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r- A -2014 -153
<br />PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />Y AND BILATERAL ESCROW INSTRUCTIONS
<br />a
<br />- THI AGREEMENT (hereinafter "PSA "), entered into ongi�1__i
<br />201L4, 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 Byung Taek Min and
<br />Anna Jae Min, Husband and Wife as Joint Tenants (hereinafter "Seller "), regardless of number or gender;
<br />THEREFORE, for and in consideration of their mutual promises, covenants and agreements, and subject
<br />1Z 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 />ti (Commonly known as 1311 N. Bristol Street, Santa Ana, CA)
<br />(APN: 405 -272 -12)
<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
<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 15 below. Seller
<br />hereby warrants that the title to said real property to be conveyed by Seller to City shall be free and clear as
<br />provided above. Seller further agrees that acceptance by City of any deed to said real property, with or
<br />without knowledge of any condition, restriction, reservation, exception, easement, assessment, profit,
<br />limitation, encumbrance (whether monetary or non- monetary, general or specific, and including any and all
<br />leasehold interests), lien, cloud or defect in title, shall not constitute a waiver by City of its right to the full and
<br />clear title hereinabove agreed to be conveyed by Seller to City, nor of any right which might accrue to City
<br />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 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 Three Hundred Ninety Thousand AND NO/100 Dollars ($390,000.00)
<br />insuring the title of the City to said real property is free and clear of any and all conditions, restrictions,
<br />reservations, exceptions, easements, assessments, profits, limitations, encumbrances (whether monetary or
<br />non - monetary, general or specific, and including any and all leasehold interests), liens, clouds or defects in
<br />title, excepting such specific ones as city may hereinafter expressly agree to take subject to. Acceptance by
<br />City of any such policy of insurance, whether such insurance complies with the requirements of this
<br />paragraph or not, shall not constitute a waiver by City of its right to such insurance as is herein required of
<br />Seller, nor a waiver by the City of any rights of action for damages or any other rights which may accrue to
<br />City by reason of the failure of Seller to convey title or to provide title insurance as required in this
<br />Agreement.
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