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AGREEMENT <br />OF PURCHASE AND SALE <br />ASSESSOR PARCEL NUMBER: 398 - 491 -40 <br />THIS AGREEMENT of Purchase and Sale ( "Agreement'), dated September 15, <br />2015, is entered into by and between the CITY OF SANTA ANA, a California charter city <br />and municipal corporation ( "Seller ") and Rupen Akoubian, an individual ( "Buyer ") for the <br />acquisition by Buyer of certain real property described below. <br />RECITALS <br />A. Seller owns certain real property commonly known as Orange County <br />Assessor Parcel (APN) No. 398 - 491 -40, located at 51.0 East Second Street, in the City of <br />Santa Ana, County of Orange, State of California, adjacent to the Orange County Auto <br />Parts business located at 515 East First Street, Santa Ana, and a parking lot located at 506 <br />East Second Street, Santa Ana, both of which are owned by Buyer. Buyer desires to <br />purchase a fee interest in such real property owned by Seller as more particularly described <br />and depicted in Exhibit "A ", attached hereto and made part hereof ( "Property ") and Seller <br />desire to sell the Property. <br />B. The Seller owned portion of the Property was retained when the Property was <br />originally deeded to private ownership in 1989. A copy of the Grant Deed forAPN No. 398- <br />491-40, filed with the County of Orange as Document No, 8120378921, is attached hereto <br />as Exhibit "B" and is incorporated herein by this reference. <br />C. The Seller has reviewed its records and concluded that the Seller portion of <br />the Property is not needed for public purposes. Seller has determined that the Property <br />constitutes "exempt surplus land" as defined by Government Code section 54221 because <br />the Property is smaller than the square footage size thresholds found in Government Code <br />section 54221(e)(2), and not subject to such Government Code provisions per Government <br />Code section 54222.3. <br />E. The parties desire by this Agreement to provide the terms and conditions for <br />the purchase and sale of the Property. <br />AGREEMENT <br />The parties therefore agree as follows: <br />PURCHASE <br />Buyer agrees to buy, and Seller agrees to sell and convey, the Property for the <br />purchase price and upon the terms and conditions hereinafter set forth. <br />2. ESCROW <br />Upon execution of this Agreement by all parties, the parties shall open an escrow <br />( "Escrow ") with FIRST AMERICAN TITLE ( "Escrow Holder ") at its offices located at4 First <br />Exhibit 1 <br />25C -3 <br />