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EXHIBIT 3 <br />PURCHASE AND SALE AGREEMENT <br />Property Address: Corner of Washington Avenue and College <br />Avenue, Santa Ana, California <br />THIS PURCHASE AND SALE AGREEMENT (the "Agreement ") dated, for <br />identification purposes only, as of , 2012, is made and entered into by and <br />between the CITY OF SANTA ANA, a charter city and municipal corporation <br />( "Seller "), and RANCHO SANTIAGO COMMUNITY COLLEGE DISTRICT, a <br />political subdivision of the State of California ( "Buyer "), with reference to the following. <br />In consideration of the mutual covenants set forth herein, Buyer and Seller agree as <br />follows: <br />RECITALS <br />A. Seller owns that certain lot of land consisting of approximately 140 square <br />feet at the corner of Washington Avenue and College Avenue, Santa Ana, California and <br />more specifically described in Exhibit "A" and shown in Exhibit "B" attached hereto (the <br />"Property "); <br />B. The Property, as shown in Exhibit "B" is adjacent to the former College <br />Avenue, which the City Council of the City of Santa Ana has vacated and title to which <br />has reverted to Buyer. <br />C. However, title to the Property is in the name of Seller. <br />D. To clear title, Buyer and Seller have agreed to this Purchase and Sale <br />Agreement so that Seller may quit claim any title it may have in the Property to Buyer. <br />1. Agreement to Sell and to Purchase. Subject to the terms and conditions <br />of this Agreement, Seller agrees to sell and Buyer agrees to purchase the Property. <br />2. Purchase Price. The "Purchase Price" for the Property is One Dollar <br />($1.00) receipt of which by Seller is hereby acknowledged. <br />3. Quit Claim Deed. The transfer of the Property shall be by quit claim <br />deed conveyance from Seller to Buyer showing title vested in Buyer. <br />4. Transfer Costs. Buyer shall pay all recording fees and all fees and costs <br />for any new financing. Buyer shall pay the premium for the title insurance policy, should <br />it seek title insurance. <br />5. Condition of Property. Buyer acknowledges that Buyer is purchasing <br />the Property with full knowledge of its condition and that no representations or <br />warranties of any kind whatsoever, express or implied, have been made by Seller or by <br />-1- <br />25E -7 <br />