|
A-2017-258
<br />!�l;;UtiANt%E N{ir }�ji�Ulf)�"i3
<br />INOW MAY PROCFn)
<br />GLEN Cid" COUNCIL
<br />URCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />E SEP 2 6 201F AND BILATERAL ESCROW INSTRUCTIONS
<br />w ?v1A
<br />TAS,"' "THIS AGREEMENT (hereinafter "PSA"), entered into on*p% ;,20, 2017,
<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, Euler R. Ferrer and Yolanda
<br />G. Ferrer, as members for E,R. Ferrer — LLC, a California Limited Liability Company (hereinafter "Sell=s"),
<br />regardless of number or gender;
<br />THEREFORE, for and in consideration of their mutual promises, covenants and agreements, and subject
<br />to the terms, conditions and provisions of this PSA, Seiler agrees to sell to City, and City agrees to
<br />purchase from Seiler, that certain real property (hereinafter "Said meal Property") legally described as
<br />follows:
<br />SEE EXHIBIT "A" -- Legal Description
<br />ATTACHED HERETO AND BY THIS REFERENCE MADE A PANT HEREOF
<br />(Commonly known as 10.27 N, Bristol Street, Santa Ana CA)
<br />(APN: 405-274-09)
<br />Said purchase and sale of Said Real Property shall be in accordance with and subject to ail of the following
<br />terms, conditions, promises, covenants, agreements and provisions, to wit:
<br />1. C,onvevance by Seller. Seiler agrees to convey said real property to City, by Grant Deed, at the
<br />office of Commonwealth Title Company at 4100 Newport Place Dr, Suite 120 Newport Beach, California,
<br />within thirty (30) 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 and all
<br />conditions, restrictions, reservations, exceptions, easements, assessments, profits, limitations,
<br />encumbrances (whether monetary or non -monetary, general or specific, including any and all leasehold
<br />interests), liens, clouds or defects in title except those exceptions shown in Paragraph 15 below. Seiler
<br />hereby warrants that the title to said real property to be conveyed by Seller to City shall be free and clear as
<br />provided above. Seiler further agrees that acceptance by City of any deed to said real property, with or
<br />without knowledge of any condition, restriction, reservation, exception, easement, assessment, profit,
<br />limitation, 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 the full and
<br />clear title hereinabove agreed to be conveyed by Seiler to City, nor of any right which might accrue to City
<br />because of the failure of Seller to convey title as hereinabove provided.
<br />3. title insurance. 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 Six Hundred Seventy Nine Thousand Dollars
<br />($679,000.00) insuring the title of the City to said real property is free and clear of any and all conditions,
<br />restrictions, reservations, exceptions, easements, assessments, profits, limitations, encumbrances (whether
<br />monetary or non -monetary, general or specific, and including any and all leasehold interests), liens, clouds or
<br />defects in title, excepting such specific ones as city may hereinafter expressly agree to take subject to.
<br />Acceptance by City of any such policy of insurance, whether such insurance complies with the requirements
<br />of this paragraph or not, shall not constitute a waiver by City of its right to such insurance, nor a waiver by
<br />the City 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.
<br />
|