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PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />THIS AGR EEMENT (hereinafter "PSA" or this "Agreement"), entered into on QJeib ) 5 ~o <2..-
<br />2022 , between the CITY OF SANTA ANA , a charter city and municipal corporation duly organized uh der the
<br />Constitution and laws of the State o f California (hereinafter "City" or "Buyer"), and , RIF40, LLC, a California
<br />limited liabi lity company (hereinafter "Seller"), regardless of n umber or gender;
<br />THEREFORE, for and in consideration of their mutual promises , covenants and agreements , and subject
<br />to th e terms , co nd itions and provisions of this PS A, Seller agrees to sell to Ci ty , and City agrees to
<br />purchase from Seller, that certain real property (hereinafter "Said Real Property" or "Property") legally
<br />described as fol lows :
<br />SEE EXHIB IT "A" -Leg a l Description
<br />ATTA CHED HERETO AND BY T HIS R EFERENCE MADE A PART HEREOF
<br />(Co mmonly known as 4404 W. 1st Stree t , Sa n ta Ana , CA 927 03)
<br />(APN : 188-021 -08)
<br />Said p urcha s e and s al e of Said R ea l Property shall be in accordance w ith and subject to all of the foll ow ing
<br />term s , cond1t1ons , promises , covenants , agreements and pro visio ns , to wit:
<br />1. Conveya nce by Seller. Seller agrees to convey said rea l property to City, b y G rant Deed , at the
<br />office of Fidelity Natio na l Title , 4400 MacArthur Blvd ., Suite 200 , Newport Beach , California, within th irty (30)
<br />days from and after th e date on which the City has approved this Agreemen t. T he C ity sha l l approve thi s PS A
<br />by December 7 , 2022 .
<br />2. Title to be Conveyed . Se ller agrees that , exce pt as may hereinafter be othe rw ise expressly prov ided ,
<br />said r eal property shall be conveyed by Seller to City , as aforesaid , free and clea r of any and all cond itions,
<br />rest ri c tion s , reservations , exceptions, easements, assessments , profits , limitations , encumbrances (whether
<br />monetary or no n-m onetary, general or specific, including any and all leasehold interests), liens , clouds or
<br />defects in title except those exceptions shown in Paragraph 15 be l ow . Seller hereby warrants that the tit le to
<br />said real pro perty to be co nve yed by Seller to City shall be free and clear as provided above . Seller further
<br />agree s that acceptan c e by Cit y of any deed to said re al property , with or without kn o w ledge of any con d it ion ,
<br />rest ric tion , reserva tio n , e x ception , easeme nt , assess ment, profit , limitation, encumbra nce (whether mon e t ary
<br />or no n -mone tary , gene ral or specific, and including a ny and all lea seh old interests ). lien , cloud or de fect in
<br />title , shall not constitute a waiver by City of its rig ht to the full and clear title herei nabove agreed to be
<br />conve yed by Sel ler to C ity, n or of any right which might accrue to City because of the failure of Selle r to
<br />conve y title a s hereinabove provided.
<br />3 . T itle Insurance . Sel ler agrees to use comm ercially reasonable efforts to de liver to City , concur rently
<br />w ith the conveyance of said real property to City, within the time and at t he place hereinabove specified for
<br />said conveyance of sai d rea l property , a pol icy o f title insuran ce to be issued by the above mention ed title
<br />company, with the C ity therein named as th e insured , in the amount of $10 ,500 ,000 (Ten Million Five
<br />Hund red Thousand Dollars) in suri ng the title of the City to said real property is free and clear of an y an d al l
<br />cond i tio ns , rest rict ions, reserva tions , exceptions , easements , assessments , profi ts , lim itations ,
<br />encumbrance s (whe ther monetary or non-monetary. genera l or specific, and including any and all leasehol d
<br />inte rests), li e ns , clouds o r defects in ti tle . excep tin g such specific ones as city may hereinafter expre ssly
<br />agree to take subje ct to . Acceptance b y City of any such po licy of insurance , w hether such insura nce
<br />compl ies with the requirements of this pa ragraph or not, shall not cons titute a waiver by City of its right to
<br />such insuran ce as is herein requ i red of Seller, nor a wa iver by the City of any rights o f action for damages or
<br />any other rig hts whi c h may accrue to City by reason o f the failure of Se ll er to convey ti tle or to provide ti tle
<br />insurance as required in this Agreement.
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