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<br />PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />AND HILA TERAL ESCROW INSTRUCTIONS
<br />(Commercial)
<br />
<br />THIS AGREEMENT (hereinafter "PSA"), entered into on ~ . 2008.
<br />between the CITY OF SANTA ANA, a charter city and municipal corporation duly organized under the
<br />Constitution and laws of the State of California (hereinafter "City" or "Buyer"), and BANK OF
<br />AMERICA, National Association. in its capacity as Trustee of the 7-Eleven Employee's Trust, formerly
<br />known as The Southland Employees Trust, and not in it's individual capacity (hereinafter the "Trust" or
<br />"Seller"), regardless of number or gender;
<br />
<br />THEREFORE, for and in consideration of their promises, covenants and agreements hereinafter set forth,
<br />and subject to the terms, conditions and provisions hereinafter set forth, Seller agrees to sell to City, and
<br />City agrees to purchase from Seller, all that certain real property located in the State of California,
<br />County of Orange, City of Santa Ana (hereinafter "Said Real Property"), described as follows:
<br />
<br />SEE EXHIBIT "A" and "B" ATTACHED HERETO
<br />AND BY TIllS REFERENCE MADE A PART HEREOF
<br />(Commonly known as [a portion of] 1020 South Bristol Street, Santa Ana, CA)
<br />
<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 />
<br />]. Conveyance bv Seller. Seller agrees to convey Said Real Property to City, by Grant Deed, at the
<br />office of First American Title Insurance Company, located at 550 South Hope Street, Los Angeles,
<br />California 90071 (attn: Bobby Purdy (213 )271-1700 ext. 1742, facsimile number (213 )402-28] 1), within
<br />thirty (30) days from and after the date on which the City has approved this Agreement.
<br />
<br />2. Title to be Conveyed. (a) Seller agrees that, except as may hereinafter be otherwise expressly
<br />provided, Said Real Property shall be conveyed by Seller to City, as aforesaid, free and clear of any and
<br />all conditions, restrictions, reservations, exceptions, easements, assessments, profits, limitations,
<br />encumbrances (whether monetary or non-monetary, general or specific, including any and all leasehold
<br />interests), liens. clouds or defects in title, except those exceptions shown in Paragraph ]4 bc]ow. Seller
<br />hereby warrants that the title to Said Real Property to be conveyed by Seller to City shall be free and
<br />clear as provided above. Seller further agrees that acceptance by City of any deed to Said Real Property,
<br />with or without knowledge of any condition, restriction, reservation, exception, easement, assessment,
<br />profit, limitation, encumbrance (whether monetary or non-monetary, general or specific, and including
<br />any and all ]easehold interests), lien, cloud or defect in title, shall not constitute a waiver by City of its
<br />right to 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 provided. (b)
<br />Seller agrees to convey to City a temporary landscape easement as described and depicted in greater
<br />detail in Exhibit "C" attached hcrcto and by this refercnce made a part hereof.
<br />
<br />3. Title Insurance. Seller agrees to deliver to City. concurrently with the conveyance of Said Real
<br />Property to City, within the time and at the place hereinabove specified for said conveyance of Said Real
<br />Property, a policy of title insurance to be issued by the above mentioned title company, with the City
<br />therein named as the insured, in the amount of ONE HUNDRED FIFTY FIVE THOUSAND AND
<br />NOnOO Dollars ($155,000.00) insuring City's title to Said Real Property is free and clear of any and all
<br />conditions, restrictions, reservations, exceptions, easements, assessments, profits, limitations,
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<br />Seller's Initials ""j2..~ J?1
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<br />25F-4
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