Item 16 - Purchase and Sale Agreement for 1601 and 1607 N Bristol Street

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I. On September 18, 2024, HCD notified the City that the Property qualifies as exempt surplus land under California Government Code section 54221, subdivision (f)(1)(B) and (E). J. In satisfying Surplus Land Act and street vacation requirements, City proceeded with direct negotiations to sell the Property to Buyer. K. The City received, reviewed and concurs with an appraisal, prepared by a state - licensed appraiser, which estimated the market value of the Property as $9,800.00 L. On October 15, 2024, City Council approved through direct negotiations, without competitive bidding, to sell the Property to Buyer, in accordance with Santa Ana Municipal Code sections 2-706.1. M. City now desires to sell the Property to Buyer, and Buyer desires to purchase the Property from City, in accordance with the provisions of this Agreement. AGREEMENT NOW THEREFORE, incorporating the foregoing Recitals and in consideration of the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 1. Incorporation of Recitals. The recitals of fact set forth above are true and correct and are incorporated into this Agreement in their entirety by this reference. 2. Purchase and Sale: Purchase Price. 2.1 Purchase and Sale. Seller shall sell the Property to Buyer, and Buyer shall purchase the Property from Seller, subject to the terms and conditions set forth in this Agreement. 2.2 Purchase Price. The purchase price of the Property shall be Nine Thousand Eight Hundred Dollars ($9,800.00). 3. Escrow. 3.1 Escrow Instructions. Escrow Instructions. Within seven (7) days following the execution of this Agreement by the Parties, Buyer will open an escrow ("Escrow") with Fidelity National Title, 4400 MacArthur Blvd., Suite 200, Newport Beach, CA 92660, Attn: Jody Kelly ("Escrow Holder") for the purchase and sale of the Property. The "Opening of Escrow" shall mean the date on which a fully executed copy of this Agreement has been delivered to Escrow Holder. Escrow Holder shall confirm the Opening of Escrow to the Parties in writing. This Agreement constitutes joint escrow instructions to Escrow Holder. The Parties agree to execute such additional instructions consistent with the provisions of this Agreement, which may be required by Escrow Holder. As between the Parties, Buyer and Seller agree that, if there is any conflict between the terms of this Agreement and any Escrow Instructions required by Escrow Holder, the terms of this Agreement shall control. Buyer and Seller shall each furnish Escrow Holder with their respective Federal Tax Identification Numbers and such other information as is reasonably required by Escrow Holder. -2-