JPACIFIC INTERNATIONAL (2) - Laserfiche WebLink

Home Browse Search

title, excepting such specific ones as the receiving Party may hereinafter expressly agree to take subject to. Acceptance by the receiving Party of any such policy of insurance, whether such insurance complies with the requirements of this paragraph or not, shall not constitute a waiver by the receiving Party of its right to such insurance as is herein required of the granting Party, nor a waiver by the receiving Party of any rights of action for damages or any other rights which may accrue to the receiving Party by reason of the failure of the giving Party to convey title or to provide title insurance as required in this Agreement. 3.6 Property Taxes. (a) Such real property taxes, if any, on the subject real properties for the fiscal year within which said real property is conveyed to the receiving Party as are unpaid at the time of said conveyance shall be cleared and paid in accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of California. (b) The granting Party shall be eligible for a refund under Section 5096.7 of the Revenue and Taxation Code of the State of California for that portion of property taxes on said real property for said fiscal year which have been paid prior to the date the deed conveying said real property to the receiving Party is recorded which is allocable to that portion of the fiscal year which begins on the date the deed conveying said real property to the receiving Party is recorded and made uncollectible if unpaid by reason of Section 5086 of the Revenue and Taxation Code of the State of California. To the extent that the granting Party has prepaid any taxes or assessments attributable to the subject real property, the granting Party shall be solely responsible for obtaining any refund due thereon from the taxing authority. Upon written request, the receiving Party shall assist the granting Party, at the granting Party's sole cost, in obtaining said refund, if any; however, in no case shall the receiving Party credit or otherwise pay the granting Party for that refund, if any, through or outside of Escrow. (c) All unpaid taxes on either property for any and all years prior to the fiscal year within which said conveyance is made shall be paid by the granting Party before conveyance of said real property to the receiving Party. 3.7 Deposit of Funds and Documents. (a) Prior to Close of Escrow, the Parties shall deposit into Escrow (i) all escrow and Closing Costs as described above and (ii) such other documentation and funds as are necessary to close Escrow; (b) Prior to the Close of Escrow, each Party shall deposit into Escrow (i) the properly executed grant deed for conveyance of each Property and (ii) such other documents and sums as are necessary to close Escrow in conformance herewith. 3.8 Conditions Precedent to Close of Escrow. The obligation of the Parties to exchange the Properties as contemplated by this Agreement and the Close of Escrow is subject to satisfaction of each of the following conditions: Page 3 of 13