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assigns of the respective parties hereto. 11. Time is of the Essence. In all matters and things hereunder to be done and in all payments hereunder to be made, time is and shall be of the essence. 12. Permission to Enter on Premises. Seller hereby grants City, and its authorized agents, permission to enter upon Said Real Property at all reasonable times prior to close of escrow for the purpose of making necessary inspections. 13. Purchase Price. Seller acknowledges that the Property is for sale on the Multiple Listing Service and agrees that said purchase price reflects the fair market value for Said Real Property, including improvements to Said Real Property, business goodwill (if any), fixtures, equipment and improvements to the realty, and severance damages (if any), bonus value, and any and all other damages or compensation to which Seller is or could be entitled to as a result of City's acquisition of Said Real Property. Seller acknowledges that this acquisition is voluntary and not made under a threat of condemnation. Seller has approached City with an offer for the disposition of this real property and acknowledges that City has not approved nor taken any action in furtherance of condemnation of this property for public use. 14. Notices. All Notices pertaining to this PSA shall be sent via U.S. Postal Service or overnight carrier, properly addressed and postage prepaid, to the following addresses, which may be periodically changed provided notice of the change of address is first given to the other party: To City: The City of Santa Ana 20 Civic Center Plaza, M-36 P.O. Box 1988 Santa Ana, California 92702 To Seller: Karen Min Lo, William Ming Lo and Jim Ming Lo 3281 N Rimcrest Laguna Beach CA 92651-2089 15. Exceptions. City agrees to accept title to Said Real Property subject to the following: NONE. 16. Entire Agreement. It is mutually agreed that the parties hereto have set forth herein the whole of their Agreement. Performance of this PSA by City shall lay at rest, each, every, and all issue(s) that were raised or could have been raised by Seller in connection with the acquisition of Said Real Property by City. 17. Hazardous Waste. Except for the previous owner (BP ARCO), neither Seller, nor to Seller's knowledge, tenant, occupant, and/or user of the Property used, generated, released, discharged, stored, or disposed of any hazardous waste, toxic substances, or related materials ("Hazardous Materials") on, under, in, or about the Property, or transported any Hazardous Page 4 of I 1 Seller's Initials ~ ~, ,~~, 25N-7