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INSURANCE NOT REQUIRED N-2024-219
<br /> WORK MAY PROCEED
<br /> CITY CLERK
<br /> DATE: JUL 0 8 2024
<br /> PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br /> 0'. PwPrc ) )^^s AND BILATERAL ESCROW INSTRUCTIONS
<br /> THIS AGREEMENT (hereinafter "PSA"), entered into on itAfle, 6
<br /> , 2024, 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
<br /> JLLC PALM TERRACE APARTMENTS L.P., a California limited partnership (hereinafter "Seller"),
<br /> regardless of 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" and "A-1"—Legal Description
<br /> and Exhibit"B" and "B-1"—Plat Map
<br /> ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF
<br /> (Commonly known as 2724 North Bristol Street, Santa Ana, CA)
<br /> (APN#002-261-30)
<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 /> A. Seller agrees to convey Said Real Property to City, by Grant Deed, at the office of
<br /> Commonwealth Land Title Insurance Company, 4100 Newport Place Drive, Suite 120,
<br /> Newport Beach, California, within sixty (60) days from and after the date on which the City
<br /> has approved this Agreement.
<br /> B. Seller Agrees to convey to City a Temporary Construction Easement in, on, over and above
<br /> the portion of the property described on the attached Exhibit "A-1" and depicted on the
<br /> attached Exhibit"B-1"and incorporated herein by this reference
<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. S,eller agrees to deliver to City, concurrently with the conveyance of Said Real
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