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<br /> PURCHASE AND SALE AGREEMENT FOR ACQUISITIONOF REAL PROPERTY
<br /> AND BILATERAL ESCROW INSTRUCTIONS
<br /> (Commercial)
<br /> THIS AGREEMENT, entered into this _ day of
<br /> 2010, by and 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 referred to as the
<br /> "City" or "Buyer"), and 1650 So State College LLC (hereinafter called "Seller"), regardless of
<br /> number or gender;
<br /> WITNESSETH
<br /> For and in consideration of their promises, covenants and agreements hereinafter set forth, and
<br /> subject to the terms, conditions and provisions hereinafter set forth, Seller agrees to sell to City,
<br /> and City agrees to purchase from Seller, all that certain real property (hereinafter referred to as
<br /> "said real property") described as follows:
<br /> All that certain real property located in the State of California, County of Orange, City of Santa
<br /> Ana, described as follows:
<br /> SEE EXHIBIT "A" ATTACHED HERETO
<br /> AND BY THIS REFERENCE MADE A PART HEREOF
<br /> (Commonly known as 418 N. Bristol Street, Santa Ana, CA)
<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 /> 1. Convevance by Seller. Seller agrees to convey said real property to City, by Grant Deed, at
<br /> the office of First American Title Insurance Company, 2 First American Way, Santa Ana,
<br /> California, within thirty (30) days from and after the date on which the City has approved this
<br /> Agreement.
<br /> 2. Title to be Conveyed. (a) Seller agrees that, except as may hereinafter be otherwise
<br /> expressly provided, said real property shall be conveyed by Seller to City, as aforesaid, free and
<br /> clear of any and all conditions, restrictions, reservations, exceptions, easements, assessments,
<br /> profits, limitations, encumbrances (whether monetary or non-monetary, general or specific,
<br /> including any and all leasehold interests), liens, clouds or defects in title except those exceptions
<br /> shown in Paragraph 15 below. Seller hereby warrants that the title to said real property to be
<br /> conveyed by Seller to City shall be free and clear as provided above. Seller further agrees that
<br /> acceptance by City of any deed to said real property, with or without knowledge of any condition,
<br /> restriction, reservation, exception, easement, assessment, profit, limitation, encumbrance
<br /> (whether monetary or non-monetary, general or specific, and including any and all leasehold
<br /> interests), lien, cloud or defect in title, shall not constitute a waiver by City of its right to the full and
<br /> clear title hereinabove agreed to be conveyed by Seller to City, nor of any right which might
<br /> accrue to City because of the failure of Seller to convey title as hereinabove provided.
<br /> 3. Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of said
<br /> real property to City, within the time and at the place hereinabove specified for said conveyance
<br /> of said real property, a policy of title insurance to be issued by the above mentioned title
<br /> company, with the City therein named as the insured, in the amount of ONE MILLION SIX
<br /> HUNDRED SEVEN THOUSAND ONE HUNDRED FIVE AND NO/100 Dollars ($1,607,105)
<br /> insuring the title of the City to said real property is free and clear of any and all conditions,
<br /> restrictions, reservations, exceptions, easements, assessments, profits, limitations,
<br /> encumbrances (whether monetary or non-monetary, general or specific, and including any and all
<br /> leasehold interests), liens, clouds or defects in title, excepting such specific ones as city may
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