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<br />A-2008-051
<br />
<br />PURCHASE AND SALE AGREEMENT AND BILATERAL ESCROW INSTRUCTIONS
<br />FOR ACQUISITION OF REAL PROPERTY
<br />(Commercial)
<br />
<br />THIS AGREEMENT (hereinafter "PSA"), is entered into on U)JJ~~ J , 20~,
<br />between the CITY OF SANTA ANA, a charter city and municipal corporation duly organized
<br />under the Constitution and laws of the State of California (hereinafter "City" or "Buyer"), and
<br />Keng Tong Taing and Sing Lor Taing, Trustees of the Taing Family Trust, dated May 21,2001
<br />(hereinafter "Sellers"), regardless of number or gender;
<br />
<br />Therefore, in consideration of the promises, covenants and agreements hereinafter set forth, and
<br />subject to the terms, conditions and provisions hereinafter set forth, Sellers agrees to sell to City,
<br />and City agrees to purchase from Sellers, all, or a portion thereof, of that certain real property
<br />(hereinafter referred to as "Said Real Property") located in the State of California, County of
<br />Orange, City of Santa 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 1019 South Bristol Street, Santa Ana, California)
<br />
<br />Said purchase and sale of Said Real Property shall be in accordance with and subject to all of the
<br />following terms, conditions, promises, covenants, agreements and provisions, to wit:
<br />
<br />1. Convevance bv Sellers. Sellers agree to convey Said Real Property, to City, by Grant
<br />Deed, at the office of LandAmerica Commercial Services, located at 1920 Main Street, 1 ih
<br />Floor, Irvine, California, within one hundred twenty (120) days from and after the date on which
<br />the City has approved this PSA.
<br />
<br />2. Title to be Conveyed. Sellers agree that, except as may hereinafter be otherwise
<br />expressly provided, Said Real Property shall be conveyed by Sellers to City, as aforesaid, free
<br />and clear of any and all conditions, restrictions, reservations, exceptions, easements, assessments,
<br />profits, limitations, encumbrances (whether monetary or non-monetary, general or specific,
<br />including any and all leasehold interests), liens, clouds or defects in title, except those exceptions
<br />shown in Paragraph 15 below. Sellers hereby warrant that the title to Said Real Property to be
<br />conveyed by Sellers to City shall be free and clear as provided above. Sellers further agree that
<br />acceptance by City of any deed to Said Real Property, with or without knowledge of any
<br />condition, restriction, reservation, exception, easement, assessment, profit, limitation,
<br />encumbrance (whether monetary or non-monetary, general or specific, and including any and all
<br />leasehold interests), lien, cloud or defect in title, shall not constitute a waiver by City of its right
<br />to the full, clear, and marketable title hereinabove agreed to be conveyed by Sellers to City, nor
<br />of any right which might accrue to City because of the failure of Sellers to convey title as
<br />hereinabove provided.
<br />
<br />3. Title Insurance. Sellers agree to deliver to City, concurrently with the conveyance of
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