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INSURANCE NOT REQUIRED <br />A-2022-218 <br />WORK MAY PROCEED <br />CLERK OF THE COUNCIL <br />}ATE <br />Assessor's Parcel. No: <br />County: <br />398-151-01 <br />Orange County <br />N <br />PURCHASE AND SALE AGREEMENT <br />^� This Purchase and Sale Agreement ("Agreement") is made and entered into on this 12th day of July 2022, <br />("Effective Date") at Santa Ana, California by and between the Santa Ana Unified School District, a <br />California public school district located in the County of Orange, California, ("Seller" or "District"), the City <br />of Santa Ana, a public municipality in the State of California ("Purchaser" or "City"). District and City may <br />be individually referred to herein as a "Party" or collectively referred to as "Parties." <br />RECITALS <br />District intends to sell to City, and City intends to purchase from Seller certain real property and <br />all easements and rights benefiting or appurtenant to the real property, which is comprised of <br />approximately 14,412 square feet located at 1415 French Street, Santa Ana, California 92704 <br />APN 398-151-01 (collectively "Property"), as more specifically described in Exhibit "A" attached <br />and made a part hereto. <br />2. District is authorized to sell the Property to City. <br />NOW THEREFORE, in consideration of the covenants and agreements hereinafter set forth, District and <br />City agree as follows: <br />AGREEMENT <br />1 PROPERTY TO RE PURCHASED <br />1.1 Seller is the owner, in fee, of the Property. Seller agrees to sell and grant to City fee title to the <br />Property described in Exhibit "A" and convey by a grant deed substantially in the form of Exhibit <br />"B," ("Grant Deed") attached hereto. <br />1.2 City agrees to pay Seven Hundred Eighty -One Thousand Dollars ($781,000) ("Purchase Price") for <br />the Property, payable as follows: <br />1.2.1 City shall deposit Forty Thousand Dollars ($40,000) earnest money ("Deposit") into the <br />escrow opened pursuant to the section herein entitled "Establishment of Escrow" within <br />ten (10) days of the Opening of Escrow (defined below), If the sale of the Property as <br />contemplated hereunder is consummated, the Deposit shall be credited toward the <br />Purchase Price. <br />1.2.2 The remaining portion of the Purchase Price in the amount of Seven Hundred Forty One <br />Thousand Dollars ($741,000), shall be due and payable at the Close of Escrow (defined <br />below), subject to the.conditions set forth in this Agreement. <br />City Council 15 — 3 11/15/2022 <br />Purchase and Sale Agreement - Santa Ana Unified School District -City of Santa Ana -Water Tower Site <br />Page 1 <br />