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PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />THIS AGREEMENT (hereinafter "PSA" . or "Agreement "), is entered into on
<br />corporation duly organized under the Constitution and laws of the State of California (hereinafter
<br />"City" or "Buyer "), and WORLD OIL MARKETING COMPANY a California corporation (hereinafter
<br />"Seller "). Buyer and Seller shall sometimes individually be referred to herein as a "Party" or
<br />collectively as the "Parties."
<br />THEREFORE, for and in consideration of their mutual promises, covenants and agreements,
<br />and subject to the terms, conditions and provisions of this Agreement, Seller agrees to sell to
<br />City, and City agrees to purchase from Seller, that certain real property (hereinafter "said real
<br />property ") legally described as follows:
<br />SEE EXHIBIT "A" -W Legal Description
<br />ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF
<br />(Commonly known as 2040 S. Bristol Street, Santa Ana, CA 92704)
<br />(APN 408 - 336 -17)
<br />Said purchase and sale of Said Real Property shall be in accordance with and subject to all of
<br />the fallowing 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,
<br />at the office of First American Title Insurance Company, 2 First American Way, Santa Ana,
<br />California, within sixty (60) days from and after the date on which the City has approved this
<br />Agreement. Seller has entered into this Agreement and agreed to sell the said real property to
<br />City under threat of condemnation.
<br />2. Title to be Conveyed. Seller agrees that, except as may hereinafter be otherwise
<br />expressly provided, said real property shall be conveyed by Seller to City, as aforesaid, free and
<br />clear of any and all conditions, restrictions, reservations, exceptions, easements, assessments,
<br />profits, limitations, encumbrances (whether monetary or non - monetary, general or specific,
<br />including any and all leasehold interests), liens, clouds or defects in title except the Permitted
<br />Exceptions (as defined in Section 15 below). Seller hereby warrants that the title to said real
<br />property to be conveyed by Seller to City shall be free and clear as provided above. Seller furiher
<br />agrees that acceptance by City of any deed to said real property, with or without knowledge of
<br />any condition, restriction, reservation, exception, easement, assessment, profit, limitation,
<br />encumbrance (whether monetary or non - monetary, general or specific, and including any and all
<br />leasehold interests), lien, cloud or defect in title, shall not constitute a waiver by City of its right to
<br />the full and clear title hereinabove agreed to be conveyed by Seller to City, nor of any right which
<br />might accrue to City because of the failure of Seller to convey title as hereinabove provided.
<br />3. Title Insurance. It shall be a condition to closing for City's benefit hereof, that,
<br />concurrently with the conveyance of said real property to City, within the time and at the place
<br />hereinabove specified for said conveyance of said real property, City receives a policy of title
<br />insurance to be issued by the above mentioned title company, with the City therein named as the
<br />insured, in the amount of Six Hundred Ten Thousand Dollars ($610,000.00) insuring the title of
<br />C� 12—
<br />4833. 3742 - 9953.3
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