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<br />A-2007-074 <br />. PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY <br />D. F'v..;A (~) AND BILATERAL ESCROW INSTRUCTIONS <br />(}(,.x*,i'4lUJ1l) (Residential) <br /> <br />THIS AGREEMENT, entered into this ;;2.00.day of Ajn..; I , 2007, by and between the CITY OF <br />SANTA ANA, a charter city and municipal corporation duly organized under the Constitution and laws of the <br />State of California (hereinafter referred to as the "City" or "Buyer"), and John P. & Tao-Jan Hou (hereinafter <br />called "Seller"), regardless of number or gender; <br /> <br />WITNESSETH <br /> <br />For and in consideration of their promises, covenants and agreements hereinafter set forth, and subject to the <br />terms, conditions and provisions hereinafter set forth, Seller agrees to sell to City, and City agrees to purchase <br />from Seller, all that certain real property (hereinafter referred to as "said real property") described as follows: <br /> <br />All that certain real property located in the State of California, County of Orange, City of Santa Ana, described <br />as follows: <br /> <br />SEE EXHIBIT "A" ATTACHED HERETO <br />AND BY THIS REFERENCE MADE A PART HEREOF <br /> <br />(Commonly known as 711 S. Bristol, Santa Ana, CA) <br /> <br />Said purchase and sale of said real property shall be in accordance with and subject to all of the following <br />terms, conditions, promises, covenants, agreements and provisions, to wit: <br /> <br />1. Convevance bv Seller. Seller agrees to convey said real property to City, by Grant Deed, at the office <br />of LandAmerica Commercial Services, located at 1920 Main Street, 12th Floor, Irvine, California, within thirty <br />(30) days from and after the date on which the City has approved this Agreement. <br /> <br />2. Title to be Conveved. (a) 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 all <br />conditions, restrictions, reservations, exceptions, easements, assessments, profits, limitations, encumbrances <br />(including any and all leases), liens, clouds or defects in title except those exceptions shown in Paragraph 15 <br />below. Seller hereby warrants that the title to said real property to be conveyed by Seller to City shall be free <br />and 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, profit, <br />limitation, encumbrance (including any and all leases), lien, cloud or defect in title, shall not constitute a waiver <br />by City of its right to the full and clear title hereinabove agreed to be conveyed by Seller to City, nor of any right <br />which might accrue to City because of the failure of Seller to convey title as hereinabove provided. <br /> <br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of said real property <br />to City, within the time and at the place hereinabove specified for said conveyance of said real property, a <br />policy of title insurance to be issued by the above mentioned title insurance company, with the City therein <br />named as the insured, in the amount SIX HUNDRED THOUSAND DOLLARS ($600,000) insuring the title of the <br />City to said real property is free and clear of any and all conditions, restrictions, reservations, exceptions, <br />easements, assessments, profits, limitations, encumbrances (including any and all leases), liens, clouds or <br />defects in title, excepting such specific ones as city may hereinafter expressly agree to take subject to. <br />Acceptance by City of any such policy of title insurance, whether such insurance complies with the <br />requirements of this paragraph or not, shall not constitute a waiver by City of its right to such insurance as is <br />herein required of Seller, nor a waiver by the City of any rights of action for damages or any other rights which <br />may accrue to City by reason of the failure of Seller to convey title or to provide title insurance as required in <br />this Agreement. <br /> <br />4. Escrow. City agrees to open an escrow at the office of LandAmerica Commercial Services, located at <br />1920 Main Street, 12th Floor, Irvine, California, (the Escrow Agent) within five (5) days from and after the date <br /> <br />1 <br />