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AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY <br />AND ESCROW INSTRUCTIONS <br />SjG� <br />Escrow No. g2�°1?-O�i2lC <br />��? lab Date of Opening of Escrow: ,!j__, 201 <br />To: Chicago Title Company ("Escrow Holder") <br />4041 MacArthur Boulevard <br />Suite 400 <br />Newport Beach, California 92660 <br />Attention: Karen L. Price, National Senior Escrow Officer <br />Telephone: 949-724-3113 <br />THIS AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY <br />AND ESCROW INSTRUCTIONS ("Agreement") is made this day of 9� 4;)esember?``n"4y <br />201? ("Effective Date"), by and between MNG Newport Beach, LLC ("Seller") and City <br />of Newport Beach, a California municipal corporation and charter city ("City"). City and <br />Seller are sometimes hereinafter individually referred to as a "Party" and collectively as <br />the "Parties" to this Agreement. <br />RECITALS: <br />The following Recitals are a substantive part of this Agreement and are <br />incorporated herein: <br />A. City is a municipal corporation duly organized and validly existing under <br />the laws of the State of California with the power to carry on its business as it is now <br />being conducted under the statutes of the State of California and the Charter of City. <br />B. Seller is the owner of that certain real property commonly known as 2807 <br />Newport Boulevard [A.P.N. 047-110-36], located in the City of Newport Beach, County <br />of Orange, State of California, as more particularly described on Exhibit "A" and <br />depicted on Exhibit "B" attached hereto and by this reference incorporated herein, <br />together with all improvements now or hereafter constructed thereon, all easements, <br />licenses and interests appurtenant thereto and all intangible property owned or held by <br />Seller in connection with the such real property, including without limitation, <br />development rights, governmental approvals and land entitlements (collectively referred <br />to herein as the "Property"). <br />C. City has the authority to acquire property for public uses utilizing City's <br />power of eminent domain. In lieu of City's exercise of said power and under the threat <br />thereof, Seller is willing to sell the Property to City and City is willing to purchase the <br />Property from Seller, upon the terms and conditions set forth in this Agreement. <br />Agreement for Purchase and Sale of Real Property and Escrow Instructions Page 1 <br />