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12/16/1931-001i r ` I 1� Industrial Tract in the City of Anaheim, State of California, more 2� particularly described as follows: 3 A tract of land in the S west quarter of the Southeast 4 quarter of Section 3, T. 4 S., R. 10 W., S.B.B.& M., described as 5 beginning at a point on the north line of Lot 19, Schaffer - Oswald 6 Subdivision, as per map recorded in Book 7 page 41, Miscellaneous 7 Maps, Records of Orange County, which point is 10 feet east from 8 northwest corner of said lot; thence east 1300.9 feet along the i 9� north line of Lots 19 to 44, inclusive, of said subdivision, to the 10 present east city boundary line of the City of Anaheim; theme nort 11 along said city boundary line 334.89 feet; thence west, parallel 12 with the north line of said lots in said subdivision s 1300.55 feet 13 to the present east line of Patt Street; thence southwardly, 14 parallel with and distant uniformly 30 feet east from the monumente 15 center line of Patt Street, 334.89 feet to the place of beginning, 16 free and clear of all encumbrances, except taxes for 1931 -32. 17 In consideration of such conveyance by second party to 18 first party, first party agrees to convey to third party, for 19 college purposes, the following described real property, owned by 20 first party, situate in the County of Orange, State of California: 21 That portion of Lot 18, Anaheim Extension, as shown on a 22 map made by William Hamel on file in the office of the County 23 Recorder of Los Angeles County, and more particularly described as 24 follows: 26 Beginning at the northwesterly corner of said Lot 18; thence 26 southwardly along the westerly line of said lot, 825 feet; thence 27 eastwardly, parallel with the northerly line of said lot, 1237.81 28 feet, more or less, to a point on the east line of said lot; thence 99, north along said east line 855.94 feet, more or less, to the north - 30 east corner of said lot; thence westwardly along the northerly line 31 of said lot, 938.52 feet, more or less, to a point 538 feet east - 32 wardly, measured along said northerly line, from the northwesterly a. i S + E s I 11 corner of said lot; thence southwardly, parallel with said westerl 2j line of said lot, 385.86 feet; thence westwardly, parallel with 3 said northerly line of said lot, 508 feet; thence northwardly, I 41 parallel with said westerly line of said lot, 385.86 feet; thence 5 westwardly along said northerly line of said lot 20 feet to the plea 15 1 of beginning. 71 Subject to the covenants, conditions, reservations, restric- 8� tions and rights -of -way of record. 9 Net area, 18.44 acres, more or less, after deducting road to reservations. 11 Said deed of conveyance shall provide that said property is to be 12 used by third party for the purpose of constructing a college then 13 on to be known as Valencia University, exclusively for college 14 purposes, and that should said college, at any time, be abandoned, 15i then and in that event said property shall revert to the first part 16� Said deed shall further provide that should Third party, at any 17 time, desire to purchase the reversion interest of first party, that 18 he may, at his option, do so upon the payment to first party of the 19 sum of Twenty -five Thousand ($25 Dollars. Said deed shall 20 further provide that neither the third party, nor his assigns, may 21 encumber said property for any purpose, nor shall the third party, 22� or his assigns, permit any liens of any kind whatsoever to accrue 231 against the said property until after Third party has expended the 24 sum of $250,000.00 for imp rovement to be placed upon said property 25 as herein provided. The said deed is to be delivered in escrow upo 26 the execution of this agreement, upon the following conditions: 27 That the same shall be held in escrow until the third party, 28 ; or his assigns, shall deposit in said escrow, the sum of Two 29 Heed Fifty Thousand ($250 Dollars, which Two Hundred 30 Fifty Thousand ($250,000.00) Dollars shall be deposited with instru 31 tions to escrow holder to pay the same out for permanent improvemen 32 to be made upon said land by third party, or his assigns, and shall 3. 0 a 1 be paid only upon the order of a certified arthitect employed by 2', third party and a representative to be appointed and designated by 3, the City Council of the City of A stating that the order 4 represents the value of improvements actually made upon the said lao d. 51 Should a disagreement arise on any matter between the architect r e employed by Third party and the representative appointed by the ©ity 7 8� 9 i 10 11 121 13 14 I 15 I 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Councils then the first party shall appoint a party and the Third 1 party shall appoint a party, which parties shall appoint a third party the three parties so appointed shall act as arbitrators in the matter and the decision of any two of said parties shall be a6z olusive upon the parties hereto. The words "Permanent improvements used herein is defined to mean construction of buildings, improveme of grounds, the leveling of said ground, landscaping the same, planting lawn and shrubs upon the same, and other things necessary to place said land in the proper condition for the conduotiz* thereon of said college. It is further made a condition hereof that the: third party, or his assigns, shall, upon the execution of this agreement, deli in escrow plant and specifications to be used in the improvement said land. It is further understood and agreed by and between the parties hereto, and the third party hereby expressly agrees for himself and his assigns, that the third party, his assigns, or any contractor employed by him, or his assigns, shall employ all labor used in the improvements to be placed upon said land from within the City of Anaheim or vicinity insofar as the said labor of the class and kind required may be obtained from within said city or vicinity at the same price as`` said labor could be obtained elsewhe7 The Third party further agrees for himself and his assigns, and for any contractor employed by him, cr his assigns, that all materials used in the improvements to be placed upon said land shall be obtained in the City of Anaheim, providing said materials 4. ! R A 1� of the kind and quality required may be obtained. in said city 21 at the prevailing market price for which said materials may be pur 3� chased elsewhere. 4i f It is further understood and agreed by and between the 5 parties hereto that the deed and conveyance from second party to e i first party shall be placed in the escrow above referred to, and 7� that said deed shall be delivered concurrently with the deed of 8 first party to third party, and that in the event that third party 9 for any reason, fails to comply with the terms or conditions of 10 this agreement, that said deed shall be returned by said escrow 11 holder to second party. 12 The third party further agrees for himself and his assigns 13 �! that he will deposit Two Hundred Fifty Thousand ($250 I 14 Dollars, herein agreed to he deposited, in escrow, within one year 15 I from the date hereof, and that immediately thereafter he or his 16� assigns will commenoe the improvement of said property, which 17 work of improvement shall be continuous until the entire sum of 18 I Two Hundred Fifty Thousand ($250 Dollars has been expended E 19� for said improvements. 20 It is further understood and agredd by and between the 21 first party and second party that should the third party elect 22 to purchase the ( eversion interest of the first party in and to the 23 nineteen and four- tenths acres above described, for the sum therein 24 specified, that the first party shall in such event pay to the 25 second party the sum of Twelve Thousand Five Hundred ($12 26 immediately Dollars out of the money received by the first party. 27 And it is further understood and agreed by and between the 28 first party and second party hereto, that should the third party 29 fail to perform his part of the agreement of the conditions in 30 I the deed from first party to third party and said property reverts 31 i to first party by reason of said violation of the terms of said 32 `' deed, or for any other reason, then the first pasty herein hereby 5 . ;ft 1 2 3 4 6 6 6 20 21 22 23 24 ,26 .'26 ,27 Z9 m 31 32 L �, i-A-li * J LAML- aT