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PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />THIS AGREEMENT (hereinafter "PSA"), entered into on
<br />2 0 21 , 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 Life
<br />Cycle Management, LLC, a Delaware Limited Liability Company (hereinafter "Seller"), regardless of
<br />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 agrees
<br />to purchase from Seller, that certain real property rights (hereinafter collectively "Said Real Property")
<br />legally described as follows:
<br />SEE EXHIBIT "A" _ Legal Description
<br />ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF
<br />(Commonly known as 1725 N. Bristol Street, Santa Ana, CA)
<br />(APN# 399-085-22)
<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 />1. Conveyance by Seller.
<br />Seller agrees to convey Said Real Property to City, by Grant Deed, at the office of Commonwealth Land
<br />Title Insurance Company, 4100 Newport Place Drive, Suite 120, Newport Beach, California, within sixty
<br />(60) days from and after the date on which the City has approved this Agreement.
<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 and
<br />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 Property,
<br />with or without knowledge of any condition, restriction, reservation, exception, easement, assessment,
<br />profit, limitation, encumbrance (whether monetary or non -monetary, general or specific, and including
<br />any and all leasehold interests), lien, cloud or defect in title, shall not constitute a waiver by City of its
<br />right to the full and clear title hereinabove agreed to be conveyed by Seller to City, nor of any right which
<br />might accrue to City because of the failure of Seller to convey title as hereinabove provided.
<br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of Said Real
<br />Property to City, within the time and at the place hereinabove specified for said conveyance of Said Real
<br />Property, a policy of title insurance to be issued by the above mentioned title company, with the City
<br />therein named as the insured, in the amount of One HUNDRED TWENTY SEVEN THOUSAND SEVEN -
<br />HUNDRED DOLLARS ($127,700) insuring the title of the City to Said Real Properties are free and clear
<br />of any and all conditions, restrictions, reservations, exceptions, easements, assessments, profits,
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