|
1NSU~AIJCE tJ~~T ~~~0(JIR~D A-2010-003
<br />WDRK +'NaY p~~nCt=E~
<br />CLERK ~~` (~;;;U~CIL
<br />i~ATF ~_~-/0
<br />PURCHASE AND SALE AGREEMENT FOR ACQUISITIONOF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />(Commercial)
<br />THIS AGREEMENT, entered into this5`~+ day of -Tan~~~~ 2010, by and between the CITY OF
<br />SANTA ANA, a charter city and municipal corporation duly organized under the Constitution and laws
<br />~ of the State of California (hereinafter referred to as the "City" or "Buyer"), and HPT CW Properties
<br />Trust. a Maryland real estate investment trust (hereinafter called "Seller"), regardless of number or
<br />(~ gender;
<br />,-('
<br />F
<br />WITNESSETH
<br />~~
<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, and
<br />City agrees to purchase from Seller, all that certain real property (hereinafter referred to as "said real
<br />b~ property" or the "Property ") described as follows:
<br />U
<br />All that certain real property located in the State of California, County of Orange, City of Santa Ana,
<br />described as follows:
<br />SEE ATTACHMENT 1, ATTACHED HERETO
<br />AND BY THIS REFERENCE MADE A PART HEREOF
<br />(Commonly known as a portion of 2600 Redhill, Santa Ana, CA)
<br />(APN 430-221-19)
<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. Conveyance 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, California, the
<br />date specified by City as herein provided. City shall execute this Agreement within thirty (30) days
<br />after City Council approval and notify Seller promptly once this Agreement has been approved and
<br />executed as aforesaid. City shall specify the date on which the conveyance shall occur in a written
<br />notice delivered to Seller at least ten (10) business days prior to the actual conveyance date (which
<br />date shall occur within ninety (90) days from and after the date on which the City has approved the
<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 clear
<br />of any and all conditions, restrictions, reservations, exceptions, easements, assessments, profits,
<br />limitations, encumbrances (whether monetary or non-monetary, general or specific, including any and
<br />all leasehold interests), liens, clouds or defects in title except those exceptions shown in Paragraph 15
<br />below; provided, however, Seller makes no covenants or warranties as to its title to said real property
<br />except as set forth in the Grant Deed delivered pursuant hereto.
<br />Page 1 of 24
<br />
|