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PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />THIS AGREEMENT (hereinafter "PSA"), entered into on ..................
<br />2 012, between the CITY OF SANTA ANA, a charter city and municipal corporation duly organized under
<br />the Constitution and laws of the State of California (hereinafter "City" or "Buyer"), and Horton Family Properties
<br />LLC (No. 200920910185), a California Limited Liability Company (hereinafter "Seller"), regardless of number
<br />or gender;
<br />THEREFORE, for and in consideration of their mutual promises, covenants and agreements, and subject
<br />to the terms, conditions and provisions of this PSA, Seller agrees to sell to City, and City agrees to
<br />purchase from Seller, that certain real property (hereinafter "Said Real Property") legally described and
<br />depicted as follows:
<br />SEE EXHIBIT "A" - Legal Description
<br />and EXHIBIT "B" - Graphical Depiction
<br />ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF
<br />(Commonly known as 107 N. Grand Avenue, Santa Ana, CA)
<br />(APN: 398-456-16)
<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. (a) Seller agrees to convey said real property to City, by Grant Deed, at the
<br />office of First American Title Insurance Company, 2 First American Way, Santa Ana, California, within thirty
<br />(30) days from and after the date on which the City has approved this Agreement, identified as Exhibit "C".
<br />(b) Seller agrees to convey to City a Temporary Construction Easement in, on, over and above the portion of
<br />the subject property identified as Exhibit "D" and incorporated herein by this reference.
<br />2. Conveyance by City. (a) City agrees to convey to Seller, by Grant Deed, The Surplus Property
<br />("Surplus Property"), described and depicted on the attached Exhibit "E" & "F" of this Agreement at the
<br />office of First American Title Insurance Company, 2 First American Way, Santa Ana, California, within thirty
<br />(30) days from and after the date on which the City has approved this Agreement.
<br />3. Title to be Conveyed.
<br />(a) Seller agrees that, except as may hereinafter be otherwise expressly provided, said real property
<br />shall be conveyed by Seller to City, as aforesaid, free and clear of any and all conditions,
<br />restrictions, reservations, exceptions, easements, assessments, profits, limitations,
<br />encumbrances (whether monetary or non-monetary, general or specific, including any and all
<br />leasehold interests), liens, clouds or defects in title except those exceptions shown in Paragraph
<br />16 below. Seller hereby warrants that the title to said real property to be conveyed by Seller to
<br />City shall be free and clear as provided above. Seller further agrees that acceptance by City of
<br />any deed to said real property, with or without knowledge of any condition, restriction, reservation,
<br />exception, easement, assessment, profit, limitation, encumbrance (whether monetary or non-
<br />monetary, general or specific, and including any and all leasehold interests), lien, cloud or defect
<br />in title, shall not constitute a waiver by City of its right to the full and clear title hereinabove agreed
<br />to be conveyed by Seller to City, nor of any right which might accrue to City because of the failure
<br />of Seller to convey title as hereinabove provided.
<br />25E-5
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