|
PURCHASE AND SALE AGREEMENT FOR ACQUISITIONOF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />THIS AGREEMENT, entered into this _ day of , 2011, 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
<br />California (hereinafter referred to as the "City" or "Buyer"), and Barney Svardloff Trustee of the Barney
<br />Svardloff Trust Dated March 21, 1981, as to an undivided 50 percent interest; Nathan Ogints Trustee of the
<br />Nathan Ogints Trust "A" Dated January 10, 1983, as to an undivided 16.67 percent interest and; Steven Iker
<br />Trustee of the Steven Iker and Sharon Iker Revocable Trust as their interest appear of record, as to un
<br />undivided 33.33 percent interest (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 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, all that certain real property (hereinafter referred to as "said real property") described as follows:
<br />All that certain real property located in the State of California, County of Orange, City of Santa Ana, described
<br />as follows:
<br />SEE EXHIBIT "A" & "B" ATTACHED HERETO
<br />AND BY THIS REFERENCE MADE A PART HEREOF
<br />(Commonly known as a portion of 1715 N. Bristol Street, Santa Ana, CA 92706)
<br />Said purchase and sale of said real property shall be in accordance with and subject to all of the following
<br />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 the office
<br />of First American Title Insurance Company, 2 First American Way, Santa Ana, California, within thirty (30) days
<br />from and after the date on which the City has approved this Agreement.
<br />2. Title to be Conveyed. (a) Seller agrees that, except as may hereinafter be otherwise expressly
<br />provided, said real property shall be conveyed by Seller to City, as aforesaid, free and clear of any and all
<br />conditions, restrictions, reservations, exceptions, easements, assessments, profits, limitations, encumbrances
<br />(whether monetary or non-monetary, general or specific, including any and all leasehold interests), liens, clouds
<br />or defects in title except those exceptions shown in Paragraph 15 below. Seller hereby warrants that the title to
<br />said real property to be conveyed by Seller to City shall be free and clear as provided above. Seller further
<br />agrees that 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 (whether monetary or
<br />non-monetary, general or specific, and including any and all leasehold interests), lien, cloud or defect in title,
<br />shall not constitute a waiver by City of its right to the full and clear title hereinabove agreed to be conveyed by
<br />Seller to City, nor of any right which might accrue to City because of the failure of Seller to convey title as
<br />hereinabove provided.
<br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of said real property
<br />to City, within the time and at the place hereinabove specified for said conveyance of said real property, a
<br />policy of title insurance to be issued by the above mentioned title company, with the City therein named as the
<br />insured, in the amount of NINETY THOUSAND AND NO/100 Dollars ($90,000.00) insuring the title of the City
<br />to said real property is free and clear of any and all conditions, restrictions, reservations, exceptions,
<br />easements, assessments, profits, limitations, encumbrances (whether monetary or non-monetary, general or
<br />specific, and including any and all leasehold interests), liens, clouds or defects in title, excepting such specific
<br />ones as city may hereinafter expressly agree to take subject to. Acceptance by City of any such policy of
<br />insurance, whether such insurance complies with the requirements of this paragraph or not, shall not constitute
<br />a waiver by City of its right to such insurance as is herein required of Seller, nor a waiver by the City of any
<br />rights of action for damages or any other rights which may accrue to City by reason of the failure of Seller to
<br />convey title or to provide title insurance as required in this Agreement.
<br />25B-15
|