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DISTRICT COUNTY ROUTE LOCATION NUMBER 12 ORA 5 32.9 DD 069306-O1-Ol NOTE AND AGREEMENT SECURED BY A DEED OF TRUST ~"uo~flt~''", u ~•t ~ ~'„~A ?'~j~~° i A-2001-0 39 THIS NOTE AND AGREEMENT, dated Februan' 2.0, 2001, is made by CITY OF SANTA ANA, a charter city and municipal corporation duly organized under the constitution and law of the State of California (BUYER) as e~zdence of a debt to the STATE OF CALIFORNIA acting by and through the DEPARTMENT OF TRANSPORTATION (SELLER). 3347 Michelson Drive, Suite CN380, Irvine. California 92612-0661 1. For the sum of FOUR HUNDRED FORTY FIVE THOUSAND DOLLARS (5445,000.00) BUYER hereby agrees to purchase and SELLER hereby agrees to sell portions of real property commonly known as: 2127 N. Main Street and 2060 N. Bush~Street, Santa Ana, County of Orange, California and legally described on Director's Deeds No. DD-069306-01-01 and DD-073912-01-01 (hereinafter referred to as the "propert}") 2. BUYER agrees to pay anon-refundable down payment 30% of the purchase price amounting to 5133,500. A note in the amount of 5 311„5(10 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%, for a term of four (4) years, payable in sixteen (16) quarterly installments of 523,629.09 and commencing on June 1, 2001. 3. All sales made subject to the approval of the California Transportation Commission. In the event that the California Transportation Commission fails to approve this sale, all monies heretofore paid by the buyer will be refunded without interest. 4. All installments are to be paid in lawful money of the United States of America and shall be delivered to: Department of Transportation Accounting Services Center, Cashier PO Box 168019 Sacramento, California 95816-8019 5. Each installment shall be credited first on interest then due and the remainder on principal so credited. 6. BUYER may make additional payments on the principal at any time before final installment, and interest shall thereupon cease upon said principal so credited. 7. If BUYER should default in the payment of an}° monthly installment, or any part thereof, when due as herein provided, and such default should continue for thirty (30) days after notice thereof in writing to BUYER, the whole of said pwchase price shall at the option of the State become forthwith due and payable. 8. A late fee of 5% of the monthly payment, will be charged if pavment has not been received within 10 days of its due date. 9. BUYER agrees to pay all taxes and assessments which are and which may be levied or assessed against said premises. 10. BUYER shall promptly pay all indebtedness incurred by acts of the BUYER on the property on which may become a lien on said premises. 11. Should the BUYER, its successors or assigns, sell or otherwise transfer the PROPERTY without the prior express written consent of the SELLER, at its sole election, may declare all or any portion of the principal and accrued interest on this NOTE AND AGREEMENT to be immediately due and payable and may proceed at once without further notice to enforce this NOTE AND AGREEMENT according to law. 12. No delay or failure of SELLER in the exercise of any right or remedy hereunder or under any other agreement, which secures or is 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 taken or omitted by the SELLER shall be deemed a waiver of any such right of remedy.