|
<br />.~~ ~::. ~.
<br />--'- f
<br />.=.; c:~.
<br />
<br />A-2007-065
<br />
<br />(:)..LC.
<br />'.~ ~
<br />
<br />\"
<br />o
<br />" l
<br />~; ;r
<br />~j ~
<br />-=.3ff\
<br />
<br />PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />(Residential)
<br />
<br />THIS AGREEMENT, entered into this B!!"day of Mavc1'V ,2006, by and between the
<br />"-' CITY OF SANTA ANA, a charter city and municipal corporation duly organized under the
<br />!":: Constitution and laws of the State of California (hereinafter referred to as the "City" or "Buyer"),
<br />co
<br />and panagon Family L TD Partnership (hereinafter called "Seller"), regardless of number or
<br />gender;
<br />
<br />0: fl~'A-
<br />CM.~'ttj~
<br />
<br />WITNESSETH
<br />
<br />For and in consideration of their promises, covenants and agreements hereinafter set forth, and
<br />subject to the terms, conditions and provisions hereinafter set forth, Seller agrees to sell to City,
<br />and City agrees to purchase from Seller, all that certain real property (hereinafter referred to as
<br />"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
<br />Ana, described as follows:
<br />
<br />SEE EXHIBIT "A" ATTACHED HERETO
<br />AND BY THIS REFERENCE MADE A PART HEREOF
<br />
<br />(Commonly known as 814 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
<br />the following 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
<br />Deed, at the office of First American Title Insurance Company, located at 2 First American
<br />Way, Santa Ana, California, within thirty (30) days from and after the date on which the City has
<br />approved this Agreement.
<br />
<br />2. Title to be Conveved. (a) Seller agrees that, except as may hereinafter be otherwise
<br />expressly provided, said real property shall be conveyed by Seller to City, as aforesaid, free and
<br />clear of any and all conditions, restrictions, reservations, exceptions, easements, assessments,
<br />profits, limitations, encumbrances (including any and all leases), liens, clouds or defects in title
<br />except those exceptions shown in Paragraph 15 below. Seller hereby warrants that the title to
<br />said real property to be conveyed by Seller to City shall be free and clear as provided above.
<br />Seller further agrees that acceptance by City of any deed to said real property, with or without
<br />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
<br />constitute a waiver by City of its right to the full and clear title hereinabove agreed to be
<br />conveyed by Seller to City, nor of any right which might accrue to City because of the failure of
<br />Seller to convey title as hereinabove provided.
<br />
<br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of
<br />said real property to City, within the time and at the place hereinabove specified for said
<br />conveyance of said real property, a policy of title insurance to be issued by the above
<br />mentioned title insurance company, with the City therein named as the insured, in the amount
<br />SIX HUNDRED AND TEN THOUSAND DOLLARS ($610,000) insuring the title of the City to
<br />said real property is free and clear of any and all conditions, restrictions, reservations,
<br />exceptions, easements, assessments, profits, limitations, encumbrances (including any and all
<br />11
<br />
|