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<br />A-2010-246A
<br />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 Dong Ho Lee
<br />(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
<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 2235 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
<br />following terms, conditions, promises, covenants, agreements and provisions, to wit:
<br />1. Convevance 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 conditions, restrictions, reservations, exceptions, easements, assessments,
<br />profits, limitations, encumbrances (whether monetary or non-monetary, general or specific,
<br />including any and all leasehold interests), liens, clouds or defects in title except those exceptions
<br />shown in Paragraph 15 below. Seller hereby warrants that the title to said real property to be
<br />conveyed by Seller to City shall be free and clear as provided above. Seller further agrees that
<br />acceptance by City of any deed to said real property, with or without knowledge of any condition,
<br />restriction, reservation, exception, easement, assessment, profit, limitation, encumbrance
<br />(whether monetary or non-monetary, general or specific, and including any and all leasehold
<br />interests), lien, cloud or defect in title, shall not constitute a waiver by City of its right to the full
<br />and clear title hereinabove agreed to be conveyed by Seller to City, nor of any right which might
<br />accrue to City because of the failure of Seller to convey title as hereinabove provided.
<br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of said
<br />real property to City, within the time and at the place hereinabove specified for said conveyance
<br />of said real property, a policy of title insurance to be issued by the above mentioned title
<br />company, with the City therein named as the insured, in the amount of ONE MILLION SEVEN
<br />HUNDEED TWENTY ONE THOUSAND FOUR HUNDRED NINETY AND NO/100 Dollars
<br />($1 ,721 ,490.00), insuring the title of the City to said real property is free and clear of any and all
<br />conditions, restrictions, reservations, exceptions, easements, assessments, profits, limitations,
<br />encumbrances (whether monetary or non-monetary, general or specific, and including any and all
<br />leasehold interests), liens, clouds or defects in title, excepting such specific ones as city may
<br />P? ? ??n ?
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