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PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />THIS AGREEMENT (hereinafter "PSA") is entered into on , 2008,
<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 />Karen Min Lo, William Ming Lo and Jim Ming Lo (hereinafter "Seller"), regardless of number or
<br />gender;
<br />THEREFORE, in consideration of their promises, covenants and agreements hereinafter set
<br />forth, and subject to the terms, conditions and provisions hereinafter set forth, Seller agrees to
<br />sell to City, and City agrees to purchase from Seller, all that certain real property ("Said Real
<br />Property") located in the State of California, County of Orange, City of Santa Ana, described as
<br />follows:
<br />SEE EXHIBIT "A" ATTACHED HERETO
<br />AND BY THIS REFERENCE MADE A PART HEREOF
<br />(Commonly known as 1303 N. Bristol Street, Santa Ana, California)
<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 />1. Conveyance by Seller. Seller agrees to convey Said Real Property to City, by Grant
<br />Deed, at the office of Mariners Escrow, 1100 Newport Center Drive #200, Newport Beach,
<br />California, within thirty (30) days after the date on which City has approved this PSA.
<br />2. Title to be Conveyed. 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 Section 15, below. Seller hereby warrants that title to Said
<br />Real Property to be conveyed by Seller to City shall be free and clear as provided above. Seller
<br />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 />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 referenced
<br />title insurance company, with City therein named as the insured, in the amount ONE MILLION
<br />ONE HUNDRED TWENTY THOUSAND AND NO/100 DOLLARS ($1,120,000.00) insuring the that
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<br />Seller's Initials
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