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25C - AGMT - 510 E 2ND ST SALE
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25C - AGMT - 510 E 2ND ST SALE
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Last modified
9/10/2015 3:24:19 PM
Creation date
9/10/2015 1:56:20 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
25C
Date
9/15/2015
Destruction Year
2020
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American Way, Santa Ana, CA 92707, for the purpose of consummating the purchase and <br />sale of the Property, as described herein. The date on which Escrow is opened with <br />Escrow Holder shall be referred to as the "Effective Date." The parties shall execute and <br />deliver to Escrow Holder such escrow instructions prepared by Escrow Holder, as may be <br />required to consummate the transaction contemplated by this Agreement If there is any <br />Inconsistency between such Instructions and this Agreement, this Agreement shall control <br />unless the parties expressively agree in writing otherwise. The Escrow instructions shall <br />Include the Following terms and conditions of sale: <br />2.1 Purchase Price <br />The total purchase price for the Property shall be the sum of Forty- Thousand <br />Dollars ($4.0,000.00) ( "Purchase Price "). <br />(a) Escrow Deposifi Within five (5) days of the Effective Date, Buyer <br />shall deposit FIVE THOUSAND) ($5,000) ( "Escrow Deposit") in cash with the Escrow <br />Holder. Such Escrow Deposit shall be credited towards the Purchase Price paid to Seller <br />as provided in this Agreement. <br />(b) Closing Payment The Purchase Price, as adjusted by the <br />application of the Escrow Deposit and bythe proration and credits specified herein, shall be <br />paid by Buyer to Seller in cash at the Close of Escrow (the amount to be paid under this <br />Section 2.1(b) being herein called the "Closing Payment"). <br />(c) Independent Consideration Escrow Holder shall pay a portion <br />of the Escrow Deposit in the amount of One- Hundred Dollars ($100.00) (the "Independent <br />Consideration ") to Seller upon the earlier to occur of the Close of Escrow (as defined <br />below) or the termination of this Agreement for any reason. The Independent <br />Consideration constitutes bargained -for consideration for this Agreement and Buyer's rights <br />under Section. 2,6(d) and is expressly acknowledged to be adequate. The obligation of <br />Buyer to pay the Independent Consideration to Escrow Holder, and the obligation of <br />Escrow Holder to pay the same to Seller, are unconditional and shall survive any <br />termination of this Agreement. <br />2.2 Close of Escrow <br />If Buyer does not exercise Its right to terminate this Agreement under Section <br />2.6(d) prior to the expiration of the Due Diligence Period (as defined below), then Escrow <br />shall close on the fifth (5th) business day following the expiration of the Due Diligence <br />Period (the "Close of Escrow "). If Escrow is not in a condition to close by Close of <br />Escrow, Escrow shall be closed as soon as passible thereafter. <br />2.3 Condition of Title to Property <br />Seller shall cause the conveyance of title to the Property to Buyer as <br />evidenced by a Binder of Title Insurance ( "Title Policy ") issued by FIRST AMERICAN <br />TITLE (the "Title Company ") In an amount equal to the Purchase Price. The Title Policy <br />shall show as exceptions with respect to the Property only matters approved in writing by <br />25C -4 <br />
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