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<br />A-2007-074
<br />. PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />D. F'v..;A (~) AND BILATERAL ESCROW INSTRUCTIONS
<br />(}(,.x*,i'4lUJ1l) (Residential)
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<br />THIS AGREEMENT, entered into this ;;2.00.day of Ajn..; I , 2007, by and between the CITY OF
<br />SANTA ANA, a charter city and municipal corporation duly organized under the Constitution and laws of the
<br />State of California (hereinafter referred to as the "City" or "Buyer"), and John P. & Tao-Jan Hou (hereinafter
<br />called "Seller"), regardless of number or gender;
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<br />WITNESSETH
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<br />For and in consideration of their promises, covenants and agreements hereinafter set forth, and subject to the
<br />terms, conditions and provisions hereinafter set forth, Seller agrees to sell to City, and City agrees to purchase
<br />from Seller, all that certain real property (hereinafter referred to as "said real property") described as follows:
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<br />All that certain real property located in the State of California, County of Orange, City of Santa Ana, described
<br />as follows:
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<br />SEE EXHIBIT "A" ATTACHED HERETO
<br />AND BY THIS REFERENCE MADE A PART HEREOF
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<br />(Commonly known as 711 S. Bristol, Santa Ana, CA)
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<br />Said purchase and sale of said real property shall be in accordance with and subject to all of the following
<br />terms, conditions, promises, covenants, agreements and provisions, to wit:
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<br />1. Convevance bv Seller. Seller agrees to convey said real property to City, by Grant Deed, at the office
<br />of LandAmerica Commercial Services, located at 1920 Main Street, 12th Floor, Irvine, California, within thirty
<br />(30) days from and after the date on which the City has approved this Agreement.
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<br />2. Title to be Conveved. (a) 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, encumbrances
<br />(including any and all leases), liens, clouds or defects in title except those exceptions shown in Paragraph 15
<br />below. Seller hereby warrants that the title to said real property to be conveyed by Seller to City shall be free
<br />and clear as provided above. Seller further agrees that acceptance by City of any deed to said real property,
<br />with or without knowledge of any condition, restriction, reservation, exception, easement, assessment, profit,
<br />limitation, encumbrance (including any and all leases), lien, cloud or defect in title, shall not constitute a waiver
<br />by City of its right to the full and clear title hereinabove agreed to be conveyed by Seller to City, nor of any right
<br />which might accrue to City because of the failure of Seller to convey title as hereinabove provided.
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<br />3. Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of said real property
<br />to City, within the time and at the place hereinabove specified for said conveyance of said real property, a
<br />policy of title insurance to be issued by the above mentioned title insurance company, with the City therein
<br />named as the insured, in the amount SIX HUNDRED THOUSAND DOLLARS ($600,000) insuring the title of the
<br />City to said real property is free and clear of any and all conditions, restrictions, reservations, exceptions,
<br />easements, assessments, profits, limitations, encumbrances (including any and all leases), 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 title insurance, whether such insurance complies with the
<br />requirements of this paragraph or not, shall not constitute a waiver by City of its right to such insurance as is
<br />herein required of Seller, nor a waiver by the City of any rights of action for damages or any other rights which
<br />may accrue to City by reason of the failure of Seller to convey title or to provide title insurance as required in
<br />this Agreement.
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<br />4. Escrow. City agrees to open an escrow at the office of LandAmerica Commercial Services, located at
<br />1920 Main Street, 12th Floor, Irvine, California, (the Escrow Agent) within five (5) days from and after the date
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