25K - BRISTOL STREET CORRIDOR - Laserfiche WebLink

Home Browse Search

PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY AND BILATERAL ESCROW INSTRUCTIONS (Residential) THIS AGREEMENT, entered into this _ day of , 2010, by and between the CITY OF SANTA ANA, a charter city and municipal corporation duly organized under the Constitution and laws of the State of California (hereinafter referred to as the "City" or "Buyer "), and TF Investments, LLC, a California limited liability company (hereinafter called "Seller "), WITNESSETH For and in consideration of their promises, covenants and agreements hereinafter set forth, and subject to the terms, conditions and provisions hereinafter set forth, Seller agrees to sell to City, and City agrees to purchase from Seller, all that certain real property (hereinafter referred to as "said real property ") described as follows: All that certain real property located in the State of California, County of Orange, City of Santa Ana, described as follows: SEE EXHIBIT "A" ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF (Commonly known as 602 N. Bristol /1301 W. 6th, Santa Ana, CA) Said purchase and sale of said real property shall be in accordance with and subject to all of the following terms, conditions, promises, covenants, agreements and provisions, to wit: 1. Conveyance by Seller. Seller agrees to convey said real property to City, by Grant Deed, through an escrow to be opened at First American Title Insurance Company, located at 2 First American Way, Santa Ana, California, subject to the provisions of paragraph 2. . 2. Cancellation of Escrow. Escrow shall be cancelled and this Agreement shall be null and void if the City has not approved this Agreement and notified Seller of such approval by 5 pm on November 19, 2010. 3. Title Insurance. Seller makes no representations or warranties as to the state of title and Buyer is to obtain during Escrow, at its expense, such title insurance as it deems necessary or desirable. Seller shall have no responsibility to provide Buyer with any title documents, reports or policies of title insurance. 4. Escrow. City agrees to open an escrow at the office First American Title Insurance Company, 2 First American Way, Santa Ana, California, (the Escrow Agent) within five (5) days from and after the date on which the City has approved this Agreement. This Agreement constitutes the joint escrow instructions of the City and the Seller and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of the escrow. Escrow to close prior to December 31, 2010 — time being of the essence. The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of this Section 4 and of the General Provisions described in Exhibit "B" attached 25K -15