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<br /> <br /> <br /> EXHIBIT 3 <br /> <br /> <br /> PURCHASE AND SALE AGREEMENT <br /> <br /> Property Address: Corner of Washington Avenue and College <br /> Avenue, Santa Ana, California <br /> <br /> <br /> THIS PURCHASE AND SALE AGREEMENT (the "Agreement") dated, for <br /> identification purposes only, as of , 2012, is made and entered into by and <br /> between the CITY OF SANTA ANA, a charter city and municipal corporation <br /> ("Seller"), and RANCHO SANTIAGO COMMUNITY COLLEGE DISTRICT, a <br /> political subdivision of the State of California ("Buyer"), with reference to the following. <br /> In consideration of the mutual covenants set forth herein, Buyer and Seller agree as <br /> follows: <br /> RECITALS <br /> <br /> A. Seller owns that certain lot of land consisting of approximately 140 square <br /> feet at the corner of Washington Avenue and College Avenue, Santa Ana, California and <br /> more specifically described in Exhibit "A" and shown in Exhibit "B" attached hereto (the <br /> "Property"); <br /> <br /> B. The Property, as shown in Exhibit "B" is adjacent to the former College <br /> Avenue, which the City Council of the City of Santa Ana has vacated and title to which <br /> has reverted to Buyer. <br /> <br /> C. However, title to the Property is in the name of Seller. <br /> <br /> D. To clear title, Buyer and Seller have agreed to this Purchase and Sale <br /> Agreement so that Seller may quit claim any title it may have in the Property to Buyer. <br /> <br /> 1. Agreement to Sell and to Purchase. Subject to the terms and conditions <br /> of this Agreement, Seller agrees to sell and Buyer agrees to purchase the Property. <br /> <br /> 2. Purchase Price. The "Purchase Price" for the Property is One Dollar <br /> ($1.00) receipt of which by Seller is hereby acknowledged. <br /> <br /> 3. Quit Claim Deed. The transfer of the Property shall be by quit claim <br /> deed conveyance from Seller to Buyer showing title vested in Buyer. <br /> <br /> 4. Transfer Costs. Buyer shall pay all recording fees and all fees and costs <br /> for any new financing. Buyer shall pay the premium for the title insurance policy, should <br /> it seek title insurance. <br /> <br /> 5. Condition of Property. Buyer acknowledges that Buyer is purchasing <br /> the Property with full knowledge of its condition and that no representations or <br /> warranties of any kind whatsoever, express or implied, have been made by Seller or by <br /> <br /> <br /> -1- <br /> 25E-7 <br />