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PURCHASE AND SALE AGREEMENT FOR ACQUISITIONOF REAL PROPERTY
<br /> AND BILATERAL ESCROW INSTRUCTIONS
<br /> (Commercial)
<br /> THIS AGREEMENT, entered into #his,;~day of Aprll, 2010, by and between the CITY OF
<br /> SANTA ANA, a charter city and municipal corporation duly organized under fhe Constitution and
<br /> laws of the State of California (hereinafter referred to as the "City" or "Buyer"}, and Pieper
<br /> Properties, a California general partnership (hereinafter called "Seiler"), regardless of number or
<br /> gender;
<br /> WtTNESSETH
<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 #o sell to City,
<br /> and City agrees to purchase from Seller, ail that certain real property (hereinafter referred to as
<br /> "said real property") described as follows:
<br /> All that certain real property located in fhe 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 1211 W. Warner Avenue, Santa Ana, CA)
<br /> Said purchase and sale of said real property shelf 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 Setter. 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 Phis
<br /> Agreement.
<br /> 2. Title to bs 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, assessmen#s,
<br /> profits, itmitations, encumbrances (whether monetary or non-monetary, general or specific,
<br /> including any and aH leasehold interests), liens, clouds or defects in title except (hose exceptions
<br /> shown in Paragraph 15 below. Seiler hereby warrants that the title to said real property to be
<br /> conveyed by Seiler to City shall be free and clear as provided above. Seller further agrees that
<br /> accep#ance by City of any deed to said real property, with or without knowledge of any condi#ion,
<br /> restriction, reservafion, exception, easement, assessment, profi#, limi#a#ion, 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 herelnabove agreed to be conveyed by Seller to City, nor of any right which might
<br /> accrue to Clty because of the failure of Seiler to convey title as hereinabave provided.
<br /> 3. Titf~ Insur~ce. Seiler agrees to deliver to City, concurrently with the conveyance of sold
<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 ti ie
<br /> company, with the City therein named as the insured, in the amount of ONE MILL{ON FOR
<br /> HUNDRED TWENTY NINE THOUSAND FIVE HUNDRED FfFTY AND NOl100 Dollars
<br /> ($1,429,550.00) insuring the title of the City to said real properly is free and clear of any and all
<br />
<br /> conditions, restric#tons, reservations, exceptions, easements, assessmen#s, profits, timitaflons,
<br /> encumbrances (whether monetary ornon-monetary, general or specific, and including any and all
<br /> leasehold interests), liens, clouds ar defects in title, excep#ing such specific ones as city may
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<br /> 25A-6
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