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<br />"b'VVJ-U50B <br /> <br />STATE: OF' CALIFORNIA <br /> <br />DEPAR1"MENT OF TRANSPORTATION <br /> <br />. <br /> <br />t <br /> <br />PURCHASE AND SALE AGREEMENT-REAL PROPERTY <br />DD-073891-01-01 & DD-073898-01-01 <br /> <br />In this Agreement dated. . by and between the City Of Santa Ana, a charter <br />city and-municipal corporation, duly organized under the constitution and law of the State of California, <br />hereinafter known as "Buyer" and State Of CalifQrnia, Department Of'fransportation, hereinafter.known <br />as "Seller", the parties agree as foiJows: <br /> <br />Buyer hereby agrees to purchase, and Seller hereby agrees to sell, without monetary consideration, Zero <br />Dollar ($0.00), that eight (8) vacant and unimproved real property located in the City of Santa Ana, County <br />of Orange, California, and legally described on Director's Deed Numbers DD 073891-01-01 and DD <br />073898-01-01 (hereinafter referred to as the "properties"). The Buyer and the Seller further understand, <br />agree and accept that the Fair Market Value is 1bree Hundred Seventy Six Thousand, Seven Hundred Ninety <br />Dollars, ($376,790.00). <br /> <br />Subiect to the following conditions: <br /> <br />I <br />All sales made subject to the approval of the California Transportation Commission, (CTC) or the <br />Commision's designee. In the event that the CTC or its designee fails to approve this sale, all monies if any <br />heretofore paid by the Buyer will be refimded without interest. <br />n <br />The properties referenced above are subject to Transportation Enhancement Activities (TEA) Program <br />Agreement Declaring Restrictive Covenants, nmning with the land in perpetuity, separately recorded, and <br />hereto for reference as exhibit "ADRC". <br />m <br />The sale of the properties are to close and the deeds recorded, within thirty days after the final execution of <br />the contribution agreement. <br />IV <br />The Seller is willing to process this sale at no charge to the Buyer, except for the items set forth in paragraph <br />V below. Buyer, at its option, may open an escrow at its own expense. The Seller will pay no escrow fees. <br /> <br />V <br />The Buyer agrees to pay any and all recording fees, documentary stamp tax and monumentation fees <br />chargeable by the County Recorder. At a later date, the Seller will request that these fees are forwarded, and <br />. buyer shall subrnit to the seller upon demand. <br />VI <br />The Buyer expressly understands that the right, title and interest in the properties to be conveyed shall not <br />exceed that vested in the State of California and that the Seller will furnish no policy of title insurance, If a <br />policy oftille insurance is desired, the Seller will obtain one, upon request, at the Buyer's expense. <br /> <br />vn <br />The properties are .being sold "as is" and are being conveyed subject to any special assessments, restrictions, <br />reservations or easements of record and subject to any reservations contained in the Director's Deed. Buyer <br />may examme any intormation the Seller has relative to these matterS. <br /> <br />vm <br />In the event suit is brought by either party to enforce the terms and provisions of this Agreement or to secure <br />the perfonnance hereof, each party shall bear its own attorney's fees. <br /> <br />Page] 0[2 <br />