|
PURCHASE AND SALE AGREEMENT FOR ACQUISITIONOF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />THIS AGREEMENT, entered into this _ day of 20'10, by and between the CITY OF SANTA
<br />ANA, a charter city and municipal corporation duly organized under the Constitution and laws of the State of
<br />California (hereinafter referred to as the "City" or "Buyer'), and Far West Fairhaven, Ltd., a Limited Partnership
<br />(hereinafter called "Seller'), regardless of number or gender;
<br />WITNESSETH
<br />For and in consideration of their promises, covenants and agreements hereinafter set forth, and subject to the
<br />terms, conditions and provisions hereinafter set forth, Seller agrees to sell to City, and City agrees to purchase
<br />from Seller, all that certain real property (hereinafter referred to as "said real property") described as follows:
<br />All that certain real property located in the State of California, County of Orange, City of Santa Ana, described
<br />as follows:
<br />SEE EXHIBIT "A" ATTACHED HERETO
<br />AND BY THIS REFERENCE MADE A PART HEREOF
<br />(Commonly known as a portion of 120'1 Fa[rhaven Avenue, Santa Ana, CA 92705)
<br />Said purchase and sale of said real property shall be in accordance with and subject to all of the following
<br />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 the office
<br />of First American Title Insurance Company, 2 First American Way, Santa Ana, California, within thirty (30) days
<br />from and after the date on which the City has approved this Agreement.
<br />2. Title to be Conveyed. (a) Seller agrees that, except as may hereinafter be otherwise expressly
<br />provided, said real property shall be conveyed by Seller to City, as aforesaid, free and clear of any and all
<br />conditions, restrictions, reservations, exceptions, easements, assessments, profits, limitations, encumbrances
<br />(whether monetary or non-monetary, general or specific, including any and all leasehold interests), liens, clouds
<br />or defects in title except those exceptions shown in Paragraph 14 below. Seller hereby warrants that the title to
<br />said real property to be conveyed by Seller to City shall be free and clear as provided above.
<br />3. Title Insurance. City shall secure, concurrently with the conveyance of said real property to City, within
<br />the time and at the place hereinabove specified for said conveyance of said real property, a policy of title
<br />insurance to be issued by the above mentioned title company, with the City therein named as the insured, in
<br />the amount of FORTY-FIVE THOUSAND and NO/'100 Dollars ($45,000.00) insuring the title of the City to said
<br />real property is free and clear of any and all conditions, restrictions, reservations, exceptions, easements,
<br />assessments, profits, limitations, encumbrances (whether monetary or non-monetary, general or specific, and
<br />including any and all leasehold interests), liens, clouds or defects in title, excepting such specific ones as city
<br />may hereinafter expressly agree to take subject to. Acceptance by City of any such policy of insurance,
<br />whether such insurance complies with the requirements of this paragraph or not, shall not constitute a waiver
<br />by City of its right to such insurance as is herein required of Seller, nor a waiver by the City of any rights of
<br />action for damages or any other rights which may accrue to City by reason of the failure of Seller to convey title
<br />or to provide title insurance as required in this Agreement.
<br />4. Escrow. City agrees to open an escrow at the office of First American Title Insurance Company, 2 First
<br />American Way, Santa Ana, California, (the Escrow Agent) within five (5) days from and after the date on which
<br />the Clty has approved this Agreement. This Agreement constitutes the joint escrow instructions of the City and
<br />the Seller and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening
<br />of the escrow. Escrow to close within 60 days of the City's execution of this Agreement.
<br />25F-3
|