APARTMENTS L.P., a California limited partnership (hereinafter "Seller"),
<br />regardless of number or gender;
<br />THEREFORE, for and in consideration of their mutual promises, covenants and agreements, and
<br />subject to the terms, conditions and provisions of this PSA, Seller agrees to sell to City, and City
<br />agrees to purchase from Seller, that certain real property rights (hereinafter collectively "Said Real
<br />Property") legally described as follows:
<br />SEE EXHIBIT "A" and "A-1"— Legal Description
<br />and Exhibit "B" and "B-1" — Plat Map
<br />ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF
<br />(Commonly known as 2724 North Bristol Street, Santa Ana, CA)
<br />(APN# 002-261-30)
<br />Said purchase and sale of Said Real Property shall be in accordance with and subject to all of the
<br />following terms, conditions, promises, covenants, agreements and provisions, to wit:
<br />Conveyance by Seller.
<br />A. Seller agrees to convey Said Real Property to City, by Grant Deed, at the office of
<br />Commonwealth Land Title Insurance Company, 4100 Newport Place Drive, Suite 120,
<br />Newport Beach, California, within sixty (60) days from and after the date on which the City
<br />has approved this Agreement.
<br />B. Seller Agrees to convey to City a Temporary Construction Easement in, on, over and above
<br />the portion of the property described on the attached Exhibit "A-1" and depicted on the
<br />attached Exhibit "B-1" and incorporated herein by this reference
<br />2. Title to be Conveyed. Seller agrees that, except as may hereinafter be otherwise expressly
<br />provided, Said Real Property shall be conveyed by Seller to City, as aforesaid, free and clear of any
<br />and all conditions, restrictions, reservations, exceptions, easements, assessments, profits, limitations,
<br />encumbrances (whether monetary or non -monetary, general or specific, including any and all leasehold
<br />interests), liens, clouds or defects in title except those exceptions shown in Paragraph 15 below. Seller
<br />hereby warrants that the title to Said Real Property to be conveyed by Seller to City shall be free and
<br />clear as provided above. Seller further agrees that acceptance by City of any deed to Said Real
<br />Property, with or without knowledge of any condition, restriction, reservation, exception, easement,
<br />assessment, profit, limitation, encumbrance (whether monetary or non -monetary, general or specific,
<br />and including any and all leasehold interests), lien, cloud or defect in title, shall not constitute a waiver
<br />by City of its right to the full and clear title hereinabove agreed to be conveyed by Seller to City, nor of
<br />any right which might accrue to City because of the failure of Seller to convey title as hereinabove
<br />provided.
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