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PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY <br />AND BILATERAL ESCROW INSTRUCTIONS <br />THIS AGREEMENT, entered into this day of , 2010, by and between <br />the CITY OF SANTA ANA, a charter city and municipal corporation duly organized under the <br />Constitution and laws of the State of California (hereinafter referred to as the "City" or "Buyer"), <br />and CP ARBORS APARTMENTS, LLC., a California limited liability company (hereinafter <br />called "Seller"). <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" - LEGAL DESCRIPTION <br />EXHIBIT "B" GRAPHICAL DEPICTION <br />ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF <br />(Being a portion of the property commonly known as 1100 Fairhaven Avenue, <br />Santa Ana, California 92705) <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. Subject to the terms and conditions set forth in this Agreement. <br />Seller agrees to convey said real property to City, by Grant Deed, at the office of First American <br />Title Insurance Company, 2 First American Way, Santa Ana, California, on or before April 30, <br />2011 (the "Closing Date"). The exact Closing Date shall be determined by the City's written <br />notice delivered to Seller at least twenty (20) days prior to the Closing Date. <br />2. Title to be Conveyed. 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 deeds of trust or other monetary encumbrances which in any such case have been <br />created by, through or under Seller. It shall be a condition precedent to Seller's obligations <br />hereunder that Seller's lender shall have released said real property from all deeds of trust and <br />other encumbrances held by Seller's lender. <br />(a) Seller shall convey to City a Temporary Construction Easement as described in <br />Exhibit A-1 attached hereto and by this reference made a part hereof. <br />(b) The lands burdened by the Temporary Construction Easement are legally described in <br />Exhibit A-1 attached hereto. Under no circumstances shall the Temporary Construction <br />Easement remain in effect beyond August 31, 2011. <br />956168.4 FLROBI 11/19i10220PM <br />25K-5