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<br /> OCT 2 2 201Q
<br /> N-2010-104
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<br /> PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br /> AND BILATERAL ESCROW INSTRUCTIONS
<br /> (Commercial)
<br /> THIS AGREEMENT, entered into thiso,~day of C , 2010, by and between the CITY OF SANTA ANA,
<br /> a charter city and municipal corporation duly organized under the Constitution and laws of the State of California
<br /> (hereinafter referred to as the "City" or "Buyer"), and Bristol Chino II, LLC, a California limited liability company,
<br /> as to an undivided 42.51% interest; Ginsborg Boys, LLC, a California limited liability company, as to an
<br /> undivided 12.23% interest; and NMC Santa Ana, LLC, a California limited liability company, as to an undivided
<br /> 45.26% interest (hereinafter called "Seller"), regardless of number or gender;
<br /> W I T N E S S E T H
<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, an easement over that certain real property (said easement is hereinafter referred to as "said real
<br /> property") described as follows:
<br /> The real property located in the State of California, County of Orange, City of Santa Ana, described as follows:
<br /> Parcel A described on EXHIBIT "A" and shown on "B" ATTACHED HERETO
<br /> AND BY THIS REFERENCE MADE A PART HEREOF
<br /> (Commonly known as a portion 2311 S. 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 following terms,
<br /> conditions, promises, covenants, agreements and provisions, to wit:
<br /> 1. Conveyance by Seller. Seller agrees to convey said real property to City, by Easement Deed, at the
<br /> office of First American Title Insurance Company, 2 First American Way, Santa Ana, California, within thirty (30)
<br /> days from and after the date on which the City has approved this Agreement.
<br /> 2. Title to be Conveyed. The Seller's interest to the real property will be conveyed to City by Seller by
<br /> Easement Deed as set fort h in "Exhibit "C" to this Agreement.
<br /> 3. Title Insurance. Concurrently with, and as a condition to, the conveyance of said real property to City,
<br /> within the time and at the place hereinabove specified for said conveyance of said real property, Escrow Agent
<br /> shall cause a policy of title insurance to be issued by the above mentioned title company, with the City therein
<br /> named as the insured, in the amount of TWENTY FOUR THOUSAND AND NO/100 Dollars ($24,000) insuring
<br /> the title of the City to said real property in the condition required by this Agreement, including as referenced or
<br /> described in paragraph 14 of 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 City 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 of
<br /> the escrow. Escrow to close within 120 days of the City's execution of this Agreement.
<br /> In addition to closing costs, $4,500 will be paid to Seller, through escrow, for reimbursement of appraisal fees.
<br /> The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of this
<br /> Section 4 and of the General Provisions described in Exhibit "D" attached hereto and incorporated herein by
<br /> this reference, in writing, delivered to the City and to the Seller within five (5) days after delivery of this
<br /> Agreement, shall carry out its duties as Escrow Agent hereunder.
<br /> City agrees to bear and Escrow Agent is hereby authorized to charge to the City the cost of any transfer taxes,
<br /> recording fees, cost of title insurance, reconveyance fees, document preparation fees, escrow fees, lender
<br /> transaction fees and any other closing costs incidental to the conveying of said real property to City. Penalties
<br /> for prepayment of bona fide obligations secured by any existing deed of trust or mortgage shall be waived
<br /> pursuant to Civil Code Procedures Section 1265.240.
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<br /> 1176226.3 - S
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