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conditions, restriction, reservations, exceptions, assessments, profits, limitations, encumbrances, liens, leases, clouds or defects in title, excepting such specific ones as BUYER may hereinafter expressly agree to take subject to. 4. Escrow. City agrees to open an escrow at the office of First American Title Insurance Company, 2 First American Way, Santa Ana, California (the Escrow Agent) within five (5) days from and after the date on which City has executed this Agreement. This Agreement constitutes the joint escrow instructions of City and BUYER and a duplicate original of this Agreement shall be delivered to the Escrow Agent upon the opening of the escrow. Escrow Agent hereby is empowered to act under this Agreement, and upon indicating its acceptance to Section 4 and of the General Provisions' described in Exhibit C, attached hereto and incorporated herein by this reference, in writing, delivered to the CITY and to the BUYER within five (5) days after delivery of this Agreement, shall carry out its duties as Escrow Agent hereunder. BUYER agrees to bear and Escrow Agent is hereby authorized to charge to the BUYER the cost of any transfer taxes, recording fees, document preparation fees, Y2 escrow fees, the cost of any extended coverage title insurance and any other closing costs incidental to the conveying of said real property to BUYER. CITY agrees to bear and Escrow Agent is hereby authorized to charge to the CITY the cost of a standard CLTA title insurance, 1/2 the cost of escrow fees and any fees necessary to place the title said real property in the condition herein previously mentioned. The liability to the Escrow Agent under this Agreement is limited to performance of the obligations imposed upon it under Section 4, Section 6, Section 11 and Exhibit B, General Provisions of this Agreement. 5. Property Taxes. Such real property taxes, if any, on said real property for the fiscal year within which said real property is conveyed to BUYER as are unpaid at the time of said conveyance shall be cleared and paid. All unpaid taxes on said real property for any and all years prior to the fiscal year within which said conveyance is made shall be paid by CITY before conveyance of said real property to BUYER. 6. Payment and Purchase Price. BUYER agrees to pay to CITY, and CITY agrees to accept from BUYER, as and for the full purchase price for said real property, the total sum of ONE HUNDRED FIFTEEN THOUSAND DOLLARS ($115,000), BUYER agrees to deposit said purchase price in escrow with the Escrow Agent within SIXTY (60) days from and after the date on the CITY has executed this Agreement and all contingencies have been satisfied or waived, and the Escrow Agent is hereby authorized to pay the same to the CITY upon and after: (a) Conveyance of said real property by CITY to BUYER as hereinabove provided; (b) Delivery to BUYER of the policy of title insurance as hereinabove provided; (c) Recordation of the DEED conveying said real property to BUYER.