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A-2010-219 <br />PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY <br />AND BILATERAL ESCROW INSTRUCTIONS <br />(Residential) <br />THIS AGREEMENT, entered into this ? day of &-ehk?& 2010, by and between the <br />a CITY OF SANTA ANA, a charter city and municipal corporation duly organized under the <br />Constitution and laws of the State of California (hereinafter referred to as the "City" or "Buyer"), <br />and TF Investments, LLC, a California limited liability company (hereinafter called "Seller"), <br />S <br />WITNESSETH <br />For and in consideration of their promises, covenants and agreements hereinafter set forth, and <br />subject to the terms, conditions and provisions hereinafter set forth, Seller agrees to sell to City, <br />and City agrees to purchase from Seller, all that certain real property (hereinafter referred to as <br />"said real property") described as follows: <br />All that certain real property located in the State of California, County of Orange, City of Santa <br />Ana, described as follows: <br />SEE EXHIBIT "A" ATTACHED HERETO <br />AND BY THIS REFERENCE MADE A PART HEREOF <br />(Commonly known as 602 N. Bristol/1301 W. 6th, Santa Ana, CA) <br />Said purchase and sale of said real property shall be in accordance with and subject to all of <br />the following 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 <br />Deed, through an escrow to be opened at First American Title Insurance Company, located at <br />2 First American Way, Santa Ana, California, subject to the provisions of paragraph 2. . <br />2. Cancellation of Escrow. Escrow shall be cancelled and this Agreement shall be null <br />and void if the City has not approved this Agreement and notified Seller of such approval by 5 <br />pm on November 19, 2010. <br />3. Title Insurance. Seller makes no representations or warranties as to the state of title <br />and Buyer is to obtain during Escrow, at its expense, such title insurance as it deems necessary <br />or desirable. Seller shall have no responsibility to provide Buyer with any title documents, <br />reports or policies of title insurance. <br />4. Escrow. City agrees to open an escrow at the office First American Title Insurance <br />Company, 2 First American Way, Santa Ana, California, (the Escrow Agent) within five (5) days <br />from and after the date on which the City has approved this Agreement. This Agreement <br />constitutes the joint escrow instructions of the City and the Seller and a duplicate original of this <br />Agreement shall be delivered to the Escrow Agent upon the opening of the escrow. Escrow to <br />close prior to December 31, 2010 - time being of the essence. <br />The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its <br />acceptance of this Section 4 and of the General Provisions described in Exhibit "B" attached