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<br /> JUL N-20'10-049 <br /> <br /> j;QYV /4 <br /> S purr <br /> g YYi~1`GtY1l <br /> PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY <br /> AND BILATERAL ESCROW INSTRUCTIONS <br /> THIS AGREEMENT (hereinafter "PSA"), entered into on s oc~°% 20'10, between the CITY <br /> OF SANTA ANA, a charter city and municipal corporation my organized under the Constitution and <br /> laws of the State of California (hereinafter "City" or "Buyer"), and DRSS-I, LLC, a California Limited <br /> Liability Company (hereinafter "Seller"), regardless of number or gender; <br /> THEREFORE, for and in consideration of their mutual 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 depicted as follows: <br /> SEE Attachment 1, Exhibit "A" and "B" <br /> ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF <br /> (Commonly known as a portion of 2040-East Dyer Road, 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 . Conveyance by Seller. Seller agrees to convey Said Real Property to City, by Quitclaim <br /> Deed, within thirty (30) days from and after the date on which the City has approved this PSA. <br /> 2. Title to be Conveyed. (a) The Seller's interest to the Real Property will be conveyed to City <br /> by Seller by Quitclaim Deed. <br /> (b) Seller also agrees to execute a License and Right of Entry Agreement (hereinafter "ROE") as <br /> described in "Attachment 2", attached hereto and by this reference made a part hereof. <br /> 3. Intentionally Omitted. <br /> 4 Payment 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 ROE, the total sum of TWO <br /> THOUSAND FIVE HUNDRED DOLLARS and No Cents ($2,500.00). <br /> 5. Deadline for Payment of Purchase Price. City agrees to pay the purchase price of TWO <br /> THOUSAND FIVE HUNDRED DOLLARS and No Cents ($2,500.00) to Seller within THIRTY (30) <br /> days from receipt of a fully executed Quitclaim Deed and ROE, and confirmation that Seller has <br /> marketable title to Said Real Property. <br /> 6. Recordation of Deed. Buyer shall hold the Quitclaim Deed and TLE as an escrow holder <br /> and Buyer shall not record until City has paid Seller the full purchase price for said Real Property and <br /> receive confirmation from Seller or Seller's counsel that the full purchase price has been received by <br /> Seller. For purposes of this agreement, the City shall be referred to as Escrow Agent. <br /> Page 1 of S <br /> <br />