|
3. Title Insurance. Seller agrees to deliver to City, concurrently ,vah 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 therein
<br />named as the insured, in the amount 'of One Hundred Eighty Five Thousand Dollars And No/100
<br />($185,000.00), insuring the title of the City to said real property is free and clear of any and all conditions,
<br />restrictions, reservations, exceptions, easements, assessments, profits, limitations, encumbrances, liens,
<br />teases, clouds or defects in title, excepting such specific ones as city may hereinafter expressly agree to take
<br />subject to. Acceptance by City of any such policy of insurance, whether such insurance complies with the
<br />requirements of this paragraph or not, shall not constitute a waiver by City of its right to such insurance as is
<br />herein required of Seller, nor a waiver by the City of any rights of action for damages or any other rights
<br />which may accrue to City by reason of the failure of Seller to convey title or to provide title insurance as
<br />required in this Agreement.
<br />4. Escrow. City agrees to open an escrow at the office of First American Title Insurance Company, 2
<br />First American Way, Santa Ana, California, (the Escrow Agent) within five (5) days from and after the date
<br />on which the City has approved this Agreement. This Agreement constitutes the joint escrow instructions of
<br />the City and the Seller and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon
<br />the opening of the escrow.
<br />The Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance of
<br />this Section 4 and of the General Provisions described in Exhibit "C" attached hereto and incorporated herein
<br />by this reference, in writing, delivered to the City and to the Seller within five (5) days after delivery of this
<br />Agreement, shall carry out its duties as Escrow Agent hereunder.
<br />City agrees to bear and Escrow Agent is hereby authorized to charge to the City the cost of any transfer
<br />taxes, recording fees, cost of title insurance, reconveyance fees, document preparation fees, escrow fees and
<br />any other closing costs incidental to the conveying of said real property to City. Penalties for prepayment of
<br />bona fide obligations secured by any existing deed of trust or mortgage shall be waived pursuant to Civil
<br />Code Procedures Section 1265.240.
<br />The liability to the Escrow Agent under this Agreement is limited to performance of the obligations imposed
<br />upon it under Section 4, Section 6, Section 11 and Exhibit "C" of the General Provisions of this Agreement.
<br />5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year within
<br />which said real property is conveyed to City as are unpaid at the time of said conveyance shall be cleared and
<br />paid in accordance with the provisions of Section 4986 of the Revenue and Taxation Code of the State of
<br />California. Seller shall be eligible for a refund under Section 5096.7 of the Revenue and Taxation Code of
<br />the State of California for that portion of property taxes on said real property for said fiscal year which have
<br />been paid prior to the date the deed conveying said real property to City is recorded which is allocable to that
<br />portion of the fiscal year which begins on the date the deed conveying said real property to City is recorded
<br />and made uncollectible if unpaid by reason of Section 4986 of the Revenue and Taxation Code of the State of
<br />California. All unpaid taxes on said real property for any and all years prior to the fiscal year within which
<br />said conveyance is made shall be paid by Seller before conveyance of said real property to City.
<br />6. Payment of Purchase Price. City agrees to pay to Seller, and Seller agrees to accept from City, as and
<br />for the full purchase price for said real property, fixtures & equipment (improvements pertaining to the realty),
<br />goodwill (if any), severance damages, and relocation claims pursuant to Government Code §7260 et seq. , the
<br />total sum of One Hundred Eighty Five Thousand Dollars ($185,000.00). City agrees to deposit said purchase
<br />price in escrow with the Escrow Agent within THIRTY (30) days from and after the date on which the City
<br />2
<br />
|