|
A -201 6 -213
<br />PURCHASE AND SALE AGREEMENT FOR ACQUISITION OF REAL PROPERTY
<br />AND BILATERAL ESCROW INSTRUCTIONS
<br />THIS AGREEMENT (hereinafter "PSA "), entered into on kCILI 57' 2016,
<br />between the CITY OF SANTA ANA, a charter city and municipal co poration duly organized under the
<br />Constitution and laws of the State of California (hereinafter "City" or `Buyer"), and Stac Property, LLC, a
<br />California limited liability company (hereinafter "Seller "), regardless of number or gender;
<br />Y THEREFORE, for and in consideration of their mutual promises, covenants and agreements, and
<br />subject to the terms, conditions and provisions of this PSA, Seller agrees to sell to City, and City agrees
<br />to purchase from Seller, that certain real property (hereinafter "Said Real Property ") legally described
<br />as follows:
<br />SEE EXHIBIT "A!'— Legal Description
<br />ATTACHED HERETO AND BY THIS REFERENCE MADE A PART HEREOF
<br />(Commonly known as 2222 S. Bristol Street, Santa Ana, CA 92704)
<br />(APN 408 - 471 -05)
<br />Said purchase and sale of Said Real Property shall be in accordance with and subject to all of the
<br />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 Deed, at the
<br />office of First American Title Insurance Company, 2 First American Way, Santa Ana, California, within
<br />sixty (60) 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
<br />all 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. Seller
<br />hereby warrants that the title to said real property to be conveyed by Seller to City shall be free and clear
<br />as provided above. Seller further agrees that acceptance by City of any deed to said real property, with
<br />or 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
<br />all leasehold interests), lien, cloud or defect in title, shall riot constitute a waiver by City of its right to the
<br />full and clear title hereinabove agreed to be conveyed by Seller to City, nor of any right which might
<br />accrue to City because of the failure of Seller to convey title as hereinabove provided.
<br />1 Title Insurance. Seller agrees to deliver to City, concurrently with the conveyance of said real
<br />property to City, within the time and at the place hereinabove specified for said conveyance of said real
<br />property, a policy of title insurance to be issued by the above mentioned title company, with the City
<br />therein named as the insured, in the amount of One Hundred Thirty -Five Thousand and no /100
<br />Dollars ($135,000,00) insuring the title of the City to said real property is 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, and including any and all
<br />leasehold interests), liens, clouds or defects in title, excepting such specific ones as city may hereinafter
<br />expressly agree to take subject to. Acceptance by City of any such policy of insurance, whether such
<br />insurance complies with the requirements of this paragraph or not, shall not constitute a waiver by City of
<br />its right to such insurance as is herein required of Seller, nor a waiver by the City of any rights of action
<br />for damages or any other rights which may accrue to City by reason of the failure of Seller to convey title
<br />or to provide title insurance as required in this Agreement.
<br />
|