25A - AGMT FOR CITY OWNED PROPERTY

Home Browse Search

G. The Property is in need of exterior Remediation Work as more fully defined in Section 5.1 below. H. As consideration for the sale, Buyer shall complete the Remediation Work within one -hundred and eighty (180) days of the issuance of building permits and any other permits necessary for said Remediation Work. I. The development of the Project on the Property will be of benefit to the community by reducing blight, increasing the economic viability of the community, and providing needed commercial services to the City of Santa Ana. J. Buyer desires to purchase and Seller desires to sell to Buyer the Property, subject to the terms of this Agreement. AGREEMENT NOW THEREFORE, incorporating the foregoing Recitals and in consideration of the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 1. Incorporation of Recitals. The recitals of fact set forth above are true and correct and are incorporated into this Agreement in their entirety by this reference. 2. Purchase and Sale; Purchase Price. 2.1 Purchase and Sale. Seller shall sell the Property to Buyer and Buyer shall purchase the Property from Seller subject to the terms and conditions set forth in this Agreement. 2.2 Purchase Price. The purchase price of the Property is Five -Hundred Thousand Dollars ($500,000.00), which amount was established as the fair market value. 3. Escrow. 3.1 Escrow Instructions. Within seven (7) days following the execution of this Agreement by the Parties, Buyer will open an escrow ("Escrow") with First American Title Insurance Company, 18500 Von Karman, Suite 600, Irvine, CA 92612, Attn: Nathan Thompson ("Escrow Holder") for the purchase and sale of the Property. The "Opening of Escrow" shall mean the date on which a fully executed copy of this Agreement has been delivered to Escrow Holder. Escrow Holder shall confirm the Opening of Escrow to the Parties in writing. This Agreement constitutes joint escrow instructions to Escrow Holder. The Parties agree to execute such additional instructions consistent with the provisions of this Agreement, which may be required by Escrow Holder. As between the Parties, Buyer and Seller agree that, if there is any conflict between the terms of this Agreement and any Escrow Instructions required by Escrow Holder, the terms of this Agreement shall control. Buyer and Seller shall each furnish Escrow Holder with their respective Federal Tax Identification Numbers and such other information as is reasonably required by Escrow Holder. 25A-5