20B - AA PURCHASE SALE OF BRISTOL ST IMP PROJECT

Home Browse Search

AGREEMENT OF PURCHASE AND SALE AND ESCROW INSTRUCTIONS THIS AGREEMENT of Purchase and Sale ("Agreement'), dated 12017$ is entered into by and between the CITY OF SANTA ANA, a California charter city and municipal corporation ("Seller") and .IN:N-OUT BURGERS, a California corporation ("Buyer") for the acquisition by Buyer of certain property described below. RECITALS A. Seller desires to sell and Buyer desires to purchase a fee interest in (i) such real property owned'by Seller as more particularly described and depicted in Exhibit "A", attached hereto and made part hereof, together with (ii) all buildings and improvements now located thereon, if any, (iii) all easement rights and appurtenances thereto, including, without 'limitation, all easements and appurtenances, if any, in Seller's adjoining and adjacent land, roads, streets, and lanes, whether public or private, reasonably required for the installation, maintenance, operation, and/or service of sewers, water, gas, drainage, electricity and other utilities and for driveways and approaches to and from abutting roads, streets, and lanes, for the use and benefit of the above-described real property, (iv) any mineral rights and water rights owned by Seller, and (v) all of Seller's right, title and interest, if any, in any development rights (collectively, the "Property"). B. The subject Property was acquired by Seller in 2016 and 2017 as part of the Bristol Street Improvement Project. These parcels are vacant and are not needed for public use or improvements. C. 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: 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 Commonwealth Land Title Company_("Escrow Holder"), whose address is 4100 Newport Place Drive, Suite 120, Newport Beach, CA 92660, 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, which shall be evidenced by Escrow Holder's acceptance of this Agreement, shall be referred to as the "Effective Date." By its execution and delivery of this Agreement, Escrow Holder agrees to be bound by the terms and conditions of this Agreement to the extent applicable to its duties, liabilities and