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<br />WITNESSETH:
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<br />WHEREAS, Vendor is now the owner of certain real property (hereinafter referred to as "the property") located in the County
<br />of Orange, State of California, commonly known as: 1249 West First Street, Santa Ana, California 92701,
<br />
<br />and described as follows: lot 21, 23 and 25 in Block A of Bessonett Tract, as shown on a map recorded in Book 24, Page 73
<br />of Miscellaneous Records of Los Angeles County, California.
<br />
<br />WHEREAS, Vendor has agreed to sell, and Vendee has agreed to buy, the property on the terms and conditions hereinafter
<br />set forth;
<br />
<br />WHEREAS, Vendor shall retain legal titie as a security interest in the property until the payment of the balance of the
<br />purchase price has been paid by Vendee as set forth below.
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<br />NOW, THEREFORE, THE PARTIES HERETO DO HEREBY AGREE AS FOllOWS:
<br />PURCHASE PRICE
<br />
<br />1. Vendor agrees to sell, and Vendee agrees to buy, all of the property for the sum of Eight Hundred Five Thousand and
<br />NO/100 Dollars ($805,000) lawful money of the United States, as hereinafter more fully set forth.
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<br />CONVEYANCE TO TRUSTEE
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<br />2. Upon execution of this security land contract, Vendor and Vendee irrevocably grant, transfer and assign their rights,
<br />title and interests to the property herein to Trustee, Commonwealth land Title Company, a California Corporation, in
<br />trust for purposes of securing Vendor's and Vendee's obligations herein. The parties do not intend hereby to alter in
<br />any manner their rights and interests to the property as Vendor or Vendee, but rather intend to vest Trustee with title
<br />so as to create in Trustee powers as set forth herein sufficient to carry out its duties, and Vendor and Vendee shall
<br />retain the rights and obligations imposed upon them by California Civil Code section 2985 et seq, all other applicable
<br />laws and statutes, and this Contract.
<br />
<br />PAYMENT OF PURCHASE PRICE
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<br />3. Vendee shall pay said purchase price of $805,000 as follows:
<br />
<br />a. Within 30 days of execution of this agreement, Vendee will deposit into escrow the sum of EIGHT HUNDRED
<br />THOUSAND DOLLARS AND No/1 00 ($800,000).
<br />
<br />b. Upon recording Vendor's irrevocable grant, transfer and assignment of their rights, title and interest to the
<br />property to the Trustee, Six Hundred Thousand and NO/100 Dollars ($600,000) will be released to the Vendor.
<br />
<br />c. The remaining Two Hundred Thousand and NO/100 Dollars ($200,000), deposited into escrow by the Vendor,
<br />will be set-aside for environmental clean-up, as required by the applicable regulatory agency. The Vendee or
<br />their Consultant will be responsible for coordinating the clean-up activities; submitting invoices to the escrow for
<br />payment; and completing the application to the State of California UST Cleanup Fund (Cleanup Fund) on behalf
<br />of the Vendor. The escrow company will process payment of each invoice, including invoices from Consultant for
<br />completing the application to the Cleanup Fun, after approval in writing from the both the Vendor and Vendee.
<br />Vendor hereby acknowledges, that Fred Orgeron will review and approve each invoice, on behalf of the Vendor.
<br />
<br />d. The balance of said purchase price of Five Thousand and NO/100 Dollars $5,000 shall be paid by the Vendee to
<br />the Vendor and shall bear interest at the rate of 5 percent per annum of any balance unpaid. Said sum shall be
<br />paid in one installment of Six Thousand Two Hundred Fifty and NO/100 Dollars ($6,250.00) Sixty (60) months
<br />from the execution of this security land contract. If the installment payment due hereunder is delinquent ten or
<br />more days, Vendee agrees to pay the sum of $5.00 or the equivalent of 6% of the installment due that is
<br />applicable to payment of principal and interest, provided that the late payment charge satisfies the requirements
<br />of sections 2954.4 and 2954.5 of the California Civil Code. Vendee may prepay all or any portion of balance due
<br />Vendor or on any other encumbrance on the property where the terms of such encumbrance so provide.
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