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A- 2016.123
<br />PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />JUN 10 2W
<br />THIS AGREEMENT (hereinafter "PSA "), entered into on 2016,
<br />between the CITY OF SANTA ANA, a charter city and municipal corporation duly organized under the
<br />Constitution and laws of the State of California (hereinafter "City" or "Buyer "), and TaKai, LLC, their
<br />100% interest (hereinafter "Seller "), regardless of number or gender;
<br />THEREFORE, for and in consideration of their mutual promises, covenants and agreements, and
<br />subject to the terms, conditions and provisions of this PSA, Seller agrees to sell to City, and City
<br />agrees to purchase from Seller, that certain real property (hereinafter "Said Real Property ") legally
<br />described as follows:
<br />SEE EXHIBIT "A" — Legal Description
<br />ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF
<br />(Commonly known as 2034 S. Bristol Street, Santa Ana, CA 92704)
<br />(APN 408-334 -01)
<br />Said purchase and sale of Said Real Property shall be in accordance with and subject to all of the
<br />following 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
<br />the office of First American Title Insurance Company, 2 First American Way, Santa Ana, California,
<br />within sixty (60) 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
<br />and all conditions, restrictions, reservations, exceptions, easements, assessments, profits,
<br />limitations, encumbrances (whether monetary or non - monetary, general or specific, including any and
<br />all leasehold interests), liens, clouds or defects in title except those exceptions shown in Paragraph
<br />15 below. Seller hereby warrants that the title to said real property to be conveyed by Seller to City
<br />shall be free and clear as provided above. Seller further agrees that acceptance by City of any deed
<br />to said real property, with or without knowledge of any condition, restriction, reservation, exception,
<br />easement, assessment, profit, limitation, encumbrance (whether monetary or non- monetary, general
<br />or specific, and including any and all leasehold interests), lien, cloud or defect in title, shall not
<br />constitute a waiver by City of its right to the full and clear title hereinabove agreed to be conveyed by
<br />Seller to City, nor of any right which might accrue to City because of the failure of Seller to convey
<br />title as hereinabove provided.
<br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of said
<br />real property to City, within the time and at the place hereinabove specified for said conveyance of
<br />said real property, a policy of title insurance to be issued by the above mentioned title company, with
<br />the City therein named as the insured, in the amount of Five Hundred Forty Eight Thousand and
<br />no /100 Dollars ($548,000.00) insuring the title of the City to said real property is free and clear of any
<br />and all conditions, restrictions, reservations, exceptions, easements, assessments, profits,
<br />limitations, encumbrances (whether monetary or non- monetary, general or specific, and including any
<br />and all leasehold interests), liens, clouds or defects in title, excepting such specific ones as city may
<br />hereinafter expressly agree to take subject to. Acceptance by City of any such policy of insurance,
<br />whether such insurance complies with the requirements of this paragraph or not, shall not constitute
<br />a waiver by City of its right to such insurance as is herein required of Seller, nor a waiver by the City
<br />of any rights of action for damages or any other rights which may accrue to City by reason of the
<br />failure of Seller to convey title or to provide title insurance as required in this Agreement.
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