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~~ ~~~' ~. DISTRICT COUNTY ROUTE LOCATION NUMBER l2 ORA 5 32.9 DT)-()G93{l6-OI-A1 DD-073912-01-(11 NOTE AND AGREEMENT SECURED HX A DEED OF TRUST THIS NOTE AND AG1tI~EMENT, dated February 20, 200], is rnadc by CYTy' Ot? SANTA ANA, a charter city and municipal corporation duty organised under the constitution and law of the State of California (BUYER) as evidence of a debt to the STATE OF CALIFORNIA acting by and through the DEPARTMENT OF TRANSPORTATION (SELLER), 3347 Michelson Drive, Suite CN3130, Irvine, California 92G I2-OGFr 1 1. For the sum of FOUR HUNDRED FORTY 1~IVE THOUSA,NA DOLLARS ($445,000.00) BUYER hereby agrees to purchuso and SELLER hcmb_y ag+eees to sell portions of real property commonly known as: Z 1.27 N..Main Street and 2060 N. Bush Strcc[, Santa Ana, Couniy of Orange, California and legally described on Dinxtor's Dads No. DA-Of,9306-0101 and DD-073912-01.01 (hereinafter referred to as the "property") 2. BUYER agrees [a pay anon-rcfandable amen payment 30% of the ptuchase price amounting to S133~00, A note i:n the amount of S 311,500 in favor. of the SELLER will be issued to BUYER. The principal and interest on this note will be at an annual rate of interest of 9.5°1°, for a. terim of four (4) Yea*is, Payahte fn siiteen (] 6) quittrterly a»stallmcnts of $23,629.09 and commencing on November 1, 2001. .All sales made suitject to the approval of the California Transportation Commission. In the mrcnt that the California Trarispottation Commission fails to approve this sale, all monies hcrctaforC paid by the buyer will be refunded without imcrest. 4. Ali installments arc to be paid in lawfit] money of the United States of America and shalt be delivered to: Dcpartfiettt of Transportation Acoonntitgg Services Center, Cashier PO Box 168019 Sacramento, California 9581 f,-8019 5. Each installment shall be credited first on interest then due and the remainder an principal ~ credited. 6. BUYER may make additional payments on the principal at arty time before final installment, and interest shall thereupon cease upon said principal so credited. 7. if BUYER should default in the payment of any monthly installment, or any part therevl; when due aS herein provided, and such default should continue for thirty (3U) days after notice thereof in writing to HUYBR the whole of said purchase price shall at. the option of the State become forthwith due and payable. 8. A late fee of 5'/° of rite monthly payment, will be charged if payment has not bast received within IO days of its due date. 9_ ,BUYER agrees to pay all taxes and assessmcstts which axe and which may be levied or assessed against said premises. 10_ BUYER shall protrtptly pay all inddxedness incurred by acts of the BUYER on the property on which ma_y boeorne a lien on said premises, 11. Should the BUYER, its successors or assigns, sell or otherwise transfer rate PROPERTY without the prior express written consent of the SELLER, at its sole election, may declare nil or arty portion of the principal aiod aecxued merest on thi€ NOTE AND AGREEMENT to be immediately due and payable and may prooecd at once without further notice to enforce this NOTE AND AGREEMENT according to law. 12. No delay or faihue of SELLER in the exercise of any right or remedy hereunder or under arty other aSrCCmcnt, which secures or i€ related hereto, shall affect any such right or remedy, and no single or partial exercise of any such right or remedy shall preclude any further exercise thereof., and no action ~alcen Or omitted by the SELLER shall be deemed a waiver of any such right of remedy_