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

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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 sufflciency of which are hereby acknowledged; the Parties hereby agree as follows: I. IncoMoration of Recitals. The recitals of fact set forth above are trine 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. 12 Purchase Price. The purchase price of the Property shall be Nine Hundred Fifty Thousand.l)ollars ($950,000.00). 3. Escrow. 3.1 Escrow Instructions. Within seven (7) days following the execution of this Agreement by the Parties, Buyer will open an escrow ("Escrow") with Commonwealth Land Title Company, 4100 Newport Place Drive, Suite 120, Newport Beach, CA 92660; Attn: Grace Kim (" Escrrow Holder") for the purchase and ,sale of the Property. The "Opening of Escrow" shall mean the date on which a filly executed copy of this Agreement has been delivered to Escrow Holder, Escrow Holder shall confirm file 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.Agreernent 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. 3.2 Payment of Purchase Price. The Purchase Price for the Property shall be payable at Closing. If Seller has deposited into Escrow all documents and amounts required of Seller to close Escrow, including without limitation, the "Grant Deed (as defined in Section 3.103.10 below), and complied with all of Seller's other obligations under this Agreement, then on or before the "Closing Date (as defined Section 3.3 below) so as not to delay the "Close of Escrow" (as defined Section. 3.3 below), Buyer shall deposit into Escrow the following in Acceptable Funds: (a) the Purchase Price and (b) the Escrow closing costs. pursuant to the preliminary Escrow Closing statement furnished by Escrow Holder as provided below. 3.3 Close of Escrow. Subject to Sections 3.3,1 and 3.3.2, Escrow for the sale of the Property shall close on a date that is no later than thirty (30) days after the opening of Escrow ("Closing Date"), subject to reasonable extension as necessary in order to satisfy the conditions precedent and other requirements for the Close of Escrow. As used in this Agreement, "Close of Escrow" shall mean the date on -which the "Grant Deed" conveying fee title to the Property to Buyer is, recorded in the Orange County Recorder's Office.. -2-