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A-2016-263
<br />PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />THIS AGREEMENT (hereinafter "ASA"), entered into on , 2016,
<br />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 2115 Bristol
<br />Trust, Lan Le as trustee (hereinafter "Seller"), regardless of number or gender;
<br />WHEREAS, Seller commissioned an appraisal of Said Real Property (as defined below) dated
<br />December 8, 2015. Seller obtained the appraisal in a good faith effort to obtain the fair market
<br />value of Said Real Property (not including any goodwill) and to pay Seller just compensation
<br />within the meaning of the just compensation clause of Article 1, Section 19 of the California
<br />Constitution. The valuation does not include any increase or decrease In fair market value caused
<br />by the public improvement for which the property is to be acquired. The December 8, 2015
<br />appraisal provides that the fair market value of Said Real Property is $2,475,000.
<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 2115-2123 S. Bristol Street, Santa Ana, CA 92704)
<br />(APN 015-194-20,-21 &-22)
<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 Seiler. 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
<br />and all leasehold interests), liens, clouds or defects in title except those exceptions shown in
<br />Paragraph 15 below. Seller hereby warrants that the title to said real property to be conveyed by
<br />Seller to City shall be free and clear as provided above. SelJer further agrees that acceptance by City
<br />of any deed to said real property, with or without knowledge of any condition, restriction, reservation,
<br />exception, easement, assessment, profit, limitation, encumbrance (whether monetary or non -
<br />monetary, general or specific, and including any and all leasehold interests), lien, cloud or defect in
<br />title, shall not constitute a waiver by City of its right to the full and clear title hereinabove agreed to be
<br />conveyed by Seller to City, nor of any right which might accrue to City because of the failure of Seller
<br />to convey 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 plane 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 Two Million, Six Hundred Sixty -Five
<br />
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