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A-2010-151
<br />!NSQRANCE NIC,i', iGkI E AND SALE AGREEMENT FOR ACQUISITIONOF REAL PROPERTY
<br />WOPK l.I: ' IRC'CEED, AND BILATERAL ESCROW INSTRUCTIONS
<br />(Commercial)
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<br />THIS AGREEMENT, entered into this day of `.>_
<br />2010, by and between the CITY OF SANTA ANA, a charter city and municipal corporation duly
<br />organized under the Constitution and laws of the State of California (hereinafter referred to as the
<br />"City" or "Buyer"), and Fa Chou Ung, as Trustee of the Fa Chou Ung Trust, U.D.T. ("Under
<br />Declaration of Trust") dated April 14, 2005 (hereinafter called "Seller"), regardless of number or
<br />gender;
<br />WITNESSETH
<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,
<br />and City agrees to purchase from Seller, all that certain real property (hereinafter referred to as
<br />"said real property") described as follows:
<br />All that certain real property located in the 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 510 N. Bristol Street, 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 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 this
<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
<br />clear of any and all conditions, restrictions, reservations, exceptions, easements, assessments,
<br />profits, limitations, encumbrances (whether monetary or non-monetary, general or specific,
<br />including any and all leasehold interests), liens, clouds or defects in title except those exceptions
<br />shown in Paragraph 15 below. Seller hereby warrants that the title to said real property to be
<br />conveyed by Seller to City shall be free and clear as provided above. Seller further agrees that
<br />acceptance by City of any deed to said real property, with or without knowledge of any condition,
<br />restriction, reservation, exception, easement, assessment, profit, limitation, 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
<br />and clear title hereinabove agreed to be conveyed by Seller to City, nor of any right which might
<br />accrue to City because of the failure of Seller to convey title as hereinabove provided.
<br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of said
<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 title
<br />company, with the City therein named as the insured, in the amount of ONE MILLION SEVEN
<br />HUNDRED THOUSAND AND NO/100 Dollars ($1,700,000) insuring the title of the City to said
<br />real property is free and clear of any and all conditions, restrictions, reservations, exceptions,
<br />easements, assessments, profits, limitations, encumbrances (whether monetary or non-
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