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A-2013-073
<br />PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />THIS AGREEMENT (hereinafter "PSA"), entered into on June_
<br />201 3, 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 The Cole Family Living
<br />Trust, Walter W. Cole, Jr. and Antoinette Cole as Trustee (hereinafter "Seller"), regardless of number or
<br />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 as
<br />follows:
<br />SEE EXHIBIT "A" — Legal Description
<br />ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF
<br />(Commonly known as 1222 East 41" Street, Santa Ana, CA)
<br />(APN: 398-385-03)
<br />Said purchase and sale of Said Real Property in lieu of acquisition by eminent domain to obtain the
<br />property for a public purpose, shall be in accordance with and subject to all of the following terms,
<br />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
<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 />2. Title to be Conveyed. 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,
<br />encumbrances (whether monetary or non -monetary, general or specific, including any and all leasehold
<br />interests), liens, clouds or defects in title except those exceptions shown in Paragraph 14 below. Seller
<br />hereby warrants that the title to said real property to be conveyed by Seller to City shall be free and clear
<br />as provided above.
<br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of said real
<br />property to City, within the time and at the place hereinabove specified for said conveyance of said real
<br />property, a policy of title insurance to be issued by the above mentioned title company, with the City therein
<br />named as the insured, in the amount of One Million One Hundred Thousand AND NO/100 Dollars
<br />($1,100,000.00) insuring the title of the City to said real property is free and clear of any and all conditions,
<br />restrictions, reservations, exceptions, easements, assessments, profits, limitations, encumbrances
<br />(whether monetary or non -monetary, general or specific, and including any and all leasehold interests),
<br />liens, clouds or defects in title, excepting such specific ones as city may hereinafter expressly agree to take
<br />subject to.
<br />4. Escrow. City agrees to open an escrow at the office of First American Title Insurance Company, 2
<br />First American Way, Santa Ana, California, (the Escrow Agent) within five (5) days from and after the date
<br />on which the City has approved this Agreement. This Agreement constitutes the joint escrow instructions of
<br />the City and the Seller and a duplicate original of this Agreement shall be delivered to the Escrow Agent
<br />upon the opening of the escrow. Escrow to close within 90 days of the City's execution of this Agreement.
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