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A -2015 -225 <br />AGREEMENT <br />OF PURCHASE AND SALE <br />ASSESSOR PARCEL NUMBERS: 109- 421- [21 -22] <br />THIS AGREEMENT of Purchase and Sale ( "Agreement "), dated October20, 2015, <br />is entered into by and between the CITY OF SANTA ANA, a California charter city and <br />municipal corporation ( "Seller ") and SPYGLASS REALTY PARTNERS, INC., a California <br />corporation ( "Buyer ") for the acquisition by Buyer of certain real property described below. <br />RECITALS <br />A. Seller owns certain real property commonly known as Orange County <br />Assessor Parcel Nos. (APN) 109 - 421 -21 and 109 - 421 -22, located at 1232 -1244 South <br />Bristol Street, in the City of Santa Ana, County of Orange, State of California. To facilitate <br />their sale, the parcels have been merged into one parcel per Lot Merger 2015 -08 to <br />activate its potential development and use. Buyer desires to purchase a fee interest in <br />such real property owned by Seller as more particularly described and depicted in <br />Exhibit "A ", attached hereto and made part hereof ( "Property ") and Seller desire to sell the <br />Property. <br />B. A copy of the Grant Deed for APN's 109- 421 -21 and 109 - 421 -22, filed with <br />the County of Orange as Document Nos. 19960153398 & 19950098188 is attached hereto <br />N <br />as Exhibit "B" and is incorporated herein by this reference. <br />� C. The subject Property was acquired by the Seller in 1996 as part of the St. <br />Andrew Place to McFadden Avenue Phase of the Bristol Street Improvement Project, <br />These two remnant parcels have been vacant for nearly twenty years and are not needed <br />for public use or improvements. <br />E. The parties desire by this Agreement to provide the terms and conditions for <br />the purchase and sale of the Property. <br />AGREEMENT <br />The parties therefore agree as follows: <br />1. PURCHASE <br />Buyer agrees to buy, and Seller agrees to sell and convey, the Property for the <br />purchase price and upon the terms and conditions hereinafter set forth. <br />2. ESCROW <br />Upon execution of this Agreement by all parties, the parties shall open an escrow <br />( "Escrow ") with Fidelity National Title Insurance Company ( "Escrow Holder "), whose <br />address is 1300 Dove Street, Suite 310, Newport Beach, CA 92660, Attention: Natalie <br />DuBois, for the purpose of consummating the purchase and sale of the Property, as <br />described herein. The date on which Escrow is opened with Escrow Holder shall be <br />I <br />