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PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY <br /> AND BILATERAL ESCROW INSTRUCTIONS <br /> THIS AGREEMENT (hereinafter "PSA"), entered into on <br /> <br /> I~, 201 0, between the CITY OF SANTA ANA, a charter city and <br /> municipal corporation duly organized under the Constitution and laws of the State of California <br /> (hereinafter "City" or "Buyer"), and the Mitchell family Trust and the Lyle B. Mitchell Trust (hereinafter <br /> "Seller"), regardless of number or gender; <br /> THEREFORE for and in consideration of their mu#ual promises, covenants and agreements, and <br /> subject to the terms, conditions and provisions of this PSA, Seller agrees to sell to City, and City <br /> agrees to purchase from Seller, a portion of that certain real property (hereinafter "Said Real <br /> Property") legally described and depic#ed as follows: <br /> SEE EXHIBIT "A" -Legal Description <br /> and EXHIBIT "B" -Graphical Depiction <br /> ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF <br /> (Commonly known as a portion of 1701 E. McFadden Avenue, Santa Ana, Ca) <br /> Said purchase and safe 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 b S~ eller. Seller agrees to convey Said Real Property to City, by Grant Deed, <br /> within thirty (30) days from and after the date on which the City has approved this PSA. <br /> 2. Title to be Conveved. (a) The Seller's interest to the Real Property will be conveyed to City <br /> by Seller by Grant Deed as set forth in Exhibit "C" to this PSA. <br /> {b) Seiler agrees to convey to City a Temporary Construction Easement (hereinafter "TCE") as <br /> described in the attached Exhibit "A-1" and depicted on the attached Exhibit "B." The TCE is also <br /> described in greater detail in Exhibit "D," the TCE Deed, attached hereto and by this reference <br /> made a part hereof <br /> 3. Proaerty Taxes. Real property taxes, if any, on Said Real Property for the fiscal year within <br /> which Said Real Property is conveyed to City as are unpaid at the time of said conveyance shall be <br /> cleared and paid in accordance with the provisions of Section 4986 and 5081 of the Revenue and <br /> Taxation Code of the State of California. Ail unpaid taxes on Said Real Property for any and all years <br /> prior to the fiscal year within which said conveyance is made shall be paid by Seller before <br /> conveyance of Said Real Property to City. <br /> 4 Aavment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept from <br /> City, as and for the full purchase price for Said Real Property, fixtures & equipment, improvements <br /> pertaining to the realty, goodwill (if any), severance damages (if any), and a TCE, the total sum of <br /> Twenty-Seven Thousand Four Hundred Seventy and No/100 Dollars ($28,500.00). <br /> 5. Deadline for Payment of Purchase Price. City agrees to pay the settlement amount of <br /> Twenty-Six Thousand and No/100 Dollars ($26,000.00) to Seller, and Two Thousand Five Hundred <br /> and No/100 Dollars ($2,500.00) to Said Real Property's Lessee, Rosendo Villa, Sr., compensation <br /> for the improvement impact, payable to Lessee per Seiler, within THIRTY (30) days from receipt of a <br /> fully executed Grant Deed and confirmation that Seiler has marks#able title to Said Real Property. <br /> 6. Recordation of Grant Deed. Buyer shall not record the Grant Deed until City has paid Seller <br /> the full Purchase Price for Said Real Property. <br /> 25J-3 <br /> <br />