|
PURCHASE AND SALE AGREEMENT FOR ACQUISITIONOF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />(Commercial)
<br />THIS AGREEMENT, entered into this _ day of , 2010, by and between the CITY OF
<br />SANTA ANA, a charter city and municipal corporation duly organized under the Constitution and
<br />laws of the State of California (hereinafter referred to as the "City" or "Buyer "), and Ricardo R.
<br />Garibay (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
<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 828 N. Bristol Street, Santa Ana, CA)
<br />APN: 004 - 123 -48
<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 voluntary encumbrances (whether monetary or non - monetary, general or
<br />specific, including any and all leasehold interests), and except those exceptions shown in
<br />Paragraph 15 below. Seller hereby warrants that the title to said real property to be conveyed by
<br />Seller to City shall be free and clear as provided above. Seller further agrees that acceptance by
<br />City of any deed to said real property, with or without knowledge of any voluntary encumbrance
<br />(whether monetary or non - monetary, general or specific, and including any and all leasehold
<br />interests), shall not constitute a waiver by City of its right to the full and clear title hereinabove
<br />agreed to be conveyed by Seller to City, nor of any right which might accrue to City because of
<br />the failure of Seller to convey title as hereinabove provided.
<br />3. Title Insurance. Seller, at City's expense, agrees to deliver to City, concurrently with the
<br />conveyance of said real property to City, within the time and at the place hereinabove specified
<br />for said conveyance of said real property, a policy of title insurance to be issued by the above
<br />mentioned title company, with the City therein named as the insured, in the amount of THREE
<br />MILLION ONE HUNDRED NINETY THOUSAND AND NO /100 Dollars ($3,190,000.00) insuring
<br />the title of the City to said real property is free and clear of any and all encumbrances (whether
<br />monetary or non - monetary, general or specific, and including any and all leasehold interests),
<br />liens, excepting such specific ones as city may hereinafter expressly agree to take subject to.
<br />Acceptance by City of any such policy of insurance shall constitute a waiver by City of its right to
<br />such insurance as is herein required of Seller.
<br />4. Escrow. City agrees to open an escrow at the office of First American Title Insurance
<br />25K -37
<br />
|