KINCO REDHILL (2) - 2010 - Laserfiche WebLink

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4r;,~URAt• ,-!.;i~=t~Cu A-2010-002 ' CLERK ~F ~OiJNCIL NhTF ~ ~Z4S~ ~ ~ ~~ PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY AND BILATERAL ESCROW INSTRUCTIONS THIS AGREEMENT (hereinafter "PSA"), entered into on January 4, 2 01 0 , 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 Kinco r ~ Redhill, LLC a California limited liability company (hereinafter "Seller"), regardless of number or gender; f> ~~ THEREFORE, for and in consideration of their mutual promises, covenants and agreements, and N subject to the terms, conditions and provisions of this PSA, Seller agrees to sell to City, and City ~`j agrees to purchase from Seller, a portion of that certain real property (hereinafter "Said Real Property") legally described and depicted as follows: ~. SEE Attachment 1 ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF (Commonly known as a portion of 2850 Redhill 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. Conveyance by Seller. Seller agrees to convey Said Real Property to City, by Quitclaim Deed, within thirty (30) days from and after the date on which the City has approved this PSA. 2. Title to be Convened. (a) The Seller's interest to the Real Property will be conveyed to City by Seller by Quitclaim Deed. (b) Seller also agrees to convey to City a Temporary Landscape Easement (hereinafter "TLE") as described in "Attachment 2", attached hereto and by this reference made a part hereof. (c) Seller also agrees to execute a License and Right of Entry Agreement (hereinafter "ROE") as described in "Attachment 3", attached hereto and by this reference made a part hereof. 3. Intentionally Omitted. 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 TLE, the total sum of ONE HUNDRED TWENTY TWO THOUSAND SIXTY FIVE DOLLARS and No Cents ($122,065.00). 5. Deadline for Payment of Purchase Price. City agrees to pay the purchase price of ONE HUNDRED TWENTY TWO THOUSAND SIXTY FIVE DOLLARS and No Cents ($122,065.00) to Seller within THIRTY (30) days from receipt of a fully executed Quitclaim Deed and TLE, and confirmation that Seller has marketable title to Said Real Property. 6. Recordation of Deed. Buyer shall hold the Quitclaim Deed and TLE as an escrow holder and Buyer shall not record until City has paid Seller the full purchase price for said Real Property and receive confirmation from Seller or Seller's counsel that the full purchase price has been received by Seller. For purposes of this agreement, the City shall be referred to as Escrow Agent. Page 1 of 16