20A - AA - PURCHASE AND SALE OF CITY OWNED PROPERTY

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EXHIBIT 2 AGREEMENT OF PURCHASE AND SALE ASSESSOR PARCEL NUMBERS: 109 - 421- [21 -22] THIS AGREEMENT of Purchase and Sale ( "Agreement'), dated October20, 2015, is entered into by and between the CITY OF SANTA ANA, a California charter city and municipal corporation ( "Seller) and SPYGLASS REALTY PARTNERS, INC., a California corporation ( "Buyer") forthe acquisition by Buyer of certain real property described below. RECITALS A. Seller owns certain real property commonly known as Orange County Assessor Parcel Nos. (APN) 109 - 421 -21 and 109- 421 -22, located at 1232 -1244 South Bristol Street, in the City of Santa Ana, County of Orange, State of California. To facilitate their sale, the parcels have been merged into one parcel per Lot Merger 2015 -08 to activate its potential development and use. Buyer desires to purchase a fee interest in such real property owned by Seller as more particularly described and depicted in Exhibit "A ", attached hereto and made part hereof ( "Property ") and Seller desire to sell the Property. B. A copy of the Grant Deed for APN's 109- 421 -21 and 109 - 421 -22, filed with the County of Orange as Document No. [INSERT DOCUMENT NUMBER], is attached hereto as Exhibit "B" and is incorporated herein by this reference. C. The subject Property was acquired by the Seller in 1996 as part of the St. Andrew Place to McFadden Avenue Phase of the Bristol Street Improvement Project. These two remnant parcels have been vacant for nearly twenty years and are not needed for public use or improvements. E. The parties desire by this Agreement to provide the terms and conditions for the purchase and sale of the Property. AGREEMENT The parties therefore agree as follows: 1. PURCHASE Buyer agrees to buy, and Seller agrees to sell and convey, the Property for the purchase price and upon the terms and conditions hereinafter set forth. 2. ESCROW Upon execution of this Agreement by all parties, the parties shall open an escrow ( "Escrow') with Fidelity National Title Insurance Company ( "Escrow Holder"), whose address is 1300 Dove Street, Suite 310, Newport Beach, CA 92660, Attention: Natalie DuBois, for the purpose of consummating the purchase and sale of the Property, as described herein. The date on which Escrow is opened with Escrow Holder shall be 1 20A -13