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y` N-2009-130 PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY AND BILATERAL ESCROW INSTRUCTIONS T IS AG EEMENT (hereinafter "PSA"), entered into on - , 2 0 0 9 , between the CITY OF SANTA ANA, a charter city and municipal corporation duly organized under the Constitution and laws of the State of California (hereinafter "City" or "Buyer"), and MDC Las Palmas, LLC, et al. (hereinafter "Seller"), regardless of number or gender; THEREFORE, for and in consideration of their mutual promises, covenants and agreements, and subject to the terms, conditions and provisions of this PSA, Seller agrees to sell to City, and City agrees to purchase from Seller, a portion of that certain real property (hereinafter "Said Real Property") legally described and depicted as follows: SEE EXHIBIT "A" -Legal Description and EXHIBIT "B" -Graphical Depiction ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF (Commonly known as a portion of of1501-1609 E. McFadden Avenue, Santa Ana, Ca) Said purchase and sale of Said Real Property shall be in accordance with and subject to all of the following terms, conditions, promises, covenants, agreements and provisions, to wit: 1 • Convevance by Seller. Seller agrees to convey Said Real Property to City, by Grant Deed, within thirty (30) days from and after the date on which the City has approved this PSA. 2. Title to be Conveyed. (a) The Seller's interest to the Real Property will be conveyed to City by Seller by Grant Deed as set forth in Exhibit "C" to this PSA. (b) Seller agrees to convey to City a Temporary Construction Easement (hereinafter "TCE") as described in the attached Exhibit "A-1" and depicted on the attached Exhibit "B." The TCE is also described in greater detail in Exhibit "D," the TCE Deed, attached hereto and by this reference made a part hereof 3. Proaerty Taxes. Real property taxes, if any, on Said Real Property for the fiscal year within which Said Real Property is conveyed to City as are unpaid at the time of said conveyance shall be cleared and paid in accordance with the provisions of Section 4986 and 5081 of the Revenue and Taxation Code of the State of California. All unpaid taxes on Said Real Property for any and all years prior to the fiscal year within which said conveyance is made shall be paid by Seller before conveyance of Said Real Property to City. 4 Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept from City, as and for the full purchase price for Said Real Property, fixtures & equipment, improvements pertaining to the realty, goodwill (if any), severance damages (if any), and a TCE, the total sum of Seven Thousand One Hundred Sixty-Seven and No/100 Dollars ($7,167.00). 5. Deadline for Pavment of Purchase Price. City agrees to pay the purchase price of Seven Thousand One Hundred Sixty-Seven and No/100 Dollars ($7,167.00) to Seller within THIRTY (30) days from receipt of a fully executed Grant Deed and confirmation that Seller has marketable title to Said Real Property. 6• Recordation of Grant Deed. Buyer shall not record the Grant Deed until City has paid Seller the full Purchase Price for Said Real Property.