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PURCHASE AND SALE AGREEMENT AND BILATERAL ESCROW INSTRUCTIONS
<br />FOR ACQUISITION OF REAL PROPERTY
<br />(Residential)
<br />THIS AGREEMENT (hereinafter "PSA"), entered into on 2007,
<br />between the CITY OF SANTA ANA, a charter city and municipal corporation duly
<br />organized under the Constitution and laws of the State of California (hereinafter "City" or
<br />"Buyer"), and Deutsche Bank National Trust (hereinafter "Seller"), regardless of number
<br />or gender;
<br />THEREFORE, for and in consideration of their mutual promises, covenants and
<br />agreements, and subject to the terms, conditions and provisions of this Agreement, Seller
<br />agrees to sell to City, and City agrees to purchase from Seller, all that certain real property
<br />(hereinafter "Said Real Property") described as follows:
<br />All that certain real property located in the State of California, County of Orange, City of
<br />Santa Ana, described as follows:
<br />SEE EXHIBIT "A" ATTACHED HERETO AND BY THIS REFERENCE MADE A PART
<br />HEREOF
<br />(Commonly known as 1239 Raymar, Santa Ana, CA)
<br />Said purchase and sale of Said Real Property shall be in accordance with and subject to
<br />all of the following terms, conditions, promises, covenants, agreements and provisions,
<br />to wit:
<br />1. Convevance by Seller. Seller agrees to convey Said Real Property to City, by
<br />Grant Deed, at the office of First American Title Insurance Company, located at 2 First
<br />American Way, Santa Ana, California, within thirty (30) days from and after the date on
<br />which the City has approved this PSA.
<br />2. Title to be Conveyed. Seller agrees that, except as may hereinafter be
<br />expressly provided, Said Real Property shall be conveyed by Seller to City, as aforesaid,
<br />free and clear of any and all conditions, restrictions, reservations, exceptions, easements,
<br />assessments, profits, limitations, encumbrances (including any and all leases), liens,
<br />clouds or defects in title, except those exceptions shown in Paragraph 15 below. Seller
<br />hereby warrants that the title to Said Real Property shall be free and clear as provided
<br />above. Seller further agrees that acceptance by City of any deed to Said Real
<br />Property, with or without knowledge of any condition, restriction, reservation,
<br />exception, easement, assessment, profit, limitation, encumbrance (including any and
<br />all leases), lien, cloud or defect in title, shall not constitute a waiver by City of its right to
<br />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
<br />provided.
<br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the
<br />conveyance of title to Said Real Property to City, within the time and at the place
<br />hereinabove specified, a policy of title insurance to be issued by the above mentioned
<br />title insurance company, with the City therein named as the insured, in the amount of
<br />TWO HUNDRED THIRTY FIVE THOUSAND DOLLARS ($235,000) insuring that title to
<br />Said Real Property is free and clear of any and all conditions, restrictions, reservations,
<br />exceptions, easements, assessments, profits, limitations, encumbrances
<br />Page 1 of 8 Seller's Initials
<br />250-4
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