Item 21 - Real Property Purchase Agreement: 1815 East Carnegie Avenue

Home Browse Search

5489135.1 EXHIBIT 1 FORM OF ASSIGNMENT AND ASSUMPTION OF LEASE KNOW ALL MEN that __________ a __________, having an address at _____________ (the “Assignor”) in consideration of Ten and 00/100 ($10.00) Dollars and other good and valuable consideration, received from __________, a ________, having an address at _________ (“Assignee”), does hereby assign, transfer and deliver unto Assignee, all of its right, title and interest in and to that Standard Industrial/Commercial Single-Tenant Lease – Net, dated as of March 1, 2021, by and between Dyer 18 LLC, as lessor, and the City of Santa Ana, as lessee (the “Lease”) at the premises known as 1815 East Carnegie Avenue, Santa Ana, California 92705 (the “Premises”) together with all rents payable under the Lease, and all benefits and advantages to be derived therefrom, to hold and receive them unto Assignee, and together with all rights against guarantors, if any, of the obligations of the tenant under the Lease. TO HAVE AND TO HOLD the same unto Assignee, its successors and assigns, forever, from and after the date hereof, subject to the terms, covenants, conditions and provisions of the Lease and subject as aforesaid. AND Assignee does hereby acknowledge receipt of the Lease, and does hereby (a) accept the within assignment and (b) assume the performance of all the terms, covenants and conditions of the Lease on the part of the lessor which are to be performed under the Lease and which arise from and after the date hereof. This Assignment and Assumption of Lease (this “Assignment”) is made without warranty or representation by Assignor and without recourse to Assignor in any manner whatsoever, express or implied, all as more fully set forth in the Purchase and Sale Agreement dated June __, 2023 (the “Purchase Contract”). Nothing in this Assignment shall be construed to modify or limit any provisions in the Purchase Contract and in the event of any inconsistency between this Assignment and the Purchase Contract, the latter shall govern and control. This Assignment shall inure to the benefit of Assignee and Assignor and their respective successors and assigns, and shall be governed by the laws of the State of California, without regard to its conflicts of law rules. This Assignment may not be modified, altered or amended, or its terms waived, except by an instrument in writing signed by the parties hereto. None of the provisions of this instrument are intended to be, nor shall they be construed to be, for the benefit of any third party. [SIGNATURES ON FOLLOWING PAGE] EXHIBIT 1