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CASTANEDA, GUADALUPE
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Last modified
4/8/2024 2:10:09 PM
Creation date
4/8/2024 12:27:39 PM
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Contracts
Company Name
CASTANEDA, GUADALUPE
Contract #
A-2024-037
Agency
Public Works
Council Approval Date
4/2/2024
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2. Purchase and Sale; Purchase Price. <br />2.1 Purchase and Sale. Seller shall sell the Property to Buyer, and Buyer shall <br />purchase the Property from Seller, subject to the terms and conditions set forth in this Agreement. <br />2.2 Purchase Price. The purchase price of the Property shall be Four Thousand <br />Eight Hundred Dollars ($4,800.00). <br />3. Escrow. <br />3.1 Escrow Instructions. Within seven (7) days following the execution of this <br />Agreement by the Parties, Buyer will open an escrow ("Escrow") with Fidelity National Title, <br />4400 MacArthur Blvd., Suite 200, Newport Beach, CA 92660, Attn: Jody Kelly ("Escrow <br />Holder") for the purchase and sale of the Property. The "Opening of Escrow" shall mean the <br />date on which a fully executed copy of this Agreement has been delivered to Escrow Holder. <br />Escrow Holder shall confirm the Opening of Escrow to the Parties in writing. This Agreement <br />constitutes joint escrow instructions to Escrow Holder. The Parties agree to execute such <br />additional instructions consistent with the provisions of this Agreement, which may be required <br />by Escrow Holder. As between the Parties, Buyer and Seller agree that, if there is any conflict <br />between the terms of this Agreement and any Escrow Instructions required by Escrow Holder, the <br />terms of this Agreement shall control. Buyer and Seller shall each f rmish Escrow Holder with <br />their respective Federal Tax Identification Numbers and such other information as is reasonably <br />required by Escrow Holder. <br />3.2 Payment of Purchase Price. The Purchase Price for the Property shall be <br />payable at Closing. If Seller has deposited into Escrow all documents and amounts required of <br />Seller to close Escrow, including without limitation, the "Quitclaim Deed" (as defined in <br />Section 3.10 below), and complied with all of Seller's other obligations under this Agreement, <br />then on or before the "Closing Date" (as defined Section 3.3 below) so as not to delay the "Close <br />of Escrow" (as defined Section 3.3 below), Buyer shall deposit into Escrow the following in <br />Acceptable Funds: (a) the Purchase Price and (b) the Escrow closing costs pursuant to the <br />preliminary Escrow Closing statement furnished by Escrow Holder as provided below. <br />3.3 Close of Escrow. Subject to Sections 3.3.1 and 3.3.2, Escrow for the sale <br />of the Property shall close on a date that is no later than thirty (30) days after the opening of Escrow <br />("Closing Date"), subject to reasonable extension as necessary in order to satisfy the conditions <br />precedent and other requirements for the Close of Escrow. As used in this Agreement, "Close of <br />Escrow" shall mean the date on -which the "Quitclaim Deed" conveying fee title to the Property <br />to Buyer is recorded in the Orange County Recorder's Office. <br />3.3.1 Conditions Precedent to Buyer Oblieation to <br />Close. Buyer's obligation to close Escrow and purchase the Property is <br />expressly conditioned on the satisfaction of the conditions listed in this <br />Section 3.3.1. If any such condition is not satisfied or waived by Buyer at or <br />prior to the Close of Escrow, for any reason other than a default by Buyer, Buyer <br />may, in its sole discretion and without limiting any of Buyer's legal remedies or <br />-2- <br />
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